TCRAP_Public/090126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, January 26, 2009, Vol. 12, No. 17

                            Headlines

A U S T R A L I A

ACN 003 875 ET AL: Members and Creditors Receive Wind-Up Report
BABCOCK & BROWN: Revised Biz Plan Leaves No Value for Shareholders
BEAVER COMPUTING: Members and Creditors Hear Wind-Up Report
CONFERENCE SOLUTIONS: Members Receive Wind-Up Report
DA ROWLEY: Declares First and Final Dividend

DALMENY BOWLING ET AL: Members Receive Wind-Up Report
D.J. WALKER: Members Receive Wind-Up Report
FOREST PARK: Members Hear Wind-Up Report
EZYDVD: Franchise Entertainment Buys Firm for AU$10 Mln.
GRANT SPRINGS: Members Receive Wind-Up Report

HI-CLASS SERVICES: Court Hears Wind-Up Petition
JIM WILLIAMS: Members Receive Wind-Up Report
MALOUHI INVESTMENTS: Declares First and Final Dividend
OLD THALABA: Members Receive Wind-Up Report
OZ MINERALS: Secures AU$140 Million Bridging Facility

PACIFIC SHEEPSKINS: Declares First and Final Dividend
REEDY CREEK: Members Receive Wind-Up Report
RIO TINTO: Cuts Jobs at its Aluminium Unit
VALLANCE ELECTRICS: Placed Under Voluntary Liquidation
WESFARMERS: To Raise AU$2.8 Bil. To Reduce Debt


C H I N A

OKAY AIRWAYS: Resumes Passenger Service
SINOPEC CORP: Sees Over 50% Decline in 2008 Net Profit
YILI GROUP: Milk Scandal Leads Firm Into the Red in 2008


H O N G  K O N G

AMERICAN INT'L: Selling Asian Unit to Pay Down Debt
AMI INSURANCE: Placed Under Voluntary Liquidation
DUTY FREE: Placed Under Voluntary Liquidation
GOME ELECTRICAL: Holds Preliminary Talks on Possible Stake Sale
HARLITON LIMITED: Placed Under Voluntary Liquidation

IDS LIMITED: Appoints Lau and Yan as Liquidators
INFORMATION TECHNOLOGY: Appoints Lo Yau Tak as Liquidator
LANANG INVESTMENTS: Members and Creditors to Meet on February 9
MAX BILLION: Creditors' Proofs of Debt Due on February 10
SUMIDA CORPORATE: Appoints Chui Chi Yun, Robert as Liquidator

WATERWARE (ASIA): Appoints Kwong Chi Choi Oliver as Liquidator
YUE KING: Creditors' Proofs of Debt Due on January 29


I N D I A

SATYAM COMPUTER: Founder Used Fictitious Names to Siphon Funds


J A P A N

JAPAN AIRLINES: Asks Staff to Take Unpaid Leave
PACIFIC HOLDINGS: JCR Retains Ratings Direction at "Developing"
* JAPAN: Central Bank Warns Two Years of Negative Growth


M A L A Y S I A

TRIPLC BERHAD: Earns MYR1.30 Mln in Quarter Ended November 30


N E W  Z E A L A N D

ANYTIME ENGINEERING ET AL: Commence Liquidation Proceedings
ARGAND OPERATIONS: Court Hears Wind-Up Petition
CAPE HOUSING: Creditors' Proofs of Debt Due Today
CHERRY INVESTMENT: Court Hears Wind-Up Petition
DEGAN CONSTRUCTION: Court Hears Wind-Up Petition

DESIGNER HAIRCARE: Commences Liquidation Proceedings
E F R LTD: Court Hears Wind-Up Petition
FLETCHER BUILDING: Raises NZ$100 Million
GREENWORLD TOURS: Court Hears Wind-Up Petition
INFRATIL LIMITED: Secures Debt Re-extension

INNOVATIVE IT: Court to Hear Wind-Up Petition on January 30
MAGNA DEVELOPMENTS: Appoints Mark David Stevens as Liquidator
MAINLAND SALES: Appoints Crichton and Horne as Liquidators
NORTHCREST DEVELOPMENTS: Court to Hear Wind-Up Petition on Jan. 28
PROPERTYFINANCE: Plans to Merge with Subsidiary

RELSON LTD: Appoints Downes and Simpson as Liquidators
TNJ HOLDINGS ET AL: Appoint Brown and Neilson as Liquidators
TRALOCK LTD: Court Hears Wind-Up Petition


S I N G A P O R E

AVERI DRAYCOTT: Creditors' Proofs of Debt Due on February 19
HARK INTERNATIONAL: Creditors' Proofs of Debt Due on January 30
INTERNATIONAL MARINE: Court to Hear Wind-Up Petition on January 30
LABONE SINGAPORE: Court to Hear Wind-Up Petition on January 30
PANDATEL ASIA: Creditors' Proofs of Debt Due on February 16

SAI CHIEU: Creditors' Proofs of Debt Due on February 27
* SINGAPORE: US$13.7 Bln Stimulus Aimed to Save Companies and Jobs


X X X X X X X X

* Emerging Markets May See Rise in Corporate Loan Defaults


                         - - - - -


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

ACN 003 875 ET AL: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------------
On November 27, 2008, Paul G. Weston presented the wind-up report
and property disposal to the members and creditors of these
companies:

   -- ACN 003 875 778 Pty Ltd;
   -- Sangir Holdings Pty Limited; and
   -- Jenoa Plastics Industries Pty Limited.

The Liquidator can be reached at:

          Paul G. Weston
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone: (02) 9322 7000


BABCOCK & BROWN: Revised Biz Plan Leaves No Value for Shareholders
------------------------------------------------------------------
Babcock & Brown Limited said there will be no value left for its
shareholders under the revised business plan, as discussions with
its banking syndicate continue.

In a regulatory filing with the Australian Securities Exchange
(ASX), the company said "the Board believes that in the
current market environment and based on continuing discussions
with the banking syndicate there will be no value for equity
holders under the revised business plan and balance sheet
restructure of Babcock & Brown International Pty Ltd."

Babcock & Brown also said there would be negligible or no value
for holders of the company's subordinated notes.

The company said it now expects to make an announcement regarding
the outcome of discussions this week or the week beginning
February 2.

As reported by Troubled Company Reporter-Asia Pacific on Jan. 8,
2009, Babcock & Brown disclosed that following progress on the
asset impairment review process for its 2008 full year accounts,
the company believed asset impairment charges will be such that it
will be in a substantial negative net asset position at Dec. 31,
2008.

Babcock said this position encompasses the reclassification of
'non-core' assets on the balance sheet as 'available for sale'.
The impairment process is subject to finalization and audit review
which will not be completed until closer to the scheduled release
of the company's results currently expected on February 26, 2009.

Babcock reiterated it is in discussion with its banking syndicate
regarding a debt for equity swap or equivalent restructuring to
stabilize the long term capital structure of the Group.  Any debt
for equity swap or similar arrangement will be designed to allow
Babcock & Brown to continue operating its business and sell assets
with a view to reducing its overall levels of debt.  Any such
capital restructure is expected to significantly dilute existing
shareholders, negatively impacting the value of equity.

The TCR-AP reported on Jan. 13, 2009, citing the Heraldsun,
Babcock & Brown shares have been in a trading halt since Jan. 7
after it submitted its revised business plan to the 25-bank
syndicate of financiers.

Heraldsun related that under a complex deal negotiated over the
weekend, Babcock would be able to continue trading as a going
concern with the banks taking on equity in the company.

Five Australian banks - NAB, Westpac, Suncorp, ANZ and
Commonwealth -  have lent about $700 million to B&B, while 20
foreign banks including the Royal Bank of Scotland collectively
have $2 billion at risk, the Heraldsun noted.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


BEAVER COMPUTING: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of Beaver Computing Pty Limited met on
Dec. 8, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Schon G. Condon
          c/o Condon Associates
          Telephone: (02) 9893 9499


CONFERENCE SOLUTIONS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Conference Solutions Pty Ltd met on Dec. 4, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

Anthony Grieves is the company's liquidator.


DA ROWLEY: Declares First and Final Dividend
--------------------------------------------
DA Rowley Pty Ltd, which is in liquidation, declared the first and
final dividend on December 2, 2008.

Only creditors who were able to file their proofs of debt by
November 25, 2008, were included in the company's dividend
distribution.


DALMENY BOWLING ET AL: Members Receive Wind-Up Report
-----------------------------------------------------
On December 9, 2008, the members of Dalmeny Bowling Club Limited
and Jubilee Pastoral Company Pty Limited  met and heard the
liquidator's report on the companies' wind-up proceedings and
property disposal.

The companies' liquidator is:

          M. E. Slaven
          c/o Kazar Slaven
          GPO Box 138
          Canberra City ACT 2601


D.J. WALKER: Members Receive Wind-Up Report
-------------------------------------------
The members of D.J. Walker Investments Pty Ltd met on November 26,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Anthony L. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


FOREST PARK: Members Hear Wind-Up Report
----------------------------------------
The members of Forest Park Riding School Pty Ltd met on Dec. 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

Anthony Grieves is the company's liquidator.


EZYDVD: Franchise Entertainment Buys Firm for AU$10 Mln.
--------------------------------------------------------
Franchise Entertainment Group ("FEG"), operator of Blockbuster and
Video Ezy chains in Australasia, has bought DVD retailer EzyDVD
for approximately AU$10 million, various reports say.

According to The Independent Weekly, corporate recovery specialist
Ferrier Hodgson said the sale involved the EzyDVD brand, the
online business and the franchise network along with stock and
equipment and 11 company-owned stores.

Various reports said the company's head office in Adelaide,
warehouse and distribution facility in South Australia will close
within three months, with the loss of around 30 jobs.

Franchise Entertainment Group, The Australian discloses, runs 800
franchise stores in Australia and 200 in New Zealand with revenues
of more than AU$600 million in the existing business.  The group
operates another 400 stores throughout Indonesia, Thailand,
Malaysia and Singapore.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2008, Digital Media said EzyDVD has gone into
receivership.  Ferrier Hodgson has been appointed receiver and
manager of the company.

Ferrier Hodgson partner David Kidman, Digital Media related,
confirmed that the company had been struggling through a retail
sales slump, which was compounded by a significant debt burden and
substantial operating losses in 2007 and 2008.

Based in Adelaide, Australia, EzyDVD -- http://www.ezydvd.com.au/
-- is an online entertainment retailer.  It operates 58 retail
outlets, which includes 26 company-owned stores and 32 franchised
outlets.  The company employs 70 full-time staff in South
Australia and about 150 casual employees nationally.


GRANT SPRINGS: Members Receive Wind-Up Report
---------------------------------------------
The members of Grant Springs Pty Ltd met on November 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony L. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


HI-CLASS SERVICES: Court Hears Wind-Up Petition
-----------------------------------------------
A petition to have Hi-Class Services Pty Ltd's operations wound up
was heard before the Supreme Court at  Canberra on Nov. 24, 2008.

Paragon Printers Australasia Pty Ltd filed the petition against
the company on November 24, 2008.


JIM WILLIAMS: Members Receive Wind-Up Report
--------------------------------------------
The members of Jim Williams Pty Ltd met on November 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony L. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


MALOUHI INVESTMENTS: Declares First and Final Dividend
-----------------------------------------------------
Malouhi Investments Pty Limited, which is in liquidation, declared
the first and final dividend on December 2, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2008, were included in the company's dividend
distribution.


OLD THALABA: Members Receive Wind-Up Report
-------------------------------------------
The members of Old Thalaba Pty Ltd met on November 24, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony L. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


OZ MINERALS: Secures AU$140 Million Bridging Facility
-----------------------------------------------------
OZ Minerals Limited disclosed that it has secured a bridging
finance facility of up to AU$140 million, to be provided by all of
its "Facility A" lenders.  All documentation to enable the company
to draw down under this facility has been executed and the company
expects to have access to funds under the facility as from Tuesday
January 27, 2009.  As at close of business on January 21, the
company's cash balance was AU$122.1 million.

Proceeds from the bridging facility are principally available to
be used to cover expected short-term cash requirements in respect
of the company's operations and projects at Golden Grove,
Prominent Hill and Martabe, OZ Minerals said in a statement.

"While copper and zinc prices have recovered by around 16% and 8%
respectively from their recent lows in December, prices are still
well below the levels at the end of September", said Andrew
Michelmore, Managing Director and CEO of OZ Minerals.  "In this
environment, our ability to access this bridging finance facility
provides the company with sure access to the short-term funding it
needs whilst we finalize the refinancing of debt facilities."

The bridging facility will terminate on February 27, 2009, and is
repayable by that date.  As previously disclosed, OZ Minerals said
it is working to achieve a refinancing of its debt facilities by
February 27, 2009, with the agreement of its lenders and, in that
context, is actively pursuing both an asset sale program and other
initiatives.

"We are not yet in a position to announce any firm outcomes in
respect of asset sales or other initiatives as these matters are
still incomplete and subject to on-going confidential
negotiations, but we have been delighted with the level of
interest expressed in most of our assets and with progress to
date",said Andrew Michelmore.  "It is never possible to forecast
definitive dates in circumstances such as these, but we are
confident that we will be able to inform the market of tangible
progress in this regard in the future."

Separately, OZ Minerals has granted security as agreed over
certain of its Australian assets to Societe Generale, the lender
under Facility C, and has agreed a timetable with Societe Generale
for the provision of further security over certain of the
company's overseas assets by January 30, 2009.

"The last few months have been extremely testing for OZ Minerals,
our shareholders, our employees and our suppliers", said Andrew
Michelmore, "and without their support, the situation would have
been much more difficult for us to manage.

"We have had to take some very tough decisions to enable us to get
to this point but, as we have said on other occasions, we will do
everything we sensibly can to ensure that the company gets through
this very difficult period and resumes trading on the ASX.

"The Board is extremely grateful to those who have continued to
support the company and I look forward to being able to make
further announcements regarding progress towards refinancing our
balance sheet in the near future," concluded Andrew Michelmore.

                         About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by The Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PACIFIC SHEEPSKINS: Declares First and Final Dividend
-----------------------------------------------------
Pacific Sheepskins Pty Limited, which is in liquidation, declared
the first and final dividend on December 18, 2008.

Only creditors who were able to file their proofs of debt by
Dec. 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          D. I. Mansfield
          Moore Stephens
          460 Church Street, Level 6
          Parramatta NSW 2150


REEDY CREEK: Members Receive Wind-Up Report
-------------------------------------------
The members of Reedy Creek Pastoral Co Pty Ltd met on November 24,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Anthony L. Long
          c/o Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580


RIO TINTO: Cuts Jobs at its Aluminium Unit
------------------------------------------
Rio Tinto Alcan, which is one of five product groups operated by
Rio Tinto, plans to implement further production curtailments to
align production with customer demand.  Further to curtailments
which occurred in the fourth quarter of 2008, totaling five per
cent of global production, Rio Tinto Alcan plans to reduce
aluminium output by another 230,000 tonnes.  This brings the total
production decrease to 450,000 tonnes or approximately 11 per cent
of its total annualized aluminium capacity.

In a statement, Rio Tinto Alcan discloses that there will also be
a cost saving program across all Rio Tinto Alcan regions.  This is
part of the global cost reduction programme announced by Rio Tinto
in December 2008 as part of a series of Group wide initiatives
aimed at reducing debt, conserving cash and preserving shareholder
value.

"Our goal is to align production with customer demand and reduce
our operating costs as much as possible.  Increasing efficiency
throughout our operations and streamlining our organization will
be crucial to achieving our objectives and preserving value for
shareholders," said Dick Evans, chief executive, Rio Tinto Alcan.
"We are taking steps towards optimising our world class portfolio
of low cost, long life assets, the majority of which are in the
lowest half of the industry cost curve."

As recently announced, Jacynthe Cote, who on February 1, 2009,
will become chief executive of Rio Tinto Alcan, is in the process
of carrying out a full review of Rio Tinto Alcan's organizational
structure and operating strategy in light of the current economic
context.  The review will be complete in early February.

Rio Tinto Alcan said it is taking steps to optimize its portfolio
of assets to maximize cash preservation and strengthen the overall
position of the business.  Rio Tinto Alcan is also reviewing
expenditures and reorganizing operations at higher cost
facilities.

Plans are in place to reduce the workforce by approximately 1,100
roles (300 contractors and 800 employee roles).  In addition,
substantial cost reduction programs are being implemented across
all Rio Tinto Alcan facilities.

"We realize that the measures we're announcing today will have
serious impacts on our employees and local communities. The global
economic downturn has meant that we must make difficult but
necessary choices for our organization, and we will make sure that
those affected are treated with fairness and respect," said
Jacynthe Cote, president and chief executive officer, Primary
Metal, Rio Tinto Alcan.  "We will continue to honour our
commitments to employees, customers, governments, communities, and
other key stakeholders."

Rio Tinto Alcan will continue discussions with all relevant
stakeholders to assist affected employees through various support
programs and in full compliance with the relevant Individual and
Collective Labour Agreements.

                   Beauharnois Smelter Closure

The Beauharnois smelter in Quebec, Canada, which was commissioned
in 1943 and employs 220 people, will cease smelting operations by
the end of the second quarter 2009.  The shutdown of its 52,000
tonnes of annual production will be completed safely in a
controlled and gradual manner.  The smelter uses Soderberg
technology, which is to be phased out of all Quebec aluminium
smelters by 2015 in accordance with environmental regulations.

Rio Tinto Alcan's regional industrial development team will
continue working with local stakeholders to support sustainable
future industrial development and investigate business options for
the facility, which could include continued casting activities.
Aluminium production curtailments

In 2008, Rio Tinto Alcan began a series of production curtailments
at the Dunkerque (France), Lochaber (United Kingdom), Lynemouth
(United Kingdom), and Saint-Jean-de-Maurienne (France) smelters
and at its SORAL (Norway) joint venture.  Further production
curtailments will be progressively implemented at Saint-Jean-de-
Maurienne.

Gradual aluminium production curtailments will also be implemented
at selected smelters in the Rio Tinto Alcan network by temporarily
not relining pots that come to the end of their useful life.
Bauxite and Alumina production curtailments

The Vaudreuil refinery in Canada will curtail its production of
alumina by 25 per cent or approximately 400,000 tonnes. Similarly,
as a result of current European market conditions for non-
metallurgical grade alumina, Rio Tinto Alcan will curtail
production at the Gardanne refinery in France by 15 per cent or
approximately 105,000 tonnes.  These production curtailments will
result in a six per cent reduction of global annual capacity.

          Other Measures Affecting Production Capacity

Also included in the total 11 per cent reduction in aluminium
production capacity are:

   -- Reduced capacity at Tiwai Point (New Zealand) due to
      equipment failure.

   -- Reduced production due to energy supply issues at
      Alucam (Cameroon).

   -- The expected sale of Rio Tinto Alcan's 50 per cent
      interest in an aluminium smelter in the Ningxia
      province of China.

   -- As recently announced, due to unsuccessful power
      negotiations, the anticipated ending of smelting
      operations at Anglesey Aluminium Metal at the end
      of September 2009 when its current power contract
      expires.

Furthermore, the Centre de produits cathodiques in Jonquiere,
Quebec, Canada will reduce its carbon operations by 50 per cent
and one of the seven anode baking furnaces at Aluchemie in the
Netherlands will be shut down.

                      Debt Reduction Plan

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

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

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

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

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

                        About Rio Tinto

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

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


VALLANCE ELECTRICS: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Vallance Electrics Pty. Ltd. met on Oct. 13, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Peter Hillig
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta NSW 2150


WESFARMERS: To Raise AU$2.8 Bil. To Reduce Debt
-----------------------------------------------
Anthony Marx at the Heraldsun reported that Wesfarmers Limited
will raise AU$2.8 billion through a share sale to help reduce debt
tied to its acquisition of Coles Group Ltd.

Wesfarmers, the report said, hopes to generate AU$1.9 billion in a
three-for-seven entitlement offer to institutions priced at
AU$13.50 a share.  Another AU$900 million will be sold to Colonial
First State and American mutual fund Capital Research at AU$14.25
a share.

According the the Heraldsun, the company has already moved to
reduce the acquisition debt burden, raising AU$2.5 billion in a
rights issue at AU$29 a share last year.

The company needs to refinance AU$2.3 billion of debt this year
and AU$5 billion next year, the report noted.

Wesfarmers Limited (ASX:WES) -- http://www.wesfarmers.com.au/--
operates through a portfolio of diversified businesses focused in
Australia.  Wesfarmers' portfolio of businesses includes retail
operations covering supermarkets, general merchandise and
speciality department stores, fuel and liquor outlets and home
improvement and office supplies; coal mining; gas processing and
distribution; electricity generation; insurance; chemicals and
fertilizers, and industrial and safety product distribution.  The
company's other interests include forest products, which
manufactures products to service the wholesale timber market in
Australia; property, which acquires and builds properties suitable
for retail property development and investment; investment
banking, which provides financial advisory and investment
management services, and private equity investment, which are
closed-end private equity funds targeting larger size private
equity transactions in the areas of management buy-outs, expansion
capital and corporate restructuring.



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

OKAY AIRWAYS: Resumes Passenger Service
---------------------------------------
Okay Airways resumed passenger service on Saturday, Jan. 24, after
it has received approval from the Civil Aviation Administration of
China (CAAC), Yang Zhen at China Daily reports citing Beijing
Business Today.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 19, 2009, Shanghai Daily said Okay Airways sought approval
from China's aviation authorities to resume passenger services
after suspending the airline's operations since December 6.

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

Reuters disclosed that Juneyao's chairman, Wang Junjin, was quoted
by China Business as saying that Okay Airways needed to increase
profitability and make a turnaround in passenger services in the
face of the global financial crisis.

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


SINOPEC CORP: Sees Over 50% Decline in 2008 Net Profit
------------------------------------------------------
China Petroleum and Chemical Corp. (Sinopec) expects to post
an over 50 percent decline in net profit for 2008 due to a heavy
refining loss, People's Daily Online reports citing Sinopec.

Sinopec, the report relates, attributed the sharp decline to a
huge refining loss caused by the widening gap between the state-
set refined oil prices on the domestic market and surging crude
oil prices on the global market in the first half of last year.

According to the report, the company said the declining prices and
market demand of petrochemical products in the second half also
contributed to the net profit drop.

The company reported a net profit of CNY54.95 billion(US$8
billion) in 2007, the Daily Online says.

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

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

                          *     *     *

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

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


YILI GROUP: Milk Scandal Leads Firm Into the Red in 2008
--------------------------------------------------------
Ding Qingfen at China Daily reported Friday that Inner Mongolia
Yili Industrial Group Co., Ltd. (Yili Group), China's largest
dairy producer by sales revenue, said it expects to fall into the
red in 2008 resulting from the tainted milk scandal.

Citing Yili Group's statement, China Daily says 2008 results were
depressed by sharply declining sales and the high cost on product
promotions to restore consumers' confidence battered by the
scandal.

According to the report, US investment bank Morgan Stanley has
predicted Yili's loss in 2008 could amount to as much as CNY2.3
billion (US$336 million).  The company, China Daily notes, did not
specify its loss in 2008.

Headquartered in Hohhot, Inner Mongolia Autonomous Region, the
People's Republic of China, Inner Mongolia Yili Industrial Group
Co., Ltd (Yili Group) is principally engaged in the manufacture of
dairy products and mixed feed products.  The company offers liquid
milk, milk powder, yoghourt and ice cream.  During the year ended
Dec. 31, 2007, the company obtained approximately 97% of its total
revenue from its dairy products.  As of Dec. 31, 2007, the company
had eight major subsidiaries/associates.



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

AMERICAN INT'L: Selling Asian Unit to Pay Down Debt
---------------------------------------------------
American International Group Inc ("AIG") has started the sale
process of its Asian life assurance unit, American International
Assurance Co. ("AIA"), by sending sales memorandum with limited
information to a group of selected potential bidders, The
Financial Times reports citing people close to the situation.

AIA last year made an aggregate operating profit of about US$2
billion, according to the newspaper.

AIG, the FT relates, expects to raise up to US$20 billion from the
sale to help repay the US$60 billion loan it received from the US
government to keep it afloat.

According to the report, prospective bidders include: China Life;
HSBC; Prudential as well as Prudential Financial of the US.
ManuLife Financial and Allianz of Germany have also requested
information, the FT notes.

Citing people close to the situation, the report discloses AIG had
asked interested parties to bid for 49 per cent of AIA, but said
it would be willing to look at offers for all of the unit.  First-
round bids are due towards the end of next month, the report says.

                          About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on Sept. 8, 2008, to $4.76
on Sept. 15, 2008.  On that date, AIG's long-term debt ratings
were downgraded by Standard & Poor's, a division of The McGraw-
Hill Companies, Inc., Moody's Investors Service and Fitch Ratings,
which triggered additional requirements for liquidity.  These and
other events severely limited AIG's access to debt and equity
markets.

On Sept. 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had $1.022 trillion in total consolidated
assets and $950.9 billion in total debts.  Shareholders' equity
was $71.18 billion, including the addition of $23 billion of
consideration received for preferred stock not yet issued.


AMI INSURANCE: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on December 30, 2008, the
members of Ami Insurance Brokers Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Poon Ching Wah
          Bank Centre, Room 902, 9th Floor
          636 Nathan Road
          Kowloon, Hong Kong


DUTY FREE: Placed Under Voluntary Liquidation
---------------------------------------------
On December 30, 2008, the shareholders of Duty Free Corners
Limited resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Chan Cheuk Ying
          Lee Cho Yiu Julia
          New Henry House, Suite 1, 8th Floor
          10 Ice House Street
          Central, Hong Kong


GOME ELECTRICAL: Holds Preliminary Talks on Possible Stake Sale
---------------------------------------------------------------
GOME Electrical Appliances Holding Ltd said it is in talks for a
possible stake sale, Bloomberg News reports.

Tong Zhao of Brunswick Group LLC, hired by Gome to handle public
relations, told Bloomberg News the company has been approached by
interested parties however, those meetings "are very preliminary."

The company's founder, Mr. Wong Kwong Yu (aka Huang Guangyu), is
under investigation by the Beijing Municipal Public Security
Bureau in connection with certain suspected economic crime.  He
has resigned from the company's board and ceased to be the
chairman of the group but remains the retailer's biggest
shareholder with 34 percent stake, according to data compiled by
Bloomberg.

On October 6, GOME's Board noted the decrease in price of the
shares of the company and confirmed there were no negotiations or
agreements relating to intended acquisitions or realizations.

According to Bloomberg News, Reuters said Gome may sell shares to
private equity investors including an investment arm of Morgan
Stanley.

The report relates Southern Metropolis Daily reported earlier this
month the electronics retailer may sell shares to Haier Group,
Hisense Group and Sichuan Changhong Electric Co.

Citing sources with direct knowledge of the situation, The
International Herald Tribune reports an investment arm of Morgan
Stanley, Warburg Pincus, Hopu Investment Management and Bain
Capital are among the firms that held talks with Gome.

According to the IHT, Warburg Pincus and Morgan Stanley are both
current shareholders of Gome, while Hopu is a US$2.5 billion fund
run by a leading Chinese deal maker, Fang Fenglei, who is also a
partner of Goldman Sachs's China investment banking joint venture.

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.

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.


HARLITON LIMITED: Placed Under Voluntary Liquidation
----------------------------------------------------
On December 31, 2008, the sole member of Harliton Limited passed a
resolution to voluntarily liquidate the company's business.

The company's liquidators are:

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


IDS LIMITED: Appoints Lau and Yan as Liquidators
------------------------------------------------
At an extraordinary general meeting held on December 29, 2008, the
members of IDS Limited appointed Lau Po Ming, Peter and Yan Sze
Wai, Gary as the company's liquidators.

The Liquidators can be reached at:

          Lau Po Ming, Peter
          Yan Sze Wai, Gary
          Room 201, 2nd Floor, Tower
          625 Nathan Road
          Mongkok, Kowloon
          Hong Kong


INFORMATION TECHNOLOGY: Appoints Lo Yau Tak as Liquidator
---------------------------------------------------------
On December 31, 2008, a special resolution was passed appointing
Lo Yau Tak as the liquidator of Information Technology
Entrepreneurs Association Limited.

The Liquidator can be reached at:

          Lo Yau tak
          Office Tower, Unit 2103, 21st Floor
          Langham Place
          8 Argyle Street
          Mongkok, Kowloon
          Hong Kong


LANANG INVESTMENTS: Members and Creditors to Meet on February 9
---------------------------------------------------------------
The members and creditors of Lanang Investments Limited will hold
meetings on February 9, 2009, at 3:00 p.m. and 3:30 p.m.,
respectively, at the offices of Baker Tilly Hong Kong, 12th Floor
of China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road,
in Central, Hong Kong.

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


MAX BILLION: Creditors' Proofs of Debt Due on February 10
---------------------------------------------------------
The creditors of Max Billion Finance Limited are required to file
their proofs of debt by February 10, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 31, 2008.

The company's liquidators are:

           James T. Fulton
           Cordelia Tang
           905 Silvercord, Tower 2
           30 Canton Road
           Tsimshatsui, Kowloon
           Hong Kong


SUMIDA CORPORATE: Appoints Chui Chi Yun, Robert as Liquidator
-------------------------------------------------------------
At an extraordinary general meeting held on December 30, 2008, the
members of Sumida Corporate Service Company Limited appointed Chui
Chi Yun, Robert as the company's liquidator.

The Liquidator can be reached at:

          Chui Chi Yun, Robert
          China Resources Building, Room 2109
          26 Harbour Road
          Wanchai, Hong Kong


WATERWARE (ASIA): Appoints Kwong Chi Choi Oliver as Liquidator
--------------------------------------------------------------
The members and creditors of Waterware (Asia) Limited met on
December 19, 2008, and appointed Kwong Chi Choi, Oliver as the
company's liquidator.

The Liquidator can be reached at:

          Kwong Chi Choi, Oliver
          99 Hennessy Road, 11th Floor
          Wanchai, Hong Kong


YUE KING: Creditors' Proofs of Debt Due on January 29
-----------------------------------------------------
The creditors of Yue King Enterprises Limited are required to file
their proofs of debt by January 29, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 29, 2008.

The company's liquidator is:

          Chan Shu Kin
          Chow Chi Tong
          Tung Ning Building, 9th Floor
          249-253 Des Voeux Road Central
          Hong Kong



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

SATYAM COMPUTER: Founder Used Fictitious Names to Siphon Funds
--------------------------------------------------------------
Satyam Computer Services Ltd's former chairman, B Ramalinga Raju,
invented more than one quarter of the company's workforce and used
the fictitious names to siphon Rs200 million (US$4.1 million) a
month out of the company, The Financial Times reports citing
Gangaraj Prasad, the public prosecutor of India's southern Andhra
Pradesh state assigned to investigate on Satyam's case.

Police believed the true size of Satyam's workforce was 40,000
not 53,000 as the company claims, Mr. Prasad told the FT.

Mr. Prasad, the report relates, also alleged that:

   -- evidence of extensive secret business dealings
      between Mr. Raju and a land broker have been
      found;

   -- hundreds of acres of land was bought using
      false accounts; and

   -- police had confirmed that Satyam had forged
      documents from an Indian private sector
      bank, HDFC.

According to the report, the allegations are vastly different from
Mr. Raju's version of events contained in a confession letter he
sent to the board of Satyam two weeks ago.

In that document, the report notes Mr. Raju had confessed to
manipulating Satyam's accounts to inflate its revenue, profits and
operating margins and to inventing a cash balance of more than
US$1 billion.  However, he insisted he did not steal cash from
Satyam and had committed the fraud to cover up a poor quarter some
years ago, after which it had got out of hand, the FT says.

Specifically, Mr. Raju said in the letter that as of September 30,
2008, the company's balance sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees ($1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Moreover, the letter stated that the gap in the balance sheet has
arisen purely on account of inflated profits over the past several
years.

                          About Satyam

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



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

JAPAN AIRLINES: Asks Staff to Take Unpaid Leave
-----------------------------------------------
Bloomberg News reports Japan Airlines Corp asked employees at its
international unit to take unpaid leave for the first time in four
years amid slumping demand for air travel.

Japan Airlines International Co offered cabin attendants, cockpit
crew and ground staff in Japan to apply for one or two months of
unpaid leave starting next month, spokesman Stephen Pearlman told
Bloomberg News in an interview without elaborating how many
employees are affected.

Under the plan, Mr. Pearlman said workers also have the option of
taking a month of leave from March.  The offer is the first since
September 2004, he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Bloomberg News said Japan Airlines's main
international unit plans to eliminate 2,140 jobs to shed costs as
the global recession damps demand for overseas travel.

Mr. Pearlman told Bloomberg News in a interview Japan Airlines
International Co. will cut 13 percent of its staff by the end of
March 2011, reducing the unit's headcount to 14,100 from 16,240 at
the end of last month.  Some jobs will move to other parts of the
company, while 1,640 will be dropped, he said.

The decrease in headcount will also be achieved through attrition,
Mr. Pearlman added, noting workers will not be fired.

According to that report, the airline is shrinking its workforce
and retiring its older, less fuel efficient planes after losing
money in two of the past three years.  The carrier plans to slash
labor costs by a further JPY10 billion (US$109 million) after
shedding JPY52 billion last fiscal year through workforce
reductions and by lowering bonus payments and retirement benefits,
that report related.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan Airlines
Corporation and its wholly owned operating subsidiary, JAL
International Co. Ltd.'s Long-term Issuer Default ratings to
Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational turnaround
and better liquidity.


PACIFIC HOLDINGS: JCR Retains Ratings Direction at "Developing"
---------------------------------------------------------------
Japan Credit Rating Agency Ltd. continues to place Pacific
Holdings' B and B- ratings under Credit Monitor with Developing
direction, changing the direction from Positive to Developing
(#B/Developing and #B-/Developing).  Concerning the CP program,
JCR has affirmed the NJ rating.

Senior debts: #B/Developing

Issues Amount(bn)   Issue Date    Due Date    Coupon   Rating

bonds no. 3 JPY10 Mar. 15, 2007 Mar. 15, 2012 2.94% #B-/Developing

bonds no. 4 JPY7  Feb. 27, 2008 Feb. 26, 2010 3.43% #B-/Developing

Shelf Registration: preliminary #B-/Developing

Maximum: JPY30 billion

Valid: two years effective from March 26, 2007

CP: NJ

Pacific Holdings has changed the release date of its operating
results for the fiscal year ended November 30, 2008, from
January 23 to January 27, 2009 as because it took more time for
the company in consultation with its accountant and won't be able
to meet the scheduled date of closing of books.

The final closing which will be released on January 27 may far
fall short of expectations by JCR, taking into consideration that
the consultation with the accountant is taking more time.

In such case, impact might be extended to support from the
financial institutions and the investment by Chuhaku Japan.

The direction to the Credit Monitor may be raised or lowered
depending on these developments.  Therefore, JCR decided to place
the long-term ratings on the Company under Credit Monitor and to
change the direction to the Credit Monitor to "Developing."


* JAPAN: Central Bank Warns Two Years of Negative Growth
--------------------------------------------------------
Japan's central bank warned the country will experience two years
of negative growth and deflation, The Financial Times reports.

The newspaper quoted Bank of Japan governor Masaaki Shirakawa as
saying "the outlook for the Japanese economy has deteriorated
dramatically and there is a high probability that it will continue
to do so."

According to the report, the central bank now expects the economy
to contract by 1.8 per cent this fiscal year and to decline by 2
per cent in fiscal 2009.  In its previous assessment in October,
the FT recalls the central bank expected growth of 0.1 per cent
this year followed by 0.6 per cent in 2009.

The FT relates to ease the strain on businesses, Japan said it
would buy JPY3,000 billion in commercial paper and would also buy
bonds issued by real estate investment trusts and consider taking
the "highly unusual step" of buying corporate bonds.



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

TRIPLC BERHAD: Earns MYR1.30 Mln in Quarter Ended November 30
-------------------------------------------------------------
Triplc Bhd posted a net profit of MYR1.30 million on MYR64.60
million of revenues in the quarter ended Nov. 30, 2008, as
compared with a net profit of MYR1.07 million on MYR46.80
million of revenues in the same period in 2007.

As of Nov. 30, 2008, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR162.67
million, available to pay current liabilities of MYR206.14
million.

Triplc Bhd's balance sheet as at Nov. 30, also showed total
assets of MYR279.50 million and total liabilities of MYR249.20
million.  Shareholders' equity in the company totaled MYR30.30
million.

                           About TRIPLC

TRIPLC Berhad operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.

On January 5, 2007, the company submitted an application on a
regularization plan to the relevant authorities which was
subsequently rejected by the Securities Commission on May 3, 2007.
The Company's appeal on the SC's decision was also rejected on
October 9, 2008.  Currently, the company submitted an appeal to
Bursa Securities for an extension of time until December 31, 2008,
for TRIPLC to make the necessary applications to the relevant
authorities.



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

ANYTIME ENGINEERING ET AL: Commence Liquidation Proceedings
-----------------------------------------------------------
On November 28, 2008, the official assignee advises the
liquidations of:

   -- Anytime Engineering Limited;
   -- Burton Residential Limited;
   -- Carlisle Developments Limited;
   -- Xtreme Construction Limited;
   -- Corporate Trustees Limited; and
   -- Grahamtown Holdings Limited.

The official assignee can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch Mail Centre,
          Christchurch 8140
          Freephone: 0508 467 658
          Website: http://www.insolvency.govt.nz


ARGAND OPERATIONS: Court Hears Wind-Up Petition
-----------------------------------------------
On January 22, 2008, the High Court at Auckland heard a petition
to have Argand Operations Ltd.'s operations wound up.

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


CAPE HOUSING: Creditors' Proofs of Debt Due Today
-------------------------------------------------
The creditors of Cape Housing Ltd. are required to file their
proofs of debt today, January 26, 2009, to be included in the
company's dividend distribution.

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


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

Auckland City Council filed the petition against the company on
October 6, 2008.


DEGAN CONSTRUCTION: Court Hears Wind-Up Petition
------------------------------------------------
On January 19, 2008, the High Court at Christchurch heard a
petition to have Degan Construction Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 5, 2008.


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

The company's liquidators are:

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


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

The Commissioner of Inland Revenue filed the petition against the
company on October 20, 2008.


FLETCHER BUILDING: Raises NZ$100 Million
----------------------------------------
Fletcher Building Finance Limited said that it has achieved its
target of raising NZ$100 million through the issue of Capital
Notes.  As the initial target of NZ$100 million has been met,
Fletcher Building Finance expects to close the issue on Feb. 5,
2009.

The Capital Notes are being issued in two series May 2014
Capital Notes having an initial election date of approximately
5-1/2 years, and May 2016 Capital Notes, having an initial
election date of approximately 7-1/2 years.  The interest rate
currently being offered is 9.00% in respect of the May 2014
Capital Notes and the May 2016 Capital Notes.

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The operating segments of
the company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on Jan. 20, 2008,
listed these Fletcher Building bonds as distressed:

           Coupon          Maturity              Price
           ------          --------              -----
           9.000%          03/15/10            NZ$43.83
           8.900%          03/15/13            NZ$11.96
           8.900%          03/15/13            NZ$11.95


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

Desmond Henry Trafford and Janice Margaret Trafford filed the
petition against the company on August 18, 2008.

The Petitioners' solicitor is:

          Murray Lawes
          c/o LawesLaw
          304 Hibiscus Coast Highway
          PO Box 220, Orewa
          Telephone: (09) 427 9329
          Facsimile: (09) 427 9359


INFRATIL LIMITED: Secures Debt Re-extension
-------------------------------------------
Infratil Limited said NZ$520 million of its bank facilities have
been extended to the original three year term after completing
regular annual review of one third of its bank facilities with the
bank.

Infratil said the renewal means that the only material debt
maturity or review Infratil and its wholly owned subsidiaries have
to undertake over the next two years is the 2010 review of one
third of the facilities.

At December 31, 2008, Infratil and its wholly owned subsidiaries
had NZ$312 million of undrawn bank facilities and cash on deposit.

Infratil's facilities are provided by ANZ National Bank Limited,
Bank of New Zealand, Commonwealth Bank of Australia, The Hong Kong
and Shangai Banking Corporation Limited and Westpac Banking
Corporation.

                          About Infratil

Wellington, New Zealand-based Infratil Limited --
http://www.infratil.com/-- is an infrastructure investor.  The
company, along with its subsidiaries, operates in four
industries: investment in infrastructure and utility companies,
airport, transportation and energy operations.  The airport
operations comprise the revenue and expenses associated with
Infratil Limited's investments in Wellington International
Airport Limited and Infratil Airports Europe Limited;
transportation comprises the businesses of New Zealand Bus
Limited and New Zealand Bus Finance Limited and subsidiaries,
which was acquired by the company on November 30, 2005, and the
energy operations relate to Victoria Electricity Pty Limited and
Infratil Energy Australia Pty Limited.  On December 5, 2005,
Infratil Limited acquired a 90% interest in Flughafen Lubeck
GmbH (Lubeck Airport).  In December 2006, Alliant Energy Corp.
sold its ownership interest in Alliant Energy New Zealand
Limited to the company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on Jan. 20, 2009,
listed these Infratil Ltd. Bonds as distressed:

           Coupon          Maturity              Price
           ------          --------              -----
           8.250%          05/15/11            NZ$20.19
           8.500%          02/15/20            NZ$ 9.89
           10.180%         12/29/49            NZ$54.00


INNOVATIVE IT: Court to Hear Wind-Up Petition on January 30
-----------------------------------------------------------
A petition to have Innovative IT Solutions Ltd.'s operations wound
up will be heard before the High Court of Auckland on Jan. 30,
2009, at 11:45 a.m.

Ingram Micro (N.Z.) Limited filed the petition against the company
on October 30, 2008.

Ingram Micro'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


MAGNA DEVELOPMENTS: Appoints Mark David Stevens as Liquidator
-------------------------------------------------------------
On December 1, 2008, the shareholders of Magna Developments Ltd.
appointed appointed Mark David Stevens as the company's
liquidator.

Only creditors who were able to file their proofs of debt by
December 20, 2009, will be be included in the company's dividend
distribution.

The Liquidator can be reached at:

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


MAINLAND SALES: Appoints Crichton and Horne as Liquidators
----------------------------------------------------------
On December 1, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Mainland Sales and Marketing 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


NORTHCREST DEVELOPMENTS: Court to Hear Wind-Up Petition on Jan. 28
------------------------------------------------------------------
A petition to have Northcrest Developments Ltd.'s operations wound
up will be heard before the High Court of Auckland on Jan. 28,
2009, at 10:00 a.m.

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


PROPERTYFINANCE: Plans to Merge with Subsidiary
-----------------------------------------------
Propertyfinance Group ("PFG") said it is planning to merge with
its main subsidiary, Propertyfinance Securities Limited (PFSL), to
form a simplified and robust company better able to withstand
continuing changes and challenges in the property and finance
markets.

According to PFG, through the proposed merger, the restructured
company will:

  -- Retain its NZAX listing;

  -- have over 3,500 shareholders;

  -- be debt free; and

  -- be registered as a Portfolio Investment Entity (PIE).

                       Proposal Rationale

The PFG Board said it is of the view that the New Zealand property
markets will continue to be buffeted by falling real values,
materially reduced liquidity and changes in the availability of
mortgage finance, due to both the much smaller number of non-bank
lenders and the tightening of bank lending criteria.

In the last quarter of 2008, PFG noted it became evident that
these market changes will have a much deeper impact than at first
thought and were of a long-term nature.

The PFG Board believes that any hope that property prices or
liquidity would improve in the foreseeable future were misplaced.

In formulating this merger proposal, the PFG Board also concluded
that the restructuring of PFSL in late 2007 needed to be
revisited.

The lower liquidity in the property markets, when combined with
the reduced ability of borrowers to refinance, meant that
customers would be slower repaying their mortgages and in turn
PFSL would not be able to repay its stockholders as quickly as had
been anticipated in 2007.

                            PFG Offer

The merger proposal will be effected by the parent company, PFG,
amalgamating with its subsidiary, PFSL and thereby assuming PFSL's
liability to its holders of secured debenture stock and other
creditors.  PFG would then offer to swap the debenture stock into
PFG ordinary and preference shares.  Concurrently, PFG would make
an offer to its existing redeemable preference shareholders, to
swap their shares into PFG ordinary shares.  PFG's existing
unsecured creditors would be settled either by issuing shares or a
discounted cash settlement, as a pre condition to the merger
proceeding.

The outcome would be that PFSL's secured debenture stock holders
would own approximately 90% of the post-merger PFG and would
forego accrued but unpaid interest.  Before the merger, the PFG
ordinary shares will be consolidated by retaining one share for
every 3.33 shares currently held.  The new ordinary shares will be
issued at a nominal issue price of 50 cents per share.  In total,
PFSL's debenture stockholders would therefore have received a
$0.09 cash payment per $1.00 of debenture stock (already paid
under the existing PFSL restructuring proposal) and would in
addition receive (for each $1.00 of debenture stock) a 1 year
fixed term preference share, equivalent to 11c, with the balance
of 80 cents in PFG ordinary shares.

The result will see the new PFG being debt free with fully paid
tradeable shares listed on the NZAX.  PFG will use its cashflow to
provide regular dividends through the tax efficient PIE frame
work.

                           Best Option

PFG's Managing Director, Mr. Darryl Queen, says there are only two
pathways PFG capital reconstruction and merger or liquidation
and receivership.

In considering the merger proposal, the PFG Board explored the
alternative of liquidating the business.  Given the complex
structure and many years before the customers ultimately repay
their mortgages, the costs of liquidation would be prohibitive and
these would heavily discount likely investor returns.

"The Board sees this capital reconstruction and merger proposal as
the only viable pathway open to the company.  It is clear that
property market conditions are continuing to deteriorate and this
proposal will allow our various stakeholders to protect their
investment while providing a dividend bearing tradeable security",
says Mr. Queen.

The new structure will allow PFG's management to focus on its
customers and in particular borrowers through its securitisation
program.

"It is critical that the Group protects the unique position it has
of having long term low cost funding within its securitisation
program by developing programs to help our borrowers survive these
market changes.  It is in no one's interest to see borrowers
default and have properties fire-sold in this market."

PFG concluded that it is now working on the statutory steps to
hold a meeting of its debenture holders.  For the proposal to
proceed, the company must get a 75% vote in favor.

                    About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


RELSON LTD: Appoints Downes and Simpson as Liquidators
------------------------------------------------------
On December 1, 2008, Timothy Wilson Downes and Richard Grant
Simpson were appointed as liquidators of Relson Ltd.

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

The Liquidators can be reached at:

          Timothy Wilson Downes
          Richard Grant Simpson
          Grant Thornton
          AXA Building, Level 13
          80 The Terrace
          PO Box 10712, Wellington
          Telephone: (04) 474 8500


TNJ HOLDINGS ET AL: Appoint Brown and Neilson as Liquidators
------------------------------------------------------------
On November 28, Kenneth Peter Brown and Robert James Neilson were
appointed as joint and several liquidators of:

   -- TNJ Holdings Ltd.;
   -- Maccan Limited; and
   -- Brno Developments Limited.

The Liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          Rodewald Hart Brown Limited
          PO Box 15660, Tauranga 3144
          Telephone: (07) 571 6280
          Website: http://www.rhb.co.nz


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

The Commissioner of Inland Revenue filed the petition against the
company on October 20, 2008.



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

AVERI DRAYCOTT: Creditors' Proofs of Debt Due on February 19
------------------------------------------------------------
The creditors of Averi Draycott Pte Ltd are required to file their
proofs of debt by February 19, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


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

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


INTERNATIONAL MARINE: Court to Hear Wind-Up Petition on January 30
------------------------------------------------------------------
A petition to have International Marine United Shipmanagement Pte.
Ltd.'s operations wound up will be heard before the High Court of
Singapore on Jan. 30, 2009, at 10:00 a.m.

Iba International (S) Pte Ltd filed the petition against the
company on Jan. 8, 2009.

Iba International's solicitors are:

          M/s Christopher Yap & Co.
          106 International Road
          Singapore 629175


LABONE SINGAPORE: Court to Hear Wind-Up Petition on January 30
--------------------------------------------------------------
A petition to have Labone Singapore Pte Ltd's operations wound up
will be heard before the High Court of Singapore on Jan. 30, 2009,
at 10:00 a.m.

AP Lab Pte Ltd. filed the petition against the company on Jan. 8,
2009.

AP Lab's solicitors are:

          M/s Christopher Yap & Co.
          106 International Road
          Singapore 629175


PANDATEL ASIA: Creditors' Proofs of Debt Due on February 16
-----------------------------------------------------------
The creditors of Pandatel Asia Pacific Pte Ltd are required to
file their proofs of debt by February 16, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Lim Boon Cheng
          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


SAI CHIEU: Creditors' Proofs of Debt Due on February 27
-------------------------------------------------------
The creditors of Sai Chieu Land Investment Pte Limited are
required to file their proofs of debt by February 27, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Heng Yeow Meng
          15 Hoe Chiang
          Road #12-02 Tower Fifteen
          Singapore 089316


* SINGAPORE: US$13.7 Bln Stimulus Aimed to Save Companies and Jobs
------------------------------------------------------------------
Singapore announced Thursday a S$20.5 billion (US$13.74 billion)
stimulus package to help companies and save jobs along with a 1
percentage point cut in corporate tax, Reuters reports.

According to the report, the package, which comes on top of
regular government spending, includes S$5.1 billion on training
and other measures to save jobs and S$5.8 billion to stimulate
bank lending.

The resilience package won't get the country "out of recession"
but "will help avert an even sharper downturn, and more lasting
damage to the economy," Finance Minister Tharman Shanmugaratnam
was quoted by Reuters as saying as he unveiled the 2009/2010
budget.

Minister Tharman, the report relates, said the budget for the
fiscal year ending March 2010 will be Singapore's largest ever at
about 6 per cent of gross domestic product (GDP), before
accounting for transfers.

Reuters says Singapore's economy shrank at an annualized and
seasonally adjusted rate of 16.9 per cent in the fourth quarter
and predicted the economy would shrink as much as 5 per cent this
year.



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

* Emerging Markets May See Rise in Corporate Loan Defaults
----------------------------------------------------------
Emerging markets may experience increase in company debt defaults
as the global recession curbs export revenue, pushes down local
currencies and makes banks reluctant to refinance, Bloomberg News
reports citing Standard Chartered Plc.

"Corporate debt is going to be one of the biggest issues in
emerging markets in the next two years," Bloomberg News quoted
Mohammed "Mo" Grimeh, New York-based head of trading for Standard
Chartered, as saying.  "Some corporates have issued more debt than
they can support."

According to the report, Mr. Grimeh said businesses in Brazil,
India, Mexico, Russia, Kazakhstan and other Eastern European
nations may be most at risk and may "need more support from the
government, central banks and state banks."

Citing data compiled by Commerzbank AG, the report says businesses
across emerging markets have more than US$218 billion of bonds and
syndicated loans coming due in 2009.  Russian companies need to
repay US$54 billion of debt, followed by Mexican issuers with
US$29 billion coming due and Brazilian firms with more than US$24
billion, Bloomberg News notes.  Currencies from all three nations
have also dropped more than 20 percent against the dollar in the
past year, increasing the cost of servicing foreign-currency
obligations, the report states.

The "extremely high" level of corporate debt sales over the past
several years and approaching maturities are "a source of
concern," Mr. Grimeh told Bloomberg News
in an interview.

Bloomberg News relates data compiled by Commerzbank showed
emerging-market companies sold US$119 billion of debt in 2006,
US$95 billion in 2007 and US$38 billion last year.



                         *********

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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