TCRAP_Public/090120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 20, 2009, Vol. 12, No. 13

                            Headlines

A U S T R A L I A

ACN 006 091 970: Commences Liquidation Proceedings
CHIVELLE J: Declares Final Dividend
COONIL PTY: Members Receive Wind-Up Report
HAMILTON SHOWER: Declares First Dividend
HANASA PTY: Placed Under Voluntary Liquidation

HOMESAFE AUSTRALIA: Declares First & Final Dividend
ITW P&F: Members Hear Wind-Up Report
JENS GAUNT: Declares First Dividend
MADKA PTY: Declares First & Final Dividend for Priority Creditors
MSA CONSTRUCTIONS: Commences Liquidation Proceedings

NARSON PTY: Members Receive Wind-Up Report
PARKS HOLDINGS: Members and Creditors Hear Wind-Up Report
PRO-ACTIVE REAL: Placed Under Voluntary Liquidation
XTREME INTERNATIONAL: Members and Creditors Hear Wind-Up Report
XTREME WORLDWIDE: Members and Creditors Hear Wind-Up Report


C H I N A

AGRICULTURAL BANK: Stock Listing May Take a Year, VP Pan Says
AIR CHINA: Expects to Post First Annual Loss
CHINA CONSTRUCTION: To Issue CNY80 Bil. Bonds
* CHINA: 922 Guangdong Province Toy Exporters Closed Last Year


H O N G  K O N G

BEI BU: Inability to Pay Debts Prompts Wind-Up
BEST INNOVATIONS: Placed Under Voluntary Wind-Up
FLOWER LOUNGE: Creditors' Proofs of Debt Due on February 3
HANG SHUN ET AL: Wai and Kit Step Down as Liquidators
GOME ELECTRICAL: Mr. Wong Resigns, New Chairman Appointed

GOME ELECTRICAL: Sanlian Seeks US$7.3 Mln Over Stake Purchase
HBS SHANGHAI: Commences Liquidation Proceedings
KELLETT ESTATES: Placed Under Voluntary Wind-Up
LARCOM PROPERTY: Creditors' Proofs of Debt Due on February 9
RUDICK INTERNATIONAL: Creditors Hold Meeting

SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC'
YARN SERVICES: Members' Final Meeting Set for February 6
* HONG KONG: December Bankruptcies Hit 5-Year High


I N D I A

JCO GAS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
JET AIRWAYS: Incurs Rs 214.18cr Net Loss in Q3 Ended Dec. 31, 2008
LUCID COLLOIDS: CRISIL Rates Rs.50.0MM Cash Credit at 'B'
VINOTAK INVESTMENTS: CRISIL Reaffirms Project Rating 'PA4'


J A P A N

CITIGROUP INC: To Sell Nikko Cordial
FUJI HEAVY: Eyes JPY19 Billion Loss in FY 2009
* Moody's Reviews Ratings on Three Japanese CMBS for Likely Cut
* JAPAN: BOJ May Buy Corporate Debt as Funding Shortage Deepens
* S&P Puts 14 Junk Ratings From 26 Japanese CDO Deals on WatchNeg


K E N Y A

* Fitch Changes Outlook on Kenya's 'B+' Rating to Stable


K O R E A

KOREA DEVELOPMENT: Moody's Reviews 'D' Bank Financial Rating
SSANGYONG MOTOR: Submits Bailout Plan


M A L A Y S I A

SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to April 9
UBG BERHAD: Summary Judgment Hearing Moved to February 2


M O N G O L I A

* Fitch Downgrades Mongolia's Issuer Default Ratings to 'B'


N E W  Z E A L A N D

CA CONSULTANTS: Appoints Crichton and Horne as Liquidators
EON DESIGN: Creditors' Proofs of Debt Due Today
EON LTD: Creditors' Proofs of Debt Due on January 24
EZIFUEL LTD: Creditors' Proofs of Debt Due on January 30
GRAY'S TRANSPORT: Appoints Madsen-Ries and Vance as Liquidators

HURSTMERE LTD: Commences Liquidation Proceedings
LOVITT'S NZ: Court to Hear Wind-Up Petition on January 28
LUXOR DEVELOPMENTS: Court to Hear Wind-Up Petition on January 28
MAINSTAY CHRISTCHURCH: Commences Liquidation Proceedings
PREMIER SECURITY: Creditors' Proofs of Debt Due on January 24

REAL APPLIANCES: Commences Liquidation Proceedings
SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28
SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28
TE ROOPU: Fixes March 1 as Last Day to File Claims
TRITEC MANUFACTURING: Calls in Receivers

WESTIES BY TWO ET AL: Appoint Shephard and Dunphy as Liquidators


S I N G A P O R E

ARMADA SHIPPING: New York Court Signs Chapter 15 Petition
* SINGAPORE: 2008 Overseas Shipments Down by 7.9%


T A I W A N

PROMOS TECHNOLOGIES: Held Talks with Gov't. as Debt Repayment Near
STAR CRUISES: May Withdraw Operations in Taiwan


X X X X X X X X

* BOND PRICING: For the Week January 19 to January 23, 2009


                         - - - - -


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

ACN 006 091 970: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on October 13, 2008, the members of
ACN 006 091 970 Pty Ltd agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          Sule Arnautovic
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


CHIVELLE J: Declares Final Dividend
-----------------------------------
Chivelle J Pty Ltd, which is in liquidation, declared final
dividend on December 5, 2008.

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

The company's liquidator is:

          A. Thomas Fernandez
          Fernandez Partners Pty Ltd
          PO Box 711
          Glen Waverley VIC 3150
          Telephone: (03) 9886 1200
          Facsimile: (03) 9803 6465


COONIL PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Coonil Pty Ltd met on December 2, 2008, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Geoff Ridgeway
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


HAMILTON SHOWER: Declares First Dividend
----------------------------------------
Hamilton Shower Screens Pty Ltd, which is in liquidation, declared
first dividend on November 25, 2008.

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

The company's liquidator is:

          Geoffrey Ridgeway
          Jenkins Peake
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000


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

The company's liquidator is:

          Raymond A. Sutcliffe
          c/o Ground Floor
          192-198 High Street
          Northcote VIC 3070
          Telephone: (03) 9482 6277
          Facsimile: (03) 9482 1219


HOMESAFE AUSTRALIA: Declares First & Final Dividend
---------------------------------------------------
Homesafe Australia Pty Ltd, which is in liquidation, declared
first and final dividend for on November 25, 2008.

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

The company's liquidator is:

          Geoffrey Ridgeway
          Jenkins Peake
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000


ITW P&F: Members Hear Wind-Up Report
------------------------------------
The members of ITW P&F Holdings Pty Ltd met on December 2, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

Leanne Chesser is the company's liquidator.


JENS GAUNT: Declares First Dividend
-----------------------------------
Jens Gaunt Geelong & Surfcoast Pty Ltd, which is in liquidation,
declared first dividend on November 25, 2008.

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

The company's liquidator is:

          Geoffrey Ridgeway
          Jenkins Peake
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000


MADKA PTY: Declares First & Final Dividend for Priority Creditors
-----------------------------------------------------------------
Madka Pty Ltd, which is in liquidation, declared first and final
dividend for its priority creditors on November 25, 2008.

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

The company's liquidator is:

          Geoffrey Ridgeway
          Jenkins Peake
          PO Box 1570
          Geelong VIC 3220
          Telephone: (03) 5223 1000


MSA CONSTRUCTIONS: Commences Liquidation Proceedings
----------------------------------------------------
The members of MSA Constructions (Vic) Pty Ltd met on Oct. 20,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

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


NARSON PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Narson Pty Ltd met on November 28, 2008, and heard
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert Gary Potter
          5 Sixth Avenue
          Palm Beach QLD 4221


PARKS HOLDINGS: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Parks Holdings Pty Ltd met on
December 2, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          G. M. Rambaldi
          Pitcher Partners
          15 William Street, Level 19
          Melbourne VIC 3000


PRO-ACTIVE REAL: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 10, 2008, the
members of Pro-Active Real Estate Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Nicholas John Roberts
          16 Bay Road
          Mount Martha VIC 3934


XTREME INTERNATIONAL: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------------
The members and creditors of Xtreme International Pty Ltd met on
November 28, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          D. C. Quin
          HLB Mann Judd
          Chartered Accountants
          160 Queen Street, Level 1
          Melbourne VIC 3000


XTREME WORLDWIDE: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Xtreme Worldwide Pty Ltd met on
November 28, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          D. C. Quin
          HLB Mann Judd
          Chartered Accountants
          160 Queen Street, Level 1
          Melbourne VIC 3000



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

AGRICULTURAL BANK: Stock Listing May Take a Year, VP Pan Says
-------------------------------------------------------------
The Agricultural Bank of China ("ABC") is expected to spend at
least one year preparing for its stock listings on the Shanghai
and Hong Kong stock exchanges, Shanghai Daily reports citing ABC
Vice President Pan Gongsheng.

According to Shanghai Daily, Mr. Pan said the lender has yet to
form a timetable for the stock sales.

Meanwhile, China View reports that the bank's profit rose 19.1
percent from a year earlier to CNY51.1 billion (US$7.5 billion) in
2008.

Citing statistics released by the bank on Sunday, China View says
ABC's return on assets (ROA) was 0.79 percent last year, while its
return on equity (ROE) was 19.1 percent.

ABC President Zhang Yun, China View relates, said the bank "saw a
great improvement in profitability last year."

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, People's Daily Online said ABC launched a
shareholding company with registered capital of CNY260 billion
(US$38 billion).

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

Citing various sources, the TCR-AP reported on Nov. 10, 2008, that
ABC received a CNY130 billion (US$19 billion) capital injection
from Central Huijin Investment Ltd, to start off its restructuring
plan.

The ABC, Shanghai Daily relates, was the last among China's Big
Four lenders to restructure and list shares publicly.  Its
counterparts -- the Industrial and Commercial Bank of China, the
Bank of China and China Construction Bank -- have already gone
public after receiving a US$60-billion government bailout and shed
their bad loans burden.

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

                          *     *     *

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

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


AIR CHINA: Expects to Post First Annual Loss
--------------------------------------------
Air China Limited said it expects to report a "significant loss"
in 2008 due to slumping traffic demand and wrong-way bets on fuel
prices, various reports say.

Reuters reports the airline also estimated fair value losses on
its fuel hedging contracts had increased to CNY6.8 billion at the
end of last year from CNY3.1 billion in late November.

In 2007, Reuters says Air China made a net profit of CNY3.88
billion (US$568 million).

Irene Shen at Shanghai Daily reports that Air China joins China
Southern Airlines Co and China Eastern Airlines Corp in
forecasting a 2008 loss after the nation's cooling economy damped
business and leisure travel.

"The aviation market experienced a general shrinking demand in
2008 and traffic revenue was significantly lower than expected,"
Shanghai Daily cited Air China in the statement.  The hedging
contracts "will have a considerable effect on the financial
results for the year."

Air China Limited http://www.airchina.com.cn/-- together with
its subsidiaries, provides air passenger, air cargo, and airline
related services in China.  The company has four segments: Airline
Operations, Engineering Services, Airport Terminal Services, and
Others. The Airline Operation segment provides air passenger and
air cargo services.  The Engineering Services segment offers
aircraft engineering services, including aircraft maintenance,
repair, and overhaul services.  The Airport Terminal Services
segment provides ground services, including check-in service,
boarding service, premium class lounge service, ramp service,
luggage handling service, loading and unloading services, and
cabin cleaning and transit services.  The Others segment offers
air catering and various airline-related services.  As of December
31, 2006, Air China operated a fleet of 225 aircrafts serving 77
domestic, 43 international, and 1 regional destination.  The
company was founded in 1988 and is headquartered in Beijing,
China.  Air China Limited is a subsidiary of China National
Aviation Holding Company.


CHINA CONSTRUCTION: To Issue CNY80 Bil. Bonds
---------------------------------------------
China Construction Bank Corp. plans to issue as much as CNY80
billion (US$11.7 billion) worth of bonds to boost capital,
Shanghai Daily reports.

Citing a Hong Kong stock exchange filing, Shanghai Daily relates
the company said the bonds will be sold over the next two years to
institutional investors on the nation's interbank market.

The sale, the report says, is subject to approvals by the banking
regulator and the central bank.

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in Hong
Kong.

                         *     *     *

China Construction Bank continues to carry Moody's 'D-' bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic
safety and soundness and, as such, exclude certain external credit
risks and credit support elements that are addressed by Moody's
Bank Deposit Ratings.


* CHINA: 922 Guangdong Province Toy Exporters Closed Last Year
--------------------------------------------------------------
Almost 1,000 toy exporters in Guangdong Province shut down last
year amid product recalls and rising production costs, Shanghai
Daily reports citing Huangpu Customs.

According to the report, Huangpu Customs in the province said of
the 3,089 toy exporters operating in Guangdong by the end of 2007,
922 closed their operations in 2008.

Huangpu Customs said about 20 percent of the small toy factories
in Dongguan Province also closed last year.

Li Zhuoming, head of the Guangdong Toy Association, Shanghai Daily
relates, said rising prices for raw material and labor, along with
stronger Chinese currency raised production costs by 25 percent
for most companies.

Product recalls by international toy giants also hurt the industry
as Western countries raised standards to ensure toy safety, the
report says.

In addition, Shanghai Daily notes, the financial crisis compounded
the situation as consumption fell and fewer orders came in.

China is the world's largest producer and exporter of toys, with
Guangdong alone contributing about 70 percent of the overall
output, according to the report.



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

BEI BU: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------
At an extraordinary general meeting held on December 10, 2008, the
members of Bei Bu Wan Development Company Limited resolved to
voluntarily liquidate the company's business due to its inability
to pay debts when it fall due.

The company's liquidator is:

          Law Tai Yan
          118 Connaught Road West
          Unit 2907, 29th Floor
          Sai Ying Pun
          Hong Kong


BEST INNOVATIONS: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Best Innovations Enterprises Limited
resolved to voluntarily liquidate the company's business on
December 24, 2008.

The company's liquidators are:

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


FLOWER LOUNGE: Creditors' Proofs of Debt Due on February 3
----------------------------------------------------------
The creditors of Flower Lounge Restaurant (Kowloon) Limited are
required to file their proofs of debt by February 3, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 22, 2008.

The company's liquidator is:

          Mdm. Low, Rita Wai Ling
          Yat Sang Industrial Building, 10th Floor
          13 Tai Yip Street, Kwun Tong
          Kowloon


HANG SHUN ET AL: Wai and Kit Step Down as Liquidators
-----------------------------------------------------
On December 23, 2008, Ng Kwok Wai and Lui Chi Kit cease to act as
liquidators of:

   -- Hang Shun Paper Products Factory Limited; and
   -- Rainbow Sky Enterprises Limited.

The company's former Liquidators can be reached at:

         Ng Kwok Wai
         Lui Chi Kit
         JCG Building, Flat A, 14th Floor
         16 Mongkok Road
         Mongkok, Kowloon
         Hong Kong


GOME ELECTRICAL: Mr. Wong Resigns, New Chairman Appointed
---------------------------------------------------------
GOME Electrical Appliances Holding Ltd said Mr. Wong Kwong Yu (aka
Huang Guangyu) has resigned as a director of the company with
effect from January 16, 2009.

Upon Mr. Wong's resignation, he has automatically ceased to be the
chairman of the group with effect from January 16, 2009.

Mr. Wong is the controlling shareholder of the company.

Mr. Wong's executive duties had been suspended since December 23,
2008, upon being subject to investigation by the Beijing Municipal
Public Security Bureau in connection with certain suspected
economic crime.

His spouse, Ms. Du Juan resigned as a director of the company on
December 23, 2008.

                         Appointments

GOME has appointed Mr. Chen Xiao as chairman of the group and has
acted as the group's chief executive officer with effect from
January 16, 2009.

The company has also resolved to reappoint Ms. Wei Qiu Li as an
executive director with effect from January 16, 2009.

On September 1, 2008, the company appointed Ms. Wei as executive
director but retracted in December after the Board found out that
her appointment was not valid due to a technical defect.

Pursuant to her reappointment, Ms. Wei will be entitled to an
annual remuneration of HK$180,000 and RMB358,452 together with a
fixed annual bonus payment of approximately RMB135,000.

                              Probe

In connection with the investigation on Mr. Wong, the company set
up a special action committee to:

   (a) closely monitor and assess the impact on
       the group's financial condition and
       operations caused by the investigation;

   (b) advise on the company's timely disclosure,
       investor relations and regulatory compliance; and

   (c) propose recommendations to the Board concerning
       the actions to be taken by the company in connection
       with the Investigation.

The company also conducted preliminary internal checks on the
assets of the group.

According to GOME, the results of the checks have not revealed any
misappropriation of the assets and funds of the group.

In December, GOME appointed Ernst & Young, Certified Public
Accountants, Hong Kong, its external auditors, to conduct a review
on the group's current financial position as at November 30, 2008.

The company also appointed Ernst & Young (China) Advisory Limited,
its independent internal control and risk management advisers, to
conduct:

   (i) an assessment of the recording and reporting
       controls over the connected transactions of
       the group; and

  (ii) an assessment of the group's internal control
       system and risk management mechanism.

                      Unusual Price Movement

On October 6, GOME's Board noted the decrease in price of the
shares of the company.

The Board confirmed there were no negotiations or agreements
relating to intended acquisitions or realizations.

Trading in the shares of the company on the Stock Exchange was
suspended with effect from 9:30 a.m. on November 24, 2008 and will
remain suspended until further notice.

                           About GOME

Hong Kong-based GOME Electrical Appliances Holding Ltd (HKG:0493)
-- http://www.gome.com.hk/eng/-- is principally engaged in the
retailing of electrical appliances and consumer electronic
products in People's Republic of China.  During the year ended
December 31, 2007, the company had 726 traditional stores, which
included 61 flagship stores, 624 standard stores (including
supermarkets) and 41 specialized stores.  The product category
operated by the company includes audiovisual products, air-
conditioner, refrigerators and washing machines, small electrical
appliances, telecommunication products, digital products and
information technology.  The company acquired remaining 50%
interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd.,
from Beijing Dazhong Electrical Appliances Co., Ltd. on December
31, 2007.  The group disposed of its 50% interest in Qingdao
Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong
Electrical Appliances Co., Ltd. on December 31, 2007.


GOME ELECTRICAL: Sanlian Seeks US$7.3 Mln Over Stake Purchase
-------------------------------------------------------------
Terence Poon at The Wall Street Journal reports Sanlian Group is
seeking 50 million yuan (US$7.3 million) in damages from GOME
Electrical Appliances Holding Ltd. and four other companies,
alleging GOME improperly bought a 10.67% stake in retailer Sanlian
Commercial Co.

Sanlian Group filed suit with the Shandong Supreme People's Court,
which will hear the case Feb. 18, the report says.

According to the Journal, GOME became Sanlian Commercial's biggest
shareholder through the deal, supplanting parent Sanlian Group,
which owns 9.02% in Sanlian Commercial.

In a court statement obtained by the Journal, Sanlian Group
alleged GOME's acquisition of its shares broke securities,
auction, and merger-and-acquisition laws and rules.

The report relates Sanlian Commercial said in a Jan. 13 statement
to the Shanghai stock exchange that GOME had acquired the stake by
financing a Shandong-based company, Shandong Longjishan
Construction Co., which bought the shares from Sanlian Group.
Shandong Longjishan Construction won the auction Feb. 14, 2008,
and transferred all 27 million shares to GOME on March 4, the
report says.

The court statement cited by the Journal further disclosed China
Citic Bank's Ji'nan branch had Sanlian Group sell the Sanlian
Commercial shares at auction, after a loan it guaranteed had gone
bad.  Sanlian Group alleged the number of shares sold in the
auction exceeded the amount needed to settle the bad loan and that
the auction company didn't give sufficient notice before the sale.
Sanlian Group later sold more of its stake in Sanlian Commercial.
GOME didn't appear to have acquired any more of the shares, the
Journal notes.

                           About GOME

Hong Kong-based GOME Electrical Appliances Holdings Ltd (HKG:0493)
-- http://www.gome.com.hk/eng/-- is principally engaged in the
retailing of electrical appliances and consumer electronic
products in People's Republic of China.  During the year ended
December 31, 2007, the company had 726 traditional stores, which
included 61 flagship stores, 624 standard stores (including
supermarkets) and 41 specialized stores.  The product category
operated by the company includes audiovisual products, air-
conditioner, refrigerators and washing machines, small electrical
appliances, telecommunication products, digital products and
information technology.  The company acquired remaining 50%
interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd.,
from Beijing Dazhong Electrical Appliances Co., Ltd. on December
31, 2007.  The group disposed of its 50% interest in Qingdao
Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong
Electrical Appliances Co., Ltd. on December 31, 2007.


HBS SHANGHAI: Commences Liquidation Proceedings
-----------------------------------------------
The members of HBS Shanghai 2003 Limited met on December 22, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Sin Mee Yum Meonne
          Tai Yau Building, 22nd Floor
          181 Johnston Road
          Wanchai, Hong Kong


KELLETT ESTATES: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on December 22, 2008, the
members of Kellett Estates Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

         Chow Chan Lum, Charles
         Ngan Lin Chun, Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


LARCOM PROPERTY: Creditors' Proofs of Debt Due on February 9
------------------------------------------------------------
The creditors of Larcom Property Management 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


RUDICK INTERNATIONAL: Creditors Hold Meeting
--------------------------------------------
The creditors of Rudick International Limited met on Jan. 9, 2009,
and discussed all matters relevant to the creditors' voluntary
wind-up.


SCEPTRE CAPITAL: S&P Downgrades Rating on US$50 Mil. CDOs to 'CC'
-----------------------------------------------------------------
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.

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


YARN SERVICES: Members' Final Meeting Set for February 6
--------------------------------------------------------
The members of Yarn Services (HKS) Limited will hold their final
general meeting on February 6, 2009, at 11:00 a.m., at Office
No. 1818, 18th Floor of Beverley Commercial Centre, 87-105 Chatham
Road, Tsimshatsui, in Kowloon, Hong Kong.

At the meeting, Chan Sun Kwong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


* HONG KONG: December Bankruptcies Hit 5-Year High
--------------------------------------------------
Bloomberg News reports bankruptcy filings in Hong Kong reached
1,334 last month, the highest since November 2003, after severe
acute respiratory syndrome caused the city to slide into its last
recession.

Hong Kong recorded 1,223 bankruptcy petitions in November, the
report notes citing the Official Receiver's Office.

For all of 2008, the report says the number of bankruptcy
petitions rose to 11,620 from 10,918 in 2007.



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

JCO GAS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Positive' to the various
bank facilities of JCO Gas Pipe Ltd (JCO).

   Rs.300.0 Million Cash Credit     BB+/Positive (Assigned)
   Rs.350.0 Million Term Loan       BB+/Positive (Assigned)

The ratings reflect JCO's strong growth prospects for the
submerged arc-welded (SAW) pipes industry.  These strengths are,
however, partially offset by JCO's limited ability to compete
comprehensively with larger players in the business.

Outlook: Positive

CRISIL believes that JCO will complete its helical SAW facility in
Madhya Pradesh without time and cost overruns.  The rating may be
revised upwards if operations at the plant stabilize, and the
project generates adequate cash accruals to service debt repayment
obligations.  Conversely, the outlook may be revised to 'Stable'
if delays in commissioning of plant or delays in securing orders
from clients, adversely impact the company's debt protection
indicators.

                            About JCO

JCO, a joint venture between the DP Jindal and Chokhani groups,
was formed as part of the DP Jindal group's entry into the helical
SAW pipe manufacturing segment.  The company is setting up a
50,000 tonnes per annum helical SAW pipe facility in Chhindwara
District (Madhya Pradesh), at a total investment of Rs.570
million.  The manufacturing facility is nearing completion, and
commercial production is expected to begin in April 2009.


JET AIRWAYS: Incurs Rs 214.18cr Net Loss in Q3 Ended Dec. 31, 2008
------------------------------------------------------------------
Jet Airways (India) disclosed its unaudited financial results for
the quarter ended December 31, 2008.

The company posted a net loss of Rs 2141.80 million for the
quarter ended Dec. 31, 2008, compared with a net loss of Rs 911.20
million for the quarter ended Dec. 31, 2007.

Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of Rs
318.8 million in the same period in 2007.

Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007.  Total Income
increased from Rs.22541.10 million for the quarter ended Sept. 30,
2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008.


LUCID COLLOIDS: CRISIL Rates Rs.50.0MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Lucid Colloids Ltd (Lucid Colloids).

   Rs.50.0 Million Cash Credit*           B/Stable (Assigned)

   Rs.350.0 Million Packing Credit/Post   P4 (Assigned)
            Shipment Credit
  
   Rs.180.0 Million Proposed Packing      P4 (Assigned)
         Credit/Post Shipment Credit

* Fully interchangeable with Packing Credit/Post Shipment Credit.


The ratings reflect Lucid Colloids' limited scale of operations,
moderate financial risk profile, and exposure to risks relating to
customer concentration combined with input price volatility and
low entry barriers in the guar gums business.  These weaknesses
are partially offset by the benefits that Lucid Colloids derives
from its established track record in the guar gums business, and
the vast experience of its promoters. .

Outlook: Stable

CRISIL believes that Lucid Colloids will maintain a stable
business risk profile over the medium term on the back of steady
demand from its customers in the overseas and domestic markets.
The outlook may be revised to 'Negative' if the company's debt
protection measures deteriorate further, or if climate changes
affect supply of inputs, or if new substitutes for guar gum are
introduced in the market.  Conversely, the outlook may be revised
to 'Positive' if the company attains substantial improvement in
operating margins, or enhances the diversity in its product
portfolio and customer profile.

                   About Lucid Colloids

Lucid Colloids was set up by Mr. Uday Merchant in 1999, in the
wake of a restructuring of Indian Gum Industries Ltd, promoted by
his father, Mr. C G Merchant. Lucid Colloids manufactures guar gum
powder in the food and industrial grades, mostly for the exports
market.  Its products have an established market in the US, where
it is preferred supplier to a few of its customers.  The company's
manufacturing plant is at Jodhpur.  Lucid Colloids' has entered
into a joint venture with Taiyo Kagaku Co. Ltd.( Japan), and
formed Taiyo Lucid Pvt Ltd, which has contributed around 10 per
cent to Lucid Colloids' revenues in 2007-08 (refers to financial
year, April 1 to March 31).  Lucid Colloids reported a profit
after tax (PAT) of Rs.7 million on net sales of Rs.831 million in
2007-08, as against a PAT of Rs.2 million on net sales of Rs.901
million for 2006-07.


VINOTAK INVESTMENTS: CRISIL Reaffirms Project Rating 'PA4'
----------------------------------------------------------
CRISIL has reaffirmed its real estate project rating on Vinotak
Investments Pvt Ltd's (VIPL's) Marathon Maxima project at 'PA4'.
The rating indicates that the developer's ability to build the
project as per the specified quality level and time schedule, and
to transfer a clear title, is 'inadequate'.  Uncertainties facing
the project could result in the developer's inability or
unwillingness to complete the project.

VIPL is part of the Mumbai-based Marathon group.  Its main
business is real estate development.  The rating reflects delays
in obtaining the occupancy certificate (OC) from the Municipal
Corporation of Greater Mumbai (MCGM) for Marathon Maxima, and the
significant legal risks emerging from the uncertainty over the
legality of the development.  This is because a part of the plot
on which Marathon Maxima has been developed was classified as
forest area by the Government of Maharashtra (GoM). However, the
matter is pending with the Supreme Court (SC); the court has
appointed a Central Empowered Committee to look into the matter
and make recommendations.  The status of the plot continues to
depend on the SC verdict.  If classified as forest land, any
development on the plot will be considered illegal under the
Forest Conservation Act, 1980, and expose Marathon Maxima to
significant legal risks.  CRISIL expects the OC from MCGM to be
delayed significantly, until clarity emerges on the issue.

                     About the Project

Marathon Maxima has been developed by VIPL at Mulund, Mumbai.  The
project has both commercial and residential segments, with a total
saleable area of about 0.1 million square feet.  The project,
which was completed in February 2005, faces legal uncertainties;
it is yet to receive the OC from MCGM.



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

CITIGROUP INC: To Sell Nikko Cordial
------------------------------------
Alison Tudor at The Wall Street Journal reports that Citigroup
Inc. said that it has earmarked Japanese retail brokerage Nikko
Cordial Securities for sale.  Nikko Cordial Securities will be
categorized as a non-core asset alongside other peripheral or
ailing businesses globally, WSJ says, citing Citigroup.

As reported by the Troubled Company Reporter on Jan. 15, 2009, a
Citigroup Inc. spokesperson said that the company would keep Nikko
Cordial, after disclosing the sale of its retail brokerage
business Smith Barney to Morgan Stanley.

According to WSJ, people familiar with the matter said that
Citigroup hadn't planned to sell Nikko Cordial until the eve of
its earnings.  Nikko Cordial, says WSJ, was Citigroup's sole major
retail brokerage business and didn't fit into Citigroup's plans.

WSJ relates that Citigroup figured it might be easier to find a
buyer for its businesses in Japan, since Japanese financial
institutions are still relatively sound financially.

                       About Citigroup

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

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


FUJI HEAVY: Eyes JPY19 Billion Loss in FY 2009
----------------------------------------------
Fuji Heavy Industries Ltd said it may reverse its projected JPY10
billion net income for the fiscal year ending March 31, 2009 into
a JPY19 billion loss.

Bloomberg News says the projected loss would be the company's
first in 15 years.

The company also revised its projected JPY23 billion operating
income for the fiscal year into a JPY9 billion operating loss.

In a statement, Fuji Heavy attributed the lower business
performance forecast to:

   -- the revision of the sales plan resulting from
      a sharp downturn of automobile demands on a
      global basis;

   -- the rapid appreciation of yen more than
      assumed exchange rates; and

   -- incurring uncollectible receivables by the
      trading partner company.

Fuji Heavy, according to Bloomberg News, is cutting worldwide
production by 70,000 vehicles this fiscal year and lowered its
global sales target for this fiscal year by 60,900 vehicles to
554,800.

Bloomberg News recalls in November, Fuji Heavy said it may not
collect US$24.8 million in receivables after very light jet
aircraft maker Eclipse Aviation Corp., based in Albuquerque, New
Mexico, filed for bankruptcy.  The automaker will book a charge of
JPY3 billion this fiscal year related to Eclipse, the new agency
says citing President Ikuo Mori.

Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) --
http://www.fhi.co.jp/english/-- is a global manufacturer of
transportation and aerospace-related products and the maker of
Subaru automobiles.  It has four business divisions.  The main
products of the Automobiles division include Legacy, Impreza,
Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer.  Its Subaru
automotive business manufactures, repairs and sells minicars,
small cars, passenger cars and their components.  Through the
Aerospace division, FHI is engaged in the manufacture, repair and
sales of airplanes, aerospace-related machinery and their
components.  The Industrial Products division is engaged in the
manufacture, repair and sales of power generators, engine-equipped
machinery, Robin engines, pumps, agricultural machinery,
construction machinery and other machine tools.  The Other
division manufactures, sells, repairs and services sweeper and
eco-related machinery, garbage collection vehicles and specialized
vehicles.  The Other division is also engaged in real estate
leasing.


* Moody's Reviews Ratings on Three Japanese CMBS for Likely Cut
---------------------------------------------------------------
Moody's Investors Service has announced the continuation of a
review for possible downgrade of the ratings of three Japanese
CMBS transactions.

Moody's had originally placed the ratings under review for
possible downgrade on September 17, 2008, as a result of the
Lehman Brothers Holdings Inc. bankruptcy on September 15, 2008 and
a subsequent rating downgrade.  The reviewed classes are exposed
to LBHI or its subsidiaries as hedge counterparties.

Currently, each transaction's relevant parties are seeking a
substitute for the hedge counterparty, or are drafting prospective
hedge contracts.  Moody's continues its review because it is
uncertain when these contracts will be finalized.  Moody's will
determine any rating changes once the contracts have been
finalized and it has had a chance to review them.

Moody's is also examining the potential interest rate risks of the
transactions without hedge contracts.  In Moody's view, such risks
are limited, given the current interest rate environment, but the
rating agency will analyze the risks by incorporating interest
rate increase scenarios.

- L-JAC 4:

  -- Class  A-2, Aaa still under review for possible downgrade;
     Aaa had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  B-2, Aa2 still under review for possible downgrade;
     Aa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  C-2, A2 still under review for possible downgrade; A2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  D-2, Baa2 still under review for possible downgrade;
     Baa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  D-3A, Baa2 still under review for possible downgrade;
     Baa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  D-3B, Baa2 still under review for possible downgrade;
     Baa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  E-2, Baa3 still under review for possible downgrade;
     Baa3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  E-3, Baa3 still under review for possible downgrade;
     Baa3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  F-2, Ba1 still under review for possible downgrade;
     Ba1 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  F-3, Ba1 still under review for possible downgrade;
     Ba1 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  G-2, Ba2 still under review for possible downgrade;
     Ba2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  G-3, Ba2 still under review for possible downgrade;
     Ba2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  X-1, Aaa still under review for possible downgrade;
     Aaa had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  X-2, Aaa still under review for possible downgrade;
     Aaa had been placed under review for possible downgrade on
     September 17, 2008

- L-JAC 5 Trust

  -- Class  A, Aaa still under review for possible downgrade; Aaa
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  B, Aa2 still under review for possible downgrade; Aa2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  C, A2 still under review for possible downgrade; A2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  D-1, Baa2 still under review for possible downgrade;
     Baa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  E-1, Baa3 still under review for possible downgrade;
     Baa3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  F-1, Ba1 still under review for possible downgrade;
     Ba1 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  G-1, Ba2 still under review for possible downgrade;
     Ba2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  H-1, Ba3 still under review for possible downgrade;
     Ba3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  I-1, B1 still under review for possible downgrade; B1
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  J-1, B2 still under review for possible downgrade; B2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  X-1, Aaa still under review for possible downgrade;
     Aaa had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  X-2, Aaa still under review for possible downgrade;
     Aaa had been placed under review for possible downgrade on
     September 17, 2008

- L-JAC 7 Trust

  -- Class  A, Aaa still under review for possible downgrade; Aaa
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  B, Aa2 still under review for possible downgrade; Aa2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  C, A2 still under review for possible downgrade; A2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  D-1, Baa2 still under review for possible downgrade;
     Baa2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  E-1, Baa3 still under review for possible downgrade;
     Baa3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  F-1, Ba1 still under review for possible downgrade;
     Ba1 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  G-1, Ba2 still under review for possible downgrade;
     Ba2 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  H-1, Ba3 still under review for possible downgrade;
     Ba3 had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  I-1, B1 still under review for possible downgrade; B1
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  J-1, B2 still under review for possible downgrade; B2
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  K-1, B3 still under review for possible downgrade; B3
     had been placed under review for possible downgrade on
     September 17, 2008

  -- Class  X, Aaa still under review for possible downgrade; Aaa
     had been placed under review for possible downgrade on
     September 17, 2008

  -- CMBL, Aaa still under review for possible downgrade; Aaa had
     been placed under review for possible downgrade on Sept. 17,
     2008.


* JAPAN: BOJ May Buy Corporate Debt as Funding Shortage Deepens
---------------------------------------------------------------
Bloomberg News reports Bank of Japan ("BOJ") may start buying
corporate debt after Governor Masaaki Shirakawa said companies are
struggling to raise funds as markets deteriorate.

"It's becoming harder for companies to raise funds through
commercial paper and corporate bond markets," the report quoted
Gov. Shirakawa as saying at a quarterly meeting of the bank's
regional chiefs in Tokyo Friday last week.

According to the report, central bank estimates say in Japan,
about JPY1.3 trillion in corporate bonds will come due by the end
of March.

The report relates Kiichi Murashima, chief economist at Nikko
Citigroup Ltd. in Tokyo, said "The BOJ has already decided to
purchase commercial paper outright, corporate bonds are probably
next."

Citing the Nikkei newspaper, the report says the bank may buy as
much as JPY2 trillion (US$22 billion) in commercial paper as part
of its strategy to support corporate access to short-term funding.


* S&P Puts 14 Junk Ratings From 26 Japanese CDO Deals on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
ratings on 33 tranches relating to 26 Japanese synthetic CDO
transactions on CreditWatch with negative implications.  At the
same time, Standard & Poor's affirmed its ratings on 23 tranches
relating to 18 Japanese synthetic CDO transactions and removed the
ratings from CreditWatch with negative implications.  Standard &
Poor's also placed a further five tranches relating to five
transactions on CreditWatch with positive implications, with these
tranches having previously been on CreditWatch with negative
implications.

The 33 tranches that were placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during S&P's monthly review on Jan. 6.
Meanwhile, the 28 tranches whose ratings were either affirmed or
placed on CreditWatch with positive implications had SROC levels
that recovered to 100% or above during S&P's monthly review on
Jan. 6.

The monthly review was rescheduled to Jan. 6 from the end of
December to allow time for the data to reflect the auction results
of the International Swaps and Derivatives Association's protocol
for Tribune.  The auction was held on Jan. 6.  Regarding entities
that have been exposed to credit events during the past few
months, S&P has considered the auction results in its analysis of
their recovery assumptions.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the impact of rating migration.  The rating migration includes,
but is not limited to, the rating changes on Clear Channel
Communications Inc. (from 'CC' to 'B' on Dec. 24, 2008), Harrah's
Entertainment Inc. (from 'CC' to 'B-' on Dec. 29, 2008, Dow
Chemical Co. (from 'A-/Watch Neg' to 'BBB/Watch Neg' on Dec. 29,
2008; and the downgrades on 12 major European and U.S. banks on
Dec. 19, 2008.

The tranches listed below that have been placed on CreditWatch
will be taken to committee in the later part of this month for
further rating actions, along with any other tranches with ratings
that are currently on CreditWatch with negative or positive
implications.

                           Ratings List

                           Andante Ltd.
               Credit-linked secured notes series 2

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A-1     CCC+/Watch Neg   CCC+   JPY1.7 bil.
           A-2     CCC+/Watch Neg   CCC+   JPY1.3 bil.

                         Astra Alpha Ltd.
         Multi-issuer obligation programme series 2005-01
                       credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               CCC-/Watch Pos   CCC-   JPY15.0 bil.

                  Corsair (Jersey) No. 2 Ltd.
   Floating rate secured portfolio credit-linked notes series 38

               To    From            Issue Amount
               --    ----            ------------
               BB+   BB+/Watch Neg   JPY5.6 bil.

     Fixed rate secured portfolio credit-linked loan series 45

               To    From            Issue Amount
               --    ----            ------------
               BB+   BB+/Watch Neg   JPY3.0 bil.

   Floating rate secured portfolio credit-linked notes series 47

               To   From           Issue Amount
               --   ----           ------------
               BB   BB/Watch Neg   JPY1.0 bil.

      Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

               To   From           Issue Amount
               --   ----           ------------
               BB   BB/Watch Neg   JPY1.0 bil.

     Fixed rate secured portfolio credit-linked loan series 53

               To     From             Issue Amount
               --     ----             ------------
               BBB+   BBB+/Watch Neg   JPY3.0 bil.

           Floating-rate credit-linked notes series 56

               To             From   Issue Amount
               --             ----   ------------
               B/Watch Pos    B      JPY2.2 bil.

           Floating rate credit-linked notes series 63

                 To   From          Issue Amount
                 --   ----          ------------
                 B    B/Watch Neg   JPY3.1 bil.

             Fixed rate credit-linked notes series 64

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Pos   CCC+   $50.0 mil.

        Floating-rate secured portfolio credit-linked notes
                             series 76

               To             From   Issue Amount
               --             ----   ------------
               BB-/Watch Neg   BB-    $20.0 mil.

   Floating-rate secured portfolio credit-linked notes series 78

               To             From   Issue Amount
               --             ----   ------------
               BB/Watch Neg   BB     JPY3.0 bil.

   Floating rate secured portfolio credit-linked notes series 81

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY1.0 bil.

   Floating rate secured portfolio credit-linked notes series 86

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   $10.0 mil.

                          Eirles Two Ltd.
         Portfolio credit linked secured notes series 310

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           A       BBB/Watch Neg   BBB    JPY5.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   $20.0 mil.

                       Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

               To   From           Issue Amount
               --   ----           ------------
               B-   B-/Watch Neg   $40.0 mil.

    Asset backed securities and collateralized debt obligation
              limited credit linked notes series 51

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Pos   CCC+/Watch Neg   JPY1.0 bil.

    Limited recourse secured floating rate credit-linked notes
                             series 57

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Pos   CCC+/Watch Neg   $10.0 mil.

     Corporate basket credit-linked note series 60 (Esperance)

               To            From   Issue Amount
               --            ----   ------------
               B/Watch Neg   B      A$85.0 mil.

                 Hummingbird Securitization Ltd.
                          Series 2 loan

          Class     To               From   Issue Amount
          -----     --               ----   ------------
          #2 Loan   BBB-/Watch Neg   BBB-   JPY3.0 bil.

                       J-Bear Funding Ltd.
          Limited recourse secured floating rate portfolio
                  credit-linked notes (Series 31)

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY3.0 bil.

          Limited recourse secured floating rate portfolio
                   credit-linked notes series 36

               To              From   Issue Amount
               --              ----   ------------
               BBB/Watch Neg   BBB    $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

            Class   To   From           Issue Amount
            -----   --   ----           ------------
            AF      BB   BB/Watch Neg   JPY1.0 bil.
            AX      BB   BB/Watch Neg   JPY1.5 bil.
            BF      B    B/Watch Neg    JPY1.0 bil.
            BX      B    B/Watch Neg    JPY200.0 mil.

     Secured credit-linked notes Louvre II CDO series 2005-2

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            AX      BBB   BBB/Watch Neg   JPY700.0 mil.
            BF      BBB   BBB/Watch Neg   JPY1.5 bil.
            BX      BBB   BBB/Watch Neg   JPY2.2 bil.

      Secured credit-linked loan Louvre CDO II series 2005-3

               To    From            Issue Amount
               --    ----            ------------
               BBB   BBB/Watch Neg   JPY3.0 bil.

                    SONATA notes series 2006-2

          Class   To               From   Issue Amount
          -----   --               ----   ------------
          AF      BBB-/Watch Neg   BBB-   JPY2.0 bil.
          AX      BBB-/Watch Neg   BBB-   JPY1.1 bil.

             SONATA floating rate notes series 2006-5

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      BBB-/Watch Neg   BBB-   EUR5.0 mil.

                   SONATA notes series 2006-7

           Class   To             From   Issue Amount
           -----   --             ----   ------------
           BF      BB/Watch Neg   BB     JPY100.0 mil.
           BX      BB/Watch Neg   BB     JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

           Class   To             From   Issue Amount
           -----   --             ----   ------------
           AX      BB/Watch Neg   BB     EUR20.0 mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

           Class   To             From   Issue Amount
           -----   --             ----   ------------
           AF      B-/Watch Neg   B-     JPY1.0 bil.
           AX      B-/Watch Neg   B-     JPY600.0 mil.

         Floating-rate credit-linked notes series 2006-20

               To               From   Issue Amount
               --               ----   ------------
               CCC/Watch Neg   CCC    JPY1.0 bil.

           SONATA 4 floating rate notes series 2006-21

               To               From   Issue Amount
               --               ----   ------------
               CCC/Watch Neg    CCC    $20.0 mil.

                     Morgan Stanley ACES SPC
            Secured floating-rate notes series 2004-5

               To    From            Issue Amount
               --    ----            ------------
               AA-   AA-/Watch Neg   $10.0 mil.

                           Octagon Ltd.
  Secured floating rate credit-link notes series 2005-1 (Aska V)

           Class   To    From            Issue Amount
           -----   --    ----            ------------
           B       BBB   BBB/Watch Neg   JPY1.5 bil.

                  Omega Capital Investments PLC
              Series 10 secured floating rate notes

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       BBB-/Watch Neg   BBB-   JPY2.0 bil.
           B       BBB-/Watch Neg   BBB-   JPY3.1 bil.

              Series 16 secured floating rate notes

               To    From            Issue Amount
               --    ----            ------------
               BBB   BBB/Watch Neg   JPY2.0 bil.

                Secured multi rate notes series 21

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A1      BBB-/Watch Neg   BBB-   $20 mil.
           A2      BBB-/Watch Neg   BBB-   JPY300.0 mil.

                Series 29 secured fixed rate notes

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A1      CCC+/Watch Neg   CCC+   JPY2.3 bil.

                    Series 48 secured notes

           Class   To             From   Issue Amount
           -----   --             ----   ------------
           5Y-A1   B+/Watch Neg   B+     JPY1.3 bil.
           5Y-A2   B+/Watch Neg   B+     JPY1.2 bil.

                      Signum Vanguard Ltd.
             Secured credit-linked loan series 2004-6

               To   From           Issue Amount
               --   ----           ------------
               A-   A-/Watch Neg   JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2004-08

               To   From           Issue Amount
               --   ----           ------------
               A-   A-/Watch Neg   JPY1.0 bil.

Class A secured floating rate credit-linked notes series 2004-09

               To    From            Issue Amount
               --    ----            ------------
               BB+   BB+/Watch Neg   JPY1.0 bil.

    Class A secured fixed rate credit-linked loan series 2005-04

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2005-06

             To                  From     Issue Amount
             --                  ----     ------------
             BBBpNRi/Watch Neg   BBBpNRi   JPY3.0 bil.

     Secured floating rate credit-linked notes series 2006-03

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   $10.0 mil.

     Series 2006-04 secured floating rate credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               CCC-   CCC-/Watch Neg   JPY1.0 bil.

     Secured floating rate credit-linked notes series 2006-10

               To   From          Issue Amount
               --   ----          ------------
               B    B/Watch Neg   JPY300.0 mil.

       Series 2007-02 secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY1.0 bil.



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

* Fitch Changes Outlook on Kenya's 'B+' Rating to Stable
--------------------------------------------------------
Fitch Ratings revised the Outlooks on Kenya's Long-term foreign
and local currency Issuer Default Ratings to Stable from Negative.
The ratings were affirmed at 'B+' and 'BB-' (BB minus),
respectively.  The Short-term rating is affirmed at 'B' and the
Country Ceiling rating at 'BB-' (BB minus).

"The Stable Outlook reflects the return to stability following the
formation of a grand coalition government, in the wake of disputed
elections held in December 2007, which remains intact almost a
year later and has put Kenya on the road to recovery," says
Veronica Kalema, a Director in Fitch's Middle East and Africa
Department.  "Though Kenya's recovery is being affected by the
global economic slowdown and liquidity crunch, this will delay
rather than derail a return to strong growth and Kenya's
fundamentals remain supportive of a 'B+' rating."

The impact of the post-election violence has been compounded by
the global situation which will slow Kenya's recovery by reducing
non-regional exports, tourism, remittances and capital flows for
much needed investment.  After a contraction by 1% y-o-y in Q108,
growth recovered to 3.4% in Q208, before easing to 2.1% in Q308.
Fitch estimates that Kenya's growth slowed to around just 2% for
2008 as a whole, down from 7% in 2007.  The agency, nonetheless,
believes that Kenyan growth will improve in 2009, supported by
strong regional and domestic demand and a recovery of agriculture
to around 4-5%.

Public finances proved resilient to the country's political
crisis.  The deficit in FY08 (July 2007-June 2008) came in at 3.5%
of GDP, below the projected 5.3% of GDP, reflecting strong revenue
growth in the lead-up to the crisis, while reduced capital
spending offset increased spending on security.  The public debt
ratio continued to decline to 43% of GDP from as high as 63% in
FY04, although this is higher than the 29% of GDP median for the
'B' category, where many countries, unlike Kenya, have been
beneficiaries of debt relief.  Deficits are projected to widen due
to increased infrastructure investment which is positive for
longer-term creditworthiness, but means that debt ratios will
decline more gradually going forward.  In FY09 the planned
Eurobond issue is unlikely to go ahead due to tight global credit
markets.  This will delay some planned infrastructure spending,
and lower the deficit to around 4% of GDP compared with a budgeted
5.5%.  Up until 2007 the widening current account deficit was
financed by increased capital inflows, including record FDI in
2007.  However, in 2008, net capital flows were insufficient to
finance the further widening caused by higher oil prices and lower
tourist receipts.  Balance of payments pressures worsened in Q408
due to the withdrawal of capital by foreign investors, resulting
in a fall in reserves and the KES.  These have since stabilised.
In 2009, despite a narrowing of the CAD, mainly due to lower oil
prices, BOP pressures may continue, due to limited access to
finance and lower remittances.  This would increase macroeconomic
risks. Successfully navigating the economy through the adverse
global environment - by sustaining growth and keeping inflation in
check - would be important to maintain the current rating.  Kenya
has had a poor recent inflation record.  Inflation shot up in 2008
and averaged 26%.  However, it is expected to fall substantially
in 2009 due to methodological changes, a fall in fuel prices and
normalisation of domestic food supplies.

Gross external debt and net external debt ratios have declined
steadily and GXD ratios are stronger than the medians of the 'B'
and more or less in line with 'BB' credits.  However, these are
now expected to stabilise rather than continue a downward trend
due to a rise in borrowing for infrastructure spending and the
recent fall in official reserves.

The GCG has held together in the past year. However, the real test
will come as it deals with underlying issues that caused the post-
election violence - constitutional and electoral reform - as well
as land reforms issues.  Any progression up the rating scale will
depend on addressing these issues so as to prevent a cycle of
instability with future elections.  Conversely, an unravelling of
the GCG - which, though not Fitch's central assumption, is a risk
as it starts addressing these issues - would lead to negative
rating action.  There has been some progress, with a Constitution
Amendment Bill passed in December 2008 that officially disbanded
the electoral commission of Kenya and which enables the country to
embark on constitutional review.  Additionally in December, the
President and Prime Minister signed off an agreement to implement
an internal tribunal as recommended by the Waki report, to bring
to account those involved in the post-election violence.



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

KOREA DEVELOPMENT: Moody's Reviews 'D' Bank Financial Rating
------------------------------------------------------------
Moody's Investors Service has assigned an Aa3 rating to Korea
Development Bank's USD senior bond due 2014 under the U.S. SEC
registered shelf program.  The rating is on review for possible
downgrade.

Note that this debt is not being issued under the Korean
government's guarantee program for external debts announced on
October 19, 2008.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents Moody's has already reviewed.
The rating reflects KDB's special status as Korea's primary
developmental finance institution.  The bank functions as a
conduit for funds derived from domestic and foreign sources which
are channeled to strategic and often under-served sectors of the
Korean economy.  KDB also plays a critical role in the country's
reform efforts as it provides funds to restructuring corporates
with liquidity needs.  Its policy function ensures strong
government support.

The last rating action on KDB was taken on January 15, 2009, when
the Aa3 long-term foreign currency senior debt rating and the Aa1
long-term local currency deposit rating were placed on review for
possible downgrade.  Moody's Investors Service has put on review
for possible downgrade the ratings of 10 Korean financial
institutions, including KDB, in relation to 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

KDB was established in 1954 pursuant to the KDB Act, which
requires the government to maintain 100% ownership and support the
bank's solvency.  With KRW140.6 trillion in assets (USD138
billion) as of June 30, 2008, the bank is the largest policy bank
in Korea.  Below are KDB's ratings (all have a stable outlook,
except for the long-term foreign currency senior debt rating and
the long-term local currency deposit rating which have been placed
on review for possible downgrade):

  -- Bank Financial Strength D
  -- Long Term/Short Term Bank Deposits (Foreign) A2/P-1
  -- Long Term/Short Term Bank Deposits (Domestic) Aa1/P-1
  -- Long Term/Short Term Senior Debt (Foreign) Aa3/P-1


SSANGYONG MOTOR: Submits Bailout Plan
-------------------------------------
Kim Hyun-cheol at The Korea Times reports that Ssangyong Motor
submitted a bailout program to the Seoul Central District Court on
Sunday, January 18.

Citing industry sources, Korea Times relates the bailout program
didn't include a proposal for a cash injection from its Chinese
parent firm, Shanghai Automotive Industry Corporation (SAIC).

Korea Times says there is reportedly no explicit comment that SAIC
will pay back its unpaid royalties for Ssangyong's technology for
sports utility vehicle production.

According to the Korea Times, Ssangyong officials said the money
will be paid in several stages, regardless of the bailout plan,
because the payment should be made according to the signed
contract between the two companies.

If the court accepts the application for receivership next month,
Korea Times notes, SAIC will lose its management control in the
company but still retain its majority stake.

Meanwhile, english.chosun.com reports that Russian automaker
Sollers says it is willing to buy the rights to produce Ssangyong
Motors' sport utility vehicles.

Sollers is preparing to buy the full license for Ssangyong's SUV
line and to continue to produce the vehicles independent of the
Korean company, english.chosun.com relates citing the CEO of
Sollers in an interview with Russian newspaper Kommersant.

According to english.chosun.com, Sollers already has a license
agreement with Ssangyong signed in 2004 and currently manufactures
two Ssangyong SUV models in Russia.

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

                          *     *     *

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

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

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

On Dec. 30, 2008, citing The Scotsman, the TCR-AP reported that
SAIC asked the South Korean government to help secure new loans
for Ssangyong Motor, as the company struggles to stave off a
potential liquidity crisis.  SAIC, the Scotsman added, sought
government's help to ensure that Korea Development Bank (KDB),
Ssangyong's main creditor, offers new loans to the firm.

According to the Tribune, SAIC and Ssangyong's creditor banks have
been locked in a dispute about who should bail out Ssangyong.


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

SATANG HOLDINGS: Bursa Extends Plan Filing Deadline to April 9
--------------------------------------------------------------
The Bursa Malaysia Securities Bhd has extended the deadline for
Satang Holdings Berhad to submit its regularization plan to the
Securities Commission and other relevant authorities to April 6,
2009.

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


UBG BERHAD: Summary Judgment Hearing Moved to February 2
--------------------------------------------------------
UBG Berhad disclosed in a regulatory filing that the hearing of
Merrill Lynch (Singapore) Pte Ltd's application for summary
judgment in the High Court of the Republic of Singapore has been
adjourned to Monday, February 2, 2009, at 2:30 p.m.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



===============
M O N G O L I A
===============

* Fitch Downgrades Mongolia's Issuer Default Ratings to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Mongolia's Long-term foreign and
local currency Issuer Default Ratings to 'B' from 'B+'.  The
Outlook remains Negative.  At the same time, the agency has
downgraded the Country Ceiling to 'B' from 'B+' and affirmed the
Short-term foreign currency IDR at 'B'.

Fitch notes that the decision to downgrade Mongolia's ratings is
based on continued pressures on the country's external finances
and ongoing problems with respect to economic policy continuity.
The agency believes it is becoming more probable that the country
will need to rely on external financing support from bilateral
and/or multilateral sources.  In the meantime, there is likely to
be continued downward pressure on the exchange rate, which
depreciated by 11% against the USD in the last two months of 2008,
and has depreciated by another 7% since year-end.  Net
international reserves stabilized in December 2008, but at only
US$637 million, after five months of sizable declines.  Fitch
suggests that the capacity of the central bank to manage the
exchange rate is diminished, as is the ability of the banking
system to absorb further exchange rate deprecations.  Serious
problems in the banking sector are confirmed by Bank of Mongolia
taking over the management of Anod Bank, one of Mongolia's five
largest banks, in December 2008.

The recent unexpected resignations of the president of the Bank of
Mongolia and the head of the Financial Regulatory Committee have
escalated uncertainty, with respect to banking and financial
supervision and policy implementation.  Fitch has said such
disruptions reduce the likelihood of a controlled, policy-induced
stabilization of Mongolia's external financial position.



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

CA CONSULTANTS: Appoints Crichton and Horne as Liquidators
----------------------------------------------------------
On December 1, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of CA Consultants Ltd.

Only creditors who were able to file their proofs of debt Jan. 5,
2009, will be included in the company's dividend distribution.

The Liquidators can be reached:

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


EON DESIGN: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Eon Ltd. are required to file their proofs of
debt today, January 20, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Dec. 2, 2008.

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
          e-mail: jprice@hortonprice.co.nz


EON LTD: Creditors' Proofs of Debt Due on January 24
----------------------------------------------------
The creditors of Eon Ltd. are required to file their proofs of
debt by January 24, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Dec. 3, 2008.

The company's liquidators are:

          John Albert Price
          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          e-mail: jprice@hortonprice.co.nz


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

The company commenced liquidation proceedings on Dec. 1, 2008.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          Telephone: (04) 462 7238
          Facsimile: (04) 462 7492


GRAY'S TRANSPORT: Appoints Madsen-Ries and Vance as Liquidators
---------------------------------------------------------------
On December 1, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of Gray's Transport 2004 Ltd.

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

The Liquidators can be reached at:

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


HURSTMERE LTD: Commences Liquidation Proceedings
------------------------------------------------
Hurstmere Ltd. commenced liquidation proceedings on Dec. 4, 2008.

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

The company's liquidators are:

          Craig Andrew Young
          Raymond Gordon Burgess
          Restructuring Services Limited
          PO Box 87340, Meadowbank
          Auckland
          Telephone: (09) 525 7236
          Facsimile: (09) 528 9521


LOVITT'S NZ: Court to Hear Wind-Up Petition on January 28
---------------------------------------------------------
A petition to have Lovitt's NZ Ltd.'s operations wound up will be
heard before the High Court at Auckland on January 28, 2009, at
2:15 p.m.

Talley's Group Limited filed the petition against the company on
November 14, 2008.


LUXOR DEVELOPMENTS: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------------
A petition to have Luxor Developments Ltd.'s operations wound up
will be heard before the High Court at Tauranga on January 28,
2009, at 10:45 a.m.

W Stevenson & Sons Limited filed the petition against the company
on November 3, 2008.

The Petitioner's solicitor is:

          Alistaire Hall
          Debtforce Limited
          25 Norman Spencer Drive, Unit 1
          Manukau City, Auckland 2104
          PO Box 98724, Manukau City 2241
          Facsimile: (09) 250 1262


MAINSTAY CHRISTCHURCH: Commences Liquidation Proceedings
--------------------------------------------------------
Mainstay Christchurch Ltd. commenced liquidation proceedings on
December 1, 2008.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue
          Christchurch 8013
          PO Box 29432, Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400
          e-mail: murray@profitco.co.nz


PREMIER SECURITY: Creditors' Proofs of Debt Due on January 24
-------------------------------------------------------------
The creditors of Premier Security Systems Ltd. are required to
file their proofs of debt by January 24, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 27, 2008.

The company's liquidator is:

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


REAL APPLIANCES: Commences Liquidation Proceedings
--------------------------------------------------
Real Appliances Ltd. commenced liquidation proceedings on Dec. 1,
2008.

The company's liquidators are:

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


SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------------
A petition to have Sydney Productions (No.11) Ltd.'s operations
wound up will be heard before the High Court at 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


SYDNEY PRODUCTIONS: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------------
A petition to have Sydney Productions (No.12) Ltd.'s operations
wound up will be heard before the High Court at 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 Petitioner'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


TE ROOPU: Fixes March 1 as Last Day to File Claims
--------------------------------------------------
The creditors of Te Roopu Whakapiringa (Coming Together) Inc. are
required to file their proofs of debt by March 1, 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


TRITEC MANUFACTURING: Calls in Receivers
----------------------------------------
The National Business Review reports that Tritec Manufacturing,
which makes Mountain Buggy pushchairs, has gone into receivership.

According to the report, acting chief executive Peter Robertson
said the company had suffered badly as a result of the
international downturn.

In December last year, the Business Review relates, Tritec axed 25
of its staff.  The manufacturing plant is still operating with the
remaining 89 staff.

"What we're looking at the moment is continuing to trade the
business and look to try and find a buyer for the business as a
going concern," the report quoted Receiver John Fisk, of
PricewaterhouseCoopers, as saying.

Tritec Manufacturing Ltd is the producer of the Mountain Buggy
pram.


WESTIES BY TWO ET AL: Appoint Shephard and Dunphy as Liquidators
----------------------------------------------------------------
On November 24, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of:

   -- Westies By Two Ltd; and
   -- Thorndon Home Centre Limited.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


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

ARMADA SHIPPING: New York Court Signs Chapter 15 Petition
---------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York has signed Singapore-based Armada (Shipping)
Pte. Ltd., petition for protection from creditors under Chapter
15.

Bloomberg News reports that the Court granted interim approval to
the petition for creditor protection.  The procedure allows the
business to reorganize in Singapore and protects it from U.S.
lawsuits.

Armada announced January 6 that it has been granted leave to
convene a creditors' meeting to vote on a proposed Scheme of
Arrangement pursuant to Section 210 of the Companies Act of the
Republic of Singapore that will protect its assets and maximize
funds available to creditors as it restructures its business
operations.

Armada (Shipping) Pte. Ltd. -- http://www.armadagroup.com/-- is a
privately owned holding company incorporated and based in
Singapore.  It is one of the world's leading dry bulk shipping
companies.  It provides ocean transportation services to a variety
of major raw material and commodity shippers and consumers located
throughout the globe.

Armada filed for bankruptcy protection under Chapter 15 of the
U.S. Bankruptcy Code on January 7, 2009, to seek recognition of
its bankruptcy proceedings in Singapore and imposition of the
automatic stay to protect its assets while it restructures (Bankr.
S.D. N.Y. Case No. 09-10105).  The petitioner's counsel is Barbra
R. Parlin, Esq., at Holland & Knight, LLP, in New York.  In its
bankruptcy petition, Armada estimated assets and debts of US$100
million to US$500 million.


* SINGAPORE: 2008 Overseas Shipments Down by 7.9%
-------------------------------------------------
Bloomberg News reports Singapore's exports fell the most since
early 2002 in December as a deepening slump in global economies
pared demand for electronics and pharmaceuticals.

Citing the city-state's trade promotion agency, the report says
non-oil domestic exports dropped 20.8 percent from a year earlier,
after contracting 17.5 percent in November.  On a seasonally
adjusted basis, Singapore's exports last month fell 13.1 percent
from November, when they slid 2.8 percent, the report notes.

Singapore's overseas shipments fell 7.9 percent in 2008, the worst
performance in seven years, and, only a 1 percent decline is
expected this year, Bloomberg News says.

"Exports are falling off a cliff across the region and intra-
regional demand is also dropping," Bloomberg News quoted Vishnu
Varathan, an economist at Forecast Singapore Pte, as saying.
"It's quite terrible and there's no way Singapore can escape the
impact."

The report relates electronics shipments slipped 25.4 percent in
December from a year earlier, the 23rd consecutive drop, following
a 17.3 percent decline in November, while non-electronics
shipments, which include petrochemicals and pharmaceuticals, fell
17.4 percent in December from a year earlier.  Pharmaceutical
shipments meanwhile plunged 51.1 percent, the report adds.



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

PROMOS TECHNOLOGIES: Held Talks with Gov't. as Debt Repayment Near
------------------------------------------------------------------
Lisa Wang at Taipei Times reports that Taiwan government held
talks last week with ProMOS Technologies Inc. in an effort to
rescue the ailing chipmaker.

"As ProMOS is facing pressing problems paying debts, government
representatives met [Wednesday last week] with the company's major
credit banks to resolve its financial difficulties," Chen Chao-yi,
director-general of the Industrial Development Bureau, told Taipei
Times in an interview.

According to Taipei Times, ProMOS is facing mounting pressure to
repay US$330 million in overseas corporate debt that will mature
on Feb. 14.

Taipei Times relates the Ministry of Economic Affairs last week
dashed the company's hopes of getting governmental bailout funds
for a consolidation plan filed with Tokyo-based Elpida Memory Inc.
Taipei Times discloses the ministry said the plan did not meet its
requirements.

However, Taipei Times notes, Director-general Chen said the
government agencies will hold more meetings with the companies'
credit banks and hopefully reach a solution by the Lunar New Year
holiday.

Meanwhile, Reuters reports that shares of ProMOS Technologies fell
more than 5 percent on Friday, January 16, after the company said
it was raising NT$580 million ($17.4 million) through the sale of
the chip-making equipment to Taiwan Semiconductor Manufacturing
Co.

ProMOS, Reuters relates, said it would incur a NT$570 million loss
on the sale.

For the first nine months of 2008, ProMOS lost NT$22.5 billion
amid a slump in demand for memory chips.  The company reported a
net loss of NT$7.32 billion for the year ended December 31, 2007.

                          About ProMOS

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.


STAR CRUISES: May Withdraw Operations in Taiwan
-----------------------------------------------
The China Post reported that Star Cruises Limited may consider
withdrawing from the Taiwan market if Taiwanese authorities deny
its application to operate a direct cruise service between the
northeastern port of Keelung and Xiamen in China's Fujian
province.

Star Cruises, the report recounts, filed the application with the
Keelung Harbor Bureau in December last year to serve the route,
but government officials and the cruise line's executives disagree
over the nature of the service.

According to the report, Ministry of Transportation and
Communication officials believe that regular cruises between
Keelung and Xiamen would amount to marine passenger services,
which only Taiwanese vessels or vessels owned by Taiwanese-Chinese
joint ventures are allowed to operate under local regulations.

However, China Post says, Star Cruises contends that ordinary
people are unlikely to use expensive cruises as "passenger
services."

According to the report, transportation officials have suggested
that Star Cruises add another destination to the line to make the
operations look more like a cruise than a ferry service.

Citing sources at the company, China Post says, an initial
evaluation has shown that the proposed change would be much less
attractive than the originally planned route.

Star Cruises has already reduced its work force in Taiwan by 70
percent amid the global economic downturn, the report discloses
citing company sources.

                       About Star Cruises

Based in Kowloon, Hong Kong, Star Cruises Limited --
http://www2.starcruises.com-- is an investment holding.  The
Company has a combined fleet of 21 ships with about 33,300 lower
berths in service and an additional two ships with some 8,400
lower berths.  It operates under two principal brand names: Star
Cruises and Norwegian Cruise Line (including NCL America).  Star
Cruises operates eight ships offering various cruise itineraries
and calls destinations primarily in the Asia Pacific region.
Norwegian Cruise Line (including NCL America) and Orient Lines
operate 13 cruise ships offering cruises in Alaska, Antarctica,
the Bahamas, Bermuda, the Caribbean, Europe, Hawaii, Mexico, New
England, North Africa and Central and South America and
Scandinavia.  On January 7, 2008, the Company completed the deemed
disposal arising from subscription for new shares by Apollo
Management, L.P. in a then major subsidiary, NCL Corporation Ltd.
(NCLC).

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 9, 2008, Moody's Investors Service confirmed the B1
corporate family rating of Star Cruises Limited (SCL).  The rating
outlook is negative.



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

* BOND PRICING: For the Week January 19 to January 23, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZD      37.82
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Aust & NZ Bank                6.540%   06/29/49   GBP      67.58
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      65.30
Antares Energy               10.000%   10/31/13   AUD       1.20
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.50
Becton Property Group         9.500%   06/30/10   AUD       0.20
Bemax Resources               9.375%   07/15/14   USD      37.23
Bemax Resources               9.375%   07/15/14   USD      37.23
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      50.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.97
FMG Finance                   9.750%   09/01/13   EUR      55.81
FMG Finance                   9.750%   09/01/13   EUR      55.81
FMG Finance                  10.000%   09/01/13   USD      73.21
FMG Finance                  10.000%   09/01/13   USD      73.21
FMG Finance                  10.625%   09/01/16   USD      72.29
FMG Finance                  10.625%   09/01/16   USD      66.45
Griffin Coal Min              9.500%   12/01/16   USD      37.80
Griffin Coal Min              9.500%   12/01/16   USD      37.80
Hanson Australia              5.250%   03/15/13   USD      44.95
Heemskirk Consol              8.000%   04/29/11   AUD       2.35
Insurance Austra              5.625%   12/21/26   GBP      72.97
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       0.75
Macquarie Bank                5.500%   09/19/16   GBP      69.80
Metal Storm                  10.000%   09/01/09   AUD       0.81
Minerals Corp                10.500%   03/31/09   AUD       0.90
Myer Group Fin               10.194    03/15/13   AUD      62.20
Nylex Ltd.                   10.000%   12/08/09   AUD       1.20
Paladin Energy                4.500%   12/15/11   USD      64.58
Paladin Energy                5.000%   03/11/13   USD      58.26
Resolute Mining              12.000%   12/31/12   AUD       0.50
Rio Tinto Financ              6.500%   07/15/18   USD      73.69
Suncorp-Metway                6.500%   06/22/16   AUD      70.77
Suncorp Insuran               6.250%   06/13/27   AUD


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Jiangxi Copper                  1.000%  09/22/16     CNY    72.64


   HONG KONG
   ---------
Resparcs  Funding              8.000%  12/29/49     USD    25.00


   INDIA
   -----
Bank of Baroda                 6.625%  05/25/22     USD    73.30
Canara Bank                    6.365%  11/28/21     USD    73.53
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    58.79
ICICI Bank Ltd                 7.250%  08/29/49     USD    46.23
State BK India                 6.439%  02/28/49     USD    71.12
UTI Bank Ltd                   7.250%  05/16/13     USD    65.30


   INDONESIA
   ---------
Bank Lippo TB PT               7.375%  11/22/16     USD    63.75
Indonesia (Rep)                6.875%  01/17/18     USD    73.99
Indonesia (Rep)                8.500%  10/12/35     USD    72.00
Indonesia (Rep)                6.625%  02/17/37     USD    60.50
Indonesia (Rep)                6.625%  02/17/37     USD    63.94
Indonesia (Rep)                7.750%  01/17/38     USD    72.42


   JAPAN
   -----
Aiful Corp                     5.000%  08/10/10     USD    69.83
Aiful Corp                     5.000%  08/10/10     USD    69.83
Aiful Corp                     6.000%  12/12/11     USD    54.73
Aiful Corp                     6.000%  12/12/11     USD    54.73
Aozora Bank                    0.660%  11/12/12     JPY    74.95
Aozora Bank                    0.660%  10/27/12     JPY    74.72
Aozora Bank                    0.660%  11/12/12     JPY    74.42
Aozora Bank                    0.660%  11/27/12     JPY    74.17
Aozora Bank                    0.660%  12/12/12     JPY    73.92
Aozora Bank                    0.660%  01/12/13     JPY    73.42
Aozora Bank                    0.660%  01/27/13     JPY    73.18
Aozora Bank                    0.560%  02/12/13     JPY    72.56
Aozora Bank                    0.560%  02/27/13     JPY    72.31
Aozora Bank                    1.300%  02/27/13     JPY    74.83
Aozora Bank                    0.560%  03/12/13     JPY    72.11
Aozora Bank                    1.560%  03/27/13     JPY    71.87
Aozora Bank                    1.250%  03/27/13     JPY    74.25
Aozora Bank                    0.560%  04/12/13     JPY    71.61
Aozora Bank                    1.300%  04/26/13     JPY    73.98
Aozora Bank                    0.560%  04/27/13     JPY    71.39
Aozora Bank                    0.560%  05/12/13     JPY    71.17
Aozora Bank                    0.560%  05/27/13     JPY    70.89
Aozora Bank                    1.600%  05/27/13     JPY    74.60
Aozora Bank                    0.560%  06/12/13     JPY    70.64
Aozora Bank                    0.560%  06/27/13     JPY    70.40
Aozora Bank                    1.650%  06/27/13     JPY    74.35
Aozora Bank                    0.560%  07/12/13     JPY    70.17
Aozora Bank                    1.700%  07/26/13     JPY    74.13
Aozora Bank                    0.560%  07/27/13     JPY    69.95
Aozora Bank                    0.560%  08/12/13     JPY    69.68
Aozora Bank                    0.560%  08/27/13     JPY    69.44
Aozora Bank                    1.600%  08/27/13     JPY    73.32
Aozora Bank                    0.560%  09/12/13     JPY    69.19
Aozora Bank                    0.560%  09/27/13     JPY    68.96
Aozora Bank                    1.800%  09/27/13     JPY    73.66
Aozora Bank                    0.560%  10/12/13     JPY    68.75
Aozora Bank                    0.560%  10/25/13     JPY    68.53
Aozora Bank                    0.560%  11/12/13     JPY    68.25
Aozora Bank                    0.560%  11/27/13     JPY    68.02
Aozora Bank                    0.400%  12/12/13     JPY    67.16
Aozora Bank                    0.400%  12/27/13     JPY    66.93
Aozora Bank                    0.400%  01/12/14     JPY    66.71
Aozora Bank                    0.400%  01/27/14     JPY    66.52
Chuo Mitsui Trst               5.506%  12/29/49     USD    59.88
CSK Corporation                0.250%  09/30/13     JPY    61.50
Ebara Corp                     1.700%  09/30/11     JPY    72.62
Hiroshima Bank                 1.720%  05/14/14     JPY    70.44
Hiroshima Bank                 1.890%  09/20/17     JPY    58.65
Hitachi Zosen                  1.500%  09/30/12     JPY    63.17
Nichiei Co Ltd                 1.750%  03/31/14     JPY    62.00
Resona Bank                    4.125%  09/29/49     EUR    52.54
Resona Bank                    5.850%  09/29/49     USD    50.35
Resona Bank                    5.986%  08/29/49     EUR    71.03
Shinsei Bank                   1.300%  02/27/13     JPY    74.83
Shinsei Bank                   1.250%  03/27/13     JPY    74.25
Shinsei Bank                   1.350%  04/26/13     JPY    74.15
Shinsei Bank                   1.600%  05/27/13     JPY    74.60
Shinsei Bank                   1.650%  06/27/13     JPY    74.35
Shinsei Bank                   1.700%  07/26/13     JPY    74.13
Shinsei Bank                   1.600%  08/27/13     JPY    73.33
Shinsei Bank                   1.700%  09/27/13     JPY    73.28
Shinsei Bank                   1.960%  03/25/13     JPY    67.91
Shinsei Bank                   2.010%  10/30/15     JPY    65.85
Shinsei Bank                   3.750%  02/23/16     EUR    35.02
Shinsei Bank                   5.625%  12/29/49     GBP    29.88
Softbank Corp                  7.750%  10/15/13     EUR    69.98
Sumitomo Mitsui                4.375%  07/29/49     EUR    56.50
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.12


   KOREA
   -----
GS Caltex Corp                 5.500%  10/15/15     USD    71.41
GS Caltex Corp                 5.500%  10/15/15     USD    71.13
GS Caltex Corp                 6.000%  08/08/16     USD    69.56
GS Caltex Corp                 5.500%  04/24/17     USD    66.40
GS Caltex Corp                 5.500%  04/24/17     USD    65.30
Hynix Semi Inc.                4.500%  12/14/12     USD    60.56
Hynix Semi Inc.                7.875%  06/27/17     KRW    39.87
Hynix Semi Inc.                7.857%  06/27/17     USD    39.21
Korea Dev Bank                 7.350%  10/27/21     KRW    54.50
Korea Dev Bank                 7.400%  10/27/21     KRW    54.50
Korea Dev Bank                 7.450%  10/31/21     KRW    54.47
Korea Dev Bank                 7.400%  11/02/21     KRW    54.46
Korea Dev Bank                 7.310%  11/08/21     KRW    54.41
Korea Elec Pwr                 6.000%  12/01/26     USD    74.96
LG-Caltex Oil                  5.500%  08/25/14     USD    74.17
Shinhan Bank                   5.663%  03/02/35     USD    52.19
Shinhan Bank                   6.819%  09/20/36     USD    55.28



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.00
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Eastern & Orient               8.000%  07/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.25
Insas Berhad                   8.000%  04/19/09     MYR     0.29
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.16
Kretam Holdings                1.000%  08/10/10     MYR     0.99
Kumpulan Jetson                5.000%  11/27/12     MYR     0.41
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Mithril Bhd                    3.000%  04/05/12     MYR     0.65
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.15
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.72
Silver Bird Grp                1.000%  02/15/09     MYR     0.26


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    31.02
Allied Nationwid              11.520%  12/29/49     NZD    50.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    51.36
Blue Star Print                9.100%  09/15/12     NZD    28.92
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    63.57
Fidelity Capital               9.250%  07/15/13     NZD    23.46
Fletch Build Fin               9.000%  03/15/10     NZD    43.83
Fletcher Bui                   8.900%  03/15/13     NZD    11.96
Fletch Build Fin               8.900%  03/15/13     NZD    11.95
Generator Bonds                8.200%  09/17/11     NZD    24.84
Goodman Finance                9.950%  11/15/11     NZD    17.90
Hellaby Holdings               8.500%  06/15/11     NZD    28.49
Infratil Ltd                   8.250%  05/15/11     NZD    20.19
Infrastr & Util                8.500%  11/15/11     NZD    17.87
Infratil Ltd                   8.500%  02/15/20     NZD     9.89
Infratil Ltd                  10.180%  12/29/49     NZD    54.00
Marac Finance                 10.500%  07/15/13     NZD     0.11
Nuplex Industrie               9.300%  09/15/12     NZD    13.21
NZ Finance Hldgs               9.750%  03/15/11     NZD    34.93
Pins Securities                9.250%  01/31/14     NZD    26.11
PGG Wrightson                  8.250%  10/08/10     NZD    27.39
Powerco Limited                7.640   04/15/10     NZD    38.86
Powerco Limited                6.220%  03/29/11     NZD    20.29
Powerco Limited                6.590%  09/28/12     NZD    10.98
Powerco Limited                6.390%  03/29/13     NZD     9.65
Powerco Limited                6.740%  09/28/17     NZD     7.32
PPCS Ltd                      11.500%  12/15/10     NZD    33.73
Skycity Entert                 8.000%  05/15/10     NZD    36.07
South Canterbury              10.430%  12/15/12     NZD     0.11
St Laurence Prop               9.250%  07/15/10     NZD    41.11
St Laurence Prop               9.250%  05/15/11     NZD    30.29


   PHILIPPINES
   -----------
Rizal Comm Bank                9.875%  10/31/49     USD    75.00


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.88
Capitaland Ltd.                2.100%  11/15/16     SGD    73.62
Capitaland Ltd.                3.125%  03/05/18     SGD    71.99
Capitaland Ltd.                2.950%  06/20/22     SGD    58.93
Chartered Semico               6.375%  08/03/15     USD    67.01
Empire Cap Res                 9.375   12/15/11     USD    70.06
Olam International Limited     1.000%  07/03/13     USD    69.51


   SRI LANKA
   ---------
Sri Lanka Govt                6.850%  04/15/12     LKR     73.85
Sri Lanka Govt                6.850%  10/15/12     LKR     71.12
Sri Lanka Govt                8.500%  01/15/13     LKR     74.43
Sri Lanka Govt                8.500%  07/15/13     LKR     72.69
Sri Lanka Govt                7.500%  08/01/13     LKR     69.51
Sri Lanka Govt                7.500%  11/01/13     LKR     68.61
Sri Lanka Govt                8.500%  02/01/18     LKR     64.22
Sri Lanka Govt                8.500%  07/15/18     LKR     63.46
Sri Lanka Govt                7.500%  08/15/18     LKR     58.64
Sri Lanka Govt                7.000%  10/01/23     LKR     52.42


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     49.87
Italian-Thai Dey              4.500%  06/10/13     USD     47.71



                         *********

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

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

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


                            *********


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

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

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

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

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





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