TCRAP_Public/090121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, January 21, 2009, Vol. 12, No. 14

                            Headlines

A U S T R A L I A

ACN 098 513 949: Commences Liquidation Proceedings
COOLEY BAKING: Commences Liquidation Proceedings
FAIRFAX MEDIA: Sells Southern Star for AU$75 Mil. to Pay Debts
GOLDEN SANDS: Commences Liquidation Proceedings
JIMBAROSE PTY: Placed Under Voluntary Liquidation

JUPITAR INTERNATIONAL: Declares Final Dividend
PARAN PTY: Placed Under Voluntary Liquidation
SANCTUM 21: Appoints Bettles and Carter as Liquidators
SKYDIVE QUEENSLAND: Appoints Bettles and Carter as Liquidators
WIMMOUNT PTY: Commences Liquidation Proceedings

WYNSOM PTY: Commences Liquidation Proceedings


C H I N A

AGILE PROPERTY: Aetos Dispute Won't Affect Moody's 'Ba3' Rating
BOE TECH: Says 2008 Net Loss May Reach CNY700 Mil. to CNY1 Bil.
CHINA EASTERN: Gets CNY10 Bil. Credit Line from Shanghai Pudong
GALAXY CASINO: Moody's Downgrades Corporate Family Rating to 'B3'
* CHINA: Coface Puts Country Rating Under Negative Watch


H O N G  K O N G

ABACIA LIMITED ET AL: Members' General Meeting Set for February 6
BELTON COMPONENTS ET AL: Hing Steps Down as Liquidator
CHINA CENTURY: Members' General Meeting Set for February 10
CHINA FAIR: Members' General Meeting Set for February 10
CLEAR LAKE ET AL: Blaauw and Osborn Step Down as Liquidators

DFE LIMITED: Members' General Meeting Set for February 2
ENVIRONMENTAL MANAGEMENT ET AL: Members' Meeting Set for Feb. 3
GIBB, LIVINGSTON ET AL: Commence Liquidation Proceedings
JACSON INVESTMENTS: Members' General Meeting Set for February 10
MAXTIME MARINE: Members and Creditors to Hold Meeting on Feb. 4

MFI RETAIL: Creditors Hold Meeting
NORSTAR FOUNDERS: Incurs US$5.7 Mil. Loss on Currency Bets
ORIENT ET AL: Creditors & Contributories to Meet on February 5
PLANET PETS: Placed Under Voluntary Liquidation
RIL TAIWAN: Placed Under Voluntary Liquidation

UNI-ARTS (HONG KONG): Creditors Hold Meeting


I N D I A

RADIUS CORP: CRISIL Rates Rs.50MM Cash Credit Limits at 'B+'
PENVER PRODUCTS: CRISIL Puts 'B' Rating on Rs.26MM Long Term Loan


I N D O N E S I A

TELEKOM INDONESIA: Close to Signing Satellite Deal with Reshetnev


J A P A N

DTC THREE: S&P Keeps BB Rating on Class E of DTC Notes on WatchNeg
ORIX-NRL TRUST: Moody's Reviews Ratings for Possible Downgrades
PISCES FINANCE: Moody's Downgrades Ratings on Notes to 'C'
SES CO: Enters Bankruptcy With US$158.4 Million Debt


K O R E A

HANKOOK TIRE: Posts KRW46.7BB Net Loss in Qtr Ending Dec. 31, 2008
HYUNDAI MOTOR: Faces Union Strike; Two Vice-Chair Resign


K U W A I T

* KUWAIT: Arab States Incur US$2.5 Trillion Losses in Four Months


N E W  Z E A L A N D

BIG SKY: Commences Liquidation Proceedings
COMMERCIAL ALUMINIUM: Appoints Heath and Hayward as Liquidators
CREATIVE EDGE: Court to Hear Wind-Up Petition on February 9
CRISP CHOICE: Enters Wind-Up Proceedings
HARGREAVES ET AL: Creditors' Proofs of Debt Due on March 1

IT MANIACS: Court to Hear Wind-Up Petition on Jan. 22
MATTOID INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 22
NATHANS FINANCE: Investors Face Significant Shortfall on Returns
RAG INVESTMENTS: Court Hears Wind-Up Petition
ROCKHAVEN INDUSTRIES: Commences Liquidation Proceedings

TROUBLE RUBBLE: Appoints Crichton and Horne as Liquidators
* NEW ZEALAND: Consumers Price Index Fell 0.5% in Dec. 2008 Qtr.


P H I L I P P I N E S

LEGACY GROUP: PDIC to Outsource Deposit Claims Processing
LEGACY GROUP: Three Pre-need Companies Cease Operations


T H A I L A N D

THAI AIRWAYS: Seeks US$545 Million Lifeline from Government


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ACN 098 513 949: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on September 29, 2008, the members
of ACN 098 513 949 Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          John Park
          Kelly Trenfield
          KordaMentha (Qld)
          22 Market Street
          Brisbane QLD 4000


COOLEY BAKING: Commences Liquidation Proceedings
------------------------------------------------
During a general meeting held on October 8, 2008, the members of
Cooley Baking Company Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Peter Anthony Lucas
          P. A. Lucas & Co., Chartered Accountants
          ING Building, Level 8
          100 Edward Street, Brisbane
          Queensland, 4000


FAIRFAX MEDIA: Sells Southern Star for AU$75 Mil. to Pay Debts
--------------------------------------------------------------
Fairfax Media Limited said it has sold its Southern Star
television production and distribution business to Endemol for
AU$75 million plus an earn-out.  The sale is conditional on
obtaining regulatory approvals and certain other matters and is
expected to be completed in Q1 2009.

The company will retain ownership of Southern Star Factual, the
UK-based natural history, science and factual producer previously
known as Oxford Scientific Films, and its 75% stake in leading UK
children's and interactive producer Darrall Macqueen, Fairfax
Media said in a statement.

Combined with the recent sale of Carnival Film and Television Ltd
to NBC Universal, Fairfax Media said it will receive total net
cash proceeds of approximately AU$120 million.  The sale
agreements for the transactions also provide for additional earn-
out payments due in three years contingent on business
performance.  Fairfax Media acquired the Southern Star group,
including Carnival, for AU$150 million.

The Chairman of Fairfax Media, Mr Ronald Walker said, "This is a
welcome transaction in a difficult market.  The proceeds will be
used to pay down debt and strengthen our balance sheet."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 8, 2008, Bloomberg News said former CEO David Kirk quit after
failing to turn around circulation declines amid the slowest
economic growth in eight years.  Fairfax Media named Brian
McCarthy as its new Chief Executive Officer and Managing Director
replacing Mr. Kirk.

Bloomberg News said the company has fired the editors of its
metropolitan broadsheets in Sydney and Melbourne in the past
months.

Fairfax, Bloomberg News noted, has slumped 69 percent in Sydney
trading last year because of concern about its AU$2.5 billion
(US$1.6 billion) of debt, declining newspaper sales and a loss of
classified advertising to online rivals.

                    About Fairfax Media Limited

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


GOLDEN SANDS: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 13, 2008, the members of
Golden Sands Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          John Feddema
          Cranstoun & Hussein
          Chartered Accountants & Business Advisers
          102 Adelaide Street, Level 2
          Brisbane QLD 4001


JIMBAROSE PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 14, 2008, the members of
Jimbarose Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          William John Fletcher
          Katherine Elizabeth Barnet
          Bentleys Chartered Accountants
          GPO Box 740
          Brisbane QLD 4001


JUPITAR INTERNATIONAL: Declares Final Dividend
----------------------------------------------
Jupitar International Limited, which is in liquidation, declared
the final dividend on November 19, 2008.

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


PARAN PTY: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on October 9, 2008, the members of
Paran Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          David Michael Stimpson
          Terry Grant van der Velde
          SV Partners, Insolvency Accountants
          and Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000


SANCTUM 21: Appoints Bettles and Carter as Liquidators
------------------------------------------------------
During a general meeting held on October 13, 2008, the members of
Sanctum 21 Pty Ltd appointed Jason Bettles and Susan Carter as the
company's liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise, Qld 4217
          Website: http://www.worrells.net.au


SKYDIVE QUEENSLAND: Appoints Bettles and Carter as Liquidators
--------------------------------------------------------------
During a general meeting held on October 10, 2008, the members of
Skydive Queensland Pty Ltd appointed Jason Bettles and
Susan Carter as the company's liquidators.

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise, Qld 4217
          Website: http://www.worrells.net.au


WIMMOUNT PTY: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on October 17, 2008, the members of
Wimmount Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          Terry John Rose
          David Michael Stimpson
          c/o SV Partners
          Website: http://www.svpartners.com.au


WYNSOM PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on October 8, 2008, the members of
Wynsom Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidators are:

          John Park
          Kelly Trenfield
          KordaMentha (Qld)
          22 Market Street
          Brisbane QLD 4000



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

AGILE PROPERTY: Aetos Dispute Won't Affect Moody's 'Ba3' Rating
---------------------------------------------------------------
Moody's Investors Service sees no immediate rating impact for
Agile Property Holding Limited's Ba3 corporate family and senior
unsecured bond ratings following the company's announcement that
it has entered into a dispute with Aetos Capital Asia in relation
to a transaction involving the sale of Agile's 25% equity interest
in the Huizhou Bailuhu project to Aetos.

Aetos has also demanded a refund of the deposit of RMB1.2 billion
plus accrued interest.

"While a potential refund will weaken Agile's liquidity, the
company's estimated cash holding of around RMB4.36 billion as of
December 2008 -- including restricted cash of about
RMB1.36 billion set aside for the Huizhou project -- and continued
access to bank funds should partly temper the impact," says Kaven
Tsang, Moody's lead analyst for Agile.

"The dispute may also delay the progress of the project, but the
impact is considered not significant given it represents only
around 7% of Agile's total land bank," adds Tsang.

"Further, Agile's estimated contracted sales of around
RMB11 billion in 2008 and the projected debt/capitalization ratio
of around 45% is considered appropriate for its Ba3 rating."
comments Tsang

Moody's last rating action occurred on July 4, 2008, when Agile's
ratings were affirmed with a stable outlook.

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high-end segment.  It
has a land bank with gross floor area (GFA) of around 29 million
sqm.


BOE TECH: Says 2008 Net Loss May Reach CNY700 Mil. to CNY1 Bil.
---------------------------------------------------------------
BOE Technology Group Co. Ltd said its 2008 net loss is projected
to be at CNY700 million to CNY1 billion due to weak demand for
electronic products, China Daily reports.

Citing a company statement filed with Shenzhen Stock Exchange,
China Daily relates that much of the losses were incurred in the
second half of 2008 due to low market demand for TFT-LCD and lower
prices.

BOE Technology, China Daily notes, reported a net profit of
CNY690.9 million in 2007.

The company will release its 2008 financial results on April 21.

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

                          *     *     *

The company currently holds Xinhua Far East China Ratings' CC
issuer credit rating.


CHINA EASTERN: Gets CNY10 Bil. Credit Line from Shanghai Pudong
---------------------------------------------------------------
China Eastern Airlines Corp has received a CNY10 billion ($1.46
billion) credit line from Shanghai Pudong Development Bank Co.,
China Daily reports citing Xinhua News Agency.

The airline, the report recalls, also obtained CNY10 billion
credit line from Bank of Communications Co. in December.

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

                          *     *     *

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


GALAXY CASINO: Moody's Downgrades Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured debt rating of Galaxy Casino S.A. to
B3 from B1.  The outlook for both ratings is negative.  This
concludes the rating review initiated on November 21, 2008.

"The downgrade reflects Moody's expectation that Galaxy's credit
profile will remain weak in the near-to-medium term due to lower
than expected cash flow generation in the context of a tough
gaming market and delayed opening of the Galaxy Macau Resort
(formerly known as Cotai Mega Resort) to 2010," says Kaven Tsang,
Moody's lead analyst for Galaxy.

"There is a high likelihood of further delay in the opening of the
Resort given the uncertain market environment and if Galaxy cannot
replenish the liquidity applied for buying back its US$ bond in
the next 12 months.  As a result, the company will have increased
funding needs arising from the further delay to service its
projected capex and scheduled debt repayment in the medium term,"
says Tsang.

"However, the tightened global credit environment will add
material uncertainty to Galaxy's fund raising activities in the
near-to-medium term," adds Tsang.

"Despite the buyback of bond, Galaxy's debt burden will remain
high relative to its cash flow generation capacity in the near-to-
medium term. Estimated Debt/EBITDA (including the zero interest
subordinated loan from parent company with no definite repayment
date) above 10x and EBITDA interest coverage around 1.5x in the
next 2 years will position the company at the low B rating level,"
adds Tsang.

The negative outlook reflects Moody's concerns that Galaxy's
credit and liquidity profiles could weaken further if 1)
performances of the existing casinos deteriorates due to weakened
market position or deepening of the Macau gaming market downturn;
2) opening of the Galaxy Macau Resort is further postponed, and/or
3) the tight credit and financing environments restrain Galaxy's
funding abilities in the near-to-medium term.

Galaxy's ratings will come under further downward pressure if the
company's operating and financial profile deteriorates further
such that EBITDA interest coverage drops below 1-1.2x.  Inability
of Galaxy to raise new financing through debt and/or equity to
service its projected capex and scheduled debt repayment in the
next 2 years that in turn stresses its liquidity will also
pressure the ratings.

The ratings are unlikely to be upgraded given the negative
outlook. However, the outlook could revert to stable if Galaxy 1)
demonstrates abilities in raising additional financing to service
its projected capex and debt repayment needs in the next 2 years,
and 2) the Galaxy Macau Resort commences operation and realizes
its business plan, such that EBITDA interest coverage approaches
2x and Debt/EBITDA drops below 8-9x on a sustained basis.

Moody's last rating action on Galaxy was taken on November 21,
2008, when Galaxy's ratings were put on review for possible
downgrade.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Waldo
Casino, the group's first casino operation.  Since then, the
company has opened four other casinos in Macau, with the flagship
StarWorld facility opening in October 2006.  In addition, Galaxy
is constructing a large resort in Macau which is expected to open
in 2010.


* CHINA: Coface Puts Country Rating Under Negative Watch
--------------------------------------------------------
Credit rating agency Coface places China and Russia under negative
watch.

"The credit crisis is now affecting two major emerging countries -
Russia and China - despite the comfortable macro-economic and
financial situation they had been enjoying over the recent years,"
explains François David, Coface Chairman.  "However, companies in
these two countries were showing signs of strong vulnerabilities -
already pinpointed by Coface - heightened by the current
slowdown."

Coface forecasts 7% growth for China in 2009.  The Coface survey
on Chinese company payment behavior, conducted over the last 6
years, has enabled to spotlight the effects of excessive
competition on the private sector's contracting profit margins.
In this context showing evidence of micro-economic vulnerability,
the turndown in growth will result in an increase of payment
defaults on the part of Chinese companies.  China's A3 rating has
therefore just been placed on negative watch.  As for Hong Kong
and Taiwan, they have been downgraded to A2.

For Russia, Coface forecasts growth of 2.5% in 2009.  Coface
business-to-business payment experience in Russia deteriorated in
2008, mainly due to persistent deficiencies in corporate
governance, these problems already taken into account in Russia's
B rating.  The country is now severely affected by the crisis
(drop in credit, fall in oil prices).  Russian companies' foreign
debt rose by 140% since 2005, which should generate further
payment default, hence why Russia's rating has been placed on
negative watch.

On a worldwide level, Coface discloses, the growth differential
anticipated is now 3.1 GDP points from 2007 to 2009.  It was only
2.5 points between 2000 and 2001 during the previous credit crisis
due to the collapse of the Internet bubble.  This slacking of
growth explains the rise of over 50% in the Coface payment default
index between 2007 and 2008.  Coface forecasts that the credit
crisis will only end when the year 2009 comes to a close.

                A Credit Crisis Now Similar in
              Extent to those of the 80s and 90s

According to Coface, the credit crisis which started at the
beginning of 2008 seems to have taken a new dimension in the
fourth quarter when businesses in countries that had managed to
hold out so far (such as Germany) are, in turn, being affected.
Given the new global growth forecast of 0.9% for 2009, this crisis
resembles those of the early 1980s and 1990s if we consider the
growth drop.  The slowdown in growth from 2007 to 2009 should be
3.1 points – just as from 1979 to 1982, and from 1989 to 1991.
Nonetheless, it is below that of the 1st oil shock.

For the year 2008, Coface registered an increase of 47% in its
payment default index with a speeding up during the fourth
quarter.

The global country risk overview presented during the 13th Country
Risk Conference, Coface states, emphasizes how the credit crisis
has spread since it started in January 2008 in the United States,
then reaching the other so-called "bubble" countries (the United
Kingdom, Spain, Ireland, etc.).  No area seems to be spared any
longer.  The industrialized countries close to the epicentre of
the crisis, then the countries with no speculative bubbles but
sustaining flat growth (Italy, France, Germany, Japan, etc.) have,
in turn, been affected in addition to the fragile emerging
countries (South Africa, Viet Nam, etc.).

Note: Coface country rating does not concern Sovereign Debt, but
indicates the average level of risk presented by corporates on
their short term commercial transactions.

Coface is a subsidiary of Natixis whose share capital (Tier 1) was
11.7 billion euros end December 2007.  It employs 7,000 staff in
65 countries, serving over 45% of the world's 500 largest
corporate groups.



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

ABACIA LIMITED ET AL: Members' General Meeting Set for February 6
-----------------------------------------------------------------
A final general meetings will be held on Feb. 6, 2009, at Room
1001, 10th Floor of Double Building, 22 Stanley Street, in
Central, Hong Kong, for the members of:

   -- Abacia Limited at 9:30 a.m.;
   -- Bauhinia Blakeana Limited at 10:00 a.m.;
   -- Fineway Investments Limited at 10:30 a.m.; and
   -- K F & C L Company Limited at 11:00 a.m.

At the meeting, Leung Shiu Nam, the companies' liquidator, will
give a report on the wind-up proceedings and property disposal for
the companies mentioned.


BELTON COMPONENTS ET AL: Hing Steps Down as Liquidator
------------------------------------------------------
On December 15, 2008, Chan Wai Hing stepped down as liquidator of:

   -- Belton Components Limited; and
   -- Belton Industrial (International) Limited.

The companies' former Liquidator can be reached at:

          Chan Wai Hing
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


CHINA CENTURY: Members' General Meeting Set for February 10
-----------------------------------------------------------
The members of China Century Investments Limited will hold their
general meeting on February 10, 2009, at 10:00 a.m., at Room 1701-
2, 17th Floor of ING Tower, 308 Des Voeux Road, in Central,
Hong Kong.

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


CHINA FAIR: Members' General Meeting Set for February 10
--------------------------------------------------------
The members of China Fair Investments Limited will hold their
general meeting on February 10, 2009, at 10:00 a.m., at Room 1701-
2, 17th Floor of ING Tower, 308 Des Voeux Road, in Central,
Hong Kong.

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


CLEAR LAKE ET AL: Blaauw and Osborn Step Down as Liquidators
------------------------------------------------------------
On December 22, 2008, Jan G.W. Blaauw and Donald Edward Osborn
stepped down as liquidators of:

   -- Clear Lake Group Limited;
   -- Eaglefame Investments Limited; and
   -- Li & Fung Development Limited.

The company's former Liquidators can be reached at:

          Jan G.W. Blaauw
          Donald Edward Osborn
          Prince's Building, 22nd Floor
          Central, Hong Kong


DFE LIMITED: Members' General Meeting Set for February 2
--------------------------------------------------------
The members of DFE Limited will hold their general meeting on
February 2, 2009, at 10:00 a.m., at Unit 1411 of Lippo Sun Plaza,
28 Canton Road, in Tsimshatsui, Kowloon.

At the meeting, So Chin Pang and Tong Sik Hei, Godfrey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ENVIRONMENTAL MANAGEMENT ET AL: Members' Meeting Set for Feb. 3
---------------------------------------------------------------
A final general meetings will be held on Feb. 3, 2009, at 1904
Hong Kong Club Building, 3A Chater Road, in Central, Hong Kong,
for the members of:

   -- Environmental Management Limited; and
   -- MWH Hong Kong Limited.

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


GIBB, LIVINGSTON ET AL: Commence Liquidation Proceedings
--------------------------------------------------------
On December 19, 2008, a special resolution was passed to
voluntarily wind up the operations of:

   -- Gibb, Livingston & Company Limited;
   -- Global Future Enterprises (H.K.) Limited;
   -- J.P. Pacific Limited; and
   -- Sonny Company Limited.

The companies' liquidators are:

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


JACSON INVESTMENTS: Members' General Meeting Set for February 10
----------------------------------------------------------------
The members of Jacson Investments Limited will hold their general
meeting on February 10, 2009, at 10:00 a.m., at Room 1701-2, 17th
Floor of ING Tower, 308 Des Voeux Road, in Central,  Hong Kong.

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


MAXTIME MARINE: Members and Creditors to Hold Meeting on Feb. 4
----------------------------------------------------------------
The members and creditors of Maxtime Marine Products Limited will
meet on February 4, 2009, at 2:30 p.m and 3:00 p.m., respectively,
at Unit 102, 1st Floor of Hong Kong Trade Centre, 161-167 Des
Voeux Road Central, Hong Kong.

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


MFI RETAIL: Creditors Hold Meeting
----------------------------------
The creditors of MFI Retail Asia Limited met on Jan. 9, 2009, and
discussed the matter set out in Sections 241, 242, 243, 244,
251(1)(a), 255A(2) and 283 of the Companies Ordinance.


NORSTAR FOUNDERS: Incurs US$5.7 Mil. Loss on Currency Bets
----------------------------------------------------------
Norstar Founders Group Ltd incurred a loss of at least HK$44
million (US$5.7 million) on wrong-way currency bets after the yen
strengthened 32 percent against the Australian dollar in the
fourth quarter and 35 percent against the New Zealand dollar, Neil
Denslow at Bloomberg News reports.

The report says the company had agreed to forward contracts where
it paid banks in yen with reference to movements in the two
currencies against the Japanese one.

Norstar said it is in talks with banks to restructure the foreign
exchange contracts, the report discloses.

                          Frozen Assets

Bloomberg News relates Norstar's company bank accounts and other
assets were frozen by the People's High Court of Shanghai after
Shanghai Industrial Investment (Group) Co sought to recover
advance payments, related fees and interest totaling 326.6 million
yuan.

According to Bloomberg News, from 2000 to June 2008, Shanghai
Industrial helped
Norstar export auto-parts.  Norstar agreed to repay funds it
received from its former partner in monthly installments up to the
end of this year.  Shanghai Industrial then claimed it is entitled
to immediate repayment of the entire sum if Norstar defaults on
any payment.  The parts-maker however said that Shanghai
Industrial is indebted to the company without elaboration.

The two sides are in negotiations on a possible settlement, the
report says.

                        Share Trading Halt

Norstar, according to Bloomberg News, halted trading of its shares
pending an announcement in relation to price sensitive
information.

The company tumbled 22 percent to 73 cents before the suspension,
cutting its market value to US$118 million, the news agency says.

                          About Norstar

Norstar Founders Group Limited (HKG:2339) --
http://www.norstar.com.hk/-- is an investment holding company,
which operates primarily through its principal subsidiaries and an
associate.  The company's subsidiaries include Fullitech
International Limited, Norstar Automobile Industrial Holding
Limited (Norstar Holding), Norstar Automotive and Norstar Auto
Suspension.  Fullitech International Limited is engage din
investment holding in Hong Kong.  Norstar Holding is engaged in
investment holding, marketing, trading and distribution of auto
parts and construction decorative hardware products in Hong Kong.
Norstar Automotive is engaged in the manufacturing and sale of
auto parts and construction decorative hardware products in the
People's Republic of China.  Norstar Auto Suspension is engaged in
the provision of design, development and sales of auto suspension
system in the People's Republic of China.  Profound Global
Limited, Norstar's associate, is engaged in manufacturing and
distribution of metal hardware products.


ORIENT ET AL: Creditors & Contributories to Meet on February 5
--------------------------------------------------------------
A meeting will be held on February 5, 2009, at the office of Grant
Thornton, 6th Floor of Sunning Plaza, 10 Hysan Avenue, in Causeway
Bay, Hong Kong, for the creditors and contributories of:

           -- Orient Networks (HK) Limited; and
           -- Orient Telecommunication Networks (HK) Limited.

At the meeting, Alison Wong Lee Fung Ying and Alan C W Tang, the
companies' liquidators, will give a report on the company's wind-
up proceedings and property disposal.


PLANET PETS: Placed Under Voluntary Liquidation
-----------------------------------------------
Planet Pets (HK) Limited commenced liquidation proceedings on
December 24, 2008.

The company's liquidators are:

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


RIL TAIWAN: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on December 19, 2008, the
members of Ril Taiwan Services Limited resolved to voluntarily
liquidate the company's business.

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


UNI-ARTS (HONG KONG): Creditors Hold Meeting
--------------------------------------------
The creditors of Uni-Arts (Hong Kong) Limited met on Jan. 13,
2009, and discussed the matter set out in Sections 241, 242, 243,
244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.



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

RADIUS CORP: CRISIL Rates Rs.50MM Cash Credit Limits at 'B+'
------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Radius Corporation Ltd (Radius Corporation).

   Rs.50 Million Cash Credit Limits   B+/Stable (Assigned)
   Rs.90 Million Term Loans*          B+/Stable (Assigned)

   *Out of this, Rs.60 million is proposed

The rating reflects Radius Corporation's limited financial
flexibility due to its small scale of operations, and its exposure
to risks relating to implementation of its pearl cultivation
project.  Radius Corporation is undertaking project of pearl
cultivation, which is backward integrated.  Though the backward
integrated activities are expected to generate some revenue from
next year, the main project is expected to get completed only over
the next 2 years.  These weaknesses are mitigated by the
integrated nature of Radius Corporation's operations.

Outlook: Stable

CRISIL believes that Radius Corporation's financial risk profile
will continue to be constrained until its natural coloured pearl
(NCP) jewelery unit starts generating cash accruals.  The outlook
may be revised to 'Positive' if the company generates sustainable
cash accruals, resulting in improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company faces significant delays in commissioning the NCP
unit, thereby impacting its cash accruals.

                     About  Radius Corporation

Established in 1985 as a partnership concern, Radius Corporation
was converted into a limited company and renamed Kailash
Engineering Co Ltd in 1997.  It got its present name in 2004.  The
company has executed several water supply projects, including
those for intake wells, over-flow barrages, and radial collector
wells.  Radius Corporation was assigned the Borai Industrial
Centre Water Supply Project on a build, own, operate, and transfer
(BOOT) basis. It promoted Radius Water Ltd, a special-purpose
vehicle, to implement the project

In order to diversify its product profile, Radius Corporation
implemented a project to manufacture NCP jewelery.  To achieve
backward integration in its operations, the company also undertook
fishing, plantation, and organic compost manure activities.

For 2007-08 (refers to financial year, April 1 to March 31),
Radius Corporation reported a net loss of Rs.0.8 million on net
sales of Rs.38 million, as against a profit after tax of Rs.0.3
million on net sales of Rs.33 million in the previous year.


PENVER PRODUCTS: CRISIL Puts 'B' Rating on Rs.26MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Penver Products Pvt Ltd (Penver).

   Rs.26.0 Million Long Term Loan            B/Stable (Assigned)
   Rs.63.0 Million Packing Credit Limits     P4 (Assigned)
   Rs.110.0 Million Bill Discounting Limits  P4 (Assigned)

The ratings reflect Penver's stretched financial risk profile,
marked by high gearing and weak debt protection measures, and
exposure to risks inherent to the seafood exports industry.
However, these rating weaknesses are partially offset by the
benefits that Penver derives from its promoters' vast experience
in the seafood exports business.

Outlook: Stable

CRISIL believes that Penver will maintain a stable business risk
profile on the back of established relationships with customers.
The financial risk profile may remain leveraged over the medium
term on account of large working capital requirements.  The
outlook may be revised to 'Positive' if the company scales up
operations substantially, leading to better-than-expected cash
accruals and financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if Penver undertakes large, debt-funded
capital expenditure, leading to deterioration in capital
structure, or if its volumes or margins decline considerably,
resulting in a weak financial risk profile.

                         About Penver

Established in 1997 as a partnership firm by Mr. Philips Thomas
and Mr. Papachan Francis, Penver converted to a private limited
company in 1998.  At present, Mr. Philips Thomas and Mr. Vinod
Kumar are the company's directors.  The company exports sea food
such as shrimps, cuttlefish, squid, tuna and octopus.  For 2007-08
(refers to financial year, April 1 to March 31), Penver reported a
profit after tax (PAT) of Rs.5.7 million on net sales of Rs.388.4
million, as against a PAT of Rs.3.5 million on net sales of
Rs.357.7 million for 2006-07.



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

TELEKOM INDONESIA: Close to Signing Satellite Deal with Reshetnev
-----------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk is close to signing a deal with
Information Satellite Systems ("Reshetnev"), a Russian firm,  on a
third satellite project, called Telkom 3, Jakarta Post reports
citing Indra M. Utoyo, Telkom's IT director.  The two companies
are still discussing the final terms of the contract.

According to the report, Reshetnev had won the tender, beating the
US-based firm Orbital Sciences Corp, to build and launch the
Telkom 3 satellite in mid-2011, at an undisclosed cost of less
than US$200 million.

Telkom had previously estimated that the satellite would cost
between US$150 million and US$200 million, so the contract should
be well within its original target, the report said.

The new satellite, which will have 18 transponders, will replace
the Telkom 2 satellite and be used for the TelkomVision pay TV
service, data and Internet transmissions, and applications for
earth observation, The Post relates.

The Post noted that the final value of the contract excludes
insurance premiums, which Mr. Indra said were between 11 percent
to 16 percent of the satellite's value, "depending on the world's
satellite situation when the insurance contract is signed."

Rinaldi Firmansyah, Telkom's president director, as cited by The
Post, said around 40 percent of the satellite's cost would be
financed internally, with the rest from external sources, which he
did not name.

Citing the Russian Federal Space Agency, The Post reported that
the satellite will be based on the new medium-class Ekspress-1000N
platform and have 32 C-band transponders and 10 Ku-band
transponders.  It will weigh 1,600 kilograms, have an output of
5.6 kilowatts, a service life of 15 years, and should be
manufactured and placed into orbit by 2011.

Telkom hopes the new satellite will contribute around 5 percent to
the company's annual revenues, the report adds.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.

The TCR–AP also reported on October 17, 2008, that Standard &
Poor's Ratings Services affirmed the 'BB+' long-term corporate
credit rating on PT Telekomunikasi Indonesia Tbk. (Telkom) with a
stable outlook before withdrawing the rating at the company's
request.



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

DTC THREE: S&P Keeps BB Rating on Class E of DTC Notes on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on DTC
Three Funding Ltd.'s apartment mortgage-backed pass-through notes,
classes A to E, and DTC Eight Funding Ltd.'s pass-through secured
notes, classes A to E, would remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on Oct. 16,
2008, reflecting S&P's anticipation of possible shortfalls in
liquidity in the absence of advancing agents for the two
transactions.  At the same time, Standard & Poor's affirmed its
'AAA' rating on DTC3's class X notes and its 'BBB' rating on
DTC8's class N notes, because the ratings do not address the full
and timely payment of interest on those notes.  The ratings on the
notes that remain on CreditWatch address the ultimate repayment of
principal by the respective legal final maturity dates of the
transactions, and the full and timely payment of interest.

Lehman Brothers Japan Inc. had served as the advancing agent for
the two transactions before it filed for bankruptcy protection
with the Tokyo District Court on Sept. 16, 2008.  Eligible
advancing agents were not appointed within 30 days of the
advancing agent replacement triggers, as required by the
transaction contracts.

The various transaction parties have continued to work on
selecting replacement advancing agents, with specific candidates
being named.  In resolving the CreditWatch placements and deciding
on any future rating actions, Standard & Poor's will assess how
new advancing agents are being selected, as well as the
availability of liquidity support in light of the transactions'
current liquidity levels.

The CreditWatch placements are not tied to the performance of the
underlying assets of the transactions. Instead, they are based on
issues related to the aforementioned availability of liquidity
support, including the selection of new advancing agents.  At this
point, the performance of the underlying apartment loans is not a
major focal point of S&P's rating analysis.

The notes subject to the CreditWatch update are ultimately secured
by a pool of apartment loans originated by Lehman Brothers
Commercial Mortgage KK (whose previous name was New Century
Finance Co. Ltd.).  The loans were granted to fund the
construction costs and miscellaneous expenses of newly constructed
apartment buildings built and managed by Daito Trust Construction
Co. Ltd.

               Ratings Kept On Creditwatch Negative

                      DTC Three Funding Ltd.
                    Apartment loan backed RMBS

    Class    Rating           Initial Amount     Coupon Type
    -----    ------           --------------     -----------
    A-1      AAA/Watch Neg    JPY8,220 mil.      Floating rate
    A-2      AAA/Watch Neg    JPY5,610 mil.      Floating rate
    B        AA/Watch Neg     JPY870 mil.        Floating rate
    C        A/Watch Neg      JPY540 mil.        Floating rate
    D        BBB/Watch Neg    JPY690 mil.        Floating rate
    E        BB/Watch Neg     JPY776 mil.        Floating rate

* Class F, which has an initial issuance amount of JPY606 million,
is not rated.

                      DTC Eight Funding Ltd.
                 Structured secured notes due 2038

    Class    Rating           Initial Amount       Coupon Type
    -----    ------           --------------       -----------
    A         AAA/Watch Neg    JPY35,000 mil.      Floating rate
    B         AA/Watch Neg     JPY1,780 mil.       Floating rate
    C         A/Watch Neg      JPY1,620 mil.       Floating rate
    D         BBB/Watch Neg    JPY1,210 mil.       Floating rate
    E         BB/Watch Neg     JPY240 mil.         Floating rate

*Class F, which has an initial issuance amount of JPY482 million,
is not rated.

                         Ratings Affirmed

                      DTC Three Funding Ltd.
                    Apartment loan backed RMBS

                 Class     Rating    Coupon Type
                 -----     ------    -----------
                 X-IO*     AAA       Floating rate

                  * Class X is interest only.

                      DTC Eight Funding Ltd.
                Structured secured notes due 2038

         Class   Rating   Initial Amount      Coupon Type
         -----   ------   --------------      -----------
         N       BBB      JPY3,900 mil.       Fixed rate


ORIX-NRL TRUST: Moody's Reviews Ratings for Possible Downgrades
---------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of the Class C through I trust certificates
of ORIX-NRL Trust 15.  The final maturity of the certificates will
take place in June 2014.

  -- Class C, A2 placed under review for possible downgrade; A2
     assigned September 4, 2007

  -- Class D, Baa2 placed under review for possible downgrade;
     Baa2 assigned September 4, 2007

  -- Class E, Baa3 placed under review for possible downgrade;
     Baa3 assigned September 4, 2007

  -- Class F, Ba1 placed under review for possible downgrade;
     Ba1 assigned September 4, 2007

  -- Class G, Ba2 placed under review for possible downgrade;
     Ba2 assigned September 4, 2007

  -- Class H, Ba3 placed under review for possible downgrade;
     Ba3 assigned September 4, 2007

  -- Class I, B1 placed under review for possible downgrade;
     B1 assigned September 4, 2007

ORIX-NRL Trust 15, effected in September 2007, represents the
securitization of seven non-recourse loans and three specified
bonds backed by real estate portfolios.  None of the non-recourse
loans or the specified bonds has been paid in full.

The rating actions are based on the fact that one of the loans
became subject to special servicing on January 5, 2009, due to the
commencement of a relevant party's formal insolvency proceedings.
The actions also reflect growing concerns about the collateral
recovery of the real estate portfolio.

Moody's will closely monitor the collecting process of the loan in
special servicing, as well as the collateral recovery of the
remaining loans and specified bonds, to decide whether the rating
agency will confirm or downgrade the ratings.

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


PISCES FINANCE: Moody's Downgrades Ratings on Notes to 'C'
----------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of credit-linked notes issued by Pisces Finance Limited.  This
note is a synthetic CDO that references primarily global corporate
entities.

The rating action reflects the credit event of a reference entity,
the Tribune Company.  The loss amount has been determined by the
fixed recovery rate.  On October 9, 2008, Moody's had downgraded
the rating of the notes to Ca from Ba2, because of the credit
events of Fannie Mae, Freddie Mac, Lehman Brothers, and Washington
Mutual.  This note has been fully written down following the
Tribune Company's credit event.

Moody's initially analyzed this transaction using primarily the
methodology and its supplements for corporate synthetic CDOs as
described in Moody's Special Reports:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

The rating action is:

Pisces Finance Limited:

(1) Series 2005-1 JPY 5,000,000,000 Credit-Linked Notes due 2010

  -- Current Rating: C

  -- Prior Rating: Ca

  -- Prior Rating Action Date: 9 October 2008, downgraded to Ca
     from Ba2

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


SES CO: Enters Bankruptcy With US$158.4 Million Debt
----------------------------------------------------
S.E.S. Co Ltd has filed for bankruptcy protection with JPY14.27
billion (US$158.4 million) in liabilities, Reuters reports.

The report says S.E.S has been hurt by sliding orders and tight
credit lines as memory chip makers slashed or even froze spending.
According to the report, global spending on semiconductor
equipment is expected to have fallen almost 30 percent in 2008.

"Profit recovery was not in sight, and there was a risk that funds
would dry up by the end of February," S.E.S. said in a release
obtained by Reuters.

According to Reuters, in the six months to September 2008, S.E.S
posted a JPY3.2 billion net loss, while its assets dwindled to
JPY7.1 billion.

S.E.S. said it will receive support from South Korean partner and
liquid crystal display equipment maker Zeus Co Ltd and an unnamed
Japanese trading firm, Reuters relates.

Headquartered in Tokyo, Japan, S.E.S Co. Ltd. is engaged in the
manufacture and sale of semiconductor manufacturing equipment and
solar battery manufacturing equipment.  Through its subsidiaries,
the company is also engaged in the sale, maintenance and repair of
products in Taiwan and China markets, as well as the manpower
dispatching business.  The company has four subsidiaries.



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

HANKOOK TIRE: Posts KRW46.7BB Net Loss in Qtr Ending Dec. 31, 2008
------------------------------------------------------------------
Hankook Tire Co. Ltd. incurred a net loss in the fourth quarter
ending Dec. 31, 2008, due to rising prices of raw materials and
the local currency's weakness against the U.S. dollar, Yonhap News
Agency reports.

The company, the new agency relates, lost KRW46.7 billion (US$34.2
million) in the three months ended Dec. 31, 2008, compared with a
profit of KRW10.3 billion for the same period in 2007.

Citing Hankok in a regulatory filing, the report notes the
company's operating profit during the quarter dropped 26.3 percent
to KRW35.7 billion while sales rose 14.9 percent to KRW691.3
billion.

Yonhap News discloses that for the year ending Dec. 31, 2008, the
company's net profit dropped 80 percent to KRW32.4 billion, while
sales rose 17.4 percent to KRW2.64 trillion.

Hankook Tire Co., Ltd. -- http://www.hankooktire.com -- a Korean
manufacturer of tires.  The Company produces and distributes tire
products such as racing and passenger car radial tires, light- and
heavy-duty truck radial tires and bus radial tires under the brand
names of HANKOOK, VENTUS, XQ OPTIMO and BLACK BIRD.  In addition,
the Company provides tire tubes, wheels, automotive batteries,
pads and other products.  It also provides original equipment
manufacturing (OEM) services to international clients, such as
Michelin.  The Company has five regional headquarters, nine sales
offices, 12 subsidiaries and five research and development (R&D)
centers in the world.


HYUNDAI MOTOR: Faces Union Strike; Two Vice-Chair Resign
--------------------------------------------------------
Hyundai Motor Co.'s union executives resolved to strike at their
emergency meeting Monday, January 19, tradingmarkets.com reports
citing Yonhap News Agency.

Some 400 of 496 union executives, who adopted the resolution,
tradingmarkets.com relates, blasted the management for failing to
implement two daytime shifts at Hyundai's Jeonju factory in
January.

According to tradingmarkets.com, the decision will not immediately
lead to a strike, as a 10-day arbitration by the local labor
commission and a vote by the workers are needed first.

tradingmarkets.com recalls that Hyundai management and union last
year agreed on a trial operation of the shift system at the Jeonju
factory, but the management said it cannot be implemented because
of reduced production.

Separately, Reuters reports that two Hyundai vice chairmen had
resigned from its position.

Choi Jae-kook, a vice chairman for sales and planning, as well as
Suh Byung-kee, another vice chairman for quality assurance, gave
up their positions but were subsequently appointed advisors to the
firm, Reuters disclose citing Hyundai Motor.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


===========
K U W A I T
===========

* KUWAIT: Arab States Incur US$2.5 Trillion Losses in Four Months
-----------------------------------------------------------------
The global economic crisis has cost Arab countries US$2,500
billion (GBP1,690 billion) in the last four months, BBC News
reports citing Kuwait's foreign minister Sheikh Mohammed al-Sabah.

BBC News relates Mr. al-Sabah told reporters in Kuwait City that
oil-rich Gulf Arab states had postponed or cancelled 60% of
development projects.

According to BBC News, stock market falls and a low oil price have
contributed to the losses.

Citing AFP news agency, BBC News says, the biggest loss was an
estimated 40% drop in the value of Arab investments abroad, which
had previously totalled around US$2.5 trillion.



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

BIG SKY: Commences Liquidation Proceedings
------------------------------------------
Big Sky Developments Ltd. commenced liquidation proceedings on
December 1, 2008.

The company's liquidators are:

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


COMMERCIAL ALUMINIUM: Appoints Heath and Hayward as Liquidators
---------------------------------------------------------------
Arron Leslie Heath and Lloyd James Hayward were appointed as joint
and several liquidators of Commercial Aluminium Ltd. on Dec. 1,
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 Liquidators can be reached at:

          Arron Leslie Heath
          Lloyd James Hayward
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


CREATIVE EDGE: Court to Hear Wind-Up Petition on February 9
-----------------------------------------------------------
A petition to have Creative Edge Auckland Ltd.'s operations wound
up will be heard before the High Court at Whangarei on Feb. 9,
2009, at 10:00 a.m.

GEON Limited filed the petition against the company on Nov. 17,
2008.

GEON Limited's solicitor is:

          J. G. Krebs
          Langley Twigg Solicitors
          66 West Quay, Napier
          Facsimile: (06) 835 3712


CRISP CHOICE: Enters Wind-Up Proceedings
----------------------------------------
On November 30, 2008, the shareholders of Crisp Choice Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Digby John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          Telephone: (09) 918 3690
          Facsimile: (09) 918 3691


HARGREAVES ET AL: Creditors' Proofs of Debt Due on March 1
----------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed March 1,
2009, as the last day to file proofs of debt for the creditors of:

   -- Hargreaves Properties Ltd; and
   -- MVS Limousines Limited.

The Liquidators can be reached at:

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


IT MANIACS: Court to Hear Wind-Up Petition on Jan. 22
-----------------------------------------------------
A petition to have IT Maniacs Ltd.'s operations wound up will be
heard before the High Court at Auckland on Jan. 22, 2009, at
11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 1, 2008.

The CIR's solicitor is:

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


MATTOID INTERNATIONAL: Court to Hear Wind-Up Petition on Jan. 22
----------------------------------------------------------------
A petition to have Mattoid International Ltd.'s operations wound
up will be heard before the High Court at Auckland on Jan. 22,
2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on September 1, 2008.

The CIR's solicitor is:

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


NATHANS FINANCE: Investors Face Significant Shortfall on Returns
----------------------------------------------------------------
Investors in Nathans Finance NZ Ltd may face significant shortfall
of money coming back to it from parent company VTL Group, The New
Zealand Herald reports citing receivers Colin McCloy and Anthony
Boswell of PricewaterhouseCoopers.

According to the Herald, the receivers released on Monday, January
19, their first report on VTL Group after being appointed as
receivers on November 5, 2008.

VTL Group, the report says, owed it's subsidiary Nathans NZ$112
million when Nathans went into receivership in August 2007.

The receivers have been trying to sell VTL's assets in a bid to
pay back investors owed over NZ$170 million by Nathans Finance,
the Herald adds.

                  About Nathans Finance and VTL

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a subsidiary of VTL
Group Limited, which has declared itself insolvent.  Trading in
VTL Group Limited shares is currently suspended.  VTL Group
Limited owns a number of vending machine related businesses
which operate in New Zealand, Australia, North America and
Europe.


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

Body Corporate No. 370404 filed the petition against the company
on October 31, 2008.


ROCKHAVEN INDUSTRIES: Commences Liquidation Proceedings
-------------------------------------------------------
Rockhaven Industries Ltd. commenced liquidation proceedings on
December 8, 2008.

The company's liquidators are:

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


TROUBLE RUBBLE: Appoints Crichton and Horne as Liquidators
----------------------------------------------------------
On December 1, 2008, the High Court appointed David Donald
Crichton and Keiran Anne Horne as the liquidators of Trouble
Rubble Ltd.

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

The Liquidators can be reached at:

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


* NEW ZEALAND: Consumers Price Index Fell 0.5% in Dec. 2008 Qtr.
----------------------------------------------------------------
The Consumers Price Index (CPI) decreased 0.5 percent in the
December 2008 quarter, Statistics New Zealand said.  Lower petrol
prices (down 22.4 percent) made the largest individual
contribution.  If petrol and diesel prices had remained unchanged
from the September 2008 quarter, the CPI would have increased 0.9
percent.

The food group (up 1.5 percent) made a significant upward
contribution to the CPI in the December 2008 quarter, driven by
higher prices for meat, poultry and fish (up 6.3 percent) and
grocery food (up 2.6 percent).

The housing and household utilities (up 0.6 percent) and
recreation and culture (up 1.5 percent) groups also made
significant upward contributions, driven by overseas package
holidays (up 7.5 percent) and electricity (up 2.0 percent).
Prices for the purchase of new housing (down 0.2 percent) fell for
the first time since the March 1999 quarter.

The CPI increased 3.4 percent for the year to the December 2008
quarter.  The food group (up 9.4 percent) accounted for half the
increase, driven by grocery food prices (up 11.2 percent).  The
housing and household utilities group (up 4.3 percent), with
higher prices for electricity (up 7.7 percent), also made a
significant contribution.  Petrol prices fell 4.8 percent over the
year.



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

LEGACY GROUP: PDIC to Outsource Deposit Claims Processing
---------------------------------------------------------
Eileen A. Mencias at the Manila Standard Today reports that the
Philippine Deposit Insurance Corp. (PDIC) has shortlisted five
external auditors to help in the processing of deposit claims from
the 15 rural banks associated with the Legacy group of companies
closed by the central bank in December.

According to the report, PDIC president Jose Nograles said the
company had asked SGV, Punongbayan and Araullo, Manabat, KPMG, and
Isla Lipana to submit proposals for the processing of the deposit
claims.

"We're outsourcing the validation of claims to fast-track the
processing of deposit claims.  We're hoping to choose one or two
within the week or by early next week.  Hopefully we can start
paying out claims before Valentines' day for the 15 banks," Manila
Standard quoted Mr. Nograles as saying.

Nograles said the banks had 135,000 combined deposit accounts in
50 different locations against insured amounts of PHP14.4 billion,
Manila Standard relates.

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.


LEGACY GROUP: Three Pre-need Companies Cease Operations
-------------------------------------------------------
The Securities and Exchange Commission (SEC) disclosed that three
pre-need companies under the Legacy group have unilaterally ceased
operations without obtaining approval from the Commission.

In a notice to the public, the SEC urged planholders of Legacy
Consolidated Plans Inc., Scholarship Plan Philippines Inc. and All
Asia Plans Corp., to file by March 31, 2009, their sworn
complaints with the Non-Traditional Securities and Instruments
Department of the Commission.

The SEC has also asked planholders to provide information on their
present and complete mailing addresses and contact numbers
together with a copy of their plan contract, certificate of full
payment and other relevant supporting documents.

The SEC stated that under the new rules on the registration and
sale of pre-need plans under Section 16 of the Securities
Regulation Code, the three pre-need companies are required to
establish a trust fund for each type of plan to enable them to
deliver promised benefits to the planholders.  The trust funds are
managed and controlled by the trustees, which could be a trust
department of a trust company, bank or investment house in the
Philippines having a trust license from the Bangko Sentral ng
Pilipinas.

The trustees are required to exercise due diligence in the
performance of their duties and responsibilities in order to
protect the interests of the planholders, the SEC added.

The commission said it has taken all the necessary actions under
the circumstances to ensure the preservation of the existing trust
funds of the said pre-need companies so that their proceeds can be
used to pay only the claims of legitimate planholders.

Doris Dumlao at the Philippine Daily Inquirer reports that Legacy
Consolidated, Inc., and some of its affiliates have filed for
corporate dissolution with the SEC last December 20, because of
insolvency.

As of October last year, the report relates, the claims against
Legacy Consolidated amounted to PHP1.06 billion, including all
contractual liabilities, whether due or not yet due.

SEC sources estimate that as of end-October, the trust fund
deficiency of Legacy Consolidated was about PHP20 million, the
report says.

Consolidated Plans Inc. is a pre-need company, offering pension,
education and memorial plans.  Legacy Consolidated was organized
in February 2003 out of a merger of Legacy Scholarship Pension
Plans, Inc. (1988) and Consolidated Plans, Inc. (1989). The union
resulted to a company with a paid-up capital of PHP198 million and
a trust fund asset of PHP557 Million servicing more than 100,000
clients.

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



===============
T H A I L A N D
===============

THAI AIRWAYS: Seeks US$545 Million Lifeline from Government
-----------------------------------------------------------
Thai Airways International Pcl is asking the government for
emergency funds to resolve a cash shortage after being hit by last
year's surge in fuel prices, the global economic slowdown and the
recent shutdowns of Bangkok airports, various reports say.

The nation's largest airline needs 19 billion baht (US$545
million) in loans from state-owned banks, Reuters says.

Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reports that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.

The news sent Thai Airways's shares down to a 16-year low in
Bangkok trading on January 19.  According to data compiled by
Bloomberg, the carrier slipped as much as 5.8 percent to 6.50 baht
as of 10:37 a.m. on January 19, the lowest intraday price since
July 1992.  The stock, the news agency said, has fallen 80 percent
in the past year.

"We have problems with cash flow because we lost 19 billion baht
in cash during the closures of airports," acting President
Narongsak Sangapong told Reuters.  "So we need that amount (19
billion baht) to support our cash flow."

Bloomberg News relates Thai Airways expects its first loss in 45
years in 2008 after anti-government protesters shut down Bangkok's
main airport for eight days from Nov. 25, stranding about 400,000
travelers during Thailand's peak tourism season.

According to Reuters, the majority state-owned carrier reported a
net loss of 6.61 billion baht in the first nine months, and
analysts expect a full-year loss of 8.8 billion baht against a
1.84 billion baht profit in 2007.

The airline is in the process of drafting a restructuring plan,
which it hoped to put to its board for approval in February,
Reuters cited one board member as saying
without giving details.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***