TCRAP_Public/090128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, January 28, 2009, Vol. 12, No. 19

                            Headlines

A U S T R A L I A

ANETON PTY ET AL: Members and Creditors Receive Wind-Up Report
AUSTASIA GRAINS: Placed Under Voluntary Liquidation
BELWAY PTY: Placed Under Voluntary Liquidation
BHP BILLITON: Lays Off 6,000 Workers, Shuts Nickel Mine
BROADFIELDS II ET AL: Members and Creditors Receive Wind-Up Report

BUNDILLA PTY: Members and Creditors Receive Wind-Up Report
CATALYST MARKETING: Appoints Warner and Kugel as Liquidators
COLORADO GROUP: Risks Breaching Debt Covenants
D.W. PALMER: Placed Under Voluntary Liquidation
GILDANE PTY: Members and Creditors Hear Wind-Up Report

HOPOT PTY: Members and Creditors Hear Wind-Up Report
JAX TYRES: Members and Creditors Hear Wind-Up Report
MACQUARIE COUNTRYWIDE: To Sell U.S. Assets for US$427 Mln.
MODERN MASTER: Members and Creditors Hear Wind-Up Report
MURLIN PTY: Members and Creditors Receive Wind-Up Report

NAIRAM PTY: Commences Liquidation Proceedings
ONEFORONE PTY ET AL: Enter Liquidation Proceedings
OZ MINERALS: Needs $500 Mln Funds to Stay Solvent, Analyst Says
RIO TINTO: Completes 50% Alcan Ningxia Stake Sale for US$125 Mln.
SARAH JANE: Members and Creditors Hear Wind-Up Report

STRATHFIELD GROUP: Goes Into Administration


C H I N A

HAINAN AIRLINES: Expects to Post a Loss for 2008
VISTEON CORP: Hires Advisers for Possible Bankruptcy


H O N G  K O N G

AMERICAN INT'L: Seeks Bids for Fund Management Business
ASIA PACIFIC: Members' Final Meeting Set for February 12
BILLION KEEN: Members' Final Meeting Set for February 16
DAEWOO HONG KONG: Inability to Pay Debts Prompts Wind-Up
EXPERT TRADERS: Creditors' Proofs of Debt Due on February 16

HIGH WEALTH: Creditors' Proofs of Debt Due on February 16
HSH FINANCE: Creditors' Proofs of Debt Due on February 2
LIONSTAR LIMITED: Commences Liquidation Proceedings
MARCOTEX LIMITED: Creditors' Proofs of Debt Due on February 16
TEAMFAIR SHIPPING: Appoints Tang and Man as Liquidators

UNITECH NETWORKS: Creditors Hold Meeting
UOB REALTY: Members' Final Meeting Set for February 12
ZILLION DYNASTY: Members' Final Meeting Set for February 16


I N D I A

* INDIA: RBI Unveils Third Quarter Review of Monetary Policy


I N D O N E S I A

BANK NEGARA: Named as World Ocean Conference's Official Bank


J A P A N

EBARA CORP: Eyes Annual Net Loss, Cancels Dividend Payment
NOMURA HOLDINGS: Incurs US$4.4 Bln FY 2009 Third Quarter Loss


K O R E A

SAMSUNG ELECTRONICS: Posts First Quarterly Loss in Eight Years
SSANGYONG MOTOR: To Resume Operations Next Week


M A L A Y S I A

NEPLINE BERHAD: Receiver Takes Charged Assets


N E W  Z E A L A N D

AIR NEW ZEALAND: ACCC Denies Proposed Deal with Air Canada
BAREFOOT AUTOS: Court to Hear Wind-Up Petition on February 23
CAPITAL + MERCHANT: Creditors' Proofs of Debt Due on March 5
CINDERELLA: Appoints Parsons and Kenealy as Liquidators
CSE GARMENT: Appoints Crichton and Horne as Liquidators

DHILLON FRUIT: Creditors' Proofs of Debt Due on February 27
FASHION PET: Court to Hear Wind-Up Petition on Feb. 4
G & T YOUNG: Court Placed Firm in Liquidation
IMPULSE OPPORTUNITIES: Court to Hear Wind-Up Petition on Feb. 23
JAWJA LTD: Placed Under Voluntary Liquidation

KOURA FARMS: Court to Hear Wind-Up Petition on Feb. 2
LOLLIHOLICS 2007: Court to Hear Wind-Up Petition on February 2
MOUNTAIN LAKE: Court Hears Wind-Up Petition
PEACE INDUSTRIES: Appoints Madsen-Ries and Vance as Liquidators
RAYDA LTD: Creditors' Proofs of Debt Due on February 9

STANLEY ROAD: Creditors' Proofs of Debt Due on January 30
TPS CONSULTING: Creditors' Proofs of Debt Due on January 30


P H I L I P P I N E S

* PHILIPPINES: BSP Issues Simplified FRP Report Format for Banks


S I N G A P O R E

MUTUAL EUROPEAN: Court to Hear Wind-Up Petition on February 6
OWIS PTE: Court to Hear Wind-Up Petition on February 6
SHEALTH SERVICES: Creditors' Meeting Set for February 5
TONG HUP: Pays First and Final Dividend
WEI INTERIOR: Court to Hear Wind-Up Petition on January 30


T A I W A N

WINBOND ELECTRONICS: Has NT$950 Mil. Exposure to Qimonda


T H A I L A N D

THAI AIRWAYS: Doubles Financing Target, Reuters Says


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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ANETON PTY ET AL: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
On December 11, 2008, Schon G. Condon presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- Aneton Pty Limited;
   -- Delta Blinds (Aust) Pty Limited;
   -- Fatouleh Holdings Pty Limited; and
   -- Submarine Relief Pty Limited

The Liquidator can be reached at:

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


AUSTASIA GRAINS: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of Austasia Grains Pty Limited met on Sept. 30, 2008,
and resolved to voluntarily liquidate the company's business.

The company also declared the first and final dividend to ordinary
unsecured creditors on November 28, 2008.  Only creditors who were
able to file their proofs of debt by November 27, 2008, were
included in the company's dividend distribution.

The company's liquidator is:

          Murray Roderick Godfrey
          RMG Partners
          88 Pitt Street, Level 12
          Sydney NSW 2000
          Telephone: (02) 9231 0889
          Facsimile: (02) 9231 0887


BELWAY PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 23, 2008, the members of
Belway Pty Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         P. Ngan
         Ngan & Co Chartered Accountants
         49 Market Street, Level 5
         Sydney NSW 2000


BHP BILLITON: Lays Off 6,000 Workers, Shuts Nickel Mine
-------------------------------------------------------
BHP Billiton Limited said it would cut 6,000 jobs and close its
giant Ravensthorpe nickel mine in Australia amid slump in
commodity prices, Reuters reports.

According to the report, the job cuts, about 70 percent of which
were connected with independent contractors, will affect 2,100
workers in BHP's Australian nickel mining and 4,000 from BHP's
global work force of 101,000.

"Clearly, their balance sheet is in a respectable position, but
they are not immune from the commodity price environment that
we're seeing, and earnings are going to suffer," Reuters quoted
Neil Boyd-Clark of Fortis Investment Partners as saying.

Reuters relates BHP's chief financial officer, Alex Vanselow, has
warned that more mines could be closed, given the uncertainty in
commodity markets, with metallurgical coal mines in Australia
already scheduled to reduce output by 10 percent to 15 percent.

BHP, the report notes, also said it was reducing activity at its
Mount Keith nickel mine.

The price of nickel, the report says, has slumped about 80 percent
to $11,200 a ton from $51,650 in May 2007.

Australia-based BHP Billiton Limited (NYSE:BHP) --
http://www.bhpbilliton.com/-- is a diversified natural resources
company.  The company has businesses producing alumina and
aluminum, copper, energy (thermal) coal, iron ore, nickel,
manganese, metallurgical coal, oil and gas and uranium, as well as
gold, zinc, lead, silver and diamonds. The company operates in
nine customer sector groups (CSGs): petroleum, aluminum, base
metals, diamonds and specialty products, stainless steel
materials, iron ore; manganese, metallurgical coal, and energy
coal.  In July 2008, the company completed the acquisition of
Anglo Potash Ltd.


BROADFIELDS II ET AL: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------------
On December 8, 2008, Christopher J. Palmer presented the
companies' wind-up report and property disposal to the members and
creditors of:

   -- Broadfields II Pty Limited;
   -- ACN 060 942 896 Pty Limited; and
   -- Stone Age (NSW) Pty Limited.

The company's liquidator is:

          Christopher J. Palmer
          23-25 Hunter Street, Level 4
          Sydney NSW 2000


BUNDILLA PTY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Bundilla Pty Limited met on Dec. 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael G. Jones
         c/o Jones Partners Insolvency & Business Recovery
         Telephone: (02) 9251 5222


CATALYST MARKETING: Appoints Warner and Kugel as Liquidators
------------------------------------------------------------
During a general meeting held on October 23, 2008, the members of
Catalyst Marketing Pty Limited appointed Anthony Warner and Steven
Kugel as the company's liquidators.

The Liquidators can be reached at:

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


COLORADO GROUP: Risks Breaching Debt Covenants
----------------------------------------------
The Sydney Morning Herald reports that footwear and apparel
retailer, Colorado Group Ltd is at risk of breaching debt
covenants amid slumping sales in 2008.

According to the Herald, the group may breach its covenant on a
AU$405 million debt facility that was signed by its private equity
owners, Affinity Equity Partners.

The covenants, the report notes, contained in Colorado's AU$405
million syndicated loan facility are linked to the profitability
ratios generated by the retailer.

The company signed the syndicated debt facility in August 2007,
the same month Affinity completed its drawn-out AU$434 million
takeover of Colorado.  The debt was arranged by Credit Suisse and
Mizuho, the Herald says.

Colorado Group Ltd -- http://www.coloradogroup.com.au/-- is a
footwear and apparel retailer and wholesaler with more than 430
stores in Australia and New Zealand operating under the divisions
of Colorado, Mathers, Williams, diana ferrari, Jag, and Pairs.
The company has about 3900 employees.


D.W. PALMER: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on October 30, 2008, the members of
D.W. Palmer Holdings Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         S. A. Scarfone
         c/o S. A. Scarfone & Co Chartered Accountants
         109 Great North Road
         Five Dock NSW 2046


GILDANE PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Gildane Pty Limited met on Nov. 27,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Neil R. Cussen
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney NSW 2000


HOPOT PTY: Members and Creditors Hear Wind-Up Report
----------------------------------------------------
The members and creditors of Hopot Pty Limited met on December 5,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney NSW 2000


JAX TYRES: Members and Creditors Hear Wind-Up Report
----------------------------------------------------
The members and creditors of Jax Tyres Truck Centre Pty Limited
met on December 5, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          49 Market Street, Level 5
          Sydney NSW 2000


MACQUARIE COUNTRYWIDE: To Sell U.S. Assets for US$427 Mln.
----------------------------------------------------------
Macquarie CountryWide Trust disclosed it has entered into
contracts with Inland Real Estate Acquisitions Inc. for the sale
of the equity and debt interests of 30 U.S. shopping center assets
for approximately US$427 million (AU$646 million).

The sale includes all but five of the assets that were part of the
first two Regency joint ventures established with the Trust - the
dissolution of both were announced earlier this week, Macquarie
CountryWide said in a statement to the Australian Securities
Exchange.

Proceeds from the sale will be used to reduce debt and position
the Trust to meet its refinancing obligations in the second half
of 2009.

The transaction is structured in two phases.  The first phase,
which has closed, includes seven unencumbered properties.  The
second phase involves the sale of equity and debt interests of the
remaining 23 assets and is subject to satisfactory completion of
the purchaser's due diligence and property-level loan assumption
processes.  Due diligence is scheduled to be completed in February
and the ensuring loan assumption process by the end of March 2009.

Upon completion of the two phases, the transaction would result
in:

   -- gross proceeds of approximately AU$240 million, which
      will be used to cover disposal costs and to pay down
      the Head Trust multi-currency debt facility, with the
      flexibility to redraw this capital, and contribute to
      the repayment of the A$CMBS program maturing in
      December 2009;

   -- gearing reduction of 1.8% on a debt to total assets
      basis; and

   -- earnings dilution on an annualized basis of 1.7 cents
      per unit, or 0.5 cents per unit in FY09 (owing to the
      timing of the sale).

The portfolio sale price is considered appropriate in the current
challenging capital and debt environment.  The sale represents a
discount of 12% to the original cost base of the assets.  The sale
reduces the amount of the Trust's debt due to mature over the
coming financial years by approximately AU$395 million as a result
of assumption of individual loans.

The assets included in the sale are widespread across the US
multiple assets in Georgia (part of the "Branch Portfolio"
acquired in 2004), Florida, California, Colorado, South Carolina,
Oregon and Kentucky and a single asset in each Illinois, North
Carolina, Nevada, Washington State and Alabama.

Chief Executive Officer, Mr. Steven Sewell said "This sale
delivers on the Trust's stated strategy of continuing to
selectively sell assets or interests in assets to reduce leverage
and provide balance sheet capacity to meet our medium term
refinancing obligations."

Mr. Sewell confirmed that following the completion of this
transaction the Trust will be able to restructure or refinance all
debt maturities for the 2009 calendar year.

                         JV Dissolution

Macquarie CountryWide Trust disclosed last week that in
conjunction with joint venture partner Regency Centers
Corporation, it has agreed to dissolve two of its initial co-
investment entities known as JV1 and MCW/MDP.

Macquarie CountryWide said the decision to dissolve the entities
by the joint venture partners was taken to enable both parties
after a rotational asset selection process, to take 100% ownership
of their respective share of the joint venture assets selected by
each as provided for by the terms in the individual ownership
agreement.

The dissolution is expected to be completed by the end of March
2009, subject to required lenders consent for ownership transfer.
For the foreseeable future, Regency will continue to manage the
assets.

As per the initial joint venture agreement, an additional
distribution and liquidation management fee will be payable to
Regency in the form of an increased ownership interest, estimated
to be approximately US$15 million.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2008, The Australian said Macquarie CountryWide Trust
may be forced to raise at least AU$1 billion through share issues
or asset sales to pay down debts totaling AU$3.8 billion.

"In our view MCW has little option but to sell assets, as cutting
distributions (even to zero), or raising equity will not be enough
on their own to sufficiently pay down debt," The Australian quoted
Goldman Sachs JBWere's David Lloyd as saying.

Some AU$450 million in commercial mortgage-backed securities are
due in December 2009, The Australian noted.

                         About Regency

Regency is a national owner, operator, and developer of grocery-
anchored and community shopping centers in the US.  At June 30,
2008, the company owned 443 retail properties, including those
held in co-investment partnerships.  Including tenant-owned square
footage, the portfolio encompassed 58.9 million square feet
located in top markets throughout the United States.  Operating as
a fully integrated real estate company, Regency is a qualified
real estate investment trust that is self-administered and self-
managed

                About Macquarie CountryWide Trust

Macquarie CountryWide Trust (ASX:MCW) --
http://www.macquarie.com.au/-- is a fully integrated listed
property trust investing in retail properties with assets under
management of AU$6.1 billion.  More than AU$36 billion of real
estate assets are managed globally by Macquarie Real Estate and
its associates, across a portfolio of listed and unlisted property
trusts, unlisted development funds and property investment
syndicates.


MODERN MASTER: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Modern Master Pty Limited met on
December 5, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

G. J. Parker is the company's liquidator.


MURLIN PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Murlin Pty Limited met on Dec. 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Bryan P. Collis
          O'Brien Palmer
          23-25 Hunter Street, Level 4
          Sydney NSW 2000
          Telephone: (02) 9232 3322
          Facsimile: (02) 9232 3388


NAIRAM PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on October 27, 2008, the members of
Nairam Pty Limited resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

         P. Ngan
         Ngan & Co Chartered Accountants
         49 Market Street, Level 5
         Sydney NSW 2000


ONEFORONE PTY ET AL: Enter Liquidation Proceedings
--------------------------------------------------
On October 23, 2008, a resolution was passed that voluntarily wind
up the operations of:

   -- Oneforone Pty Limited;
   -- Twooftwo Pty Limited; and
   -- Fiveforall Pty Limited.

The companies' liquidator is:

         Christopher J. Palmer
         Currency House, Level 4
         23-25 Hunter Street
         Sydney NSW 2000

OZ MINERALS: Needs $500 Mln Funds to Stay Solvent, Analyst Says
---------------------------------------------------------------
OZ Minerals Ltd needs to secure about $500 million in available
funds to stay solvent, The Australian reports citing Credit Suisse
analyst.

"In our view, OZ needs around $500 million of short-term liquidity
to meet its obligations and to avoid insolvency," Credit Suisse
analyst Michael Slifirski said in a note obtained by The
Australian.

"Finalization of a $140 million bridge facility is stage one, but
must be followed by debt extension, assets sales and potential for
new equity."

According to the Australian, Mr. Slifirski said this underlines
how crucial its current debt negotiations are.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, OZ Minerals secured a bridging finance facility of
up to AU$140 million, to be provided by all of its "Facility A"
lenders.

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

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

                        About OZ Minerals

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

                          *     *     *

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


RIO TINTO: Completes 50% Alcan Ningxia Stake Sale for US$125 Mln.
-----------------------------------------------------------------
Rio Tinto Alcan, one of five product groups operated by Rio Tinto,
said it has completed the sale of its 50 percent equity share of
the Alcan Ningxia aluminium joint venture in China to Qingtongxia
Aluminium Group Co Ltd for gross cash consideration of US$125
million.

In addition, Rio Tinto Alcan has also received US$13 million for
the cancellation of an option right to expand at the Qingtongxia
smelter complex.  Alcan Ningxia joint venture owns a 160,000 tonne
per year potline in Qingtongxia.

"Despite the challenges of the current market, we have completed a
transaction that creates clear value both for Rio Tinto Alcan and
QTX.  We have sold our stake in Alcan Ninxgia, after being
approached by our partner QTX in late 2007, to further our
business model of investing in low cost, large scale, and long-
term assets," Rio Tinto Alcan chief executive Dick Evans said in a
statement.

Rio Tinto said the sale of its stake in Alcan Ningxia is in line
with Rio Tinto's global divestment strategy and the Rio Tinto
Group's commitment to preserving value for shareholders by
conserving cashflow and reducing levels of debt in response to
global economic conditions.

                       Debt Reduction Plan

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

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

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

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

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

                         About Rio Tinto

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

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


SARAH JANE: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------
The members and creditors of Sarah Jane Pty Limited met on
December 8, 2008, and heard the liquidator's report on the
company's wind-up proceedings and property disposal.

G. J. Parker is the company's liquidator.


STRATHFIELD GROUP: Goes Into Administration
-------------------------------------------
Strathfield Group Limited has been placed in voluntary
administration.  The Group appointed Brian Silvia & Andrew Cummins
of BRI Ferrier as voluntary administrators to the company.

In a regulatory filing with the Australian Securities Exchange,
Strathfield said being mindful of the worsening economic
conditions, consumer demand and generally falling asset values,
the Board has carried out a recent review of the company's affairs
which has revealed a substantial impairments of goodwill,
receivables and inventory values that, subject to final directors'
and auditor review, will be recognized in its half year accounts,
which is likely to result in a negative net assets and
shareholders' funds position as at Dec. 31, 2008.

In addition, Strathfiel said after due consideration of the
company's recent performance, including the less than satisfactory
Christmas and post-Christmas trading results and the continued
negative and worsening retail outlook for at least the first half
of 2009 calendar year, and in particular the significant
deterioration of the company's working capital position and
funding requirements going forward, that have emerged following
poor Christmas trading figures, the Board has resolved to take
decisive steps to restructure the Strathfield Group.

Subject to a report and recommendation from the administrators,
the company is hopeful to emerge from voluntary administration
under a Deed of Company Arrangement ("DOCA") which may be put up
by the company with the funding support of its largest
shareholder.

Consequently, and subject to the success of a DOCA, a strategic
review of the business model and individual store performances
suggests the shifting of the future focus towards a franchising
business model across the national store footprint of the company
once a rationalization process has been finalized.

In this regard, Strathfield disclosed that it has been in
discussions with the company's secured financier, its largest
shareholder and its largest trading partner and at this stage
believes to have their collective support for a restructure that
should result in a more robust, efficient and focused business
model going forward.

The restructure will involved maximum possible staff retention,
albeit some may be employed under a new franchise arrangement
whereby all of their entitlements are retained.  Those who may
leave the Group are expected to receive their entitlements in
full, the company said.

Trading of the company's securities will continue to remain
suspended during the period of administration.

                   About Strathfield Group

Based in Sydney, Australia, Strathfield Group Limited (ASX:SRA) --
http://www.strathfield.com/ -- is engaged in retail sales of car
entertainment, home entertainment, home office and mobile phone
products.  The Company also provides telephone connection services
to mobile carrier network and installation of car audio products
and mobile telephones.  Its subsidiaries include Strathfield Group
Wholesale Pty Ltd, Multimedia Universe Pty Ltd, Planet Strathfield
Pty Ltd, Strathfield Installations Pty Ltd, Hi Fi Corporation
Australia Pty Ltd, Cellphone Pty Limited, Mobiletronics Pty Ltd,
Strathfield Ventures Pty Ltd, Strathfield Investments Pty Ltd,
Ozbuy.com Pty Ltd, and Zoon Sound and Vision Pty Ltd.



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HAINAN AIRLINES: Expects to Post a Loss for 2008
------------------------------------------------
Hainan Airlines Co. Ltd. said it expects to post a loss for 2008
due to slumping traffic demand and higher fuel prices, Reuters
reports.

Hainan Air, Reuters says, booked a net profit of CNY651 million
(US$95.22 million) in 2007.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China
Rating's "CC" issuer credit rating placed on October 31, 2005
with a negative outlook.


VISTEON CORP: Hires Advisers for Possible Bankruptcy
----------------------------------------------------
Visteon Corp. has hired Kirkland & Ellis LLP as bankruptcy counsel
and Rothschild Inc. as financial adviser to prepare for a possible
bankruptcy filing, John D. Stoll and Jeffrey McCracken report,
citing people familiar with the matter.

The sources said that Visteon's hiring of the experts doesn't mean
a bankruptcy filing is imminent, WSJ relates.  WSJ states that the
sources said that Visteon and its advisers are studying whether it
should file for bankruptcy pre-emptively to conserve its cash.

According to Bloomberg, Visteon, a former unit of Ford Motor Co.,
fell to a record low in New York trading after a report that the
supplier had hired advisers to prepare for a possible bankruptcy
filing.  The company's shares fell 7 cents, or 32 percent, to 15
cents at 4:15 p.m. in New York Stock Exchange composite trading.
That was the lowest close since trading began in June 2000,
according to data compiled by Bloomberg.

WSJ states that Visteon's bonds trade below 20 cents on the
dollar, indicating that investors believe that the company
wouldn't be able to pay off its debt.  Sources said that Visteon
has plenty of cash right now, but it burned through more than $400
million in 2008, according to WSJ.  The report says that Visteon
is worried that it could face a liquidity crisis later in 2009.

According to WSJ, a person familiar with the matter said that
Visteon's probability of filing for bankruptcy is "about 65% to
70%," mainly depending of on the outcome of high-levels talks with
Ford Motor Co.  Visteon is one of Ford Motor's biggest parts
suppliers.

Visteon, says WSJ, and will cut pay by as much as 10% for any
employee making more than $75,000.

WSJ reports that a bankruptcy filing by Visteon could affect Ford
Motor.  Visteon, in bankruptcy protection, might be able to reject
and renegotiate parts contracts with Ford Motor that it felt were
unprofitable, according to the report.  Visteon, WSJ states, might
also be able to evade or beat back any concessions that Ford Motor
demands from its suppliers.  Visteon also supplies parts to
General Motors Corp., Chrysler LLC, Nissan Motor Co., and BMW AG.

Restructuring and Other Actions

Visteon completed its three-year improvement plan at a lower cost
and with greater savings than originally planned.  Recent actions
taken at two Western European manufacturing locations bring to 30
the total number of facilities addressed.  As of Dec. 31, 2008,
US$68 million was available in the escrow account to fund future
restructuring actions.

Visteon continues to take other aggressive actions in light of the
current vehicle production environment.  The company is on track
to complete, by the end of first quarter 2009, the reduction of
800 salaried employees globally, announced in October 2008.  This
action will generate an estimated per annum savings of US$60
million once completed.  For the month of January 2009, Visteon
adopted a four-day workweek schedule for about 2,000 salaried
employees at its Van Buren Township and Plymouth, Mich.,
facilities commensurate with a 20% reduction in base salaries.
This action will be reassessed based on future market conditions.
The company also has implemented other actions to reduce costs
including the suspension of 401(k) matching contributions and 2009
salary increases, the elimination of certain benefit programs, and
a reduction in new hiring.  Additional actions are being taken to
reduce capital expenditures, working capital and non-personnel
expenses.

Preliminary 2008 Financial Data

Visteon has provided preliminary estimates of certain financial
information for the fourth quarter and full year 2008.  Visteon
expects to release its final fourth-quarter and full-year 2008
financial results on Feb. 25, 2009.

Product sales for fourth quarter 2008 are estimated to be
US$1.55 billion, while full year 2008 sales are estimated at
US$9.1 billion.  Approximately 22% of total fourth quarter product
sales were in North America, with 37% in Europe and 35 percent in
Asia-Pacific.  The reduction in fourth quarter sales compared with
a year ago is largely attributable to significantly lower vehicle
production by Visteon's global customers.

Visteon continues to win new business with a broad spectrum of
customers across all regions, a reflection of the company's
significant global footprint and breadth of innovative products.
New business wins in 2008 were about US$650 million.  Many of the
innovations in Visteon's climate, interiors, electronics and
lighting products are featured on vehicles prominently displayed
at the 2009 North American International Auto Show in Detroit.
This includes significant products for both the NAIAS 2009 Car of
the Year -- Hyundai Genesis -- and the 2009 Truck of the Year,
Ford F-150.

Visteon's year-end 2008 cash balances were US$1.18 billion, which
include US$75 million drawn under the company's principal U.S.
credit line.  Visteon's debt balances at year-end 2008 were
approximately US$2.76 billion and include US$92 million for the
non-
cash impact of on-balance sheet accounting treatment for the
Europe securitization facility, which was amended in fourth
quarter 2008.

                     About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

As reported in the Troubled Company Reporter on Nov. 4, 2008,
Visteon Corporation's balance sheet at Sept. 30, 2008, showed
total assets of US$5.9 billion and total liabilities of
US$6.4 billion, resulting in shareholders' deficit of roughly
US$530 million.

The company reported a net loss of US$188 million on total sales
of US$2.11 billion.  For third quarter 2007, Visteon reported a
net loss of US$109 million on sales of US$2.55 billion.

Visteon reported a net loss of US$335 million for the first nine
months of 2008, compared with a net loss of US$329 million for the
same period a year ago.

                         *     *     *

The Troubled Company Reporter said on Jan. 14, 2009, that Standard
& Poor's Ratings Services lowered its corporate credit rating on
Visteon Corp. to 'CCC' from 'B-' and removed all the ratings from
CreditWatch, where they had been placed on Nov. 13, 2008, with
negative implications.  The outlook is negative.  At the same
time, S&P also lowered its issue-level ratings on the company's
debt.

TCR reported on Nov. 27, 2008, that Moody's Investors Service
lowered Visteon Corporation's corporate family and probability of
default ratings to Caa2, and Caa1, respectively.  In a related
action, Moody's also lowered the ratings of Visteon's senior
secured term loan to B3 from Ba3, unguaranteed senior unsecured
notes to Caa3 from Caa2, and guaranteed senior unsecured notes to
Caa2 from Caa1.  Visteon's Speculative Grade Liquidity remains
SGL-3.  The outlook is negative.



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

AMERICAN INT'L: Seeks Bids for Fund Management Business
-------------------------------------------------------
American International Group Inc plans to divest its Fund
Management Business, which operates 15 existing fund programs with
over US$12.4 billion in assets under management and US$5.2 billion
in equity capital commitments as of September 30, 2008.

In a statement Monday, AIG said the Fund Management Business is a
global asset advisor headquartered in New York with regional
operations in Europe, Japan, Latin America and Asia and includes
committed equity capital that has been funded or is to be funded
by AIG as a sponsor or co-investor.

Bank of America and Merrill Lynch, GRE's financial advisors, have
begun to solicit interest for the Fund Management Business.

Separately, Bloomberg News reports that according to Reuters, AIG
has received bids from investors including sovereign wealth funds
in Singapore, China and the Middle East for its aircraft leasing
unit, International Lease Finance Corp.

The report relates Reuters's sources said among the initial
bidders for the unit are Singapore's Temasek Holdings Pte, Dubai's
investment arm Istithmar World, the Kuwait Investment Authority
and China Investment Corp.

Private equity firms including Carlyle Group, TPG Capital LP and
Kohlberg Kravis Roberts & Co. are also bidding, the report says
citing Reuters.

While the timing of the auction for the unit, which could be worth
as much as US$8 billion, is unclear, the second round of bids
could come in the third week of February, Bloomberg News adds,
citing Reuters.

                            About AIG

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

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

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

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

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

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

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


ASIA PACIFIC: Members' Final Meeting Set for February 12
--------------------------------------------------------
The members of Asia Pacific Holdings Limited will hold their final
general meeting on February 12, 2009, at 10:00 a.m., at the 29th
Floor of Caroline Centre, Lee Gardens Two, in 28 Yun Ping Road,
Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BILLION KEEN: Members' Final Meeting Set for February 16
--------------------------------------------------------
The members of Billion Keen Development Limited will hold their
final meeting on February 16, 2009, at 10:00 a.m., at Room 2702-03
of CC Wu Building, 302-8 Hennessy Road, in Wanchai, Hong Kong.


DAEWOO HONG KONG: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on January 5, 2009, the
members of Daewoo Hong Kong Limited resolved to voluntarily
liquidate the company's business due to its inability to pay debts
when it fall due.

The company's liquidators are:

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


EXPERT TRADERS: Creditors' Proofs of Debt Due on February 16
------------------------------------------------------------
The creditors of Expert Traders Limited are required to file their
proofs of debt by February 16, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 5, 2009.

The company's liquidators are:

          Seng Sze Ka Mee, Natalia
          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


HIGH WEALTH: Creditors' Proofs of Debt Due on February 16
---------------------------------------------------------
The creditors of High Wealth Company Limited are required to file
their proofs of debt by February 16, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 7, 2009.

The company's liquidator is:

          Sun Fung Allan Ho
          CC Wu Building, Room 2702-03
          302-8 Hennessy Road
          Wanchai, Hong Kong


HSH FINANCE: Creditors' Proofs of Debt Due on February 2
--------------------------------------------------------
The creditors of HSH Finance Limited are required to file their
proofs of debt by February 2, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 2, 2009.

The company's liquidators are:

          Paul Mitchell
          Fergal Power
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


LIONSTAR LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
The shareholder of Lionstar Limited resolved to voluntarily
liquidate the company's business on January 9, 2009.

The company's liquidators are:

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


MARCOTEX LIMITED: Creditors' Proofs of Debt Due on February 16
--------------------------------------------------------------
The creditors of Marcotex Limited are required to file their
proofs of debt by February 16, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 10, 2009.

The company's liquidator is:

          Tse Wing Sing, Victor
          Kwong On Bank, Flat B, 16th Floor
          (Mongkok Branch) Building
          728-730 Nathan Road
          Mongkok, H.K.S.A.R.


TEAMFAIR SHIPPING: Appoints Tang and Man as Liquidators
-------------------------------------------------------
On December 31, 2008, a special resolution was passed appointing
Alan Chung Wah Tang and Wong Kwok Man as the liquidators of
Teamfair Shipping Limited.

The Liquidators can be reached at:

          Alan Chung Wah Tang
          Wong Kwok Man
          Grant Thornton Specialist Services Limited
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


UNITECH NETWORKS: Creditors Hold Meeting
----------------------------------------
The creditors of Unitech Networks Limited met on January 24, 2009,
and discussed the matters relevant to the creditors' voluntary
wind-up.


UOB REALTY: Members' Final Meeting Set for February 12
------------------------------------------------------
The members of UOB Realty (HK) Limited will hold their final
general meeting on February 12, 2009, at 11:00 a.m., to hear the
report of Lee, Ho Yiu Thomas, the company's liquidator, on the
company's wind-up proceedings and property disposal.


ZILLION DYNASTY: Members' Final Meeting Set for February 16
-----------------------------------------------------------
The members of Zillion Dynasty Limited will hold their final
meeting on February 16, 2009, at 15:00 a.m., at Unit A, 10th Floor
of Sun House, 90 Connaught Road, in Central, Hong Kong.

At the meeting, Au Tin Po, the company's liquidators, will give a
report on the company's wind-up proceedings and property disposal.



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

* INDIA: RBI Unveils Third Quarter Review of Monetary Policy
------------------------------------------------------------
In a press statement issued by the Reserve Bank of India, RBI
Governor Dr. D. Subbarao said: "This Third Quarter Review of
Monetary Policy of the Reserve Bank is set in the context of a
deteriorating global economic outlook and heightened uncertainty
about the global financial sector.  In fact, there has been a
rapid and marked downturn in the global economic outlook since the
Reserve Bank's Mid-term Review in October 2008.  The continued bad
news from large international financial institutions on a regular
basis renews concerns as to when the global financial sector might
attain a semblance of stability.

India has rapidly integrated into the global system and has
linkages with the rest of the world not just through trade
channels, but also through two-way movements of capital and
finance.  As an integral part of a globalising world, India cannot
be expected to remain immune to a global crisis of this nature and
magnitude; and in responding to the crisis, India has to share the
uncertainty on the way forward just like the rest of the world.

The Indian economy experienced a cyclical moderation in growth
accompanied by high inflation in the first half of 2008-09.  There
is now distinct evidence of further slowdown as a consequence of
the global downturn.

The knock-on effects of the global financial crisis, economic
slowdown, and falling commodity prices are affecting the Indian
economy in several ways.  Capital flow reversals intensified in
September and October 2008 though they have stabilized since then;
international credit channels continue to be constrained; capital
market valuations remain low; industrial production growth has
slackened; export growth has turned negative during October-
November 2008; and overall business sentiment has deteriorated.
On the positive side, the headline inflation has decelerated,
though consumer price inflation is yet to show moderation; and the
domestic financial markets are functioning in an orderly manner.
Although bank credit growth has been higher than during the
previous year, rough calculation shows that flow of overall
financial resources to the commercial sector in the current
financial year has declined marginally as compared with the
previous year.   This was on account of decline in other sources
of funding such as resource mobilization from the capital market
and external commercial borrowings.

Both the Government and the Reserve Bank have acted to protect the
economy from the adverse impact of the crisis since mid-September
2008.  While the Government has announced two major fiscal
stimulus packages, the endeavor of the Reserve Bank has been to
provide ample rupee liquidity, ensure comfortable dollar liquidity
and maintain a monetary policy environment conducive for the
continued flow of credit to productive sectors.  Towards this
endeavor, the Reserve Bank has adopted both conventional measures
such as, for example, reduction of the cash reserve ratio (CRR),
as well as unconventional measures such as, for example, the
dollar swap facility for banks.

Measures aimed at expanding rupee liquidity included significant
reduction in the CRR, a special repo window under the liquidity
adjustment facility (LAF) for banks for on-lending to mutual funds
(MFs), non-banking financial companies (NBFCs) and housing finance
companies (HFCs), and a special refinance facility that banks can
access without any collateral. The Reserve Bank is also unwinding
the market stabilisation scheme (MSS) securities roughly
synchronised with the government borrowing programme in order to
manage liquidity. In addition, a special purpose vehicle (SPV) is
being set up to provide liquidity support to non-banking financial
companies (NBFCs).

Measures aimed at managing forex liquidity included upward
adjustment of the interest rate ceilings on the foreign currency
non-resident (banks) [FCNR(B)] and non-resident (external) rupee
account [NR(E)RA] deposits, substantially relaxation of the
external commercial borrowings (ECB) regime, allowing NBFCs/HFCs
access to foreign borrowing and allowing corporates to buy back
foreign currency convertible bonds (FCCBs) to take advantage of
the discount in the prevailing depressed global markets. The
Reserve Bank has also instituted a rupee-dollar swap facility for
banks with overseas branches to give them comfort in managing
their short-term funding requirements.

Measures to encourage flow of credit to sectors which are coming
under pressure included extending the period of pre-shipment and
post-shipment credit for exports, expanding the refinance facility
for exports, counter-cyclical adjustment of provisioning norms for
all types of standard assets barring some exceptions, reducing
risk weights on banks' exposure to certain sectors which had been
increased earlier counter-cyclically, and expanding the lendable
resources available to the Small Industries Development Bank of
India (SIDBI),  the National Housing Bank (NHB) and the Export-
Import (EXIM) Bank of India.

To improve the flow of credit to productive sectors at viable
costs so as to sustain the growth momentum, the Reserve Bank
signalled a lowering of the interest rate structure by
significantly reducing both its key policy rates the repo rate
and the reverse repo rate.  The statutory liquidity ratio (SLR)
has also been reduced by one percentage point releasing funds to
banks for credit deployment.

The Government has announced setting up an SPV for addressing the
temporary liquidity constraints of systemically important non-
deposit taking non-banking financial companies (NBFCs-ND-SI). The
mechanism would be as follows: The SPV would issue government
guaranteed securities to the Reserve Bank.  The SPV will, in turn,
use the funds to acquire only investment grade commercial papers
and non-convertible debentures of the NBFCs.  During its
appraisal, the SPV will ensure that the NBFCs use the money only
for addressing liquidity constraints and not for business
expansion.  The total support from the Reserve Bank will be
limited to Rs. 20,000 crore with an option to raise it by a
further Rs.5,000 crore.  The facility will be available for a
limited period to address current liquidity concerns of NBFCs.

The several measures taken since mid-September 2008 have resulted
in augmentation of actual/potential liquidity of over Rs.3,88,000
crore, which has significantly improved the liquidity condition.
In addition, the permanent reduction in SLR by 1.0 per cent of
NDTL has made available liquid funds of the order of Rs.40,000
crore for the purpose of credit expansion.

The liquidity situation has improved significantly following
several measures taken by the Reserve Bank.  The overnight call
money rate, which generally hovered above the repo rate during
September-October 2008, has softened considerably and has moved
towards the lower bound of the LAF corridor since early November
2008.  Other money market rates have also softened in tandem with
the overnight call money rate.  The yield on 10-year government
securities has remained below 6 per cent since mid-December 2008.
The LAF window has been generally in an absorption mode since mid-
November 2008. The liquidity problem faced by mutual funds appears
to have eased considerably.

The Reserve Bank has acted aggressively and pre-emptively on
monetary policy accommodation, particularly through interest rate
cuts in terms of both magnitude and pace.  In the space of just
one quarter, the repo rate has been reduced from 9.0 per cent to
5.5 per cent and the reverse repo rate from 6.0 per cent to 4.0
per cent, thereby bringing down both of them to historically
lowest levels.

The transmission of the policy interest rate signal has been
effective in the money and government securities markets; however,
the transmission in the credit market has so far been subdued.
From the real economy perspective, however, for monetary policy to
have demand inducing effects, lending rates will have to come
down.  Most banks have reduced lending and deposit rates to some
extent, but a few have yet to do so.  In the Reserve Bank's view,
the policy easing done by it in the last few months allows for
considerable room for banks to respond more actively to the policy
cues.

The Reserve Bank has also assured market participants that it will
endeavor to maintain the overnight money market rates within the
LAF corridor.  The Reserve Bank will continue to pursue this
stance of ensuring ample liquidity in the market and maintaining
the overnight money market rates within the LAF corridor.  In
order to do so, the Reserve Bank will, as in the past, employ both
conventional and unconventional measures.

The demand for credit from the banking sector has increased as
other sources of funds to the commercial sector have shrunk.
Available information (as on January 23, 2009) suggests that the
total flow of resources to the commercial sector from all sources,
estimated at about Rs.4,85,000 crore during the fiscal year 2008-
09 so far, has been lower than about Rs.4,99,000 crore in the
corresponding period of the previous year.   While bank credit has
substituted for the shortfall in other sources of funds to some
extent, a complete substitution has so far not taken place.

The Reserve Bank's Mid-Term Review of October 2008 had estimated
real GDP growth for 2008-09 in the range of 7.58.0 per cent.
Since then the outlook on real GDP growth has been affected
further and the downside risks to growth have amplified because of
slowdown of industrial activity and weakening of external demand
as reflected in decline in exports.  Services sector activities
are likely to further decelerate in the second half of 2008-09.
Keeping in view the slowdown in industry and services and with the
assumption of normal agricultural production, the projection of
overall real GDP growth for 2008-09 is revised downwards to 7.0
per cent with a downward bias.

Pressures on commodity prices have abated markedly around the
world reflecting slump in global demand.  In the domestic market,
inflation in terms of wholesale price index is already below 7.0
per cent, which was projected earlier for end-March 2009 and, as
per current assessment, is expected to moderate further in the
last quarter of 2008-09.  Keeping in view the global trend in
commodity prices and the domestic demand-supply balance, WPI
inflation is now projected to decelerate to below 3.0 per cent by
end-March 2009.

Notwithstanding the projected decline in headline WPI inflation,
it needs to be noted that consumer price inflation is yet to
moderate and the decline in inflation expectations has not been
commensurate with the sharp fall in WPI inflation. However, with
WPI inflation having moderated significantly, consumer price
inflation would also decline, though with a lag.  Towards its
policy endeavour of ensuring price stability with well-anchored
inflation expectations, the Reserve Bank will take into account
the behaviour of all the price indices and their components.

Given the uncertain outlook of resource availability from both
external and non-bank domestic sources, the Reserve Bank has
raised its indicative projection of the total flow of credit from
the banking sector to the commercial sector to 24 per cent for
2008-09 from 20 per cent envisaged in the Annual Policy Statement.
With a view to enabling banks to sustain the current level of
credit flow alongside an enhanced government market borrowing
programme, the Reserve Bank's monetary operations will be
conducted so as to be consistent with the revised indicative money
supply projection of 19.0 per cent for 2008-09, higher than the
16.5-17.0 per cent envisaged in the Annual Policy Statement.

To arrest the moderation in economic growth, it is critical that
banks expand the flow of credit to productive sectors of the
economy and do so at viable rates.  At the same time, banks should
monitor their loan portfolios and take early action to prevent
delinquencies down the road, and safeguard the gains of last
several years in improving asset quality.  The Reserve Bank
appreciates that risk management is a difficult task in normal
circumstances; it is even more challenging in an environment of
uncertainty and downturn.  Towards this shared endeavor of
maintaining the flow of credit to productive sectors, the Reserve
Bank will take calibrated monetary policy actions as necessary and
at the appropriate time.

Although the origins of the crisis are common around the world,
the crisis has impacted different economies differently.
Importantly, in advanced economies where it originated, the crisis
spread from the financial sector to the real sector.  In emerging
economies, the transmission of external shocks to domestic
vulnerabilities has typically been from the real sector to the
financial sector.  Countries have responded to the crisis
depending on their specific country circumstances.  In particular,
while policy responses in advanced economies have had to contend
with both the financial crisis and recession, in India, the policy
response has been predominantly driven by the need to arrest
moderation in economic growth. Our ability to respond has been
facilitated by the continued smooth functioning of our financial
markets and the well-capitalized and healthy banking system.
Thus, even as policy responses across countries are broadly
similar, their precise design, quantum, sequencing and timing have
varied.  This has been the case with India too.  While we have
certainly studied and evaluated measures taken by other central
banks around the world, we have calibrated and designed our
responses keeping in view India's specific economic context.

In taking a view of the overall outlook, it should be remembered
that at the heart of the global financial crisis lie the non-
functional and frozen financial markets.  In sharp contrast to
their international counterparts, the financial system in India
has been resilient and stable.  Barring some tightness in
liquidity during mid-September to early October, the money,
foreign exchange and government securities markets have been
orderly as reflected in the market rates, spreads and transaction
volumes relative to those observed during normal times. India's
banking system remains healthy, well-capitalised, resilient and
profitable. Credit markets have been functioning well and bank
credit has expanded. However, bank credit expansion has not fully
offset the shortfall in total flow of resources to the commercial
sector.

Over the last five years, India clocked around 8.8 per cent
average annual growth, driven largely by domestic consumption and
investment even as the share of net exports rose.  While the
benign global environment, easy liquidity and low interest rates
helped, at the heart of India's growth have been its growing
entrepreneurial spirit and rise in productivity.  These
fundamental strengths continue to be in place.  Nevertheless, the
global crisis will dent India's growth trajectory as investments
and exports slow.  Clearly, there is a period of painful
adjustment ahead of us.  However, once the global economy begins
to recover, India's turnaround will be sharper and swifter, backed
by our strong fundamentals and the untapped growth potential.
Meanwhile, the challenge for the Government and the Reserve Bank
is to manage the adjustment with as little pain as possible.

Based on the assessment of the global scenario and domestic
economy, particularly the outlook on growth and inflation, the
stance of monetary policy for the rest of 2008-09 will be as
follows:

   * Provision of comfortable liquidity to meet the required
     credit growth consistent with the overall projection of
     economic growth.

   * Respond swiftly and effectively with all possible measures
     as warranted by the evolving global and domestic situation
     impinging on growth and financial stability.

   * Ensure a monetary and interest rate environment consistent
     with price stability, well-anchored inflation expectations
     and orderly conditions in financial markets.

Given the uncertain outlook on the global crisis, it is difficult
to precisely anticipate every development.  The Reserve Bank will
continue to maintain vigil, monitor domestic and global
developments, and take swift and effective action to minimize the
impact of the crisis and restore the economy to its potential
growth path with price stability.  The response to the Reserve
Bank's policy actions over the last several months is still
unfolding.  As demonstrated in the recent past, the Reserve Bank
will act swiftly and decisively as and when evolving external and
domestic conditions so warrant.

Consistent with the above assessment and the monetary policy
stance, it has been decided to maintain the policy rates and the
cash reserve ratio (CRR) at the current level.  Two liquidity
facilities, viz., the special refinance facility under Section
17(3B) of the Reserve Bank of India Act, 1934 introduced on
November 1, 2008 and the special term repo facility for enabling
banks to meet the funding requirements of MFs, NBFCs and HFCs,
which are currently available up to June 30, 2009, have been
extended up to September 30, 2009."



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

BANK NEGARA: Named as World Ocean Conference's Official Bank
------------------------------------------------------------
PT Bank Negara Indonesia (BNI) has been appointed as the official
bank of the World Ocean Conference (WOC) to be held in Indonesia
on May 11-15, 2009, Antara News reports citing local BNI official.

"BNI has networks in a number of countries and therefore it has
been appointed as the official bank for the participants of the
conference," the report quoted Joppy Lamonge, head of the BNI's
Manado branch office, as saying.

Mr. Lamonge said the bank would open a number of special outlets
at World Ocean Conference's venue.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).



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

EBARA CORP: Eyes Annual Net Loss, Cancels Dividend Payment
----------------------------------------------------------
Ebara Corp. expects to post a JPY17 billion (US$190 million) net
loss for the year ending March 31, citing delayed capital spending
by its customers and a stronger yen against the dollar, Akiko
Ikeda at Bloomberg News reports.

The company also canceled a planned year-end dividend of 7.5 yen
per share, the report says.

The news sent the company's shares down to a three-month low in
Tokyo trading on January 27.  According to Bloomberg News, on
January 27, Ebara plummeted 11 percent to close at 167 yen, on the
Tokyo Stock Exchange, the sharpest slide since Oct. 16.

EBARA CORPORATION (TYO:6361) -- http://www.ebara.co.jp/-- is a
Japan-based manufacturing company.  The company has four business
segments.  The Fluid Machinery and System segment is engaged in
the manufacture and sale of pumps, fans, compressors, turbines,
chillers and others, and the construction, transportation and
maintenance of power plants.  The Engineering segment is involved
in the construction, operation and maintenance of environmental
improvement devices, incinerators, nuclear power related
equipment, wastewater treatment and others, as well as the
supplement of energy.  The Precision Machinery segment is involved
in the production, sale and maintenance of industrial equipment
for vacuum pumps and semiconductors.  The Others segment is
involved in businesses related research development and real
estate management.  The Company has 108 subsidiaries and 16
associated companies.


NOMURA HOLDINGS: Incurs US$4.4 Bln FY 2009 Third Quarter Loss
-------------------------------------------------------------
Nomura Holdings Inc incurred a JPY399.5 billion (US$4.4 billion)
pre-tax loss in the third quarter of the fiscal year ending
March 31, 2009, on net revenue of JPY49.7 billion (US$547
million).

Domestic retail recorded net revenue of JPY69.7 billion and pre-
tax income of JPY2.3 billion.  However, as a result of the fall in
the stock market, domestic retail client assets declined by JPY10
trillion compared to JPY58.3 trillion at the end of September
2008.

Global markets posted a JPY295.5 billion pre-tax loss on net
revenue of negative JPY171.1 billion.  One-off losses including
Nomura Holdings's exposure to the banking crisis in Iceland and
the Bernard L. Madoff scam were booked during the quarter in
addition to trading losses resulting from unprecedented market
volatility.

Global investment banking reported net revenue of JPY22.7 billion
and a pre-tax loss of JPY19.9 billion while global merchant
banking recorded net revenue of negative JPY35 billion for the
quarter and a pre-tax loss of JPY37.6 billion due primarily to
write-downs on private equity investments.

Net revenue in asset management was JPY10.8 billion and a pre-tax
loss of JPY2.1 billion was booked primarily due to a decline in
assets under management resulting from the slump in stock prices
and appreciation of the yen.  Write-downs were also made to the
value of pilot funds used for product development.

For the nine months ended December 31, 2008, Nomura Holdings
incurred a net loss of  JPY492.4 billion compared to a net income
of JPY86 billion in the same period in 2007.

Total revenue for the nine months ended December 31, 2008,
decreased to JPY518.3 billion from JPY1.5 trillion in the same
period in 2007.

Along with plans to continue to reduce assets and cut expenses,
Nomura Holdings will forgo paying a dividend in the fourth
quarter.  The firm fixed its overall dividend for the year at
JPY25.5.  However, for the third quarter, the firm will pay a
dividend of JPY8.5 per share, in line with the target dividend
announced at the beginning of the current fiscal year.

Nomura Holdings will be adopting a new dividend policy for the
fiscal year ending March 31, 2010, which aims for stable dividend
payouts using a consolidated dividend payout ratio of 30% as a key
indicator.  The payment will also be revised from quarterly to
semi-annual.

               Impairment Charge on Investments in
                   Subsidiaries and Affiliates

Nomura Holdings recorded an impairment charge on its investment in
the shares of subsidiaries and affiliates in its unconsolidated
financial statements for the third quarter of the fiscal year
ending March 31, 2009.

According to the firm, the impairment is mainly due to a decrease
in the net asset value of shares of a derivative entity in Europe
and a subsidiary investing in a US fund management firm.

Nomura recorded JPY264.4 billion impairment of investments in
subsidiaries and affiliates on unconsolidated financial statements
for the year ending March 31, 2009.

Net assets as of March 31, 2008 stood at JPY1,423.7 billion.
Ordinary income for the fiscal year ended March 31, 2008, was
JPY246.2 billion while net income for the fiscal year ended March
31, 2008 was JPY54.0 billion.

                       Impairment Charge on
                      Equity-Method Investees

Nomura Holdings recorded an JPY88.4 billion impairment charge on
its investments in the shares of equity-method investees in its
consolidated financial statements for the third quarter of the
fiscal year ending March 31, 2009.

The impairment, according to the firm, is the cumulative amount
for the current fiscal year ending March 31, 2009, and includes
the JPY23.3 billion impairment recorded in the first quarter.

The firm said the impairment is due mainly to a decline in the
share price of a US fund management firm which a US subsidiary of
Nomura invests in.

Net assets as of March 31, 2008 stood at JPY1,988.1 billion.
Average of income (loss) from continuing operations before income
taxes for the five fiscal years ended March 31 between 2004 and
2008 was JPY251.0 billion while average of income (loss) from
continuing operations for the five fiscal years ended March 31
between 2004 and 2008 was JPY149.4 billion.

                      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.



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

SAMSUNG ELECTRONICS: Posts First Quarterly Loss in Eight Years
--------------------------------------------------------------
Samsung Electronics Co. Ltd. on Monday, Jan. 26, posted its first
quarterly loss in eight years as global economic downturn
deepened, various reports say.

According to the International Herald Tribune, Samsung posted a
KRW22.2 billion (US$16.6 million) net loss in the October-December
2008 quarter, compared with profits of KRW2.21 trillion a year ago
and KRW1.22 trillion in the third quarter of 2008.

The company, the Herald Tribune relates, also posted an operating
loss of KRW937 billion for the fourth quarter, compared with a
profit of KRW1.78 trillion in the year-ago period, much steeper
than expectations of a KRW452 billion shortfall.

Samsung Electronics Co. Ltd. -- http://www.samsung.com/sec/-- is
a Korea-based company engaged in the provision of consumer
electronics, communication products, semiconductor products and
home appliances.  The Company operates its business through five
divisions.  Its digital media division offers televisions (TVs),
monitors, computers, printers, moving picture experts group audio
layer 3 (MP3) players, digital set top boxes and others.  Its
communication division provides mobile phones, key phones, network
systems and others.  Its semiconductor division offers memory
chips, system large scale integrated circuits (LSICs), hard disk
drives (HDDs) and others.  Its LCD division offers thin film
transistor (TFT) LCD modules and others.  Its home appliances
division provides air conditioners, refrigerators, washing
machines, microwave ovens and others.  The Company established two
subsidiaries: China-based wholly owned subsidiary Suzhou Samsung
Electronics Export on July 24, 2008, and SCOMMTECH Japan on
August 19, 2008.


SSANGYONG MOTOR: To Resume Operations Next Week
-----------------------------------------------
Ssangyong Motor Co. Ltd. said it will restart operations at all
its domestic plants next week following their protracted shutdown,
Yonhap News Agency reports.

"We plan to restart productions at all assembly plants beginning
Monday, as problems related to parts procurements have been
resolved to some degree," Yonhap News quoted a Ssangyong Motors
official as saying.

As reported in Troubled Company Reporter-Asia Pacific on Jan. 16,
2009, Ssangyong Motor suspended production at its factories in
Pyeongtaek and Changwon on Tuesday, January 13, due to difficulty
in obtaining parts from suppliers.

The Korean Herald related that Ssangyong partially resumed
production after it halted production for four days.

Citing Yonhap News, the TCR-AP reported on Jan. 22, 2009, that
Ssangyong Motor again suspended its production on Jan. 22, 2009.

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

                          *     *     *

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

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

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



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

NEPLINE BERHAD: Receiver Takes Charged Assets
---------------------------------------------
Nepline Berhad disclosed that the appointed receiver of the
charged assets of the company has taken the ownership of the
vessels.  With this, the company is now left with three available
vessels to continue to trade.

In addition, Nepline Berhad said all the available vessels are
currently not trading as it is due for dry-docking.  The cashflow
constraint faced by the company, has caused the vessels to be left
idle on sea, while its management is still looking for ways to
restore the company's vessels for operations and are reviewing the
fleets for any available trading contracts or any other
alternative tradings available for the company.

The company is also reviewing the status and position of its
subsidiaries.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhadhad on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.



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

AIR NEW ZEALAND: ACCC Denies Proposed Deal with Air Canada
----------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
denied authorization to Air New Zealand and Air Canada to give
effect to a proposed Cooperation Agreement.

Under the agreement, the airlines would share the revenue from Air
Canada's direct Sydney Vancouver route and Air New Zealand's
direct Auckland-Vancouver route, and would jointly promote the
flights.

"The ACCC is concerned that the agreement would reduce competition
between Air New Zealand's indirect flights and Air Canada's
Australia-Canada direct flights, since Air New Zealand will
receive revenue from the direct flights," ACCC Chairman, Mr Graeme
Samuel, said.  "The ACCC can authorize such an agreement where it
meets a public benefit test but the ACCC considers that the test
has not been met here."

In reaching this decision, the ACCC said it took into account the
Australian Competition Tribunal views on the application of the
public benefit test.  The Tribunal noted that in granting
authorization for conduct which is presumed to be anti-competitive
under the Trade Practices Act 1974 (as was the case here),
something more than a negligible benefit is required before
authorization can be granted.

"The ACCC considers it is important to ensure effective
competition in aviation markets to continue delivering choice and
lower fares to consumers."

The ACCC accepts that the direct flights deliver some benefits,
mainly through increased choice and convenience for passengers.
However, the ACCC is not convinced that an anti-competitive
agreement is required to operate the flights as they have been
running since late 2007.  The ACCC is also not convinced about the
extent to which revenue-sharing and joint marketing would actually
address the main risk to the direct flights, namely a fall in
overall demand.

"On balance, the ACCC considers that the public benefits of the
Cooperation Agreement are not likely to outweigh the public
detriments."

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


BAREFOOT AUTOS: Court to Hear Wind-Up Petition on February 23
-------------------------------------------------------------
A petition to have Barefoot Autos Ltd.'s operations wound up will
be heard before the High Court at Rotorua on Feb. 23, 2009, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 19, 2008.

The CIR's solicitor is:

          A. Murphy
          c/o  Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone: (07) 959 0491
          Facsimile: (07) 959 7614


CAPITAL + MERCHANT: Creditors' Proofs of Debt Due on March 5
------------------------------------------------------------
The creditors of Capital + Merchant Group Ltd. are required to
file their proofs of debt by March 5, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Vivian Judith Fatupaito
          Anthony David Kenneth Boswell
          c/o PricewaterhouseCoopers
          Private Bag 92162, Victoria Street West
          Auckland 1142
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


CINDERELLA: Appoints Parsons and Kenealy as Liquidators
-------------------------------------------------------
On December 12, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed joint and several liquidators of Cinderella
Communications Limited.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         c/o Indepth Forensic Limited
         PO Box 278, Hamilton
         Telephone: (07) 957 8674
         Website: http://www.indepth.co.nz


CSE GARMENT: Appoints Crichton and Horne as Liquidators
-------------------------------------------------------
On December 10, 2008, the High Court appointed David Donald
Crichton and Keiran Anne Horne as the liquidators of CSE Garment &
Textile Design Ltd.

Only creditors who were able to file their proofs of debt by
January 13, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


DHILLON FRUIT: Creditors' Proofs of Debt Due on February 27
-----------------------------------------------------------
The creditors of Dhillon Fruit Growers Ltd. are required to file
their proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


FASHION PET: Court to Hear Wind-Up Petition on Feb. 4
-----------------------------------------------------
A petition to have Fashion Pet Ltd.'s operations wound up will be
heard before the High Court at Auckland on Feb. 4, 2009, at
10:45 a.m.

Credit Link Factors Limited filed the petition against the company
on November 18, 2008.

Ian Oliver Caddis is the petitioner's solicitor.


G & T YOUNG: Court Placed Firm in Liquidation
---------------------------------------------
Associate Judge Tony Christianson in the High Court at Dunedin has
placed G & T Young Jewellers under liquidation, stuff.co.nz
reports.  Liquidation specialist Insolvency Management was
appointed as liquidator to the company.

Citing a report from Otago Times, stuff.co.nz relates, the
application to liquidate the 147-year-old store was made by Brian
Oughton Ltd, an Auckland-based jewellery manufacturer claiming to
be owed NZ$23,000.

G & T Young Jewellers, is believe to be New Zealand's oldest
jewellery store.


IMPULSE OPPORTUNITIES: Court to Hear Wind-Up Petition on Feb. 23
----------------------------------------------------------------
A petition to have Impulse Opportunities Ltd.'s operations wound
up will be heard before the High Court at Rotorua on Feb. 23,
2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 19, 2008.

The CIR's solicitor is:

          M. R. Bos
          DLA Phillips Fox, Lawyers
          DLA Phillips Fox Tower, Level 22
          209 Queen Street, Auckland


JAWJA LTD: Placed Under Voluntary Liquidation
---------------------------------------------
On December 15, 2008, Jawja Ltd. it was decided by the board of
directors to liquidate the business of Jawja Ltd.

The company's liquidator is:

          Kenneth Charles Oliver
          c/o Contract Management Limited
          46A Tanner Street, Havelock North 4610
          PO Box 8253, Havelock North 4130
          Telephone: (06) 877 7561
          Facsimile: (06) 877 7562
          e-mail: kennetholiver@xtra.co.nz


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

The Commissioner of Inland Revenue filed the petition against the
company on November 12, 2008.

The CIR's solicitor is:

          A. MacFarlane
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          Telephone: (07) 959 0260
          Facsimile: (07) 959 7614


LOLLIHOLICS 2007: Court to Hear Wind-Up Petition on February 2
--------------------------------------------------------------
A petition to have Lolliholics 2007 Ltd.'s operations wound up
will be heard before the High Court at Hamilton on Feb. 2, 2009,
at 10:45 a.m.

Chris Alexander Sanson filed the petition against the company on
October 30, 2008.


MOUNTAIN LAKE: Court Hears Wind-Up Petition
-------------------------------------------
On January 19, 2009, the High Court at Christchurch heard a
petition to have Mountain Lake Holdings Ltd.'s operations wound
up.

Tasman Liquor Company Limited filed the petition against the
company on November 11, 2008.


PEACE INDUSTRIES: Appoints Madsen-Ries and Vance as Liquidators
---------------------------------------------------------------
On December 5, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of:

   -- Peace Industries 2007 Limited; and
   -- Daiwha Company Limited.

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

The Liquidators can be reached at:

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


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

The company's liquidators are:

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


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

The company's liquidator is:

          Kevin John Gilligan
          PO Box 26022, Epsom, Auckland 1344
          Telephone: (09) 834 4486
          Facsimile: (09) 834 4990
          e-mail: kgill@ihug.co.nz


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

The company commenced liquidation proceedings on Dec. 8, 2008.

The company's liquidators are:

          Stephen Mark Lawrence
          Anthony John McCullagh
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678, Auckland 1140
          Telephone: (09) 306 7425
          Facsimile: (09) 302 0536



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

* PHILIPPINES: BSP Issues Simplified FRP Report Format for Banks
----------------------------------------------------------------
The Monetary Board approved on January 22, 2009, the issuance of a
simplified report format of the Financial Reporting Package (FRP)
specifically designed for rural and cooperative banks (RBs/Coop
Banks) that engage only in transactions that are within their
generally authorized activities, according to the Bangko Sentral
ng Pilipinas.

The simplified report has been designed for and can be used only
by RBs/Coop Banks that have no transactions in the foreign
currency deposit unit (FCDU) and derivatives activities.  On the
other hand, RBs/Coop Banks with financial allied subsidiaries as
well as those which have or intend to engage in FCDU or
derivatives transactions are required under said issuance to
continue to accomplish the FRP report format issued under Circular
No. 512 dated 3 February 2006, as amended.

The simplified FRP report format reduces the number of schedules
required in the FRP issued under Circular No. 512, as amended, by
sixty-one percent (61%).  It also blocks cells pertaining to
transactions in the FCDU and certain transactions in the Foreign
Regular books and/or with non-resident counterparties.

The Monetary Board emphasized that the simplified FRP report
format provides for a substantial simplification of the
reportorial requirement without compromising the information that
would be needed by the BSP in conducting its supervisory mandate.
This is in line with the on-going report rationalization program
of the BSP which streamlines the information and data required of
supervised financial institutions while continuing to generate
more relevant and timely statistics.

Both the simplified FRP report format and that issued under
Circular No. 512, as amended, will be on parallel run with the
General Ledger - Consolidated Statement of Condition and
Consolidated Statement of Income and Expense for the end March
2009 and end June 2009 reports.   Meanwhile, live implementation
will start with the end September 2009 report.

The FRP is composed of the balance sheet, income statement and
detailed schedules of selected accounts.  It is designed to align
the Manual of Accounts for banks and the corresponding BSP
reportorial requirements with the provisions of the Philippine
Financial Reporting Standards and Philippine Accounting Standards.



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

MUTUAL EUROPEAN: Court to Hear Wind-Up Petition on February 6
-------------------------------------------------------------
A petition to have Mutual European Maritime Employer Company Pte
Ltd's operations wound up will be heard before the High Court of
Singapore on February 6, 2009, at 10:00 a.m.

Owi Limited filed the petition against the company on Jan. 13,
2009.

Owi Limited's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


OWIS PTE: Court to Hear Wind-Up Petition on February 6
------------------------------------------------------
A petition to have Owis Pte Ltd's operations wound up will be
heard before the High Court of Singapore on February 6, 2009, at
10:00 a.m.

Owi Limited filed the petition against the company on Jan. 13,
2009.

Owi Limited's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


SHEALTH SERVICES: Creditors' Meeting Set for February 5
-------------------------------------------------------
Shealth Services Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its creditors on February 5, 2009, at 3:00
p.m., at 1 Claymore Drive #08-11 Orchard Towers Rear Block
Singapore 229594.

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


TONG HUP: Pays First and Final Dividend
---------------------------------------
Tong Hup Seng Construction Co. Pte Ltd, which is in compulsory
liquidation, will pay the first and final dividend on March 23,
2009.

The company will pay 0.63062% to all admitted ordinary claims.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


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

HL Timber Pte Ltd filed the petition against the company on
December 23, 2008.

HL Timber's solicitor is:

          M/s David Ong & Co
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876



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

WINBOND ELECTRONICS: Has NT$950 Mil. Exposure to Qimonda
--------------------------------------------------------
Winbond Electronics has NT$950 million in exposure to insolvent
German DRAM memory chip maker Qimonda, Reuters reports citing
media sources.

According to Reuters, a Winbond official said the company planned
to issue a statement with further details before the stock market
reopens for trading on Feb. 2 after the long Lunar New Year
holiday.

Citing Economic Daily, Reuters relates Inotera Memories Inc., a
joint venture between Taiwan's Nanya Technology and U.S. firm
Micron Technology, has the bigger exposure, with the German
chipmaker owing it NT$3.4 billion.

Reuters notes that both Winbond and Inotera make dynamic random
access memory (DRAM) chips for Qimonda on an outsourced basis.

For the year ended Dec. 31, 2007, Winbond incurred NT$5.81 billion
net loss.  The accumulated revenue from January to December of
2007 totaled approximately NT$32.10 billion, a decrease of
approximately 6.9 percent when compared with NT$34.49 billion over
the same period in 2006.

As reported by the Troubled Company Reporter on Jan. 26, 2009,
Qimonda AG and Qimonda Dresden OHG have filed an application with
the local court in Munich, Germany, on January 23, 2009, to open
insolvency proceedings.  Their goal is to reorganize the companies
as part of the ongoing restructuring program.  The court will now
appoint a preliminary insolvency administrator.

The insolvency petition is the result of the massive drop in
prices in the DRAM industry and dramatically decreased access to
financing on the capital markets, both of which have led to the
deterioration of the financial position of Qimonda in recent
months.  A financing package involving the Free State of Saxony,
parent company Infineon, a leading Portuguese financial
institution and additional banks could not be completed in time,
despite intensive but also very complex negotiations and financial
support committed by customers over the past days and weeks.
Furthermore, an increased need for financing for the current
financial year recently became apparent as a consequence of the
price decline in the December quarter and the fact that important
investments needed for productivity improvements could not be made
due to the delay in negotiations.

                          About Qimonda

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

                          About Winbond

Winbond Electronics Corp. -- http://www.winbond.com/hq/cht/-- is
principally engaged in the research, development, design,
manufacture and sale of integrated circuits (ICs), as well as the
provision of after-sale services.  The Company primarily provides
dynamic random access memory (DRAM) products, non-DRAM memory
products, NOR Flash memory products, computer logic ICs and
consuming logic ICs.  During the year ended December 31, 2007, the
Company obtained approximately 65% and 26% of its total revenue
from DRAM products and logic products, respectively.  The Company
distributes its products in Asia, the Americas and Europe.



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

THAI AIRWAYS: Doubles Financing Target, Reuters Says
----------------------------------------------------
Thai Airways International Pcl said it was raising more than US$1
billion in financing, double what it announced earlier, Reuters
reports.

Reuters recalls acting President Narongsak Sangapong had said Thai
Airways was looking for 19 billion baht, or US$540 million, in
loans from state-owned banks and denied reports it needed as much
as 35 billion baht to maintain its cash flow.

Reuters however relates the airline later said it was raising 39
billion baht.

According to Reuters, the airline said it had completed a bond
sale worth 5 billion baht on Tuesday, January 20, issued to a few
institutional investors to support its cash flow, and was now
looking for 34 billion baht on top of that in loans from financial
institutions: 19 billion baht for working capital and 15 billion
baht for refinancing short-term loans.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by last year's
surge in fuel prices, the global economic slowdown and the recent
shutdowns of Bangkok airports.

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

Thai Airways, whose stock has fallen 80 percent in the past year,
has "problems with cash flow because we lost 19 billion baht in
cash during the closures of airports," acting President Narongsak
Sangapong told Reuters.

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***