TCRAP_Public/090127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 27, 2009, Vol. 12, No. 18

                            Headlines

A U S T R A L I A

ABC LEARNING: Founder Seeks AU$3.3 Mil. From Receivers
ACN 075 092 232: Placed Under Voluntary Liquidation
AG & JL MAGUIRE: Commences Liquidation Proceedings
ALAN COE: Placed Under Voluntary Liquidation
BOULEVARDE INVESTMENTS: Declares First and Final Dividend

FACE2FACE FUNDRAISING: Appoints Kugel and Warner as Liquidators
KENBROOK PROPERTIES: Members Receive Wind-Up Report
MASLOVARIC ENTERPRISE: Placed Under Voluntary Liquidation
NYCON PROTECTIVE ET AL: Members and Creditors Hear Wind-Up Report
OSMOND AIR: Enters Liquidation Proceedings

PHARMACIA AUSTRALIA ET AL: Declare Final Dividend
ROWAN REEVES: Members Receive Wind-Up Report
STEEL COATINGS ET AL: Placed Under Voluntary Liquidation
SWAN WORKFORCE: Appoints Kugel and Warner as Liquidators
TRIMGLOW PTY: Supreme Court Enters Wind-Up Order


C H I N A

NEO-CHINA GROUP: S&P Downgrades Corporate Credit Rating to 'D'
WUGUDAOCHANG: Cofco Offers to Buy Firm for CNY250 Mil.


H O N G  K O N G

BEGEN LIMITED: Placed Under Voluntary Liquidation
BOMA INVESTMENT: Members' Final Meeting Set for February 13
CHO YANG: Intends to Declare Dividend
CONMAX ET AL: Wan and Lin Cease to Act as Liquidators
DIANOOR INTERNATIONAL: Wind-Up Petition Set for Feb. 4

DIANOOR JEWELCRAFT: Court to Hear Wind-Up Petition on February 4
EGANAGOLDPFEIL (HOLDINGS): Wind-Up Petition Hearing Set for Feb. 4
FEGA ENTERPRISES: Members' Final Meeting Set for February 10
FRIENDS OF THE: Members and Creditors to Meet on February 5
GOLDEN HARVEST: Pays Dividend

GRANDSUIT MACHINERY: Creditors' Proofs of Debt Due on Feb. 7
HITACHI METALS: Seng and Lo Cease to Act as Liquidators
KATRADE INTERNATIONAL ET AL: Kit & Chi Cease to Act as Liquidators
KWAN TAT: Creditors' Proofs of Debt Due on January 30
MAINSTAR ELECTRICAL: Creditors Hold Meeting

MASS MUTUAL: Court to Hear Wind-Up Petition on February 18
NEW JAPAN: Yan and Haughey Cease to Act as Liquidators
PEACE MARK: Court to Hear Wind-Up Petition on February 4
PLANET FUN ET AL: Creditors Hold Meeting
SKY RISE: Creditors Hold Meeting


I N D I A

ICICI BANK: Appoints N. S. Kannan as Exe. Dir. & CFO
* INDIA: Equities' 2008 Fall Steepest, CRISIL Says
* INDIA: CRISIL Says Oversupply Hits Hotels Doubly Hard


I N D O N E S I A

AGRI INTERNATIONAL: S&P Affirms 'B-' Corporate Credit Rating
BAKRIE SUMATERA: S&P Affirms Corporate Credit Rating at 'B'


J A P A N

MITSUI LIFE: President Hiroshi Nishimura to Quit Post
NOMURA HOLDINGS: May Post JPY300 Bln Quarterly Net Loss
ORSO FUNDING: Fitch Downgrades Ratings on Two Classes to Low-B


K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Cuts Rating on US$100 Mil. Loan to CC


M A L A Y S I A

GOLD BRIDGE: Posts MYR1.84 Mln. Net Profit in Qtr. Ended Sept. 30
PUTERA CAPITAL: Incurs MYR1.53 Mln Net Loss in Q2 Ended Nov. 30
TECHVENTURE BERHAD: Unit Receives Summons from Malayan Banking
TITAN CHEMICALS: S&P Downgrades Corporate Credit Rating to 'BB-'


N E W  Z E A L A N D

DAVEY FARMS: Court to Hear Wind-Up Petition on February 2
GREEK ISLAND: Court to Hear Wind-Up Petition on January 28
J B C LTD ET AL: Creditors' Proofs of Debt Due on January 30
JOHNSONVILLE: Appoints Shephard and Dunphy as Liquidators
KEELAN ENTERPRISES: Court to Hear Wind-Up Petition on February 10

MGRE LTD: Court to Hear Wind-Up Petition on January 30
NATIONAL LINING ET AL: Creditors' Proofs of Debt Due on March 5
ONE STOP: Court Hears Wind-Up Petition
PEGASUS PROPERTY ET AL: Creditors' Proofs of Debt Due on Jan. 31
PONSON INTERNATIONAL: Court Hears Wind-Up Petition

PRS HOLDINGS: Appoints Bryan Edward Williams as Liquidator
RICCARTON HOMES: Appoints Crichton and Horne as Liquidators
SENSATION YACHTS: Bank Puts Firm Up for Sale
SPARKS PROPERTY: Court Hears Wind-Up Petition
STEELTEC LTD ET AL: Creditors' Proofs of Debt Due on January 30

TOGETHER FIVE: Appoints Shephard and Dunphy as Liquidators


P H I L I P P I N E S

LEGACY GROUP: SEC Rejects Unit's Petition for Liquidation
UNIVERSAL ROBINA: Moody's Withdraws 'Ba2' Corporate Family Rating


T A I W A N

AU OPTRONICS: Posts NT$26.6 Bln Net Loss in 4th Qtr. Ended Dec. 31


T H A I L A N D

TMB BANK: THB3.99 Mil. Net Loss Won't Affect S&P's 'BB+' Rating


X X X X X X X X

* BOND PRICING: For the Week January 26 to January 30, 2009


                         - - - - -


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

ABC LEARNING: Founder Seeks AU$3.3 Mil. From Receivers
------------------------------------------------------
ABC Learning Centres Limited founder Eddy Groves is claiming
AU$3.3 million in unpaid wages, holiday pay and long-service leave
from the receiver of his collapsed childcare firm, The Australian
reports.

The Australian relates the former ABC boss, who was sacked as
chief executive last September, is lining up as a creditor
alongside 16,000 low-paid childcare workers - many of whom earn
the minimum wage.

According to The Australian, the AU$3.3 million Mr. Groves is
claiming includes a AU$2.4 million golden handshake, equivalent to
18 months' pay, that had been written into his last employment
contract as chief executive.

The remaining AU$900,000, The Australian relates, is for accrued
long-service leave and holiday-pay entitlements stretching back to
the ABC float in 2001.

Meanwhile, the report notes, ABC's childcare staff are claiming
AU$31 million in holiday pay and long-service leave, or less than
AU$2,000 each.

                   About ABC Learning Centres

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

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

                          *     *     *

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

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


ACN 075 092 232: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of ACN 075 092 232 Pty Limited met on Oct. 17, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

          Darren John Vardy
          RMG Partners
          305-307 The Kingsway, Suite 9
          Caringbah NSW 2229
          Telephone: (02) 9531 8365
          Facsimile: (02) 9531 8367


AG & JL MAGUIRE: Commences Liquidation Proceedings
--------------------------------------------------
During a general meeting held on October 3, 2008, the members of
AG & JL Maguire Holdings Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

          Giuseppe Raso
          27 Lukes Lane
          Baulkham Hills NSW 2153


ALAN COE: Placed Under Voluntary Liquidation
--------------------------------------------
The members of Alan Coe Concreting Pty Ltd met on Sept. 30, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

          Steven Nicols
          Nicols + Brien
          Telephone: (02) 9299 2289
          Website: http://www.bankrupt.com.au


BOULEVARDE INVESTMENTS: Declares First and Final Dividend
---------------------------------------------------------
Boulevarde Investments Pty Limited, which is in liquidation,
declared the first and final dividend on December 5, 2008.

Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.

The company's liquidators are:

          Brian H. Allen
          Peter G. Burton
          c/o Burton Glenn Allen
          Chartered Accountants
          57 Grosvenor Street, Level 2
          Neutral Bay NSW 2089
          Telephone: (02) 9904 4644
          Facsimile: (02) 9904 9644


FACE2FACE FUNDRAISING: Appoints Kugel and Warner as Liquidators
---------------------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Face2face Fundraising Australia Pty Limited appointed Steven Kugel
and Anthony Warner as the company's liquidators.

The Liquidators can be reached at:

          Steven Kugel
          Anthony Warner
          CRS Warner Kugel
          Telephone: (02) 8243 5200
          Website: http://www.crspartners.com.au


KENBROOK PROPERTIES: Members Receive Wind-Up Report
---------------------------------------------------
The members of Kenbrook Properties Pty Limited met on Dec. 2,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Kathleen Portelli
          Kathleen Portelli Pty Ltd
          Level 6 70 Pitt Street, Suite 2
          Sydney NSW 2000
          Telephone: (02) 9223 9009
          Facsimile: (02) 9232 0019


MASLOVARIC ENTERPRISE: Placed Under Voluntary Liquidation
---------------------------------------------------------
The members of Maslovaric Enterprise Pty Ltd met on Oct. 22, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

          Michael John Morris Smith
          Smith Hancock
          88 Phillip Street, Level 4
          Parramatta NSW 2150


NYCON PROTECTIVE ET AL: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------------
On November 28, 2008, Chris Darin presented the wind-up report and
property disposal to the members and creditors of these companies:

   -- Nycon Protective Services Pty Ltd;
   -- Nycon Parking Pty Ltd;
   -- Nycon Protective Services (Australia) Pty Ltd;
   -- Namakas Pty Ltd;
   -- Fine Wall Interiors Pty Ltd;
   -- Bella Wella Pty Ltd;
   -- Parchas Pty Ltd; and
   -- CB Wollongong Pty Ltd.

The Liquidator can be reached at:

          Chris Darin
          Worrells Solvency & Forensic Accountants
          333 George Street, Level 3
          Sydney NSW 2000
          Telephone: (02) 9249 1200
          Facsimile: (02) 9249 1211
          Website: http://www.worrells.net.au


OSMOND AIR: Enters Liquidation Proceedings
------------------------------------------
During a general meeting held on October 14, 2008, the members of
Osmond Air Conditioning Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

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


PHARMACIA AUSTRALIA ET AL: Declare Final Dividend
-------------------------------------------------
A final dividend was declared on November 26, 2008, for these
companies:

   -- Pharmacia Australia Pty Ltd;
   -- Warner Lambert Consumer Healthcare Pty Ltd; and
   -- Warner Lambert Pty Ltd.

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

The company's liquidators are:

          Simon J. Cathro
          David J. F. Lombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


ROWAN REEVES: Members Receive Wind-Up Report
--------------------------------------------
The members of Rowan Reeves Pty Limited met on Dec. 5, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ure Lynam & Co
          1 Jamison Street, 1st Floor
          Sydney NSW 2001


STEEL COATINGS ET AL: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meetings held on October 15 and 22, 2008
respectively, the members of Steel Coatings & Fabrication Pty Ltd
and Lester Medical Services Pty Ltd resolved to voluntarily
liquidate the companies' businesses.

The companies' liquidator is:

          Peter Hicks
          Forsythes
          175 Scott Street, Level 5
          Newcastle NSW 2300


SWAN WORKFORCE: Appoints Kugel and Warner as Liquidators
--------------------------------------------------------
During a general meeting held on October 22, 2008, the members of
Swan Workforce Pty Limited appointed Steven Kugel and Anthony
Warner as the company's liquidators.

The Liquidators can be reached at:

          Steven Kugel
          Anthony Warner
          CRS Warner Kugel
          Telephone: (02) 8243 5200
          Website: http://www.crspartners.com.au


TRIMGLOW PTY: Supreme Court Enters Wind-Up Order
------------------------------------------------
On October 22, 2008, the Supreme Court of New South Wales entered
an order to have Trimglow Pty Limited's operations wound up.

The company's liquidator is:

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



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

NEO-CHINA GROUP: S&P Downgrades Corporate Credit Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term foreign currency corporate credit rating on Neo-China Group
(Holdings) Ltd. to 'D' from 'CCC+'.  At the same time, S&P lowered
the issue rating on Neo-China's US$400 million 9.75% senior notes
due 2014 to 'D' from 'CCC'.

"The downgrade follows our understanding that Neo-China has missed
its semi-annual coupon totaling around HK$152 million on the
senior notes due," said Standard & Poor's credit analyst Bei Fu.

While Neo-China has a 30-day grace period to meet its interest
payment obligation, in S&P's view it is uncertain that Neo-China
will be able to make the payment within the grace period because
Neo-China has extremely tight liquidity and the week-long New Year
holiday in China may cause delays in fund remittance out of China.

Although Neo-China has indicated that it should have available
funds to make this payment, the delay in payment further
demonstrated its vulnerable liquidity position.  S&P understands
Neo-China's latest cash position is about HK$2 billion, only a
limited portion of which is located in Hong Kong.  S&P believes
Neo-China will have to remit funds from project companies in China
to Hong Kong to support the coupon payment.  This may take time.
Neo-China's share trading remains suspended.

Standard & Poor's assigns a 'D' rating when payments on an
obligation are not made on the date due even if the applicable
grace period has not expired, unless Standard & Poor's believes
that such payments will be made during the grace period.  If Neo-
China is able to make the coupon payment within the grace period,
S&P will review and may revise the rating.


WUGUDAOCHANG: Cofco Offers to Buy Firm for CNY250 Mil.
------------------------------------------------------
China Daily reports Cofco Ltd, China's largest agricultural
trading and processing company, said it has offered to acquire
Wugudaochang for CNY250 million ($36.55 million).

According to China Daily, the planned acquisition would integrate
six factories in Shandong and Jiangxi provinces by the first half
of 2009.  Cofco will also hire Wugudaochang workers on a
preferential basis, China Daily says.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2008, People's Daily Online said Wugudaochang has sought
for bankruptcy protection to continue operations.

People's Daily Online said the company's debt started mounting due
to excessive expansion and higher prices of raw materials.  It has
liabilities of over CNY600 million.

Citing Wugudaochang's statement submitted to the court, the
People's Daily Online related that the company's financial burdens
were largely due to higher raw material and advertising costs.

Wugudaochang is the first instant noodle maker in China which had
advocated the healthy "non-fried" concept.  The products, launched
in 2005, got instant customer recognition and helped it rival
other major brands like Tongyi and Kangshifu, People's Daily
Online said.



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

BEGEN LIMITED: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on December 29, 2008, the
members of Begen Limited resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Tan Kok Hong
          The Arch
          Flat D, 66th Floor, Block 2
          No. 1 Austin Road West
          Kowloon, Hong Kong; and

          Tan A. Man
          Ventris Place
          10th Floor, Block C
          19-23 Ventris Place
          19-23 Ventris Road
          Hong Kong


BOMA INVESTMENT: Members' Final Meeting Set for February 13
-----------------------------------------------------------
The members of Boma Investment Management Limited will meet on
Feb. 13, 2009, at 11:35 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CHO YANG: Intends to Declare Dividend
-------------------------------------
Cho Yang (Hong Kong) Company Limited intends to declare dividend.

Only creditors who were able to file their proofs of debt Jan. 23,
2009, will be included in the company's dividend distribution.

The company's liquidators are:

          Messrs. Bruno Arboit
          Simon Blade
          1203-1213 China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


CONMAX ET AL: Wan and Lin Cease to Act as Liquidators
-----------------------------------------------------
On January 7, 2009, Wan Yiu Chung, Paul and Lin Lai Har, Wendy
cease to act as liquidators of:

   -- Conmax International Holdings Limited;
   -- Luen Kee Catering Development Limited;
   -- Rusk (China) Limited;
   -- Sun Kwok Luen Development Limited; and
   -- Union Voice Limited.

The company's former Liquidators can be reached at:

          Wan Yiu Chung, Paul
          Lin Lai Har, Wendy
          1301 Eton Tower
          8 Hysan Avenue, Causeway Bay
          Hong Kong


DIANOOR INTERNATIONAL: Wind-Up Petition Set for Feb. 4
------------------------------------------------------
A petition to have Dianoor International Limited's operations
wound up will be heard before the High Court of Hong Kong on
Feb. 4, 2009, at 9:30 a.m.

Mohammad Arshad filed the petition against the company on Dec. 3,
2008.


DIANOOR JEWELCRAFT: Court to Hear Wind-Up Petition on February 4
----------------------------------------------------------------
A petition to have Dianoor Jewelcraft Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 4,
2009, at 9:30 a.m.

Tse Wai Road, Kowloon filed the petition against the company on
December 3, 2008.


EGANAGOLDPFEIL (HOLDINGS): Wind-Up Petition Hearing Set for Feb. 4
------------------------------------------------------------------
A petition to have Eganagoldpfeil (Holdings) Limited's operations
wound up will be heard before the High Court of Hong Kong on
Feb. 4, 2009, at 9:30 a.m.

Billion Empire Limited filed the petition against the company on
November 26, 2008.

The Petitioner's solicitor is:

          Sidley Austin
          Two International Finance Centre, Level 39
          8 Finance Street
          Central, Hong Kong


FEGA ENTERPRISES: Members' Final Meeting Set for February 10
------------------------------------------------------------
The members of Fega Enterprises Limited will meet on Feb. 10,
2009, at 10:00 a.m., at the 21st Floor of Fee Tat Commercial
Centre, No. 613 Nathan Road, in Kowloon, Hong Kong.

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


FRIENDS OF THE: Members and Creditors to Meet on February 5
-----------------------------------------------------------
The members and creditors of Friends of the Philharmonia of the
Nations, HK, Limited will meet on February 5, 2009, at 11:00 a.m.
and 11:30 a.m., respectively, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Pui Chiu Wing
          Neil Collins Corporate Advisory Services Limited


GOLDEN HARVEST: Pays Dividend
-----------------------------
Golden Harvest Film Productions Limited paid dividend on Jan. 21,
2009.

The company paid 1.3% to all received claims.

The company's liquidators are:

          Jacky Muk
          Edward Middleton
          Alexandra House, 27th Floor
          18 Chater Road
          Central, Hong Kong


GRANDSUIT MACHINERY: Creditors' Proofs of Debt Due on Feb. 7
------------------------------------------------------------
The creditors of Grandsuit Machinery (H.K.) Limited are required
to file their proofs of debt by February 7, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          Chan Man Chung
          Hang Seng Mongkok Building, Room 801
          677 Nathan Road
          Kowloon


HITACHI METALS: Seng and Lo Cease to Act as Liquidators
-------------------------------------------------------
On December 30, 2008, Natalia K M Seng and Susan Y H Lo cease to
act as liquidators of Hitachi Metals Admet Hong Kong Limited.

The company's former Liquidators can be reached at:

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


KATRADE INTERNATIONAL ET AL: Kit & Chi Cease to Act as Liquidators
------------------------------------------------------------------
On January 2, 2009, Lui Chi Kit and Chan Ka Chi cease to act as
liquidators of:

   -- Katrade International Limited; and
   -- Hung Fa Plastic and Metal Manufactory Limited.

The company's former Liquidators can be reached at:

          Lui Chi Kit
          Chan Ka Chi
          JCG Building, Flat A, 14th Floor
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


KWAN TAT: Creditors' Proofs of Debt Due on January 30
-----------------------------------------------------
The creditors of Kwan Tat Toys Manufactory Limited 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:

          Lo Ka Ying
          Lippo Centre, Room 1305, Tower II
          Queensway Admiralty
          Hong Kong


MAINSTAR ELECTRICAL: Creditors Hold Meeting
-------------------------------------------
On January 21, 2008, the creditors of Mainstar Electrical Company
Limited discussed the matters provided for in sections 241, 242,
243, 244 and 251 of the Companies Ordinance.


MASS MUTUAL: Court to Hear Wind-Up Petition on February 18
----------------------------------------------------------
A petition to have Mass Mutual Development Limited's operations
wound up will be heard before the High Court of Hong Kong on
Feb. 18, 2009, at 9:30 a.m.

Agility Logistics Limited filed the petition against the company
on December 10, 2008.

Agility Logistics' solicitors are:

          C.P. Cheung & Co.
          Golden Central
          Room 2301, 23rd Floor
          188 Des Voeux Road
          Central, Hong Kong


NEW JAPAN: Yan and Haughey Cease to Act as Liquidators
------------------------------------------------------
On December 31, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
cease to act as liquidators of New Japan Securities International
(Hong Kong) Limited.

The company's former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


PEACE MARK: Court to Hear Wind-Up Petition on February 4
--------------------------------------------------------
A petition to have Peace Mark (B.V.I.) Limited's operations wound
up will be heard before the High Court of Hong Kong on Feb. 4,
2009, at 9:30 a.m.

Peace Mark (Holdings) Limited filed the petition against the
company on November 28, 2008.

The Petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


PLANET FUN ET AL: Creditors Hold Meeting
----------------------------------------
On January 20, 2008, the creditors of: Planet Fun (HK) Limited;
Planet Home (HK) Limited; Planet Pets (HK) Limited; and Planet
Toys (HK) Limited discussed the matters provided for in sections
288A, 241, 242, 243, 244 and 251 of the Companies Ordinance.


SKY RISE: Creditors Hold Meeting
--------------------------------
On January 16, 2008, the creditors of Sky Rise Industries Limited
discussed the matters provided for in sections 288A, 241, 242,
243, 244 and 251 of the Companies Ordinance.



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

ICICI BANK: Appoints N. S. Kannan as Exe. Dir. & CFO
----------------------------------------------------
ICICI Bank Limited has appointed Mr. N. S. Kannan, presently
Executive Director of ICICI Prudential Life Insurance Company
(ICICI Life), as Executive Director & Chief Financial Officer on
the Board of ICICI Bank effective May 1, 2009, in the vacancy
caused by the elevation of Ms. Chanda Kochhar as Managing Director
& CEO of the Bank effective that date, the bank said in a
statement.

Ms. Madhabi Puri-Buch, presently Executive Director of ICICI Bank,
will move to ICICI Securities (I-Sec) as its Managing Director &
CEO effective February 1, 2009, in place of Mr. S. Mukherji who
retires on completion of his term of office on January 31, 2009.

The Board of Directors has also appointed Mr. K. Ramkumar,
presently Group Chief Human Resources Officer, as an Executive
Director of ICICI Bank effective February 1, 2009, in place of
Ms. Madhabi Puri-Buch.  Mr. Ramkumar will oversee the operations
and credit & treasury middle-office functions currently being
overseen by Ms. Puri-Buch, in addition to human resources
management.

In addition, ICICI Bank has also decided to nominate Mr. Pravir
Vohra, Group Chief Technology Officer, as a non-executive Director
on the Board of I- Sec in addition to his executive
responsibilities.

The appointments to the Board of Directors of ICICI Bank are
subject to approval of Reserve Bank of India (RBI) and the
shareholders of the Bank.

                       Third Quarter Results

ICICI Bank Limited reported a Rs. 1,272 crore (US$ 261 million)net
profit for the quarter ended December 31, 2008, compared with a
net profit of Rs. 1,230 crore (US$ 253 million) in the comparable
period in 2007.

Operating profit for the third quarter ended December 31, 2008,
was Rs. 2,771 crore (US$ 569 million) which represents an increase
of 23% over operating profit of Rs. 2,259 crore (US$ 464 million)
for the same period in 2007.

                        About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings affirmed ICICI Bank Ltd.'s Long-
term Foreign Currency Issuer Default Rating at 'BBB-, Short-term
Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.


* INDIA: Equities' 2008 Fall Steepest, CRISIL Says
--------------------------------------------------
In 2008, Indian equities registered their sharpest ever and most
rapid decline in the history of Indian capital markets reflecting
global market conditions and concerns over a slowing domestic
economy, according to CRISIL Research.

Further, data from January 1 until January 19, 2009 reveals that
the S&P CNX Nifty (Nifty) and BSE Sensitive Index (Sensex) were
down by 3-4 per cent due to concerns arising from the Satyam
episode in India and negative global cues.  CRISIL Research
expects the market to continue to be range bound during the rest
of 2009.

An analysis by CRISIL Research reiterates the importance of
appropriate timing while investing in equities as an asset class
vis-a-vis other financial asset classes.  Also, despite the recent
declines, both lead indices – the Nifty and the Sensex have had a
reasonable returns record since 1996 and 1979 respectively.
Returns on the Nifty exceeded 30 percent in 5 of the 8 years that
it delivered positive returns since 1996.  Of the 21 years since
1979 that the Sensex delivered positive returns in, returns
exceeded 30 per cent per annum in 11 years.

The decline in the lead indices over the last one year was about
50-52 per cent while market capitalization eroded by Rs 37-Rs 39
Tn (nearly 90 per cent of India's current nominal GDP).

S Venkataraman - Senior Director, CRISIL Research says: "To
examine the effect of the global market meltdown on a broader base
of stocks, we analysed the returns of S&P CNX 500 stocks and
observed that merely 1 in 125 stocks delivered positive returns in
2008.  The extent of erosion of shareholders' wealth was indicated
by 2 out of every 3 stocks declining by over 75 per cent."

While the equity market meltdown has had an obvious impact on
investor returns, the latest market decline underscores the
importance of timing for equity investors.  CRISIL Research
analyzed the relative pay-off between equities and debt as
represented by an investment in the Nifty and 10-year
Government bonds respectively.  For investments made in
January 1998 and held until December 2007, returns from equity
were 3.6 times that from the bonds.  However, if held on until
December 2008, returns from equity were a paltry 19 per cent
higher than returns from the bonds.

Chetan Majithia, Head-Equities, CRISIL Research, says, "Early 2008
saw a strong bull run with the Sensex at exceedingly high
valuation levels trading at around 22 times its forward earnings.
Currently, however, the market P/E has moderated. Considering the
expected decline in corporate earnings and slower economic growth
of 6-7 per cent in 2009, we expect the Sensex to remain in the
8,500 -10,700 range."


* INDIA: CRISIL Says Oversupply Hits Hotels Doubly Hard
-------------------------------------------------------
CRISIL Research expects the profitability of premium hotels (5-
Star Deluxe and 5-Star) to be impacted significantly due to a
sharp decline in occupancy rates arising from falling demand for
hotel rooms as well as additional rooms being added across cities
in India.  The demand for rooms in the premium segment is expected
to fall by 11 per cent in 2008-09 as compared to the previous
year, and further decline by 15.5 per cent in 2009-10.  At the
same time, premium segment room inventory is expected to
collectively grow at a CAGR of 9 per cent from 2007-08 to 2011-12
across twelve major cities.

Consequently, hotel occupancy rates are expected to show their
steepest decline in a decade, reversing the trend of very high
growth rates witnessed in these select destinations during the
past few years.

The twelve destinations covered as part of CRISIL Research's
analysis are Agra, Ahmedabad, Bengaluru, Chennai, Goa, Hyderabad,
Jaipur, Kerala, Kolkata, Mumbai (North and South), NCR and
Pune.  Additional supply, combined with lower corporate travel
expenditures in the slowing global and domestic economies, would
result in a decline in occupancy rates.  Occupancy rates are
expected to come down from 72 per cent in 2007-08 to 62 per cent
in 2008-09.

Says Sridhar Chandrasekhar, Head, CRISIL Research, "We expect
occupancy rates to further drop to 47 per cent in 2009-10 and
hover around this rate in 2010-11.  With occupancy rates falling,
hoteliers are expected to lower Average Room Rates (ARRs) to
attract customers."

CRISIL Research forecasts ARRs to fall by around 23 per cent in
2009-10 (from the levels of around Rs 9,200 in 2008-09) and
decline further by around 18 per cent in 2010-11.  These trends
would lead to revenue per available room (RevPARs) collectively
declining by 20 per cent in 2008-09 and further by 42 per cent and
20 per cent in 2009-10 and 2010-11, respectively, creating severe
profitability pressures.

Adds Mr. Sridhar, "Hotels in Gurgaon and Pune will be the most
affected."  Room inventory in Gurgaon and Pune is projected to
show the highest increases amongst the twelve cities with CAGR of
41 per cent and 35 per cent respectively during the period 2007-08
to 2011-12.  These cities will also witness the steepest drop in
RevPARs.  The year-on-year (y-o-y) decline in RevPARs in Pune is
likely to be 50 per cent and 24 per cent in 2009-10 and 2010-11,
respectively.  IT/ITeS dependant destinations like Bengaluru and
Hyderabad are also expected to be severely hit as IT companies
rationalize travel expenses following the turmoil in the financial
markets globally.



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

AGRI INTERNATIONAL: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Indonesia's Agri International Resources Pte.
Ltd. and removed it from CreditWatch, where it was placed with
negative implications.   The outlook is negative.

At the same time, Standard & Poor's affirmed the 'B-' rating on
senior secured debt issued by AI Finance B.V. (guaranteed by Agri
International) and removed it from CreditWatch.

The negative outlook reflects the potential weakening in the
credit profile of PT Bakrie Sumatera Plantations Tbk., the key
shareholder of Agri International.  The ratings were initially
placed on CreditWatch on Oct. 14, 2008, after BSP's parent, PT
Bakrie Brothers Tbk., announced that the group plans to
rationalize its business portfolios to settle heavy collateralized
debt secured by shares of Bakrie Brothers group companies after
experiencing significant share price declines in the listed
subsidiaries.

"This rating action is based on the longer time horizon expected
for Bakrie Brothers to execute the restructuring plan, which
includes the exchange of part of its debt to equity at the Bakrie
Brothers' level," said Standard & Poor's credit analyst Yasmin
Wirjawan.  While the rating on BSP has been based primarily on its
stand-alone profile, the financial pressure at Bakrie Brothers may
adversely affect BSP's business and financial strategies.

Agri International's cash flow measures are weak due to its highly
leveraged position.  In the nine months ended Sept. 30, 2008,
funds from operations to debt was 11% and debt to EBITDA 4.7x
(annualized).  Given the current volatility in crude palm oil
prices, the ratio could weaken moderately unless the company
improves its production level and yield performance, which is
still below industry average.  CPO and rubber prices are cyclical
and subject to volatility, resulting in some unpredictability in
earnings and cash flows.

The negative outlook on the rating on Agri International reflects
uncertainties over Bakrie Brothers' financial and business
strategies as a result of financial pressure in the group.  The
rating on Agri International could be lowered if BSP needs to
provide financial support to the parent, thereby weakening its
liquidity position and financial flexibility.

The rating will also be under pressure if Bakrie Brothers divests
its 54% stake in BSP, which could trigger the "change of control"
clause for the guaranteed notes in BSP and accelerate BSP's debt
repayment, Ms. Wirjawan said.

In addition, Agri International's ratings could be under pressure
if margins are squeezed significantly due to weakening CPO prices
or if plantation yields and output fail to improve and the
company's liquidity, profitability, and cash flow measures
deteriorate materially.


BAKRIE SUMATERA: S&P Affirms Corporate Credit Rating at 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Indonesia's Bakrie
Sumatera Plantations Tbk.  The outlook is negative.  At the same
time, Standard & Poor's also affirmed its 'B' issue rating on the
US$160 million senior secured notes issued by BSP's wholly owned
subsidiary, BSP Finance B.V. Both ratings were removed from
CreditWatch, where they had been placed with negative implications
on Oct. 14, 2008.

The rating actions reflect expectations that BSP's parent, PT
Bakrie Brothers Tbk., will require a longer time horizon to
execute its restructuring plan, which includes the exchange of
part of its debt for equity at Bakrie Brothers.

"While the rating on BSP is based primarily on its standalone
profile, S&P believes the financial pressure at Bakrie Brothers
could adversely affect BSP's business and financial strategies,"
said Standard & Poor's credit analyst Yasmin Wirjawan.

The ratings on BSP were originally placed on CreditWatch after
Bakrie Brothers announced that the group planned to rationalize
its business portfolios to settle heavy collateralized debt
secured by shares of Bakrie Brothers group companies after their
share prices significantly declined.

The rating on BSP reflects the company's aggressive expansion
program, weak cash flow measures, and exposure to volatility in
crude palm oil and rubber prices.  CPO and rubber prices are
cyclical and subject to volatility, resulting in some
unpredictability in earnings and cash flows.  These risks are
offset by potential growing demand for CPO and BSP management's
experience.  In fiscal 2007, BSP embarked on an aggressive
expansion program by doubling the size of its plantations to
106,725 hectares and acquiring a rubber factory.  The expansion
program also included taking a 51% effective stake (direct and
indirect) in Agri International Resources Pte. Ltd. (B-
/Negative/--), which holds two of the five acquired plantation
assets.      Standard & Poor's takes a consolidated view to
include Agri International when analyzing the credit profile of
BSP, given its significant asset size as well as BSP's offtake
commitment and management control at Agri International.  Due to
Agri International's highly leveraged position, S&P expects BSP's
cash flow measures to remain weak over the next two to three
years, with projected ratios of debt to EBITDA of 3.7x-4.0x and
funds from operations to debt of about 15%.  In addition, BSP is
facing weakening CPO and rubber prices as well as higher blended
production costs, as the new plantation assets have a relatively
low-yield performance.

The negative outlook on the rating on BSP reflects uncertainties
over Bakrie Brothers' financial and business strategies as a
result of financial pressure in the group.  The rating on BSP
could be lowered if it needs to provide financial support to the
parent, thereby weakening its liquidity position and financial
flexibility.

"The rating will also be under pressure if Bakrie Brothers divests
its 54% stake in BSP, which could trigger the "change of control"
clause for the guaranteed notes in BSP and accelerate BSP's debt
repayment," Ms. Wirjawan said.  "In addition, the rating could be
lowered if BSP's financial profile deteriorates materially due to
further weakening of CPO and rubber prices, heavy debt-funded
expansion, and/or a further deterioration in Agri International's
financial position.



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

MITSUI LIFE: President Hiroshi Nishimura to Quit Post
-----------------------------------------------------
Bloomberg News reports that Mitsui Life Insurance Co. said
President Hiroshi Nishimura will step down and be replaced by
Yukiteru Yamamoto.

The insurer, Bloomberg News relates, said the personnel changes,
subject to board approval, will take effect on April 1, 2009.

The Japan Times reports that during the April-September half of
fiscal 2008, Mitsui Life reported a pretax loss of JPY12.6 billion
against a profit of JPY21.0 billion in 2007.

In December, Japan Times says, the insurer raised JPY60 billion in
fresh capital by floating new shares to companies in the Sumitomo
Mitsui financial group, including Sumitomo Mitsui Banking Corp.
and Mitsui Sumitomo Insurance Group Holdings Inc.

According to Bloomberg News, Mr. Yamamoto said recovering from
losses would take precedence over plans to list the company on the
stock exchange.

"Given the current environment, there are other issues we must
tackle first before listing," Bloomberg News quoted Mr. Yamamoto
as saying.  "Nonetheless, going public remains one of our most
important business strategies."

                        About Mitsui Life

Headquartered in Tokyo, Japan, Mitsui Life Insurance Company
Limited -- http://www.mitsui-seimei.co.jp-- is one of Japan's
major life insurance companies, with total assets of JPY8.1
trillion as of March 2006.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 30,
2007 that Standard & Poors Ratings upgraded Mitsui Life's long-
term counterparty and financial strength rating to BB- with a
positive outlook.


NOMURA HOLDINGS: May Post JPY300 Bln Quarterly Net Loss
-------------------------------------------------------
Nomura Holdings Inc may post a JPY300 billion (US$3.4 billion) net
loss for the October-December quarter, Bloomberg News reports
citing Nikkei business daily.

According to Bloomberg News, the daily said the loss stems from
operations at Nomura's brokerage unit as well as costs related to
its acquisition of Asian and European assets of failed Lehman
Brothers Holdings Inc.

The Japan Times reports that it would be Nomura's biggest
quarterly loss since it started releasing quarterly earnings
results based on U.S. accounting standards in April-June 2001.

Citing sources, Japan Times says Nomura is likely to post a group
net loss for the business year that ends March 31, its second
consecutive year in the red, with net losses in the April-December
period projected to top JPY400 billion.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2009, Reuters said Nomura Holdings is likely to book a
third-quarter valuation loss of more than JPY50 billion (US$535
million) on its stake on Fortress Investment Group.  Fortress
specializes in alternative investments as hedge funds and private
equity funds.

The loss, Reuters related, along with those on investments tied to
Bernard Madoff's firm and an Icelandic bank, would likely result
in the fourth consecutive quarterly loss for Nomura.

According to Reuters, Nomura invested about US$888 million to
acquire 15 percent of Fortress, which shares, offered at US$18.50
in the initial public offering, closed at US$1.27 on Friday,
January 2.

According to Bloomberg News, Nomura reported three straight
quarterly losses as global markets declined and flagged US$2
billion in costs stemming from the purchase of parts of Lehman
Brothers.  The company had a pretax loss of JPY64.6 billion for
the year ended March 31 while global investment banking profit was
JPY22.8 billion.  Nomura had about JPY430.9 billion of cash as of
Sept. 30.

Bloomberg News said the brokerage posted a wider-than-expected
JPY72.9 billion second-quarter loss, putting it on course for a
record full-year deficit.  The firm's first-half shortfall of
JPY149.5 billion was more than double its record JPY67.8 billion
annual loss last year, prompting Standard & Poor's and Moody's
Investors Service to say they may cut the firm's credit ratings,
Bloomberg News noted.

                      About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- is a global securities and investment
banking firm.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others.  As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.  Effective
October 1, 2008, Nomura Holdings Inc. acquired Lehman Brothers
Holdings Inc.'s European equities and investment-banking business,
and decided not to take on the fixed-income unit.


ORSO FUNDING: Fitch Downgrades Ratings on Two Classes to Low-B
--------------------------------------------------------------
Fitch Ratings has downgraded two classes of trust beneficiary
interest from Orso Funding CMBS 5 Trust:

  -- JPY14.81 billion* Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY3.28 billion* Class B TBIs affirmed at 'AA'; Outlook
     Stable;

  -- JPY3.19 billion* Class C TBIs affirmed at 'A'; Outlook
     Stable;

  -- JPY3.28 billion* Class D TBIs affirmed at 'BBB'; Outlook
     revised to Negative from Stable;

  -- JPY3.11 billion* Class E TBIs downgraded to 'B' from 'BB';
     remains on RWN;

  -- JPY0.21 billion* Class F TBIs downgraded to 'B-' (B minus)
     from 'BB-' (BB minus); remains on RWN and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of January 22, 2009

Fitch received information from the trustee on December 29, 2008,
that one of the underlying loans, whose final payment was due on
December 27, 2008, had defaulted.  The agency also received, from
the servicer, a new appraisal report of each property backing this
loan.  Also, there is increasing uncertainty about the payment of
principal at maturity for another loan, which is due to be repaid
in April 2009.  Based on this information, Class E and F TBIs have
been downgraded, reflecting the agency's concerns over potential
recovery amounts, in light of the current real estate market and
the quality of the property portfolio for these loans.

Fitch has maintained the RWN on these classes, reflecting its
further concerns about the probability of recovery from the loans
depending on the servicer's plan for the defaulted loan, as well
as the expectation that up-to-date information of the collection
status for the loan which will mature in April will be provided.
Fitch will resolve the RWN status after it carefully reviews this
further information, which is expected to be provided in
April 2009.

Since all other underlying loans are performing in line with
Fitch's expectations, the agency has affirmed the ratings for
Class A through D and Class X TBIs.  However, the Outlook of Class
D TBIs has been revised to Negative from Stable, due to the
possible impact on its credit enhancement level available once the
two loans highlighted above have been resolved.

At closing, the TBIs were backed by seven non-recourse loans
ultimately secured by 43 commercial real estate properties in
Japan.  Two loans have been fully repaid and two loans have been
partially repaid due to collateral disposition, so the transaction
is currently backed by five loans secured by a total of 36
properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change in the short
term as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.



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

MAGNACHIP SEMICONDUCTOR: S&P Cuts Rating on US$100 Mil. Loan to CC
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered to
'CC' from 'CCC' its rating on Korea-based MagnaChip Semiconductor
LLC's US$100 million senior secured revolving credit facility due
December 2009.  The downgrade reflects S&P's opinion that
MagnaChip is highly vulnerable to nonpayment of interest or
principal on money withdrawn from the revolving credit facility.
At the same time, Standard & Poor's removed the rating on the
revolving credit facility from CreditWatch, where it was placed
with negative implications on Oct. 16, 2008.  The long-term
corporate credit rating on MagnaChip remains at 'SD'.

                           Ratings List

                  Downgraded; CreditWatch Action
                    MagnaChip Semiconductor LLC

                                 To                 From
                                 --                 ----
Senior Secured (1 issue)         CC                 CCC/Watch Neg



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

GOLD BRIDGE: Posts MYR1.84 Mln. Net Profit in Qtr. Ended Sept. 30
-----------------------------------------------------------------
Gold Bridge Engineering Berhad posted a MYR1.84 million net profit
in the quarter ended Sept. 30, 2008, compared with a MYR1.75
million net loss in the same quarter of 2007.

The profit before tax for the quarter at MYR2.2 million is a mark
improvement compared to the preceding year corresponding period
loss of MYR1.9 million.

The Group reported a revenue for the current quarter at MYR19.3
million which is higher than the preceding year's corresponding
quarter.

The improved performance is mainly due to improve in activities
and performance for the Marine Construction sector and rental
collection derived from D'Aseania Mall as compared to the
preceding year corresponding period.

As of September 30, 2008, the company's consolidated balance sheet
showed MYR759.35 million of total assets and MYR672.40 million of
total liabilities, resulting in a shareholders' equity of MYR86.95
million.

The company's consolidated balance sheet at September 30, 2008,
showed strained liquidity with MYR515.39 million in total current
assets available to pay MYR634.60 million in total current
liabilities.

                        About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                          *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


PUTERA CAPITAL: Incurs MYR1.53 Mln Net Loss in Q2 Ended Nov. 30
---------------------------------------------------------------
Putera Capital Bhd posted a net loss of MYR1.53 million in the
second quarter ended November 30, 2008, compared with a net loss
of MYR1.88 million in the same period in 2007.

Putera Capital's balance sheet as at Nov. 30, 2008, went upside
down with total assets of MYR36.41 million and total liabilities
of MYR36.87 million, resulting in a shareholders' deficit of
MYR477,200.

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.


TECHVENTURE BERHAD: Unit Receives Summons from Malayan Banking
--------------------------------------------------------------
In a regulatory filing with the Kuala Lumpur Stock Exchange,
Techventure Bhd disclosed that one of its subsidiaries, Raya Ehsan
Sdn Bhd ("RESB"), has received an originating summons by Malayan
Banking Berhad ("Maybank") for a court order to sell by public
auction the land held under HS(D) No.2776 for PT No. 336 in the
Mukim of Labu, District of Sepang, State of Selangor.

The company said the land, which is registered in the name of
RESB, was charged to Maybank Finance Berhad as security for a term
loan granted to the Techventure.

Further particulars of the summons are:

1. Date of presentation of the summons

    The originating summons was presented in Court on
    December 2, 2008, and served on RESB on Jan. 22, 2009.

2. Interest rate on the amount claimed for

    The interest rate on the term loan granted to Techven
    is 3% over Maybank's BLR on monthly rests.

3. Details of default or circumstances leading to the
    filing of the summons against RESB

    Due to delay in development of the said land and to
    recurring Group losses, Techven had defaulted in
    servicing the term loan which amounted to MYR32,058,524
    as at May 31, 2008, resulting in Maybank recalling it
    and filing the summons for auction of the land charged
    to it as security.

4. Confirmation as to whether RESB is a major subsidiary

      RESB is a major subsidiary of Techven.

5. Total cost of investment in RESB

    The total cost of investment in RESB as recorded in
    Techven's audited financial statements for the year
    ended December 31, 2007, is MYR24,373,112.

6. Financial and operational impact of the summons on the Group

    The book value of the said land is RM41,409,500 per the
    audited financial statements for the year ended December 31,
    2007.  The financial impact of the auction on the Group is
    not ascertainable until after the auction is completed when
    the proceeds have been determined. There is no immediate
    operational impact as the said land is idle.

7. Expected losses, if any, arising from the summons

    Given the forced sale nature of a disposal under auction,
    the book value of the said land may not be realized.
    A loss, which is not ascertainable until after the
    completion of the auction, is expected to arise.

                     About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
    emphasis on Techven's going concern status in the latest
    audited accounts for the financial year ended Dec. 31, 2005,
    and;

-- there are defaults in payment by Techven and its major
    subsidiaries as announced pursuant to Practice Note
    No. 1 and Techven is unable to provide a solvency
    declaration to Bursa Malaysia Securities Berhad.


TITAN CHEMICALS: S&P Downgrades Corporate Credit Rating to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Titan Chemicals Corp. Bhd. to 'BB-' from 'BB'.  The
rating remains on Creditwatch with negative implications, where it
was placed on Oct. 10, 2008.

Titan is an integrated manufacturer of olefins and polyolefins
with production facilities in Malaysia and Indonesia.

"The rating downgrade reflects Titan's further weakening in
operating performance," said Standard & Poor's credit analyst
Andrew Wong.  "Although feedstock costs have fallen, its operating
margin declined further to 5% for the three months to Sept. 30,
2008, as the regional economic slowdown began to affect demand for
petrochemicals."

This resulted in a fall in sales volumes although it was partially
offset by higher product prices.  With a sharper decline in
industry demand in the fourth quarter of 2008 and expected
regional economic contraction in the short to medium term with
limited clarity on a recovery, Titan's margins are likely
to face more pressure as falling demand for petrochemicals hits
product prices.

"We have no details on Titan's currently available bank lines,"
Mr. Wong said.  Titan's liquidity is inadequate; as at Sept. 30,
2008, Titan's cash and cash equivalents of Malaysian ringgit
87 million and MYR166 million in short-term investments were not
enough to cover its MYR901 million of short-term debt maturities,
a significant portion of which are from uncommitted working
capital credit facilities.

"We believe that the sharper and more prolonged downturn for
petrochemical markets may affect Titan's ability to roll over its
working capital lines.  Any renewal of these lines is likely to
result in higher funding costs and tighter lending covenants," he
added.

This would add pressure on Titan's liquidity and financial
flexibility.  The rating on Titan remains on CreditWatch because
of the company's reliance on the continued availability of these
lines together with the challenging economic and industry outlook.

To resolve the CreditWatch status, Standard & Poor's will continue
to seek updated information on Titan's liquidity and business
plans for the industry's cyclical downturn.  The rating is likely
to be lowered if the difficult trading conditions for
petrochemical companies result in further margin compression.



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

DAVEY FARMS: Court to Hear Wind-Up Petition on February 2
---------------------------------------------------------
A petition to have Davey Farms 1976 Ltd.'s operations wound up
will be heard before the High Court at Hamilton on February 2,
2009, at 10:45 a.m.

McFarlane Contracting Group Limited filed the petition against the
company on November 18, 2008.

James Alexander Macgillivray is the petitioner's solicitor.


GREEK ISLAND: Court to Hear Wind-Up Petition on January 28
----------------------------------------------------------
A petition to have Greek Island Resort Ltd.'s operations wound up
will be heard before the High Court at Rotorua on January 28,
2009, at 10:45 a.m.

Trevor Angus Builders Limited filed the petition against the
company on October 7, 2008.

The Petitioner's solicitor is:

          Michael Major Attwood
          Facsimile: (07) 577 9211


J B C LTD ET AL: Creditors' Proofs of Debt Due on January 30
------------------------------------------------------------
D. C. Parsons fixed January 30, 2009, as the last day to file
proofs of debt for the creditors of:

   -- J B C Ltd;
   -- J B C Builders Limited;
   -- J B C Homes Limited; and
   -- J B C Timber Sales Limited.

The Liquidator can be reached at:

          D. C. Parsons
          c/o Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278, Hamilton
          Telephone: (07) 957 8674
          Facsimile: (07) 957 8677


JOHNSONVILLE: Appoints Shephard and Dunphy as Liquidators
---------------------------------------------------------
On December 12, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Johnsonville Physiotherapy
Ltd.

The Liquidators can be reached at:

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


KEELAN ENTERPRISES: Court to Hear Wind-Up Petition on February 10
-----------------------------------------------------------------
A petition to have Keelan Enterprises Ltd.'s operations wound up
will be heard before the High Court at Gisborne on February 10,
2009, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 28, 2008.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614


MGRE LTD: Court to Hear Wind-Up Petition on January 30
------------------------------------------------------
A petition to have MGRE Ltd.'s operations wound up will be heard
before the High Court at Auckland on January 30, 2009, at
10:00 a.m.

Wai Yin Simon Lam filed the petition against the company on
August 15, 2008.


NATIONAL LINING ET AL: Creditors' Proofs of Debt Due on March 5
---------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed March 5,
2009, as the last day to file proofs of debt for the creditors of:

   -- National Lining Limited;
   -- Takanini Liquor Limited;
   -- Property Edge Limited; and
   -- Intrac Corporation Limited.

The Liquidators can be reached at:

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


ONE STOP: Court Hears Wind-Up Petition
--------------------------------------
On January 19, 2009, the High Court at Christchurch heard a
petition to have One Stop Flooring Ltd.'s operations wound up.

Greig & Esterman (Christchurch) Limited filed the petition against
the company on November 19, 2008.


PEGASUS PROPERTY ET AL: Creditors' Proofs of Debt Due on Jan. 31
----------------------------------------------------------------
Colin Gower and Stephen Tubbs, fixed January 31, 2009, as the last
day to file proofs of debt for the creditors of:

   -- Pegasus Property Ashburton Ltd.; and
   -- Pegasus Property Christchurch Ltd.

The companies commenced liquidation proceedings on Dec. 9, 2008.

The companies' liquidators are:

          Colin Gower
          Stephen Tubbs
          c/o Wiona Pienaar
          BDO Spicers
          148 Victoria Street, Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          e-mail: wiona.pienaar@chc.bdospicers.com


PONSON INTERNATIONAL: Court Hears Wind-Up Petition
--------------------------------------------------
On January 22, 2008, the High Court at Auckland heard a petition
to have Ponson International Investment Ltd.'s operations wound
up.

Zhenyun Li filed the petition against the company on Nov. 5, 2008.


PRS HOLDINGS: Appoints Bryan Edward Williams as Liquidator
----------------------------------------------------------
On December 9, 2008, Bryan Edward Williams was appointed as
liquidator of PRS Holdings Ltd.

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 Liquidator can be reached at:

          Bryan Williams
          c/o Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road, RD 2
          Henderson 0782
          Telephone: (09) 412 9762
          Facsimile: (09) 412 9763


RICCARTON HOMES: Appoints Crichton and Horne as Liquidators
-----------------------------------------------------------
By order of the High Court on December 1, 2008, David Donald
Crichton and Keiran Anne Horne were appointed as liquidators of
Riccarton Homes Ltd.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2008, were included in the company's dividend
distribution.

The Liquidators can be reached at:

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


SENSATION YACHTS: Bank Puts Firm Up for Sale
--------------------------------------------
Sunday Star Times reports Auckland-based yacht company Sensation
Yachts is being sold by mortgagee sale.

According to the report, Sensation Yachts and the property being
sold are both owned by Ivan Erceg, brother of the late liquor
baron Michael Erceg, who was killed in a helicopter crash in 2005.

The report relates the property was subsequently mortgaged to
Hongkong Bank which holds security for up to NZ$10.78 million over
it.  However, the report adds, it is not known how much the bank
may actually be owed.

Chris Upright of Bayleys is handling the sale.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, Sunday Star Times says.


SPARKS PROPERTY: Court Hears Wind-Up Petition
---------------------------------------------
On January 19, 2008, the High Court at Christchurch heard a
petition to have Sparks Property Maintenance Ltd.'s operations
wound up.

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


STEELTEC LTD ET AL: Creditors' Proofs of Debt Due on January 30
---------------------------------------------------------------
Andrew John McKay and John Joseph Cregten fixed January 30, 2009,
as the last day to file proofs of debt for the creditors of:

   -- Steeltec Limited; and
   -- Steelfix Limited.

The company commenced liquidation proceedings on Dec. 5, 2008.

The Liquidators can be reached at:

          Andrew John McKay
          John Joseph Cregten
          Daniel Matene
          AMP Centre, Level 15
          29 Customs Street West
          PO Box 532, Auckland
          Telephone: (09) 354 8245
          Facsimile: (09) 358 3646


TOGETHER FIVE: Appoints Shephard and Dunphy as Liquidators
----------------------------------------------------------
On December 5, 2008, the shareholders of Together Five and Eight
Ltd. appointed Iain Bruce Shephard and Christine Margaret Dunphy
as the company's liquidators.

The Liquidators can be reached at:

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



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

LEGACY GROUP: SEC Rejects Unit's Petition for Liquidation
---------------------------------------------------------
The Securities of Exchange Commission (SEC) has rejected a
petition by Legacy Motors Inc., the auto financing unit of Legacy
Group, for voluntary dissolution, BusinessWorld Online reports.

The commission, the report relates, said the company had failed to
submit a list of creditors and cases pending before administrative
and quasi-judicial bodies, an inventory of its assets, and its
audited financial statement for 2007.

Legacy Motors Inc. filed the petition on Dec. 10, saying its
assets were no longer enough to pay for its liabilities,
BusinessWorld Online says.

                          House Probe

The Philippine Daily Inquirer reports that the House of
Representatives wants Celso delos Angeles, the man allegedly
behind the Legacy financial scam, to personally explain the
collapse of his rural banks and pre-need insurance company.

"We have to hear from Mr. Delos Angeles, the Bangko Sentral
[Central Bank] and all other stakeholders in the banking sector so
that we can have a clear picture on what really caused the closure
of our rural banks," the Inquirer quoted House Speaker Prospero
Nograles as saying.

But Mr. Nograles said the House was not singling out the Legacy
group, considering that 400 rural banks had declared bankruptcy,
the Inquirer relates.

The Inquirer discloses that the Legacy Group allegedly amassed
between PHP15 billion and PHP25 billion in deposits over the last
three years due to an aggressive marketing scheme, which promised
depositors 20 percent in annual returns.  To address risk
concerns, the Inquirer states, the cash deposits are spread out
through the Legacy chain of banks to keep each deposit within the
maximum limit of the PDIC.

According to the Inquirer, Mr. Delos Angeles is the owner of 13
banks with 29 branches nationwide under the Legacy banner.

In 2008, the Inquirer recalls, the BSP shuttered the Rural Bank of
Parañaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.

                       About Legacy Group

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.


UNIVERSAL ROBINA: Moody's Withdraws 'Ba2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investor Service has withdrawn the Ba2 local currency
corporate family rating of Universal Robina Corporation, and the
Ba3 rating on the senior unsecured bonds guaranteed by URC.

The ratings have been withdrawn because Moody's believes it lacks
adequate information to maintain the ratings.

URC's recently announced results for financial year ended
September 2008 showed a relatively stable operating performance.
But at the same time, they revealed a year-on-year reduction in
liquid assets and increased short-term borrowings.

In Moody's view, there is insufficient publicly disclosed
information on the composition and quality of the company's
sizeable liquid investments or its banking arrangements to enable
a conclusive assessment of its liquidity strength, and hence the
appropriateness of the ratings.

The last rating action with respect to URC was taken on Jan. 25,
2008, when the outlook on its guaranteed senior unsecured bonds,
issued by URC Philippines Ltd, was changed to positive in line
with the outlook change on the Philippine foreign currency
ceiling.

In assigning the rating, Moody's has made reference principally to
the Global Packaged Goods rating methodology.

URC, headquartered in Manila, Philippines and listed on the
Philippines Stock Exchange, is one of the largest branded consumer
food manufacturing companies in the country.  It has production
facilities in Thailand, Malaysia, China, Indonesia, and Vietnam,
with sales/marketing offices in Hong Kong and Singapore.

URC is also engaged in Agro-industrial products, sugar milling,
flour milling and packaging businesses in the Philippines.



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

AU OPTRONICS: Posts NT$26.6 Bln Net Loss in 4th Qtr. Ended Dec. 31
------------------------------------------------------------------
AU Optronics Corp. disclosed its unaudited financial results for
the quarter and fiscal year ended December 31, 2008.

For the fourth quarter ended December 31, 2008, the company posted
a net loss of NT$26.6 billion or NT$3.12 per common share,
compared with a net income of NT$33.00 or NT$4.22 per common
share, in the same period in 2007.

For the full year ended December 31, 2008, AU Optronics posted a
net income of NT$21.64 or NT$2.50 per common share, down 61% from
the net income of NT$56.48 or NT$7.22 per common share reported in
the previous year.

"Due to continued repercussion caused by the global financial
crisis and sluggish market demands, the shipments of large-sized
panels in 4Q2008 resulted in 27% Q-o-Q decrease, with average
selling price down by 28%.  Meanwhile, the shipments of small- and
medium-sized panels were also down by 23% comparing with previous
quarter.  Nevertheless, these numbers are in line with the
company's revised 4Q2008 guidance," said Mr. Max Cheng, Vice
President and Chief Financial Officer of AUO.

"Following the company's longstanding operation practice of not
storing inventories, the company has adopted the newly enacted
Statement of Financial Accounting Standards (SFAS) No. 10, also
known as accounting standard No. 10, since 4Q2008.  Impacted by
gross loss and low loading rate, the net loss in 4Q was higher
than it was anticipated.  But the net value of inventories has
reduced to NT$23.6 billion, a substantial 40.8% Q-o-Q drop.  The
Inventory Turnover Days had also reduced to 36 days in 4Q from 40
days in 3Q, which had further strengthened the company's effective
management over its inventory."

"The company was able to manage its Net Debt to Equity Ratio in a
reasonable scale, despite the increase from 19.0% in 3Q to 26.5%
in 4Q.  In terms of overall result in 2008, the company was able
to post 13.1% consolidated Gross Margin, as well as 7.2% Operating
Margin amid the global economic downturn that has impeded all
sectors around the world," added Mr. Cheng.  "In 2009, AUO is to
carefully manage its Capital Expenditure and continue to maintain
a cautious position in terms of its capacity input in accordance
with market demands.  Furthermore, the company is to continue
strengthening its Research and Development efforts, as well as
seeking innovative methods to improve its manufacturing processes,
in a bid to enhance its long term competitiveness and to ensure
its best readiness in coping with future business opportunities
when the cycle turns positively."

                        About AU Optronics

AU Optronics Corp. (AUO) -- http://auo.com/-- is the worldwide
manufacturer of thin film transistor liquid crystal display panels
(TFT-LCD).  AUO provides customers a full range of panel sizes and
comprehensive applications, offering TFT-LCD panels in sizes
ranging from 1.5 inches to greater than 65 inches.  AUO generated
NT$480.2 billion (US$14.8 billion) in sales revenue in 2007 and
now houses the staff of more than 42,000 employees throughout its
global operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.



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

TMB BANK: THB3.99 Mil. Net Loss Won't Affect S&P's 'BB+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said the ratings on TMB Bank
Public Co. Ltd. (TMB; BB+/Stable/B) were not affected by the
bank's fourth-quarter net loss of Thai baht 3.99 billion.  TMB had
reported third-quarter net profit of THB1.68 billion.  TMB's 2008
net profit (THB424 million) was a substantial improvement on the
THB43.68 billion loss reported in 2007.  The fourth-quarter loss
was mainly due to additional provisioning (THB3.86 billion) to
align the bank's provisioning standards with those internationally
and a THB850 million one-off provision for future human resource
realignment expenses.

In line with the industry trend, TMB's core operating performance
dipped in the fourth quarter, with lower margins and fee income.
The bank is continuing its transition agenda and taking steps to
reorganize and strengthen its credit quality.  TMB's operating
performance is expected to remain pressured in 2009, given
Thailand's current economic environment, which will continue to
put pressure on margins and may elevate credit-related expenses.

On Jan. 23, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K. tenanted public house
(pub) operator Enterprise Inns PLC to 'BB' from 'BB+'.  The
outlook is stable.

At the same time, the senior secured debt rating on the company's
five public bond issues was lowered to 'BBB-' from 'BBB', two
notches higher than the corporate credit rating.  The recovery
rating of '1' is unchanged, reflecting S&P's expectation of very
high (90%-100%) recovery for senior secured lenders in the event
of a payment default.

"The rating action primarily reflects the difficult trading
conditions in the U.K. pub sector," said Standard & Poor's credit
analyst Philip Temme.  "We expect that like-for-like EBITDA, which
fell 2.7% in the year to Sept. 30, 2008, will decline at an
accelerated pace this year, eroding margins."

The U.K. pub sector has been experiencing difficult trading
conditions for some time, due to weakness in U.K. discretionary
consumer spending, rising costs and excise duties, two poor
summers in a row, the smoking bans introduced in 2007, cut-price
beer sales by supermarkets, and competitor discounting.

Enterprise Inns is exposed to falling pub beer sales and increased
rent concessions and arrears.  Tenant assistance by way of
temporary rent concessions and beer discounts rose to GBP9.1
million in 2007/2008 and is expected to increase further, with the
annualized cost of tenant concession programs running at GBP16.8
million in the 16 weeks to Jan. 17, 2009.  In the same period,
like-for-like net beer sales were 6% lower than the prior year,
while rental income and net income per pub declined by 7% and 8%,
respectively.

Net debt to EBIT for the subgroup excluding Unique (but including
Unique dividends), which is the primary ratio monitored by
Standard & Poor's, has risen to close to 6.0x.  S&P believes there
is a reasonable probability that the company will moderately
exceed this ratio in financial 2008/2009.  That said, Enterprise
Inns is reducing total capital expenditure and acquisitions to
about GBP50 million in 2008/2009 from GBP118 million in 2007/2008,
and intends to increase asset sale proceeds to between GBP50 and
GBP100 million.  These measures, combined with its positive free
cash flows, should enable the company to start to reduce debt.

Refinancing prospects for Enterprise Inns' GBP1 billion secured
club facility expiring May 2011 should benefit from the new
program to reduce borrowings.  Nevertheless, an element of
refinancing risk will remain because a substantial proportion of
drawings under this facility will need to be rolled over.

If the U.K. recession were to intensify and double-digit declines
in beer volumes were to persist into financial 2009-2010, the
outlook for Enterprise Inns' rating could yet turn negative.



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

* BOND PRICING: For the Week January 26 to January 30, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------

A&R Whitcoulls                9.500%   12/15/10   NZD      37.92
Ainsworth Game                8.000%   12/31/09   AUD       0.65
Aust & NZ Bank                6.540%   06/29/49   GBP      59.34
Allco Hit Ltd                 9.000%   08/17/09   AUD      10.00
Alumina Finance               2.000%   05/16/13   USD      62.14
Antares Energy               10.000%   10/31/13   AUD       1.15
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.50
Becton Property Group         9.500%   06/30/10   AUD       0.21
Bemax Resources               9.375%   07/15/14   USD      36.38
Bemax Resources               9.375%   07/15/14   USD      36.38
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      45.00
China Century                12.000%   09/30/10   AUD       0.70
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.97
FMG Finance                   9.750%   09/01/13   EUR      55.81
FMG Finance                   9.750%   09/01/13   EUR      55.81
FMG Finance                  10.000%   09/01/13   USD      73.21
FMG Finance                  10.000%   09/01/13   USD      73.21
FMG Finance                  10.625%   09/01/16   USD      72.29
FMG Finance                  10.625%   09/01/16   USD      66.45
Griffin Coal Min              9.500%   12/01/16   USD      37.80
Griffin Coal Min              9.500%   12/01/16   USD      37.80
Hanson Australia              5.250%   03/15/13   USD      44.95
Heemskirk Consol              8.000%   04/29/11   AUD       2.35
Insurance Austra              5.625%   12/21/26   GBP      72.97
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       0.75
Macquarie Bank                5.500%   09/19/16   GBP      69.80
Metal Storm                  10.000%   09/01/09   AUD       0.81
Minerals Corp                10.500%   03/31/09   AUD       0.90
Myer Group Fin               10.194    03/15/13   AUD      62.20
Nylex Ltd.                   10.000%   12/08/09   AUD       1.20
Paladin Energy                4.500%   12/15/11   USD      64.58
Paladin Energy                5.000%   03/11/13   USD      58.26
Resolute Mining              12.000%   12/31/12   AUD       0.50
Rio Tinto Financ              6.500%   07/15/18   USD      73.69
Suncorp-Metway                6.500%   06/22/16   AUD      70.77
Suncorp Insuran               6.250%   06/13/27   AUD


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


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


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    65.76
Bank of Baroda                 6.625%  05/25/22     USD    70.00
Canara Bank                    6.365%  11/28/21     USD    73.53
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    58.79
ICICI Bank Ltd                 7.250%  08/29/49     USD    46.23
State BK India                 6.439%  02/28/49     USD    71.12
UTI Bank Ltd                   7.250%  05/16/13     USD    64.22


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


   JAPAN
   -----
Aiful Corp                     5.000%  12/31/09     USD    71.78
Aiful Corp                     5.000%  08/10/10     USD    71.78
Aiful Corp                     6.000%  08/10/10     USD    71.78
Aiful Corp                     6.000%  12/12/11     USD    57.11
Aozora Bank                    0.660%  11/12/12     JPY    74.95
Aozora Bank                    0.660%  10/27/12     JPY    74.72
Aozora Bank                    0.660%  11/12/12     JPY    74.42
Aozora Bank                    0.660%  11/27/12     JPY    74.17
Aozora Bank                    0.660%  12/12/12     JPY    73.92
Aozora Bank                    0.660%  01/12/13     JPY    73.42
Aozora Bank                    0.660%  01/27/13     JPY    73.18
Aozora Bank                    0.560%  02/12/13     JPY    72.56
Aozora Bank                    0.560%  02/27/13     JPY    72.31
Aozora Bank                    1.300%  02/27/13     JPY    74.83
Aozora Bank                    0.560%  03/12/13     JPY    72.11
Aozora Bank                    1.560%  03/27/13     JPY    71.87
Aozora Bank                    1.250%  03/27/13     JPY    74.25
Aozora Bank                    0.560%  04/12/13     JPY    71.61
Aozora Bank                    1.300%  04/26/13     JPY    73.98
Aozora Bank                    0.560%  04/27/13     JPY    71.39
Aozora Bank                    0.560%  05/12/13     JPY    71.17
Aozora Bank                    0.560%  05/27/13     JPY    70.89
Aozora Bank                    1.600%  05/27/13     JPY    74.60
Aozora Bank                    0.560%  06/12/13     JPY    70.64
Aozora Bank                    0.560%  06/27/13     JPY    70.40
Aozora Bank                    1.650%  06/27/13     JPY    74.35
Aozora Bank                    0.560%  07/12/13     JPY    70.17
Aozora Bank                    1.700%  07/26/13     JPY    74.13
Aozora Bank                    0.560%  07/27/13     JPY    69.95
Aozora Bank                    0.560%  08/12/13     JPY    69.68
Aozora Bank                    0.560%  08/27/13     JPY    69.44
Aozora Bank                    1.600%  08/27/13     JPY    73.32
Aozora Bank                    0.560%  09/12/13     JPY    69.19
Aozora Bank                    0.560%  09/27/13     JPY    68.96
Aozora Bank                    1.800%  09/27/13     JPY    73.66
Aozora Bank                    0.560%  10/12/13     JPY    68.75
Aozora Bank                    0.560%  10/25/13     JPY    68.53
Aozora Bank                    0.560%  11/12/13     JPY    68.25
Aozora Bank                    0.560%  11/27/13     JPY    68.02
Aozora Bank                    0.400%  12/12/13     JPY    67.16
Aozora Bank                    0.400%  12/27/13     JPY    66.93
Aozora Bank                    0.400%  01/12/14     JPY    66.71
Aozora Bank                    0.400%  01/27/14     JPY    66.52
Chuo Mitsui Trst               5.506%  12/29/49     USD    59.88
CSK Corporation                0.250%  09/30/13     JPY    61.50
Ebara Corp                     1.700%  09/30/11     JPY    72.62
Hiroshima Bank                 1.720%  05/14/14     JPY    70.44
Hiroshima Bank                 1.890%  09/20/17     JPY    58.65
Hitachi Zosen                  1.500%  09/30/12     JPY    63.17
Nichiei Co Ltd                 1.750%  03/31/14     JPY    62.00
Resona Bank                    4.125%  09/29/49     EUR    52.54
Resona Bank                    5.850%  09/29/49     USD    50.35
Resona Bank                    5.986%  08/29/49     EUR    71.03
Shinsei Bank                   1.300%  02/27/13     JPY    74.83
Shinsei Bank                   1.250%  03/27/13     JPY    74.25
Shinsei Bank                   1.350%  04/26/13     JPY    74.15
Shinsei Bank                   1.600%  05/27/13     JPY    74.60
Shinsei Bank                   1.650%  06/27/13     JPY    74.35
Shinsei Bank                   1.700%  07/26/13     JPY    74.13
Shinsei Bank                   1.600%  08/27/13     JPY    73.33
Shinsei Bank                   1.700%  09/27/13     JPY    73.28
Shinsei Bank                   1.960%  03/25/13     JPY    67.91
Shinsei Bank                   2.010%  10/30/15     JPY    65.85
Shinsei Bank                   3.750%  02/23/16     EUR    35.02
Shinsei Bank                   5.625%  12/29/49     GBP    29.88
Softbank Corp                  7.750%  10/15/13     EUR    69.98
Sumitomo Mitsui                4.375%  07/29/49     EUR    56.50
Sumitomo Mitsui                5.625%  07/29/49     EUR    71.12


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



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.92
AMBB Capital                   6.770%  01/29/49     USD    61.78
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.98
Cagamas Berhad                 3.640%  05/05/09     MYR     4.01
Eastern & Orient               8.000%  07/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.25
Insas Berhad                   8.000%  04/19/09     MYR     0.29
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.16
Kretam Holdings                1.000%  08/10/10     MYR     0.99
Kumpulan Jetson                5.000%  11/27/12     MYR     0.41
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.11
Mithril Bhd                    3.000%  04/05/12     MYR     0.65
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.15
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.72
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.72
Silver Bird Grp                1.000%  02/15/09     MYR     0.26


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    31.00
Allied Nationwid              11.520%  12/29/49     NZD    31.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    47.33
Blue Star Print                9.100%  09/15/12     NZD    43.97
Cadmus Devt. Ltd               9.900%  01/15/10     NZD    63.57
Fidelity Capital               9.250%  07/15/13     NZD    23.46
Fletch Build Fin               9.000%  03/15/10     NZD    43.83
Fletcher Bui                   8.900%  03/15/13     NZD    11.96
Fletch Build Fin               8.900%  03/15/13     NZD    11.95
Generator Bonds                8.200%  09/17/11     NZD    24.84
Goodman Finance                9.950%  11/15/11     NZD    17.90
Hellaby Holdings               8.500%  06/15/11     NZD    28.49
Infratil Ltd                   8.250%  05/15/11     NZD    20.19
Infrastr & Util                8.500%  11/15/11     NZD    17.87
Infratil Ltd                   8.500%  02/15/20     NZD     9.89
Infratil Ltd                  10.180%  12/29/49     NZD    54.00
Marac Finance                 10.500%  07/15/13     NZD     0.11
Nuplex Industrie               9.300%  09/15/12     NZD    13.21
NZ Finance Hldgs               9.750%  03/15/11     NZD    34.93
Pins Securities                9.250%  01/31/14     NZD    26.11
PGG Wrightson                  8.250%  10/08/10     NZD    27.39
Powerco Limited                7.640   04/15/10     NZD    38.86
Powerco Limited                6.220%  03/29/11     NZD    20.29
Powerco Limited                6.590%  09/28/12     NZD    10.98
Powerco Limited                6.390%  03/29/13     NZD     9.65
Powerco Limited                6.740%  09/28/17     NZD     7.32
PPCS Ltd                      11.500%  12/15/10     NZD    33.73
Skycity Entert                 8.000%  05/15/10     NZD    36.07
South Canterbury              10.430%  12/15/12     NZD     0.11
St Laurence Prop               9.250%  07/15/10     NZD    41.11
St Laurence Prop               9.250%  05/15/11     NZD    30.29


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


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.87
Capitaland Ltd.                2.100%  11/15/16     SGD    71.88
Capitaland Ltd.                3.500%  07/17/17     SGD    66.15
Capitaland Ltd.                2.950%  06/20/22     SGD    57.86
Capitaland Ltd.                2.950%  06/20/22     SGD    57.86
Chartered Semico               6.375%  08/03/15     USD    67.01
Empire Cap Res                 9.375   12/15/11     USD    67.50
Olam International Limited     1.000%  07/03/13     USD    69.51


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


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



                         *********

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

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

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


                            *********


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

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

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

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

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





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