TCRAP_Public/090119.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

           Monday, January 19, 2009, Vol. 12, No. 12

                            Headlines

A U S T R A L I A

ALLGOOD INTERIORS: Declares First and Final Dividend
ALL TIMBER: Declares First Dividend for Unsecured Creditors
CONSOLIDATED ROAD: Declares First and Final Dividend
D.N.A. ROOFING: Members and Creditors Hear Wind-Up Report
DONELMER PASTORAL: Commences Liquidation Proceedings

GREAT SOUTHERN: Awaits Investors' Okay to Restructure Company
HOT-POL CLEANING: Members Resolve to Liquidate Business
JORDAN HILL: Members and Creditors Hear Wind-Up Report
LASERDRIVE INVESTMENTS: Placed Under Voluntary Liquidation
LEVERAGED CAPITAL: Placed Under Voluntary Liquidation

MONARCH SPAS: Members Resolve to Liquidate Business
OPES PRIME: Creditors Agree on Voluntary Liquidation
PRINTEASY PTY: Members and Creditors Hear Wind-Up Report
STORM FINANCIAL: Commonwealth Bank Rejected Proposed Bailout Plan
T J A CONSULTING: Members and Creditors Hear Wind-Up Report

TCJ CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
THE LIGHTING: Members and Creditors Hear Wind-Up Report
THE SHORELINE: Inability to Pay Debts Prompts Wind-Up
WEST AUSTRALIAN: Market Downturn Prompts Analysts' Bleak Outlook
XERIUM TECHNOLOGIES: To Close Unit, Cuts 6% of Workforce


C H I N A

CHINA EASTERN: Obtains CNY5.55 Billion Loan From Parent
LAS VEGAS SANDS: Bank Loan Trades at Near 50% Off
LAS VEGAS SANDS: Venetian Macau Bank Loan Sells at Almost 50% Off
NEO-CHINA LAND: S&P Junks Corp. Credit Rating; Outlook Negative
OKAY AIRWAYS: Seeks Aviation Authority's OK to Resume Operations


H O N G  K O N G

ECERSHINE LIMITED: Creditors' Proofs of Debt Due on February 9
EMPEROR PROPERTY: Members' Final Meeting Set for February 2
GOLD PLANET: John Robert Lees Steps Down as Liquidator
I-TALENT ASIA: Creditors' Proofs of Debt Due on February 2
INFO-MAX INVESTMENT: Creditors' Proofs of Debt Due on February 2

LI MIN: Creditors' Proofs of Debt Due on January 23
LINGUAPHONE GROUP: HK Branch Goes Into Voluntary Liquidation
LUNG ELECTRONICS: Annual Meetings Set for February 6
PLANET FUN: Commences Liquidation Proceedings
PLANET HOME: Enters Liquidation Proceedings

PLANET TOYS: Commences Liquidation Proceedings
SCEPTRE CAPITAL: S&P Cuts US$50MM Notes to 'CC' From 'CCC-'
SKY BRAVE: Appoints Chan Kin Hang as Liquidator
SKY RISE: Commences Liquidation Proceedings
UP EAST: Enters Wind-Up Proceedings


I N D I A

BMA STAINLESS: Care Puts 'BB' Rating on Various Loan Facilities
GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
GENERAL MOTORS: Bondholders Form Committee to Negotiate Debt Swap
GENERAL MOTORS: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
GENERAL MOTORS: Posts All-Time Sales Record in LatAm, Africa & ME

GENERAL MOTORS: Says It Is on Track on Meeting Viability Plan
JODHANI EXPORTS: CRISIL Rates Rs.52.0MM Packing Credit at 'P4'
PHOROTECH SURFIN: Fitch Assigns 'BB+' National Long-Term Rating
SPICEJET LTD: CFO Basu Resigns


I N D O N E S I A

* INDONESIA: State Ministry Asks PPA to Restructure 3 More Cos


J A P A N

ASAHI MUTUAL: Moody's Downgrades Insurance Rating to 'Ba1'
HITACHI LTD: May Reverse Net Profit Forecast Into US$1 Bln Loss


K E N Y A

TRITON PETROLEUM: In Out-of-Court Negotiations With Lender


K O R E A

MAGNACHIP SENICONDUCTOR: Moody's Downgrades Corp. Rating to 'Ca'
* KOREA: About 20 Firms Need Debt Restructuring Program, KBS Says
* KOREA: Government to Sell 112 State-owned Firms
* Moody's Reviews Ratings on 10 Korean Financial Institutions


N E W  Z E A L A N D

AMBIENCE GROUP: Court Hears Wind-Up Petition
AUCKLAND CLADDING: Creditors' Proofs of Debt Due on February 28
DEADEX LTD: Appoints John Francis Managh as Liquidator
DESIGNER HAIRCARE: Commences Liquidation Proceedings
DETROIT 3000: Appoints Mark David Stevens as Liquidator

DORCHESTER PACIFIC: Reduces Six Executives to Two
GIMMY TILING: Court to Hear Wind-Up Petition on January 22
MERLOT INVESTMENTS: Creditors' Proofs of Debt Due on January 30
OYSTER INVESTMENTS: Appoints Sargison and Rea as Liquidators
PLUS SMS: CFO Castellon Resigns

SBB CONSTRUCTION: Intends to Declare Dividend
SOUTHERN CHEMICAL: Court Hears Wind-Up Petition
SOUTHERN ISLE: Commences Liquidation Proceedings
SYDNEY PRODUCTIONS: Court Hears Wind-Up Petition
SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28

TERRAFIRMA LANDSCAPING ET AL: To Declare Dividend
TITMOTU OREWA: Commences Liquidation Proceedings


P H I L I P P I N E S

* PHILIPPINES: November 2008 Lending Growth Slows


S I N G A P O R E

ATOS ORIGIN: Creditors' Proofs of Debt Due on February 9
SUPREME IMAGING: Court Enters Wind-Up Order
TELELARM SECURITY: Creditors' Proofs of Debt Due on February 8


                         - - - - -

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

ALLGOOD INTERIORS: Declares First and Final Dividend
----------------------------------------------------
Allgood Interiors Pty Ltd, which is in liquidation, declared the
first and final dividend on December 11, 2008.

Only creditors who were able to file their proofs of debt by
November 20, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          Robyn Erskine
          Peter Goodin
          Brooke Bird Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


ALL TIMBER: Declares First Dividend for Unsecured Creditors
-----------------------------------------------------------
All Timber & Truss Pty. Ltd. declared first dividend for its
unsecured creditors on December 2, 2008.

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


CONSOLIDATED ROAD: Declares First and Final Dividend
----------------------------------------------------
Consolidated Road & Civil Pty Ltd declared first and final
dividend on December 3, 2008.

Only creditors who were able to file their proofs of debt by
September 22, 2008, were included in the company's dividend
distribution.


D.N.A. ROOFING: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of D.N.A. Roofing Pty Ltd met on
Nov. 24, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. S. R. Hewitt
          Grant Thornton
          215 Spring Street, Level 2
          Melbourne, Victoria


DONELMER PASTORAL: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on October 9, 2008, the
members of Donelmer Pastoral Company Pty Ltd resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

          Roger David Midgley Smith
          126 George Street
          Morwell VIC 3840


GREAT SOUTHERN: Awaits Investors' Okay to Restructure Company
-------------------------------------------------------------
Cath Hart at The Australian reports that Great Southern Limited
has requested for a trading halt of its securities pending the
results of a meeting of investors today, January 19, about a
restructure of the company.

Great Southern, the Australian relates, has asked investors to
swap their interest in its timber and cattle schemes for shares in
the company.

According to the report, the company needs a 75 per cent majority
of MIS investors in a range of plantation and cattle projects to
agree to the restructure.

Great Southern has suffered sliding revenue from its managed
investment schemes, the report says.

Great Southern Limited (ASX:GTP) -- http://www.great-
southern.com.au/ -- is engaged in the development, marketing,
establishment and management of agribusiness-based projects. The
Company provides finance, directly and through third party
financiers, to approved investors who wish to invest in the
Company's projects.  The Company also acquires and manages
farmland and other agribusiness related properties which are held
for long term investment.  It operates an agricultural investment
services business offering two key products: agricultural managed
investment schemes, which is provision of MIS products in the
forestry and agribusiness sector, and agricultural funds
management, which are agricultural investment funds providing
investors exposure to a portfolio of agricultural assets.


HOT-POL CLEANING: Members Resolve to Liquidate Business
-------------------------------------------------------
The members of Hot-Pol Cleaning Services Pty Ltd met on Sept. 29,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Robert M. H. Cole
          Robert M H Cole & Co
          6 Moorabool Street, Unit 2
          Geelong Vic 3220


JORDAN HILL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Jordan Hill Pty Ltd met on Dec. 1,
2008, and received 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


LASERDRIVE INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Laserdrive Investments Pty Ltd resolved to voluntarily liquidate
the company's business.


LEVERAGED CAPITAL: Placed Under Voluntary Liquidation
-----------------------------------------------------
The creditors of Leveraged Capital Pty Ltd met on October 15,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          John Ross Lindholm
          Peter Damien McCluskey
          Adrian Lawrence Brown
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne, Victoria
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


MONARCH SPAS: Members Resolve to Liquidate Business
---------------------------------------------------
During a general meeting held on October 17, 2008, the members of
Monarch Spas International Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Leonard Anthony Milner
          Venn Milner & Co.
          43 Railway Road, Suite 1
          Blackburn Vic 3130


OPES PRIME: Creditors Agree on Voluntary Liquidation
----------------------------------------------------
The creditors of Opes Prime Stockbroking Ltd met on October 15,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          John Ross Lindholm
          Peter Damien McCluskey
          Adrian Lawrence Brown
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne VIC 3000
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


PRINTEASY PTY: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Printeasy Pty Ltd met on Dec. 1,
2008, and received 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


STORM FINANCIAL: Commonwealth Bank Rejected Proposed Bailout Plan
-----------------------------------------------------------------
The Commonwealth Bank of Australia ("CBA") rejected a bailout plan
put forward by Storm Financial Limited December 4 last year to
cover negative equity positions on margin loans by Storm clients,
Katherine Jimenez at The Australian reports, citing documents
filed with the Federal Court of Australia.

A month later, Storm went into administration.

According to court documents obtained by The Australian, Storm
wanted to "borrow from the bank a sufficient sum to recover the
lost funds represented by this negative equity".

"Storm would then, by some means provide financial assistance to
the relevant clients in the same amount so that they could recover
the negative equity positions (without selling their own assets or
otherwise devoting their own funds at the time) and, in the period
of the ensuing year or two, work to recover such shortfall."

ABC News says the company had encouraged investors to borrow
against their homes to buy indexed share funds, but last year's
stockmarket collapse left them owing millions of dollars.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
14, 2009, Storm appointed Worrells Solvency and Forensic
Accountants of Brisbane as voluntary administrators after CBA
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

According to The Sydney Morning Herald, Storm's highly leveraged
clients obtained margin loans through a division of the CBA,
Colonial Geared Investments, as well as Macquarie Margin Lending
and other providers.

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

Storm Financial has 13,000 clients around Australia.

According to Lucinda Beaman at Money Management, law firm Slater &
Gordon is preparing legal action on behalf of more than 230 Storm
clients.

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

The law firm, according to The Australian, is expected to seek
damages of more than AU$100 million.

                      About Storm Financial

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


T J A CONSULTING: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of T J A Consulting Pty Ltd met on
Dec. 1, 2008, and received 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


TCJ CONSTRUCTIONS: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of TCJ Constructions Pty Ltd met on
Dec. 1, 2008, and received 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


THE LIGHTING: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of The Lighting Gallery Pty Ltd met on
Dec. 16, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M. J. Byrnes
          Grant Thornton
          215 Spring Street, Level 2
          Melbourne, Victoria


THE SHORELINE: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
The members of The Shoreline Group Pty Ltd met on October 13,
2008, and resolved to voluntarily liquidate the company's business
due to its inability to pay debts when it fall due.

The company's liquidator is:

          G. Handberg
          Rodgers Reidy Chartered Accountants
          200 Queen Street, Level 10
          Melbourne VIC 3000


WEST AUSTRALIAN: Market Downturn Prompts Analysts' Bleak Outlook
----------------------------------------------------------------
Nick Tabakoff at The Australian reports analysts have pessimistic
views about West Australian Newspapers Holdings Limited's ("WAN")
performance this year.

According to the report, UBS media analysts Lauren Moran and
Richard Eary said the economic boom in western Australia in recent
years had "insulated" the company from problems affecting other
newspaper publishers, however, without this support, the current
cyclical downturn could accelerate its structural decline.

The report relates another media analyst, Fraser McLeish of ABN
AMRO, expressed concerns for WAN's ad levels, given that local
advertising, at significant cyclical highs in the past couple of
years, was now coming off.

UBS, citing the ANZ Job Series for western Australia, which shows
a 58 per cent fall in job ads last month from December 2007
levels, said a fall in job ads is likely to cause earnings
problems at the group, the report discloses.

The report notes job ads -- both in classifieds and display -- are
estimated to account for more than 15 per cent of the company's
revenues.

UBS, the report says, lowered its target price for WAN from
AU$6.75 to AU$4.95 a share.  It also cut earnings per share
estimates for WAN by 12 per cent for the 2009 financial year, and
by 25 per cent for FY2010 and 2011.  UBS foresees a 19 per cent
fall in classifieds and an 11 per cent fall in revenues at the
company, the report adds.

Australia-based West Australian Newspapers Holdings Limited
(ASX:WAN) -- http://www.thewest.com.au/-- along with its
subsidiaries, is principally engaged in newspaper and digital
(online) publishing, commercial printing and radio broadcasting.
The company previously also operated in the cinema exhibition,
cinema advertising and film distribution industry up until the
disposal of its interest in Hoyts Cinemas Group during the fiscal
year ended June 30, 2008.


XERIUM TECHNOLOGIES: To Close Unit, Cuts 6% of Workforce
--------------------------------------------------------
Xerium Technologies, Inc., decided to concentrate its new product
and manufacturing process investments in its existing worldwide
production network.  The move was consistent with the company's
strategy to identify and implement changes to reduce its cost
structure while improving its customer responsiveness.

This strategy will focus production in the company's most
efficient plants located closest to its customers while improving
product quality and reducing customer order lead times.  As part
of executing this strategy in the Asia/Pacific Region, the company
intends to cease production at its Huyck Wangner clothing facility
in Geelong, Australia by the end of the first quarter 2009.  The
company also plans to discontinue construction of its new Vietnam
clothing facility.  Xerium plans to retain a sales and
distribution operation in Australia to service customers
throughout Southeast Asia, Australia, and New Zealand.  The
company also plans to retain the Vietnam facility while it
evaluates its long term potential.

"Our new global supply strategy is the result of evaluating
alternative paths for the company to improve its cost structure
while simultaneously improving its customer order response times,"
Stephen Light, chairman, president, and chief executive officer,
said.  "As part of this initiative, we are developing the
capability to produce nearly all of our current and future
products at our highly efficient existing plants nearest to our
customers. Consequently we will direct future capital investment
in equipment and product technology to our existing 'Centers of
Excellence,' realign production capacity and technical
capabilities among existing facilities to minimize production
costs, and minimize time to market of both existing and new
products.  These changes are essential in this dynamic market,
where our customers are facing unprecedented challenges.  Our plan
is to continue to introduce highly competitive leading technology
products that address our customers' need to improve their
productivity and lower their costs, while we simultaneously
continue to pay down our debt.  The changes we are announcing
today are consistent with the company's strategies of debt
reduction, product innovation and the reliance on the talents and
dedication of our people."

These actions in the Asia/Pacific Region will impact approximately
15 salaried and 150 hourly employees at the Huyck Wangner, Geelong
Australia facility, and approximately 50 salaried and hourly
personnel in Ho Chi Minh City, Vietnam.  Combined reductions in
Asia Pacific manufacturing represent approximately 6% of the
company's workforce.

The company expects to record restructuring expenses of
approximately $8-10 million in the fourth quarter of 2008, of
which $5-6 million is principally for severance to be paid through
the first half of 2009 and an impairment loss of $3-4 million
based upon the company's evaluation under SFAS No. 144, Accounting
for the Impairment or Disposal of Long-Lived Assets.  The company
expects to incur $1-$3 million of other restructuring costs
throughout 2009 related to these statements.

In addition, the company is evaluating the future use of equipment
located in Australia, and may transfer the equipment to other
facilities when economically justified and, if transferred, would
record expense to dismantle and move such equipment.

On Dec. 3, 2008, Xerium launched its newly created Paper Machine
Clothing Global Supply Strategy.

                   About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and supplies
two types of consumable products used in the production of paper:
clothing and roll covers.  With 35 manufacturing facilities in 15
countries around the world, Xerium has approximately 3,700
employees.

At Sept. 30, 2008, the company's balance sheet showed total assets
US$832.1 million, total liabilities of US$821.4 million and
stockholders' equity US$10.7 million.

Net income increased to US$21.5 million from US$7.1 million for
the same period in the previous year.

For nine months ended Sept. 30, 2008, the company reported net
income of US$30.9 million compared with net income of US$17.7
million for the same period in the previous year.

Net cash generated by operating activities was US$11.8 million for
the 2008 third quarter, compared to US$18.4 million for the 2007
third quarter, partially as a result of increased interest expense
of US$2.2 million in the quarter.

Cash on hand at Sept. 30, 2008 was US$18.4 million, compared to
cash on hand at June 30, 2008, of US$25.4 million.  Cash on hand
at Sept. 30, 2007 was US$32.5 million.

                        *     *     *

As disclosed in the Troubled Company Reporter on June 9, 2008,
Moody's Investors Service revised Xerium Technologies, Inc.'s
outlook to positive from negative, upgraded its speculative grade
liquidity rating to SGL-3 from SGL-4, and upgraded its probability
of default rating to Caa1 from Caa2.

As related in the Troubled company Reporter on June 5, 2008,
Standard & Poor's Ratings Services affirmed its ratings on Xerium
Technologies Inc., including the 'CCC+' corporate credit rating,
and removed them from CreditWatch, where they were originally
placed with negative implications on March 19, 2008.  At the same
time, S&P assigned a positive outlook.



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

CHINA EASTERN: Obtains CNY5.55 Billion Loan From Parent
-------------------------------------------------------
China Eastern Airlines Corp has received a CNY5.55 billion (US$811
million) short-term loan from its parent, Reuters reports.

The six-month loan will be used to ease short-term funding squeeze
and to cut financial costs, Reuters relates citing a company
statement.

According to Reuters, the statement said the airline will pay an
interest rate below the central bank's benchmark lending rate for
commercial banks.

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

                          *     *     *

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


LAS VEGAS SANDS: Bank Loan Trades at Near 50% Off
-------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands is
a borrower traded in the secondary market at 52.33 cents-on-the-
dollar during the week ended January 9, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 6.66 percentage points
from the previous week, the Journal relates.  Las Vegas Sands pays
interest at 175 points above LIBOR. The bank loan matures on
May 1, 2014. The bank loan carries Moody's B2 rating and Standard
& Poor's B+ rating.

The Troubled Company Reporter said on January 9, 2009, that
participations in the syndicated loan traded in the secondary
market at 43.89 cents-on-the-dollar during the week ended
January 2, 2009.  The bank loan was sold at 42.05 cents-on-the-
dollar during the week ended December 26, 2008.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As of Sept. 30, 2008, the company has US$14.7 billion in total
assets, and US$12.4 billion in total liabilities.  Unrestricted
cash balances as of September 30, stood at US$1.28 billion while
restricted cash balances were US$239.1 million.  Of the restricted
cash balances, US$199.6 million is restricted for Macao-related
construction and US$32.3 million is restricted for construction of
Marina Bay Sands in Singapore.  As of Sept. 30, total debt
outstanding, including the current portion, was US$10.35 billion.

                       *     *     *

As reported by the Troubled company Reporter on November 14, 2008,
Moody's Investors Service lowered the ratings of Las Vegas Sands,
Corp. and its subsidiaries, including Venetian Casino Resort, LLC
and Venetian Macao Limited.  The ratings Moody's re also placed on
review for possible further downgrade.  The two-notch downgrade
reflects Las Vegas Sands' considerable leverage, the continuation
of significant negative trends in Las Vegas, and expectation that
these trends will continue in the foreseeable future.  The
downgrade also considers recent visitation restrictions in Macao,
China that will likely slow Las Vegas Sands' rate of growth in
that market, at least until the Chinese government decides to
relax these travel restrictions.

Las Vegas Sands, Corp. ratings lowered and placed on review for
possible downgrade:

-- Corporate family rating to B2 from Ba3
-- Probability of default rating to B2 from Ba3
-- US$250 million 6.375% senior notes to B2 from Ba3

Venetian Casino Resort, LLC (and its co-issuer Las Vegas Sands,
LLC) ratings lowered and placed on review for possible downgrade:

-- US$1 billion revolver expiring 2012 to B2 from Ba3
-- US$3 billion term loan due 2014 to B2 from Ba3
-- US$600 million delay draw term loan due 2014 to B2 from Ba3
-- US$400 million delay draw term loan due 2013 to B2 from Ba3

Venetian Macao Limited ratings lowered and placed on review for
possible downgrade:

-- US$700 million revolver expiring 2011 to B2 from B1
-- US$1.8 billion term loan due 2013 to B2 from B1
-- US$100 million term loan due 2011 to B2 from B1
-- US$700 million delay draw term loan due 2012 to B2 from B1


LAS VEGAS SANDS: Venetian Macau Bank Loan Sells at Almost 50% Off
-----------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co. LLC is a borrower traded in the secondary market at
54.94 cents-on-the-dollar during the week ended January 9, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 6.83
percentage points from the previous week, the Journal relates.
Venetian Macau US Finance Co. LLC pays interest at 225 points
above LIBOR.  The bank loan matures on May 25, 2013. T he bank
loan carries Moody's B2 rating and Standard & Poor's B rating.

Venetian Macao is a wholly-owned subsidiary of Las Vegas Sands
Corporation.  VML owns the Sands Macao in the People's
Republic of China Special Administrative Region of Macao and is
also developing additional casino hotel resort properties in
Macao.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As of Sept. 30, 2008, the company has US$14.7 billion in total
assets, and US$12.4 billion in total liabilities.  Unrestricted
cash balances as of September 30, stood at US$1.28 billion while
restricted cash balances were US$239.1 million.  Of the restricted
cash balances, US$199.6 million is restricted for Macao-related
construction and US$32.3 million is restricted for construction of
Marina Bay Sands in Singapore.  As of Sept. 30, total debt
outstanding, including the current portion, was US$10.35 billion.

                       *     *     *

As reported by the Troubled company Reporter on November 14, 2008,
Moody's Investors Service lowered the ratings of Las Vegas Sands,
Corp. and its subsidiaries, including Venetian Casino Resort, LLC
and Venetian Macao Limited.  The ratings Moody's re also placed on
review for possible further downgrade.  The two-notch downgrade
reflects Las Vegas Sands' considerable leverage, the continuation
of significant negative trends in Las Vegas, and expectation that
these trends will continue in the foreseeable future.  The
downgrade also considers recent visitation restrictions in Macao,
China that will likely slow Las Vegas Sands' rate of growth in
that market, at least until the Chinese government decides to
relax these travel restrictions.

Las Vegas Sands, Corp. ratings lowered and placed on review for
possible downgrade:

-- Corporate family rating to B2 from Ba3
-- Probability of default rating to B2 from Ba3
-- US$250 million 6.375% senior notes to B2 from Ba3

Venetian Casino Resort, LLC (and its co-issuer Las Vegas Sands,
LLC) ratings lowered and placed on review for possible downgrade:

-- US$1 billion revolver expiring 2012 to B2 from Ba3
-- US$3 billion term loan due 2014 to B2 from Ba3
-- US$600 million delay draw term loan due 2014 to B2 from Ba3
-- US$400 million delay draw term loan due 2013 to B2 from Ba3

Venetian Macao Limited ratings lowered and placed on review for
possible downgrade:

-- US$700 million revolver expiring 2011 to B2 from B1
-- US$1.8 billion term loan due 2013 to B2 from B1
-- US$100 million term loan due 2011 to B2 from B1
-- US$700 million delay draw term loan due 2012 to B2 from B1


NEO-CHINA LAND: S&P Junks Corp. Credit Rating; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Service said that it had lowered the
long-term corporate credit rating on Neo-China Land Group
(Holdings) Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  At
the same time, Standard & Poor's lowered its issue rating on the
company's US$400 million senior unsecured notes due 2014 to 'CCC'
from 'CCC+'.

"The rating action follows Neo-China's interim result announcement
for the six months ending Oct. 31, 2008 that highlighted the
company's deteriorating financial performance and further
tightened liquidity position," said Standard & Poor's credit
analyst Bei Fu.  "In addition, uncertainty remains over the
suspension of share trading in the company since Jan. 22, 2008,
i.e., close to one year.  The issue rating is one notch below the
corporate credit rating to reflect that holders of the notes are
materially disadvantaged in the case of default relative to the
company's onshore creditors."

The interim result of Neo-China weakened substantially compared
with the six-month period ending October 2007.  While revenue
dropped to Hong Kong dollar 58 million from over HK$1 billion, its
interest expenses more than doubled to HK$566 million (including
capitalized interest).  The increased interest expenses are partly
due to the issuance of senior notes and a Chinese renminbi 1.5
billion loan with 20% interest rate issued in December 2007.
Although Neo-China's presale receipts increased to HK$4.9 billion
from HK$2.7 billion, contracted sales in May to October 2008 were
only about HK$2.2 billion.  As a result, the company's cash
balance dropped to HK$2.5 billion from HK$4.4 billion at the end
of April 2008.  EBITDA was negative HK$279 million.  S&P expects
Neo-China's full-year results (ending April 30, 2009) to also be
weak, although they should be slightly better than the interim
results due to more expected completions in the second half of
2009.

The rating also reflects Neo-China's vulnerable liquidity
position, weak corporate governance measures, and substantially
reduced financial flexibility.  It further takes into
consideration the company's exposure to the cyclical and
competitive Chinese real estate industry, which is currently
volatile and challenging, and the evolving regulatory environment.

These weaknesses are slightly tempered by Neo-China's diversified
and low-cost land bank.  The company has a reasonable development
track record for the rating category.  As at Oct. 31, 2008, it had
a land bank of about 14.8 million square meters in 12 strategic
cities.


OKAY AIRWAYS: Seeks Aviation Authority's OK to Resume Operations
----------------------------------------------------------------
Shanghai Daily reports that Okay Airways has sought approval from
China's aviation authorities to resume passenger services after
suspending the airline's operations since December 6.

Okay Airways, the report relates, submitted an application to the
northeast bureau of the Civil Aviation Administration of China to
resume service next Wednesday.

As reported in Troubled Company Reporter-Asia Pacific on Dec. 8,
2008, China Post said  Li Wei, Okay Airways spokesman, confirmed
the carrier will suspend passenger services for one month from
Dec. 15, 2008.

Citing China Business News, Reuters related that Juneyao Group,
controlling shareholder of Okay Airways, filed an application in
November to the authority to suspend Okay's passenger service.

Established in 2005, Okay Airways operates cargo and passenger
flights across China.  The airline has 11 planes and flies more
than 20 domestic passenger routes.  Its cargo operations are a
local partner of Fedex Corp.



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

ECERSHINE LIMITED: Creditors' Proofs of Debt Due on February 9
--------------------------------------------------------------
The creditors of Ecershine Limited are required to file their
proofs of debt by February 9, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 23, 2008.

The company's liquidator is:

          Man Kwok Leung
          The Sun's Group Centre
          Unit 701, 7th Floor
          200 Gloucester Road
          Hong Kong


EMPEROR PROPERTY: Members' Final Meeting Set for February 2
-----------------------------------------------------------
The members of Emperor Property Consultants (Retail) Limited will
meet on February 2, 2009, at 11:00 a.m., at Unit 4407, 44th Floor
of Hopewell Centre, 183 Queen's Road East, in Wan Chai, Hong Kong.

At the meeting, Yu King Tin and Ng Wai Cheong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GOLD PLANET: John Robert Lees Steps Down as Liquidator
------------------------------------------------------
On December 22, 2008, John Robert Lees stepped down as liquidator
of Gold Planet Development Limited.

The company's former Liquidator can be reached at:

          John Robert Lees
          John Lees & Associates Limited
          Hong Kong Club Building, 19th Floor
          3A Chater Road
          Central, Hong Kong


I-TALENT ASIA: Creditors' Proofs of Debt Due on February 2
----------------------------------------------------------
The creditors of I-Talent Asia 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. 30, 2008.

The company's liquidator is:

          Lam Chin Chiu
          The Kwangtung Provincial Bank Building
          Room 2301-02, 23rd Floor
          409-415 Hennessy Road, Causeway Bay
          Hong Kong


INFO-MAX INVESTMENT: Creditors' Proofs of Debt Due on February 2
----------------------------------------------------------------
The creditors of Info-Max Investment 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. 30, 2008.

The company's liquidator is:

          Lam Chin Chiu
          The Kwangtung Provincial Bank Building
          Room 2301-02, 23rd Floor
          409-415 Hennessy Road, Causeway Bay
          Hong Kong


LI MIN: Creditors' Proofs of Debt Due on January 23
---------------------------------------------------
The creditors of Li Min Timber International Limited are required
to file their proofs of debt by January 23, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 23, 2008.

The company's liquidators are:

          Ng Kwok Tung
          Chan Wai Kee
          Alliance Building
          Rooms 201-136, 2nd Floor
          130-136 Connaught Road
          Central, Hong Kong


LINGUAPHONE GROUP: HK Branch Goes Into Voluntary Liquidation
------------------------------------------------------------
Joy Force Limited, the Hong Kong branch of Linguaphone Group Ltd,
has gone into voluntary liquidation affecting 20 workers and 500
students, Monsters and Critics reports.

Citing a statement posted on Joy Force's Website, Shanghai Daily
reports the company said it has appointed RSM Nelson Wheeler
Corporate Advisory Ltd as provisional liquidators.

Headquartered in London, England, Linguaphone --
http://www.linguaphonegroup.com/  -- opened in Hong Kong around
30 years ago offering language lessons with the self-learning kits
first developed by founder Jacques Roston in England more than a
century ago, Monsters and Critics says.


LUNG ELECTRONICS: Annual Meetings Set for February 6
----------------------------------------------------
The members and creditors of Lung Electronics (HK) Limited will
hold their annual meetings on February 6, 2009, at 10:00 a.m. And
10:30 a.m., respectively at the 1301-02, 13th Floor of Kwan Chart
Tower, 6 Tonnochy Road, in Wanchai, Hong Kong.

At the meeting, Au-Yeung Sin Ming, Cindy the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PLANET FUN: Commences Liquidation Proceedings
---------------------------------------------
Planet Fun (HK) Limited commenced liquidation proceedings on
December 24, 2008.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Fok Hei Yu
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PLANET HOME: Enters Liquidation Proceedings
-------------------------------------------
Planet Home (HK) Limited commenced liquidation proceedings on
December 24, 2008.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Fok Hei Yu
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PLANET TOYS: Commences Liquidation Proceedings
----------------------------------------------
Planet Toys (HK) Limited commenced liquidation proceedings on
December 24, 2008.

The company's liquidators are:

          Desmond Chung Seng Chiong
          Fok Hei Yu
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


SCEPTRE CAPITAL: S&P Cuts US$50MM Notes to 'CC' From 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-4 US$50 million synthetic collaterized debt obligation
variable rate notes due 2012 issued by Sceptre Capital B.V. to
'CC' from 'CCC-/Watch Neg'.  The rating was subsequently withdrawn
(see list).

The downgrade reflects a deterioration in the credit quality of
the transaction following the default of several reference names
in the portfolio.  The withdrawal of the rating is at the request
of the issuer following a buy-back of the notes.

The rating action on the affected transaction is:
                          Rating lowered

      Name                         Rating To    Rating From
      ----                         ---------    -----------
      Sceptre Capital B.V.         CC           CCC-/Watch Neg
      Series 2007-4

                         Rating withdrawn

      Name                         Rating To    Rating From
      ----                         ---------    -----------
      Sceptre Capital B.V.         NR           CC
      Series 2007-4


SKY BRAVE: Appoints Chan Kin Hang as Liquidator
-----------------------------------------------
The creditors of Sky Brave Limited met on December 20, 2008, and
appointed Chan Kin Hang, Danvil as the company's liquidator.

The Liquidator can be reached at:

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


SKY RISE: Commences Liquidation Proceedings
-------------------------------------------
Sky Rise Industries Limited commenced liquidation proceedings on
December 22, 2008.

Wong Tak Man Stephen and Chen Yung Ngai Kenneth were appointed as
provisional liquidators.

The provisional Liquidators can be reached at:

          Wong Tak Man Stephen
          Chen Yung Ngai Kenneth
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


UP EAST: Enters Wind-Up Proceedings
-----------------------------------
At an extraordinary general meeting held on December 15, 2008, the
members of Up East Metal Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Chui Sze Hung
          1102 Unicorn Trade Centre
          127-131 Des Voeux Road Central
          Hong Kong



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

BMA STAINLESS: Care Puts 'BB' Rating on Various Loan Facilities
---------------------------------------------------------------
Credit Analysis & Research Ltd. (CARE) has assigned a 'CARE BB'
(Double B) rating to the cash credit facility of Rs.11.8 crore and
term loan outstanding of Rs.12.1 crore of BMA Stainless Ltd.
(BMA).  CARE has also assigned a 'PR4' (PR four) rating to the
Letter of Credit facility of Rs.12.5 crore and Bank Guarantee
facility of Rs.0.5 crore of BMASL.

Facilities with 'CARE BB' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  Facilities with 'PR4' rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk.  Such facilities
are susceptible to default.

The above ratings take into account small size of the company with
short track record in manufacturing activity, experience of the
promoter, closely held nature of the company, significant level of
low margin trading business, low capacity utilization, volatile
input prices vis-a-vis lack of backward integration, low
profitability margin, low current ratio indicating pressure on
liquidity of the company, improving financial position with
comfortable interest coverage, economic slowdown with hardening of
interest rates, cyclicality in the steel industry along with
increased competition from the unorganized sector players and
complete dependence on the fortunes of steel industry. Ability of
the company to improve its margins and future trend in raw
material prices as well as end product prices are the key rating
sensitivities.

BMA, incorporated in October, 2003 was promoted by Shri Prahlad
Rai Agarwalla, belonging to Agarwalla family of Asansol, West
Bengal.  The company commenced manufacturing activity for billets
in July, 2006 and TMT bars in December, 2007.  Currently, the
company is engaged in manufacture of MS ingots/billets (capacity -
60,000 MTPA) and TMT bars (capacity 1,20,000 MTPA) at its unit
located at Kalyaneshwari (near Asansol) as well as trading of TMT
bars and other steel related items like rounds, squares & wires
and e-trading of metals.  The company is an ISO 9001:2000
accredited company and its products are certified by Bureau of
Indian Standards (BIS).

TMT bars of different sizes (ranging between 8 mm to 32 mm) are
manufactured by the company and sold under the brand name of
'Captain TMT'; however, a significant portion of MS billets
manufactured are used captively for manufacturing TMT bars.
Gross sales grew phenomenally (by about 205%) in FY08 over FY07
mainly on account of availability of full year of production for
billets (as against nine months in FY07), commencement of TMT bar
production, rise in average gross sales price realisation
(AGSPR) and substantial increase in the scale of trading
operations fuelled by the booming economy and huge demand from the
infrastructure sector in FY08.

PBILDT level, PAT level and profitability margins, although
improved in FY08, have been low because of the company being in
nascent stage of operation, lack of backward integration and
significant level of low margin trading operations.

Long-term debt equity (excluding defd. tax liability) and overall
gearing (excluding defd. tax liability) ratios were satisfactory
as on Mar.31, 2008, given the fact that the company has completed
its projects in the recent past.  Interest coverage was
comfortable at 2.03 in FY08.

Liquidity of the company was inadequate as indicated by low
current ratio as on Mar. 31, 2008.


GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 51.56 cents-
on-the-dollar during the week ended January 9, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 5.78 percentage
points from the previous week, the Journal relates, General Motors
Corp. pays interest at 275.00 points above LIBOR. The bank loan
matures on November 27, 2013.  The bank loan carries Moody's B3
rating and Standard & Poor's CCC rating.

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

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

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

                       *     *     *

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

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

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

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


GENERAL MOTORS: Bondholders Form Committee to Negotiate Debt Swap
-----------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that General
Motors Corp. executives said on Thursday that bondholders have
created a committee to negotiate the terms of a debt-for-equity
swap.

A Paul, Weiss, Rifkind, Wharton & Garrison LLP spokesperson said
that the firm was representing GM's bondholders, WSJ relates.
Paul, Weiss also represents bondholders of General Growth
Properties Inc., the report states.  Citing the spokesperson, WSJ
says that the committee represents 10 institutions holding GM debt
and that it has held its first meeting by telephone.

GM must also convince individual bondholders to sign off on the
debt swap, WSJ says, citing Daryl Robertson, who has represented
bondholders at Hunton & Williams LLP, which isn't involved in the
talks.

According to WSJ, the debt swap is a requirement of the government
loan.  The report says that under the terms of the government's
US$13.4 billion loan program, GM must:

    -- have a plan in place that would cut its US$27.5 billion in
       unsecured debt by two-thirds by Feb. 17; and

    -- reach a cost-cutting agreement with its union workers.

WSJ relates that GM lowered on Thursday its forecast for this
year's industry sales of cars and light trucks.  GM, according to
the report, expects global sales to drop 15% to 57.5 million
vehicles in 2009, from 67.1 million cars and trucks in 2008.  The
report says that GM expects industry sales of 10.5 million
vehicles in the U.S. this year, down 22% from 13.5 million last
year.

                     About General Motors

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

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

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

                       *     *     *

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

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

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

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


GENERAL MOTORS: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
----------------------------------------------------------------
In light of the ongoing uncertainty of global market conditions,
General Motors said it is adopting more conservative industry
volume assumptions than those presented to Congress.  For
liquidity and viability planning purposes, GM will assume 2009
U.S. total vehicle sales of 10.5 million units and global sales of
57.5 million units.  The initial plan included a downside scenario
of 10.5 million U.S. sales in 2009, with a baseline scenario of 12
million sales.  GM also said it revised downwards its assessment
of global industry volume assumptions for 2010-2012 for liquidity
planning purposes.

In its statement regarding its viability plan in Dec. 2, 2008, GM
said that after it has completed the restructuring actions laid
out in the plan, the company will be able to operate profitably at
industry volumes between 12.5 and 13 million vehicles.  It noted
at that time that those assumptions were reasonably conservative
for gauging liquidity needs, as the figures were substantially
below the 17 million industry levels averaged over the last nine
years.

Bloomberg News says that the 10.5 million units projected by GM
would be the lowest in 27 years, as a worsening economy crimps
demand.

Chrysler CEO Bob Nardelli, in an interview with Bloomberg News
early this week, said that they have pegged total 2009 production
by U.S to 11.1 million units.  Ford Motor Chief Financial Officer
Lewis Booth said Ford has lowered its prediction from a range of
12.2 million to 12.5 million, to 12 million to 12.5 million.

Other firms, however, have given lower forecasts.  "The market
will not reach 12.2 million units this year, no way, no how," said
John Wolkonowicz, an IHS Global Insight analyst.  IHS, according
to Bloomberg, has trimmed its 2009 sales estimate last week to
between 10 million and 10.5 million.

Standard & Poor's Ratings Services said it expects sales in 2009
to be 10 million units, 24% below 2008 actual sales.  It notes
that for the last three months of 2008, the seasonally adjusted
annual rate of light-vehicle sales in the U.S. was below 11
million units. The ratings agency noted that GM's production in
the first quarter of 2009 is expected to be down more than 50%
year over year.  S&P expects production to also be down for other
customers in North America and for Europe as well in 2009

In cutting auto supplier Dana Holdings' credit rating to B from
B+, Standard & Poor's credit analyst,  Nancy Messer, said,  "We
expect revenues to be reduced by weak auto sales and production in
North America, weak auto sales in Europe, and the U.S. recession,
which has stalled the recovery of commercial truck sales.  S&P has
also made ratings cuts for other auto suppliers, including
American Axle Inc., Visteon Corp. and ArvinMeritor Inc. for the
same reasons.

In mid-December 2008, Johnson Controls Inc. said it was cutting
its projections for total auto sales to 9.3 million units in North
America and 16.2 million units in Europe.  JCI, which sales to
Ford, GM, Chrysler and Toyota accounts to 10% of revenues in the
U.S., had projected North American production of 12.3 million
vehicles and European production of 21.2 million vehicles.

According to data from the International Organization of Motor
Vehicle Manufacturers, production of cars and commercial vehicles
in the U.S. in 2007 was 10,780,729, down 4.5% from the previous
year.  Bloomberg has said 2008 U.S. sales of cars and light trucks
have tumbled 16% through November.

                  About General Motors

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

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

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

                      *     *     *

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

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

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

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


GENERAL MOTORS: Posts All-Time Sales Record in LatAm, Africa & ME
-----------------------------------------------------------------
General Motors Latin America, Africa and Middle East region posted
an all-time sales record in 2008, selling over 1.276 million
vehicles, up 40,000 units over 2007, representing a 3.2 percent
growth rate.  In addition, LAAM's market share increased to 17.1
percent for the year.

Maureen Kempston Darkes, GM group vice president and president of
GM LAAM said, "We are pleased to post our fifth consecutive record
sales year, with the Chevrolet brand continuing to lead the growth
throughout the region."

All-time yearly GM sales records were set in Argentina, Brazil,
Chile, Ecuador, Paraguay, Peru, Uruguay, Egypt, Kenya, North
Africa and Middle East markets in 2008.  And, for the 2008
calendar
year, market share gains were recorded in Ecuador, Paraguay, Peru,
Uruguay, Egypt, Kenya, Israel, Middle East, North Africa, South
Africa and Venezuela.

The North African market and Egypt were GM's highest market
gainers in 2008, growing 57 percent and 52 percent, respectively,
both of which significantly out-paced the industry growth rate.

Despite a slowdown in the fourth quarter throughout the region due
to the global economic crisis, the North African market posted
all-time quarterly GM sales and market share records in Q4 2008.
In addition, Ecuador, Peru and Egypt set fourth quarter sales
records.

Chevrolet Corsa, Celta and Aveo remained as the top three sellers
across the region in 2008, representing 41 percent of GM's sales
volume.  Chevrolet represents 90 percent of GM sales in LAAM.
Brazil represents the second largest market for Chevrolet outside
the U.S., with sales of 549,000 in 2008.

In 2009, the Chevrolet brand will continue to play a key role as
several new products, such as the Camaro, Cruze, Malibu, Traverse
will be launched in the region.

General Motors Latin America, Africa and Middle East Region (GM
LAAM), with headquarters in Miramar, Florida, is one of GM's four
regional business units.  GM LAAM employs approximately 35,000
people throughout the region in 18 countries and has manufacturing
facilities in Argentina, Brazil, Colombia, Ecuador, Egypt, Kenya,
South Africa and Venezuela.  In 2008, GM LAAM had a record year,
selling over 1.27 million vehicles.  GM LAAM markets vehicles
under the Buick, Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel,
Saab and Suzuki brands.

                  About General Motors

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

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

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

                      *     *     *

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

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

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

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


GENERAL MOTORS: Says It Is on Track on Meeting Viability Plan
-------------------------------------------------------------
General Motors Corp. on Jan. 16 provided an update on its
restructuring efforts included in the viability plan submitted to
the federal government last month, and announced more conservative
industry volume planning assumptions to ensure the viability plan
is successful even in the most challenging of markets.

The updates were part of a comprehensive review of GM's global
business by Rick Wagoner, chairman and CEO; Fritz Henderson,
president and COO; and Ray Young, executive vice president and
CFO; at the Deutsche Bank 2009 Auto Analysts Conference in
Detroit.

Their remarks focused on the global financial, operational and
product portfolio actions GM is taking to restructure its business
for greater competitiveness and long-term viability. View
presentation slides

"We are on track to accomplish the requirements of the viability
plan," Mr. Wagoner stated. "We know we have a lot of work in front
of us, but we are already working closely with many key
stakeholders. The GM team is 100 percent dedicated to achieving
the goals of our plan."

In light of the ongoing uncertainty of global market conditions,
GM is adopting more conservative industry volume assumptions than
those presented to Congress. F or liquidity and viability planning
purposes, GM will assume 2009 U.S. total vehicle sales of 10.5
million units and global sales of 57.5 million units.  The initial
plan included a downside scenario of 10.5 million U.S. sales in
2009, with a baseline scenario of 12 million sales.  GM also
revised downwards its assessment of global industry volume
assumptions for 2010-2012 for liquidity planning purposes.

GM said that lowering the assumptions on U.S. and global industry
volumes will drive tougher operational decisions that will result
in a more robust viability plan, one that better positions the
company for long-term growth as the auto market recovers. GM said
it would continue to refine its plan in response to changing
market conditions.

GM's detailed Restructuring Plan for Long-Term Viability was
presented to Congress on December 2, 2008, and it formed the
basis for the loan agreement with the U.S. Treasury signed on
December 19.  An updated plan is due to the U.S. President's
designee on February 17, 2009.

GM and Chrysler LLC have obtained loans from the treasury in order
to avert collapse.  On Dec. 31, 2008, the U.S. Treasury completed
a transaction with General Motors Corp., under which the Treasury
will provide GM with up to a total of $13.4 billion in a three-
year loan from the Troubled Assets Relief Program.  On Jan. 2,
2009, the Treasury provided a three-year $4 billion loan to
Chrysler.  The Treasury has required each of the two to submit a
plan that would prove the automaker's long-term viability.  The
loan agreement provides for acceleration of the loan if those
goals under the plan, which are subject to review by a designee of
the U.S. President, are not met.

                       GM Viability Plan

GM's viability, submitted in response to Congressional hearings in
November, includes a detailed blueprint for a successful,
sustainable General Motors.  Building on a product renaissance and
comprehensive restructuring that has been under way for several
years, the plan calls for:

  * Increased production of fuel-efficient vehicles and energy-
    saving technologies;

  * Rationalization of brands, models and retail outlets;

  * Reduced wage and benefit costs, including further reductions
    in executive compensation;

  * Significant capital structure restructuring;

  * Further consolidation in manufacturing operations.

The plan calls for shared sacrifice, including further reduction
in the number of executives and total compensation paid to senior
leadership.  GM cited that the chairman and CEO Rick Wagoner will
reduce his salary to $1 per year.

A full-text copy of GM's viability plan is available at:

              http://researcharchives.com/t/s?3815

                  About General Motors

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

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

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

                      *     *     *

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

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

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

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


JODHANI EXPORTS: CRISIL Rates Rs.52.0MM Packing Credit at 'P4'
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Jodhani Exports.

   Rs.52.0 Million Packing Credit         P4 (Assigned)
   Rs.208.0 Million Post-Shipment Credit  P4 (Assigned)

The rating reflects Jodhani Exports' weak financial flexibility
owing to the partnership nature of its business with low net worth
levels, expected deterioration in profitability and revenues on
account of the US economic slowdown and high revenue concentration
risk.  These weaknesses are mitigated by the promoters' vast
experience in the diamond business.

                     About Jodhani Exports

Jodhani Exports, formed in 1989, is a partnership firm that
manufactures and markets polished diamonds.  The firm was
initially started by Mr. Limbabhai Jodhani and Mr. Mohanbhai
Jodhani.  The firm mainly handles diamonds of size less than 10
pointers (0.10 carat).  On March 31, 2008 there was split in the
partnership of the firm where four partners retired and started a
new diamond firm on their own.  Currently, there are five active
partners: Mr. Limbhabhai Jodhani manages purchases, Mr. Ravjibhai
Jodhani manages sales, and Mr. Sanjaybhai Jodhani manages the
firm's marketing activities.  The remaining two active partners
manage the manufacturing activities of the business.

Jodhani Exports reported a profit after tax (PAT) of Rs.18.27
million on net sales of Rs.722.74 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.15.10
million on net sales of Rs.773.24 million for the previous year.


PHOROTECH SURFIN: Fitch Assigns 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Phorotech Surfin (India) Pvt
Ltd a National Long-term rating of 'BB+(ind)'.  The Outlook is
Stable. Fitch has also assigned a rating of 'BB+(ind)' to PSPL's
long-term bank loans aggregating INR35.7m and its fund-based cash
credit limits of INR20m.

PSPL's ratings reflect the strength of its business with high and
stable EBITDA margins and a track record of low financial
leverage.  PSPL's ability to pass on raw material price increases
to end consumers highlights the company's dominant position in the
market.  The company also charges a premium for its services.
PSPL's working capital management has also been efficient with a
cash conversion cycle of 52 days in FY08.

The ratings remain constrained by its relatively small size of
operations, which may potentially limit its financial flexibility,
its significant customer concentration and the company's debt
funded expansion plans, at a time of a downturn in the auto
sector, which would potentially lead to deterioration in its
financial leverage.  Around 54% of the company's revenues come
from its top five customers (Hyundai Motors India Ltd is its main
client).  In FY08, PSPL had an EBITDA of INR80m and combined with
its position as a Tier 2 supplier to the auto industry places
certain limitations on its ability to weather tough market
conditions.

The company is fully dependent on the passenger car sector and a
slowdown in this segment could ultimately affect its revenues.
Moreover, a less than expected improvement in debt/EBITDA
(deterioration over 2.5x) could act as a negative rating trigger.
Conversely, the company's ability to achieve planned revenues in
FY10 following the scheduled commissioning of the new plant, with
a financial profile along anticipated lines, would act as a
positive rating trigger.

PSPL is a Tier 2 player in the auto industry providing anti-
corrosive coating service for auto components manufactured by Tier
1 suppliers.  It has established a dominant position in south
India with an expected capacity of 305,000 sq mts per month by the
end of FY09, while other units are mainly operating on the fringe
with small- scale capacities.

The company has seen significant growth in revenues along with
sustained margins; revenues grew to INR237 m in FY08 from INR47m
in FY03, while EBITDA margins increased to 35% in FY08 from 27% in
FY07.  The growth has been through the accretion of sales which
has seen PSPL garnering a market share in excess of 85% in south
India.

PSPL's gross debt in FY08 was 40.1m.  The company had a low
financial leverage in FY08 with interest coverage of 21x and net-
debt/equity of 0.3x.  The company's free cash flows the have been
positive in FY07 and FY08, despite capex incurred; however in FY09
the expenditure of setting up of a new plant is expected to result
in negative free cash flows.


SPICEJET LTD: CFO Basu Resigns
------------------------------
The Economic Times reports that Spicejet Ltd's financial officer,
Partha Sarthi Basu, has resigned effective Jan. 15, 2009.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India. During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights. The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800. The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                         *     *     *

SpiceJet Limited booked annual net losses of Rs. 707.43 million in
2007 and Rs. 1,335.07 million in 2008.



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

* INDONESIA: State Ministry Asks PPA to Restructure 3 More Cos
--------------------------------------------------------------
The Jakarta Post reports that the State Ministry for State
Enterprises has requested state management company PT Asset
Management Company ("PPA") to help fix three more ailing
companies.

The report relates State Minister Sofyan Djalil refused to name
the three firms proposed for a fix.

Citing Minister Sofyan, the report says these companies are
already under PPA management:

   1. Airline operator PT Merpati Nusantara;
   2. Shipyard PT PAL;
   3. Cement producer PT Semen Kupang;
   4. Shipping firm PT Djakarta Lloyd;
   5. Hotel operator PT Hotel Indonesia Natour;
   6. Glass maker PT Industri Gelas; and
   7. Paper producer PT Kertas Kraft Aceh.

"We have asked PPA to conduct due diligence on the companies and
determine what measure can be taken to resolve their problems,"
Mr. Sofyan was quoted by the report as saying.



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

ASAHI MUTUAL: Moody's Downgrades Insurance Rating to 'Ba1'
----------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
insurance financial strength rating of Asahi Mutual Life Insurance
Company.  The rating outlook is negative.  This concludes the
review for downgrade initiated on November 18, 2008.

The downgrade incorporates the insurer's capital deterioration,
the magnitude of which has exceeded rating expectations.  The
domestic equity market has deteriorated materially, especially
since October 2008.  The negative outlook is based on Moody's view
that, in a case of stress, additional material capital weakening
would negatively affect the rating.

Given the current uncertainties in the financial markets, Moody's
understands that Asahi Life has issued Kikin ("Foundation Funds")
amounting to JPY35 billion (December 2008), lowered its high risk
assets, and implemented risk hedging for its risk asset exposure.
However, the pace of weakening of capital due to
unrealized/impairment losses would overwhelm the insurer's efforts
to maintain its fundamentals, in Moody's view.

Moody's sees that Asahi Life's performance has been steady, as it
is backed by a relatively solid customer base, as well as a focus
on its new contract persistency rate.  Furthermore, the insurer
has maintained relatively low surrender and lapse rates, partly
attributable to the company's ability to focus its sales force on
acquiring not only new but also high persistency contracts.

Moody's will continue to monitor the insurer's capital base.  If
unrealized losses on investment portfolio were to materially erode
the insurer's capital base -- to less than 2% of net asset value
relative to total assets (based on Moody's adjustments), for
example -- the rating would be negatively affected.

On the other hand, if the insurer can maintain its capital ratio
above 3%, even during stress -- by accumulating earnings and
lowering high risk assets, for example -- the rating outlook could
revert back to stable.

Moody's last rating action with respect to Asahi Life was taken on
November 18, 2008, when the Baa3 rating was placed on review for
possible downgrade.

Asahi Mutual Life Insurance Company, headquartered in Tokyo, is
one of Japan's major life insurance companies, with total assets
of JPY5.9 trillion as of September 2008.


HITACHI LTD: May Reverse Net Profit Forecast Into US$1 Bln Loss
---------------------------------------------------------------
Hitachi Ltd now faces an annual net loss of more than US$1.1
billion instead of a previously forecast profit, Reuters reports
citing sources with direct knowledge of the matter.  Hitachi has
already cut its annual net profit forecast to JPY15 billion from
an initial estimate of JPY40 billion, when it reported half-year
results in October, the report says.

According to Reuters's sources, Hitachi now eyes a net loss of
more than JPY100 billion (US$1.1 billion) for the year to March --
its third year of losses -- due to a large loss at Renesas
Technology Corp, a chipmaking joint venture of Hitachi and
Mitsubishi Electric Corp.

Hitachi holds a 55 percent stake in Renesas.

Reuters relates a Renesas source said the joint venture is
expected to book a net loss of about JPY200 billion, as usage
rates halved on equipment used to make chips.  Renesas will also
shoulder restructuring costs and a write-down of tax-related
assets, reversing an earlier projection for a JPY9.5 billion net
profit, according to Reuters.

Hitachi, the report discloses, has been restructuring its hard
drive business and gaining profit in its nuclear and thermal power
plants.  The company is also suffering from halting orders for
automotive equipment and sluggish sales in its flat-panel TVs and
other electronics, a Hitachi source was cited by Reuters as
saying.

Separately, Reuters earlier reported that Hitachi said it would
spend JPY16.2 billion (US$181 million) to buy a majority stake in
machine tool maker Hitachi Koki.

The company also said it would spend JPY10.5 billion to acquire a
majority stake in Hitachi Kokusai, a chip-making equipment
manufacturer, the report relates.

Hitachi recorded consecutive annual net losses of
JPY32,799,000,000 and JPY58,125,000,000 for the years ended
March 31, 2007 and 2008 respectively.

Japan-based Hitachi Ltd. (TYO:6501) -- http://www.hitachi.co.jp/
-- is engaged in developing a diversified product mix ranging from
electricity generation systems to consumer products and electronic
devices.  The Company operates in seven segments: Information &
Telecommunication Systems, Electronic Devices, Power & Industrial
Systems, Digital Media & Consumer Products, High Functional
Materials & Components, Logistics, Services & Others and financial
services.  In April 2008, Hitachi acquired a majority ownership
interest in M-Tech Information Technology, Inc., a provider of
identity management software and services.  In April 2008,
Hitachi, Ltd. established a new wholly owned subsidiary, Hitachi
Information & Telecommunication Systems Global Holding
Corporation.  In March 2008, Hitachi Consulting, the global
consulting company of Hitachi, acquired JMN Associates, a provider
of consulting services to the financial services, real estate and
insurance industries.



=========
K E N Y A
=========

TRITON PETROLEUM: In Out-of-Court Negotiations With Lender
----------------------------------------------------------
Triton Petroleum Company Ltd and its creditor Kenya Commercial
Bank ("KCB") have opted for an out-of-court settlement involving
over Sh2 billion debt Triton owed to KCB, Business Daily reports.

Business Daily relates that lawyers Allen Kinyanjui for KCB and
Ochieng Oduol representing Triton director, Yagnesh Devani, who
appeared before Milimani Commercial Court Judge Joyce Khaminwa,
have agreed to have the case deferred for mention on February 2 as
they engage in negotiations.

Judge Khaminwa, the report says, did not object to the
application.

Business Daily discloses KCB already obtained orders freezing Mr.
Devani and Triton's bank accounts and blocking the sale or
transfer of shares in all their companies listed at the Nairobi
Stock Exchange.

In addition, the Daily says, the court orders issued by Justice
Khaminwa also barred Mr. Devani from disposing off his shares and
property pending hearing and determination of the case.

According to the Daily, the Central Depository and Settlement
Corporation was directed to freeze the accounts and furnish the
court with records of shares owned by Mr Devani and his associate
companies.

Citing court records, the report notes Mr. Devani owns shares in
the these companies:

   - Triton Convenience Stores Ltd (50 shares);
   - Triton Global Solutions (1);
   - Langata Road Arcade (1);
   - Triton Network Solutions (49,995);
   - Triton Gas Stations (99,900);
   - Triton Service Stations (900);
   - Triton Petroleum, Rwanda, (900 shares);
   - Triton Petroleum, Tanzania, (1);
   - Triton Petroleum, Uganda, (999);
   - Triton Bulk Storage Ltd (50); and
   - Triton Petroleum Ltd (4,999,5000).

Meanwhile, the report adds, the court dismissed an injunction
filed by Mohammed Muigai Advocates on behalf of Triton seeking to
lift the receivership.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2008, the Daily Nation said Triton was put into
receivership on Dec. 19, 2008, under debentures it had
granted to secured lenders.  Abdul Zahir Sheikh and Peter Kahi
were appointed joint receivers and managers for the company.

Based in Nairobi, Kenya, Triton Petroleum Company Ltd wholesales
petroleum and other petroleum products.



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

MAGNACHIP SENICONDUCTOR: Moody's Downgrades Corp. Rating to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of MagnaChip Semiconductor LLC to Ca from Caa1.

At the same time, Moody's has downgraded these ratings for debt
issued by MagnaChip Semiconductor Finance Co (US) and MagnaChip
Semiconductor SA:

1) US$100 million 5-year senior secured credit revolver to Caa3
   from B3

2) US$500 million aggregate floating- and fixed-rate second-
   priority senior secured notes due 2011 to Ca from Caa1

3) US$250 million senior subordinated notes due 2014 to C from
   Caa3

The outlook for the ratings is negative.

"The rating action follows MagnaChip's failure to make the coupon
payment on its senior secured notes and senior subordinated notes
within the 30-day grace period from the coupon payment date of
December 15, 2008.  This has triggered a default on its senior
notes," says Ken Chan, a Moody's VP/Senior Analyst.

The rating downgrade reflects the low expected recovery rate for
different tranche of debts.

The negative outlook reflects the uncertainty in the debt
restructuring process and the subsequent recovery rate.

The last rating action for MagnaChip was taken on September 16,
2008, when the ratings were downgraded to Caa1 with a negative
outlook.

MagnaChip's ratings were assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as i) business
risk and competitive position compared with others within its
industry; ii) capital structure and level of financial risk; iii)
projected performance over the near to intermediate term; and iv)
management's track record and tolerance for risk.

MagnaChip Semiconductor LLC, headquartered in Korea, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors and flat panel display drivers.  It was the system
integrated circuit division of Hynix before its carve-out
acquisition by financial sponsors, including CVC, Francisco
Partners and CVC Asia Pacific in October 2004.


* KOREA: About 20 Firms Need Debt Restructuring Program, KBS Says
-----------------------------------------------------------------
KBS WORLD Radio reported last week 14 to 18 builders and two to
three shipbuilders will be subject to debt restructuring programs
or face liquidation.

According to the report, financial supervisory authorities and
creditor groups announced the results of a credit risk assessment
conducted by creditor banks on 92 construction firms and 19
shipbuilders.

The report relates Woori Bank, the main creditor of 30 builders,
and Nonghyup Bank, which bankrolls for another 13, are still
conducting the assessment while Kookmin, Shinhan, Hana Banks and
Korea Development Bank have concluded theirs.

A final report by creditor banks listing firms who will undergo
restructuring is expected to be finalized by next week, the report
says.


* KOREA: Government to Sell 112 State-owned Firms
-------------------------------------------------
The Korean government plans to sell, scrap or merge 131 state-
invested firms as part of its efforts to reform the public sector,
The Korean Herald reported.

The Ministry of Strategy and Finance, Korean Herald relates, said
the fifth phase of the public sector reform program will be
focused on streamlining the government's KRW5.8 trillion (US$4.1
billion) stake in 273 state-invested companies.

According to the report, the ministry said that out of the 131
state-invested firms, 112 companies will be sold, 17 will be
scrapped and the other two will be merged into their parent state-
run companies.

The report says that the 112 state-invested firms whose
government-held stakes will be sold include Korea Life Insurance
owned by the Korea Deposit Insurance Corp., LG Powercom owned by
the Korea Electric Power Corp., GM Daewoo Auto & Technology Co.
owned by the Korea Development Bank.

The 17 firms to be scrapped include KEPCO Asia International
invested by KEPCO and 11 firms invested by the Korea National
Housing Corp. and the Korea Land Corp, the report discloses.


* Moody's Reviews Ratings on 10 Korean Financial Institutions
-------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
the ratings of 10 Korean financial institutions, whose foreign
currency debt ratings are higher than that of the government:
Citibank Korea Inc, Export-Import Bank of Korea, Hana Bank,
Industrial Bank of Korea, Kookmin Bank, Korea Development Bank,
National Agricultural Cooperative Federation, Shinhan Bank, Woori
Bank and Woori Finance Holdings.  The review follows concerns
expressed in Moody's press release of January 15, 2009, which
commented on Korea bank foreign currency obligations and the
increased dependence of banks on the Korean government for foreign
currency support.

The ratings placed on review for possible downgrade were: global
local currency deposit and foreign currency long-term debt
including senior, subordinated and Hybrid Tier 1.  The ratings
affirmed were: foreign currency long-term/short-term deposit.  As
for the bank financial strength ratings, they remain unchanged,
with a negative outlook on four banks -- Kookmin Bank, Woori Bank,
Shinhan Bank and Hana Bank -- and a stable outlook for the rest.
The ratings are detailed below.

The review will consider the appropriateness of the banks' foreign
currency debt ratings vis--vis the Korean government's given the
banks' heavy dependence on government support to secure external
funding during this crisis.

In particular, the Aa1 local currency deposit ceiling used in the
Joint-Default Analysis application addresses the government's
ability to support systemically important banks in local currency
liquidity; however, this ceiling does not capture its ability to
provide foreign currency liquidity.  Hence, the government's
ability to support banks in foreign currency is overstated.

Moreover, if the credit crisis deepens and is protracted, the
banks' local currency positions may eventually be adversely
affected by the dollar shortage.

Finally, the review will look at the system-wide access to foreign
currency such as direct issuances and swap agreements.

It is anticipated that the ratings would not be lowered below the
government's foreign currency bond rating, which is currently A2
and has a stable outlook.  Furthermore, this review does not
reflect a change in Moody's outlook for the Korean sovereign
ratings and ceilings on debt and deposits.

In KEXIM's case, its rating is derived from the application of
Moody's rating methodology for government-related issuers.
Nonetheless, the Aa1 local currency deposit ceiling is used as an
input in the GRI methodology.  Therefore, the bank's ratings are
also affected by Moody's change in opinion of the government's
ability to provide support.

As for Woori Finance Holdings, the review will consider the impact
on its financial profile from lower creditworthiness at its lead
subsidiary, Woori Bank.

The detailed ratings and actions are listed:

  * Citibank Korea Inc -- Global local currency deposit of A1 was
    placed on review for possible downgrade.  Foreign currency
    long-term/short-term deposit of A2/Prime-1 and BFSR of C- were
    affirmed.

These ratings carry a stable outlook;

  * Hana Bank - Foreign currency long-term senior/subordinated
    debt of A1/A2 and global local currency deposit of A1 were
    place on review for possible downgrade. Foreign currency long-
    term/short-term deposit of A2/Prime-1 were affirmed. Both
    ratings carry a stable outlook.  The BFSR of C continues to
    carry a negative outlook;

  * Industrial Bank of Korea -- Foreign currency long-term
    senior/subordinated debt of Aa3/Aa3 were place on review for
    possible downgrade.  Foreign currency long-term/short-term
    deposit of A2/Prime-1 and BFSR of D+ were affirmed.  These
    ratings carry a stable outlook;

  * KEXIM -- Foreign currency long-term senior debt of Aa3 was
    place on review for possible downgrade.  Foreign currency
    short-term debt rating of Prime-1 was affirmed and carries a
    stable outlook;

  * Kookmin Bank - Foreign currency long-term senior/subordinated
    debt of Aa3/A1 and global local currency deposit of Aa3 were
    place on review for possible downgrade.  Foreign currency
    long-term/short-term deposit of A2/Prime-1 were affirmed.
    Both ratings carry a stable outlook.  The BFSR of C continues
    to carry a negative outlook;

  * Korea Development Bank - Foreign currency long-term senior of
    Aa3 and global local currency deposit of Aa1 were place on
    review for possible downgrade.  Foreign currency long-
    term/short-term deposit of A2/Prime-1 and BFSR of D were
    affirmed.  The foreign currency long-term deposit rating
    carries a negative outlook and the other ratings carry a
    stable outlook;

  * National Agricultural Cooperative Federation -- Foreign
    currency long-term senior/subordinated debt of A1/A2 were
    place on review for possible downgrade.  Foreign currency
    long-term/short-term deposit of A2/Prime-1 and BFSR of D+ were
    affirmed.  These ratings carry a stable outlook;

  * Shinhan Bank - Foreign currency long-term
    senior/subordinated/Hybrid Tier 1 debt of A1/A2/A3 were place
    on review for possible downgrade.  Foreign currency long-
    term/short-term deposit of A2/Prime-1 were affirmed.  Both
    ratings carry a stable outlook.  The BFSR of C continues to
    carry a negative outlook;

  * Woori Bank - Foreign currency long-term
    senior/subordinated/Hybrid Tier 1 debt of A1/A2/A3 were place
    on review for possible downgrade. Foreign currency long-
    term/short-term deposit of A2/Prime-1 were affirmed.  Both
    ratings carry a stable outlook. The BFSR of C continues to
    carry a negative outlook; and

  * Woori Finance Holdings -- Issuer rating of A2 placed on review
    for possible downgrade.

Citibank Korea Inc, headquartered in Seoul, had assets of KRW61.3
trillion as of September 2008.

Hana Bank, headquartered in Seoul, had assets of KRW149.4 trillion
as of September 2008.

Industrial Bank of Korea, headquartered in Seoul, had assets of
KRW134.7 trillion as of September 2008.

KEXIM, headquartered in Seoul, had assets of KRW30.6 trillion as
of June 2008.

Kookmin Bank, headquartered in Seoul, had assets of KRW261.6
trillion as of September 2008.

Korea Development Bank, headquartered in Seoul, had assets of
KRW150.0 trillion as of September 2008.

National Agricultural Cooperative Federation, headquartered in
Seoul, had assets of KRW190.3 trillion as of September 2008.

Shinhan Bank, headquartered in Seoul, had assets of KRW205.2
trillion as of September 2008.

Woori Bank, headquartered in Seoul, had assets of KRW225.1
trillion as of September 2008.

Woori Finance Holdings, headquartered in Seoul, had assets of
KRW288.9 trillion as of September 2008.



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

AMBIENCE GROUP: Court Hears Wind-Up Petition
--------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Ambience Group Ltd.'s operations wound up.

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


AUCKLAND CLADDING: Creditors' Proofs of Debt Due on February 28
---------------------------------------------------------------
The creditors of Auckland Cladding Specialists Ltd. are required
to file their proofs of debt by February 28, 2009, to be included
in the company's dividend distribution.

The company's liquidators are:

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


DEADEX LTD: Appoints John Francis Managh as Liquidator
------------------------------------------------------
On November 26, 2008, the shareholders of Deadex Ltd. appointed
John Francis Managh as the company's liquidator.

The Liquidator can be reached at:

         John Francis Managh
         50 Tennyson Street
         PO Box 1022, Napier
         Telephone/Facsimile: (06) 835 6280


DESIGNER HAIRCARE: Commences Liquidation Proceedings
----------------------------------------------------
Designer Haircare (Westgate) Ltd. commenced liquidation
proceedings on December 2, 2008.

The company's liquidators are:

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


DETROIT 3000: Appoints Mark David Stevens as Liquidator
-------------------------------------------------------
On December 3, 2008, the shareholders of Detroit 3000 Investments
Ltd. appointed Mark David Stevens as the company's liquidator.

Only creditors who were able to file their proofs of debt by
December 20, 2008, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Mark David Stevens
          11 Sovereign Point
          Khandallah, Wellington
          Mobile: (021) 0225 5335


DORCHESTER PACIFIC: Reduces Six Executives to Two
-------------------------------------------------
Dorchester Pacific Limited has appointed two general managers
replacing the previous management team of six executives.

Both roles, according to the company's statement Wednesday, will
report to Executive Director Paul Byrnes who will continue in the
Executive Director role on a part-time rather than full-time
basis.

Mr. Henry Lynch, appointed general manager group operations, will
take up responsibility for all group operations including
Dorchester Life, Senate and new consumer and motor vehicle
lending.

Mr. Lynch has managed the Dorchester Life business since October
2006 and prior to that held senior executive and management roles
at Tower and Westpac.

Mr. Tristram van der Meijden, appointed general manager finance &
property, will be responsible for all accounting, finance, IT and
property loans.

Mr. van der Meijden was Chief Financial Officer at Dorchester in
2006 and 2007 and in 2008 assisted the company in developing and
finalising the Deferred Repayment Plan.  He spent three years at
Grant Thornton and two years in a property and finance role.

Separately, Dorchester Pacific rescheduled the annual general
meeting of shareholders to Tuesday, February 17, 2009, at
2:00 p.m., at the Ellerslie Event Centre, 80-100 Ascot Avenue in
Greenlane, Auckland.  The extraordinary general meeting will be
held immediately on completion of the annual general meeting.

                    About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific Limited
(NZE:DPC) -- http://www.dorchester.co.nz/-- is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings, reverse mortgage and debt
recovery.  The Finance division provides investment opportunities
through secured debenture stock and subordinated unsecured notes
and financing solutions for the property, business, equipment,
motor vehicle and personal finance sectors.  Its insurance and
savings, and reverse mortgage division provides a range of
savings, life insurance, reverse annuity mortgages, home equity
release loans and other financial products and services.  The debt
recovery division provides debt recovery services across a range
of debt classes and values.  Dorchester Pacific holds a 25%
shareholding in St Laurence Limited, the holding company for a
property-based investment and finance group of companies, which
manages assets for over 16,000 investors.

                          *     *     *

For the 12 months ended March 31, 2008, Dorchester Pacific Limited
recorded a net loss after tax of NZ$18.1 million on total revenue
of NZ$64.4 million compared to net profit after tax of NZ$3.8
million on total revenue of NZ$71.0 million.

As of March 31, 2008, the company had NZ$208.6 million in Secured
Debenture Stock and Subordinated Unsecured Notes on total assets
of NZ$308.3 million.


GIMMY TILING: Court to Hear Wind-Up Petition on January 22
----------------------------------------------------------
A petition to have Gimmy Tiling 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 17, 2008.

The CIR's solicitor is:

          Michael Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116


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

The company's liquidators are:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          e-mail: enquiries@waterstone.co.nz


OYSTER INVESTMENTS: Appoints Sargison and Rea as Liquidators
------------------------------------------------------------
On November 28, 2008, the shareholders of Oyster Investments Ltd.
appointed Paul Graham Sargison and Gerald Stanley Rea as the
company's liquidators.

Only creditors who can file their proofs of debt today, Jan. 19,
2009, will be included in the company's dividend distribution.

The Liquidators can be reached at:

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


PLUS SMS: CFO Castellon Resigns
-------------------------------
Plus SMS Holdings Limited said that Mr. Julio Castellon has
resigned as Chief Operating Officer effective immediately.

The Chief Commercial Officer, Mr. John Maguire, will assume the
duties of the Chief Operating Officer.

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- is the parent company of Plus SMS Limited.  It provides
access to businesses to the number ranges required for the
routing of short message service and multimedia messaging system
messages worldwide using a single short number.  On July 4,
2005, Plus SMS Limited acquired Plus SMS Holdings Limited in a
reverse acquisition.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


SBB CONSTRUCTION: Intends to Declare Dividend
---------------------------------------------
SBB Construction Ltd. intends to declare dividend.

Only creditors who were able to file their proofs of debt by
January 16, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Geoff Falloon
          New Zealand Tax Limited
          PO Box 27, Nelson
          Telephone: (03) 545 0545
          Mobile: (027) 332 6759


SOUTHERN CHEMICAL: Court Hears Wind-Up Petition
-----------------------------------------------
On December 17, 2008, the High Court at Invercargill heard a
petition to have Southern Chemical Consultants Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 10, 2008.


SOUTHERN ISLE: Commences Liquidation Proceedings
------------------------------------------------
Southern Isle Properties Ltd. commenced liquidation proceedings on
December 2, 2008.

Only creditors who were able to file their proofs of debt by
December 31, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


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

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


SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------------
A petition to have Sydney Productions (No.13) Ltd.'s operations
wound up will be heard before the High Court of Auckland on
January 28, 2009, at 10:00 a.m.

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

The CIR's solicitor is:

          Michael Yan
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116


TERRAFIRMA LANDSCAPING ET AL: To Declare Dividend
-------------------------------------------------
Terrafirma Landscaping Ltd. and Rangitoto Holdings Limited will
declare dividend.

Only creditors who were able to file their proofs of debt by
January 16, 2009, will be included in the company's dividend
distribution.

The companies' liquidators are:

          Vivien Judith Madsen-Ries
          Barry Phillip Jordan
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street, Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


TITMOTU OREWA: Commences Liquidation Proceedings
------------------------------------------------
Titmotu Orewa Investment Ltd. commenced liquidation proceedings on
December 1, 2008.

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

The company's liquidator is:

          Paul A. Glass
          44 York Place, Dunedin
          Telephone: (03) 477 5432
          Facsimile: (03) 474 1564



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

* PHILIPPINES: November 2008 Lending Growth Slows
-------------------------------------------------
Outstanding loans of commercial banks including reverse repurchase
agreements or RRPs rose by 22.9 percent year-on-year in November,
slightly lower than the 24.8 percent growth recorded in October.
Bank lending net of banks' RRP placements with the BSP rose by
21.3 percent, also growing slightly lower than the 21.9 percent
growth in the previous month, the Bangko Sentral ng Pilipinas said
in a statement.

Preliminary bank lending data for November were obtained from the
new system of bank reporting under the Financial Reporting Package
(FRP).  This system replaced the Consolidated Statement of
Condition (CSOC) reports.  The FRP adopts the detailed
classification of the amended 1994 Philippine Standard Industrial
Classification (PSIC) for international comparability.  The FRP
also classifies lending by production activities (covering 16
economic sectors) and by household consumption purposes (with
three economic categories).  Bank reports previously classified
loans into only nine economic sectors.

BSP Governor Amando M. Tetangco, Jr. noted that loans for
production activities drove the expansion in bank lending,
increasing by 18.4 percent in November from 19.2 percent in
October.  The following production sectors contributed
significantly to lending growth: real estate, renting, and
business services (which grew by 32.6 percent); agriculture,
hunting, and forestry (33.1 percent); transportation, storage and
communication (91.4 percent); wholesale and retail trade (29.3
percent); and manufacturing (4.7 percent).

Consumption loans grew by 20.6 percent in November from 21.5
percent in October.  The growth came mostly from credit card
receivables which expanded by 23.3 percent, down slightly from
24.9 percent in the previous month.  Auto loans rose by 12.6
percent from 11.6 percent in the previous month.

The BSP monitors bank lending trends to obtain information on
liquidity and credit conditions, especially given current
developments in global financial markets.  Governor Tetangco
pointed out that despite the ongoing global credit strains,
domestic lending trends indicate that there is sufficient
liquidity circulating in the economy to support growth-promoting
activities.



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

ATOS ORIGIN: Creditors' Proofs of Debt Due on February 9
--------------------------------------------------------
The creditors of Atos Origin (Asia Pacific) Pte Ltd are required
to file their proofs of debt by February 9, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

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


SUPREME IMAGING: Court Enters Wind-Up Order
-------------------------------------------
On December 26, 2008, the High Court of Singapore entered an order
to have Supreme Imaging Pte Ltd's operations wound up.

United Overseas Bank Limited filed the petition against the
company.

Supreme Imaging's liquidator is:

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


TELELARM SECURITY: Creditors' Proofs of Debt Due on February 8
--------------------------------------------------------------
The creditors of Telelarm Security Systems Pte Ltd are required to
file their proofs of debt by February 8, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***