TCRAP_Public/090205.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

           Thursday, February 5, 2009, Vol. 12, No. 25

                            Headlines

A U S T R A L I A

ADVANCED SECURITY: Enters Wind-Up Proceedings
ANDALUZ PTY: Enters Wind-Up Proceedings
BACAREY PTY: Enters Wind-Up Proceedings
BEER FREIGHT: Declares First Dividend
EAPL PTY: Members and Creditors Receive Wind-Up Report

ENIWETOK PTY: Members Receive Wind-Up Report
FORTESCUE METALS: Inks Joint Venture Pact With Bocimar
GREENWAY'S REFRIGERATED: Members and Creditors Hear Wind-Up Report
JOHN & CHERYLE: Enters Wind-Up Proceedings
NIKIMA PTY: Members Receive Wind-Up Report

NORTHSIDE LABOUR: Undergoes Wind-Up Proceedings
PAUL BIRD: Placed Under Voluntary Liquidation
PMG FINANCE: Liquidator Presents Wind-Up Report
PRIMEBROKER SECURITIES: Placed Under Voluntary Liquidation
RAPTIS GROUP: In Voluntary Administration; Hilton Project Halted

RIO TINTO: Merrill Lynch Favors Stock Sale Than Chinalco Deal
SASSOON WHOLESALE Et AL: Placed Under Voluntary Liquidation
STRATHFIELD GROUP: Staff to Receive Pay and Entitlements
WESTFIELD GROUP: Mulls AU$2.9 Bln Sale of New Shares to Cut Debt
ZYX ENTERPRISES: Appoints Bettles and Carter as Liquidators

* AUSTRALIA: Gov't to Spend AU$42 Bln to Sustain Economic Growth


C H I N A

CHINA CONSTRUCTION: Gets Regulatory Approval to Sell Bonds


H O N G  K O N G

ASAHI CREATIVE: Contributories and Creditors to Meet on Feb. 24
ASAT HOLDINGS: In Talks With Lenders to Restructure Obligations
BACCARAT PACIFIC: Gordon and Ngan Step Down as Liquidators
BLUEWELL HONGKONG: Creditors' Proofs of Debt Due on February 23
BRILLIANT GAIN: Members' Final Meeting Set for February 23

CENTURY REGENT: Creditors' Proofs of Debt Due on February 24
FORTUNA CITY: Creditors' Proofs of Debt Due on February 13
GIANT RAINBOW: Members' Final Meeting Set for February 26
GLORY ROUTE: Members' Final Meeting Set for February 25
INTERBREW ZHEJIANG: Chung Steps Down as Liquidator

KARJADE PROPERTIES: Members' Final Meeting Set for March 2
TSC MANUFACTURING: Enters Liquidation Proceedings


I N D I A

AKSHARA INDUSTRIES: CRISIL Puts 'BB' Rating on Rs.90MM Cash Credit
RELIABLE AUTOTECH: CRISIL Rates Rs.320.0 Mln. Cash Credit at 'B-'
REMSONS INDUSTRIES: CRISIL Rates Rs.35.0MM Cash Credit at 'BB'
VEERAPANDI: Delays in Repayment of Interest Cues CRISIL 'C' Rating


I N D O N E S I A

PT CSM: Bond Maturity Extension Prompts Moody's Junk Rating


J A P A N

JAPAN GENERAL: JCR Lowers Ratings on Senior Debts to 'BB-'
KANETSU ASSET: To Liquidate Hedge Funds Before Closing Business
NEW CITY: Moody's Junks Long-Term Debt Ratings from 'B1'
SHINSEI BANK: Expects to Post JPY48 Bln Net Loss in FY2009
* JAPAN: BoJ to Buy JPY1 Tril. Shares of Financial Companies


K O R E A

HYUNDAI CORP: Creditors Tap Lead Managers to Sell Stake in Firm
* KOREA: 18 Banks Post Combined KRW300 Bln. Net Losses in Q4


M A L A Y S I A

PANGLOBAL: Court Confirms Scheme of Transfer of Insurance Business
WONDERFUL WIRE: Updates Bourse on Winding Up Petition


N E W  Z E A L A N D

ALPHA BUSES: Commences Liquidation Proceedings
C G CONSTRUCTION: Court Hears Wind-Up Petition
CAFFE ITALIANO: Court to Hear Wind-Up Petition on Feb. 9
CAPITAL + MERCHANT: No Payout for Investors, Receivers Say
G J CROY: Court to Hear Wind-Up Petition on Feb. 10

JIREH BUILDERS: Creditors' Proofs of Debt Due on March 6
KENNEDYS HOME: Court Hears Wind-Up Petition
MARGIN 12: Creditors' Proofs of Debt Due on Feb. 9
MAUCH INVESTMENTS ET AL: Creditors' Proofs of Debt Due on March 17
NUPLEX INDUSTRIES: Cuts Earnings Forecast; May Breach Covenant

PT LOGGING: Court Hears Wind-Up Petition
STERLING HOMES: Creditors' Proofs of Debt Due on Feb. 28
SUPREMO INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 27
TMP GROUP: Court Hears Wind-Up Petition
* NEW ZEALAND: Auckland High Court Flooded With Liquidation Cases


S I N G A P O R E

CLEVER PTE: Creditors' Proofs' of Debt Due on March 2
GENLINK TECHNOLOGIES: Creditors' Proofs' of Debt Due on March 2
JAFD MARINE: Court to Hear Wind-Up Petition on February 13
PACIFIC WELL: Creditors' Proofs' of Debt Due on March 13
STOCKHART PTE: Creditors' Proofs of Debt Due on March 13


S O U T H  A F R I C A

* SOUTH AFRICA: January 2009 New Vehicle Sales at 8-Year Low


                         - - - - -


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

ADVANCED SECURITY: Enters Wind-Up Proceedings
---------------------------------------------
During a general meeting held on October 17, 2008, the members of
Advanced Security & Electrical Services Pty Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Robyn Erskine
         Peter Goodin
         Brooke Bird Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East VIC 3123
         Telephone: (03) 9882 6666


ANDALUZ PTY: Enters Wind-Up Proceedings
---------------------------------------
During a general meeting held on October 10, 2008, the members of
Andaluz Pty Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          William John Fletcher
          Bentleys Corporate Recovery Pty Ltd
          GPO Box 740
          Brisbane QLD 4001


BACAREY PTY: Enters Wind-Up Proceedings
---------------------------------------
At an extraordinary general meeting held on October 24, 2008, the
members of Bacarey Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Richard John Cauchi
          Peter Gountzos
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne VIC 3000
          Telephone: (03) 9639 4779
          Facsimile: (03) 9639 4773


BEER FREIGHT: Declares First Dividend
-------------------------------------
Beer Freight Services Pty Limited, which is in liquidation,
declared the first dividend on December 3, 2008.

Only creditors who were able to file their proofs of debt by
November 19, 2008, were included in the company's dividend
distribution.


EAPL PTY: Members and Creditors Receive Wind-Up Report
------------------------------------------------------
The members and creditors of Eapl Pty Ltd met on December 12,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          91 Upton Street, Level 1
          Bundall QLD 4217


ENIWETOK PTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Eniwetok Pty Ltd met on October 30, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Terence Michael Nuss
         Moore Stephens (Queensland) Ltd
         632 Ruthven Street, Level 1
         Toowoomba QLD 4350


FORTESCUE METALS: Inks Joint Venture Pact With Bocimar
------------------------------------------------------
Fortescue Metals Group ("FMG") said it has agreed to establish a
shipping Joint Venture with Bocimar International NV.  The joint
venture includes the chartering of three modern Cape-size vessels
(180,000 to 200,000 tonne capacity).

In a statement, Fortescue stated the vessels have been secured at
yesterday's historically low rates, fixed for a 10 year period, in
consideration for the future commitment to issue US$28 million of
FMG shares on December 31, 2009 set on a weighted average market
price basis.

The joint venture will include an equal profit sharing arrangement
for sub chartering of the vessels and will also cover advisory and
management services to be provided by Bocimar, one of the world's
most influential shipping groups.

               Resolution of Dispute with Bocimer

Separately, Fortescue said it has reached an agreement with
Bocimar to terminate the two contracts entered into in February
2008 which were struck during the previous high shipping market.
As a result, Bocimar will immediately discontinue arbitration
action against Fortescue and both parties agree they have no
further claims against each other.

In consideration of settling the dispute, Fortescue has agreed to
allot FMG shares to Bocimar for an equivalent value of US$11
million per contract as at the closing price on December 31, 2008.

                  Suspended Shipping Contracts

On Dec. 5, Fortescue said it suspended all its long term CFR (cost
including freight) shipping contracts of affreightment and
consecutive voyage contracts on the basis of unforeseen
circumstances.

Approximately 2/3rd of Fortescue's sales have been on CFR terms.
CFR sales are where Fortescue supplies the product on a landed
basis into China.

Fortescue's suspension of the shipping contracts led to a number
of claims lodged in the UK arbitration system being the legal
domicile for maritime disputes pursuant to relevant contracts.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2008, the Australian said analysts warned that the
disputes could cost Fortescue hundreds of millions of dollars.

The company consider the alleged face value of claims suggested in
press articles to be ambit claims noting that any ultimate
contract liability would need to have regard to a number of
factors including the ship owner's obligation to mitigate losses
and would would be substantially less than the contract's alleged
face value.

According to the company, one important element in the
determination of mitigation is the difference between the volatile
spot shipping rate and the contracted rates which will change over
time.

Fortescue also disclosed that parallel claims have been lodged in
US courts and orders have been granted imposing a freeze on the
company's US denominated amounts that flow through US accounts.
The funds are frozen as potential security for any payments that
may be determined following the arbitration of claims currently
ongoing in the UK.  As of Dec. 19, Fortescue said less than US$1.5
million has been frozen.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


GREENWAY'S REFRIGERATED: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------------
The members and creditors of Greenway's Refrigerated Transport
(Aust) Pty Ltd met on December 12, 2008, and received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          P. Newman
          HLB Mann Judd Chartered Accountants
          160 Queen Street, Level 1
          Melbourne VIC 3000


JOHN & CHERYLE: Enters Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on October 20, 2008, the
members of John & Cheryle Prior Pty Ltd resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Paul A. Pattison
          Pattisons Business Advisors & Insolvency Specialists
          461 Bourke Street, Level 14
          Melbourne VIC 3000


NIKIMA PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Nikima Pty Ltd met on November 25, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John Bouwman
         Sinclair Wilson
         PO Box 217
         Warrnambool VIC 3280


NORTHSIDE LABOUR: Undergoes Wind-Up Proceedings
-----------------------------------------------
The members of Northside Labour Hire Pty Ltd met on Oct. 16, 2008,
and resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Robert M. H. Cole
          Robert M H Cole & Co
          6 Moorabool Street, Unit 2
          Geelong VIC 3220


PAUL BIRD: Placed Under Voluntary Liquidation
---------------------------------------------
On October 21, 2008, a special resolution was passed that
voluntarily wind up the operations of Paul Bird Building Pty Ltd.

The company's liquidator is:

          K. L. Sutherland
          Bent & Cougle Pty Ltd Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne VIC 3004


PMG FINANCE: Liquidator Presents Wind-Up Report
-----------------------------------------------
On December 1, 2008, R. A. Dunlop presented the wind-up report and
property disposal to the members of PMG Finance Pty Ltd.


PRIMEBROKER SECURITIES: Placed Under Voluntary Liquidation
----------------------------------------------------------
The creditors of Primebroker Securities Limited met on October 16,
2008, and resolved that the company be wound up.

The company's liquidators are:

          Laurence Andrew Fitzgerald
          Michael James Humphris
          BDO Kendalls Business Recovery and
          Insolvency (NSW-VIC) Pty Ltd
          525 Collins Street, Level 30
          Melbourne VIC 3000


RAPTIS GROUP: In Voluntary Administration; Hilton Project Halted
----------------------------------------------------------------
Raptis Group Limited disclosed that the company's board on
Jan. 31, 2009, appointed Mr. Brian Silvia and Mr. Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group Chairman Jim Raptis said, "It is very disappointing
that we have had to take this step, but we believe this course of
action is in the best of all stakeholders in the current financial
climate.  We are working with our financiers to manage the assets
of Raptis Group and achieve the best outcomes, one of which has
been the Hilton Project."

"We need to approach and seek the support of our financiers and
work with the voluntary administrators to investigate the
possibility of a Deed of Company Arrangement," Mr. Raptis added.

                         Hilton Project

In a separate disclosure, Raptis Group said certain controlled
entities associated with the Hilton project have appointed
voluntary administrators as a prudent step to enable the project
to be developed to completion.  Mr. Sal Algeri, Simon Cathro, and
John Greig of Deloitte have been appointed as voluntary
administrators.

It is expected that a deed of company arrangement will be put
forward at the second meeting of creditors to allow the project to
emerge from administration and be completed in the ordinary course
of business, Mr. Raptis said in a statement.

The ANZ bank has been very supportive in working with the group,
and of the project, to ensure that this AU$700 million development
continues in these difficult economic circumstances, he said.

Entities associated with the Hilton Surfers Paradise Hotel and
Residences over which Deloitte Corporate Reconstruction Group have
been appointed as voluntary administrators are:

   -- Boulevard Retail Pty Ltd
   -- Boulevard Commercial Pty Limited
   -- Brehm Pty Limited
   -- Brimmingdale Pty Limited
   -- Dolphin Management Pty Limited
   -- Dolphin Retail Pty Limited
   -- Elan Boulevard Pty Limited
   -- Keande Pty Limited
   -- One Twenty One Pty Limited
   -- Orchid Avenue Pty Limited
   -- Dolphin Redevelopment Pty Ltd

ABC News relates that construction work has stopped on Hilton
Hotel with its developer in voluntary administration.

According to ABC News, administrator Sal Algeri from Deloitte said
construction is likely to begin again in March.

"At this stage, the Raptis Group had pretty advanced discussions
with Multiplex and it's looking like Multiplex will probably be
secured as the builder to complete the project," ABC News quoted
Mr. Algeri as saying.

                              Debts

According to The Age, administrator Brian Silvia said BRI Ferrier
was assessing the books of the group of companies founded by
Mr. Raptis.

"Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million," the Age quoted Mr. Silvia as saying.

"We are currently completing an analysis of the group's assets to
determine subsidiary entities' residual equities, if any, after
the banks and financiers have been repaid."

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


RIO TINTO: Merrill Lynch Favors Stock Sale Than Chinalco Deal
-------------------------------------------------------------
Bloomberg News reports Merrill Lynch & Co said Rio Tinto Group
should sell stock to cut borrowings rather than raise funds
through an asset and debt sale to its biggest shareholder,
Aluminum Corp. of China a.k.a Chinalco.

"We are concerned whether the proposed transaction is in the best
interests of Rio shareholders," Merrill Lynch analysts, led by
Olivia Ker, said in a report obtained by Bloomberg News.  "We
still believe Rio is better placed to issue equity to ensure they
maintain maximum flexibility and don't expose themselves to
excessive risk."

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2009, Rio Tinto confirmed in a press statement Monday that it has
held discussions with Chinalco regarding acquisition of minority
interests in various operating businesses of the Rio Tinto group
and also investing in convertible instruments.

The sales may raise as much as US$15 billion, Bloomberg News
earlier said, citing U.K.'s Sunday Telegraph.

According to Bloomberg News, Chinalco Chairman Xiao Yaqing said in
September the Beijing-based company may raise its stake in Rio.

Bloomberg News recalls in February 2008, Chinalco joined with
Alcoa Inc. to buy a 9 percent stake in Rio for GBP7.2 billion, and
in August, it won approval from the Australian government to
increase its stake in Rio to 11 percent.

Chinalco may increase its holding in Rio's London-listed shares to
18 percent and buy 14 percent of the company's Australian-listed
shares under the plan, Bloomberg News earlier reported citing the
Sunday Telegraph newspaper.

"From the perspective of Rio shareholders, we view any increase in
Chinalco's current stake as negative, given its ability to act as
a 'poison pill,' reducing options available to existing
shareholders," Ms. Ker said in the report Bloomberg News cited.
:Chinalco maintains their investment is purely strategic in
nature. However, we view the stake and the intention to further
raise it as potentially more 'blocking' in nature."

Bloomberg News relates Ms. Ker noted the company, whose shares
dropped 60 percent in the last six months, may have a US$7 billion
funding shortfall over the next two years and may seek about
US$5.5 million in a share sale.

                    Missed Asset-Sale Targets

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
30, 2009, Bloomberg News said Rio Tinto failed to meet its asset-
sale targets due to the global recession.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News says.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Bloomberg News recalls Rio increased its debt almost 19-fold after
buying Canadian aluminum producer Alcan Inc. for US$38.1 billion
in 2007.

According to Bloomberg News, 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.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                          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.


SASSOON WHOLESALE Et AL: Placed Under Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meetings held on October 21, 2008, it
was resolved by the members to voluntarily wind up the operations
of:
   -- Sassoon Wholesale Pty. Ltd; and
   -- T.G.M. Car Detailers Pty. Ltd.

The company's liquidators are:

          Nicholas Giasoumi
          Roger Darren Grant
          Dye & Co. Pty Ltd
          Chartered Accountants
          165 Camberwell Road
          Hawthorn East VIC 3123


STRATHFIELD GROUP: Staff to Receive Pay and Entitlements
--------------------------------------------------------
A group of more than 100 Strathfield Group Limited staff and
former employees who were owed about AU$500,000 would receive pay
and entitlements within six weeks, The Australian reports citing
Strathfield Group's finance chief Emil Dimitrov.

According to the Australian, Mr. Dimitrov said he expected staff
would be paid out what they were owed as part of the deed of
company arrangement being worked out by administrators,
Strathfield Group and creditors.

"We're still working through the deed of company arrangement with
the administrators and creditors, which should be completed in
five or six weeks," the report quoted Mr. Dimitrov as saying.

The Australian relates that the company's debts totaled to at
least AU$30 million, with about AU$5 million owed to a range of
suppliers and AU$25 million loan facility with GE Commercial.

The first creditors meeting will be held on Friday, Feb. 6, in
Sydney.

The Troubled Company Reporter-Asia Pacific reported on Jan. 28,
2009, that Strathfield Group 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.

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.

                     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.


WESTFIELD GROUP: Mulls AU$2.9 Bln Sale of New Shares to Cut Debt
----------------------------------------------------------------
Bloomberg News reports Westfield Group plans to sell AU$2.9
billion (US$1.8 billion) of new shares to reduce debt after the
global slump slashed property values.

Investors are being offered 276 million shares at AU$10.50 apiece,
Westfield said in a statement obtained by Bloomberg News.

Credit Suisse Group AG, JPMorgan Chase & Co., Citigroup Inc. and
Deutsche Bank AG are arranging the sale, the report says.

"There's no doubt that it's going to be an incredibly tough period
as retail sales are going down across the board and the market
value of the underlying property is likely to fall," Bloomberg
News quoted Angus Gluskie at White Funds Management Pty in Sydney
as saying.

The report discloses the company gets more than half of its sales
from outside Australia, particularly in the U.S. which in December
recorded an unprecedented sixth month of declines in consumer
spending.

According to Bloomberg News, sales dropped 6.8 percent in the
fourth quarter at specialty stores in U.S. malls operated by
Westfield from a year earlier while occupancy at its 55 U.S. malls
fell to 92.6 percent at the end of 2008, from 94.1 percent as of
December 2007.

The company first lowered earnings forecast on Jan. 27 to reflect
the impact of "higher finance costs and the deterioration of
retail fundamentals in the U.S., U.K. and New Zealand," Westfield
Managing Director Peter Lowy said in comments e-mailed to
Bloomberg News.

Bloomberg News relates Westfield said it will write down assets by
AU$3 billion for the year ended Dec. 31, and profit may decline
from the previous 12 months.

According to the report, the group's stock fell 37 percent in the
past year, compared with an average 69 percent drop for the 51
property-related companies traded in Australia, and closed at
A$12.10 on Monday, Feb. 2.

Trading in the company's shares has been halted, the report notes.

Headquartered in Sydney, Australia, The Westfield Group (ASX:WDC)
-- http://www.westfield.com/-- is an internally managed,
vertically integrated, shopping centre group with a global
portfolio.  The company is a retail property group, and as of
December 31, 2007, had 118 shopping centres in Australia, New
Zealand, the United States and the United Kingdom with more than
23,000 retailers in 10 million square metres of retail space.  In
2007, the company completed 10 major projects.


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

The Liquidators can be reached at:

          Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Website: http://www.worrells.net.au


* AUSTRALIA: Gov't to Spend AU$42 Bln to Sustain Economic Growth
----------------------------------------------------------------
Australia has announced a AU$42 billion plan to add around 1/2 of
one per cent to GDP growth in 2008-09 and around 3/4 to 1 per cent
to GDP growth in 2009-10.

The new economic stimulus package, called "Nation Building and
Jobs Plan", will support up to 90,000 jobs over the next 2 years,
Treasurer of the Commonwealth of Australia Wayne Swan said in a
statement Tuesday.

Under the plan, the government will:

   -- provide five key AU$950 one-off payments
      for low and middle income households and
      individuals;

   -- fund a AU$2.7 billion temporary business
      investment tax break for small and
      general businesses buying eligible assets;

   -- invest AU$14.7 billion for improvement of
      facilities in Australian schools;

   -- spend AU$890 million to improve community
      infrastructure;

   -- construct over 20,000 new homes; and

   -- install free ceiling insulation in
      around 2.7 million Australian homes.

"In the midst of this global recession it would be irresponsible
not to act swiftly and decisively to support jobs and invest in
nation building," Treasurer Swan said, noting a AU$22.5 billion
(1.9 per cent of GDP) budget deficit is now forecast for 2008-09.

"The global recession has hit budgets hard all around the world,
with the IMF now forecasting a collective budget deficit of 7 per
cent of GDP for advanced economies," the Treasurer added.



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

CHINA CONSTRUCTION: Gets Regulatory Approval to Sell Bonds
----------------------------------------------------------
China Construction Bank Corp has received regulatory approval to
raise as much as CNY40 billion (US$5.8 billion) selling
subordinated bonds to boost capital, Shanghai Daily reports.

According to the Daily, the bank said the sale was approved by the
China Banking Regulatory Commission and the People's Bank of
China.

China Construction Bank, the report relates, will sell bonds to
institutional investors on the domestic market.  The bank scrapped
its earlier plan to issue CNY5 billion in Hong Kong as part of the
sale, the report notes.

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

                          *     *     *

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



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

ASAHI CREATIVE: Contributories and Creditors to Meet on Feb. 24
---------------------------------------------------------------
The contributories and creditors of Asahi Creative Technology
Limited will hold their final meetings on February 24, 2009, at
11:00 a.m. And 11:30 a.m., respectively, at the 18th Floor of 1801
Wing On House, 71 Des Voeux Road, in Central, Hong Kong.

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


ASAT HOLDINGS: In Talks With Lenders to Restructure Obligations
---------------------------------------------------------------
ASAT Holdings Limited (ASTTY.OB) disclosed that it has initiated
discussions with certain holders of the Company's 9.25% Senior
Notes due 2011 to restructure its existing Senior Notes
obligations. These Noteholders have preliminarily indicated to
ASAT management that they are supportive in principle of
facilitating a restructuring.

"ASAT remains a primary source of packaging and assembly services
in the semiconductor industry. We have a history of product
innovation and we will continue to strive to stay at the leading
edge of packaging technology," said Tung Lok Li, acting chief
executive officer of ASAT Holdings Limited.  "A number of our
major shareholders and Noteholders are in discussions seeking a
timely restructuring, and we anticipate that there will be no
change in our day-to-day operations during this process.  We
remain committed to continuing to offer our customers reliable
service, enhanced product offerings and quality, and expect that
our actions will strengthen our position within the industry."

"We have been engaged in an ongoing and productive dialogue with
certain of our major Noteholders to develop a solution that is
expected to result in an improved capital structure and enhanced
financial flexibility for the Company," said Kei Hong Chua, chief
financial officer of ASAT Holdings Limited.  "Since 2006 we have
made significant progress in improving our operational
performance, and we hope to deliver similar progress with regard
to our capital structure."

"We are pleased that ASAT's management has reached out proactively
to its Noteholders," said Robert Petty, Managing Partner of
Clearwater Capital Partners, one of ASAT's leading Noteholders.
"These discussions are an important first step in the process
toward developing and implementing a mutually beneficial debt
restructuring plan.  We look forward to taking an active part in
discussions and believe they can result in a better balance sheet
for the Company, allowing it to continue to deliver quality
product to its customers."

                         Interest Payment

The Company said it will delay making its next semi-annual
interest payment on its 9.25% Senior Notes. ASAT has 30 days from
the February 1, 2009 due date to meet its interest payment
obligation under the indenture for those notes.

"We believe it is in the Company's best interest to utilize the
30-day grace period while we attempt to complete an agreement with
our major Noteholders," said Mr. Chua.

                    About ASAT Holdings Limited

ASAT Holdings Limited -- http://www.asat.com/-- is a global
provider of semiconductor package design, assembly and test
services.  With 20 years of experience, the Company offers a
definitive selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products. Today, the Company has operations in the United States,
Asia and Europe.

The Troubled Company Reporter reported on Feb. 4, 2009, that
Moody's Investors Service downgraded the corporate family rating
of ASAT Holdings Ltd to Ca from Caa1.  At the same time, Moody's
also downgraded to Ca from Caa1 the senior unsecured rating for
New ASAT (Finance) Limited's US$150 million senior notes, maturing
in 2011, which are guaranteed by ASAT.  The outlook for both
ratings is negative.

The TCR also reported on Feb. 4, that Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on ASAT
Holdings Ltd. to 'D' from 'CC'.  At the same time, it lowered the
issue rating on US$150 million 9.25% senior notes due 2011 to 'D'
from 'CC'.  The notes were issued by New ASAT (Finance) Ltd. and
guaranteed by ASAT.


BACCARAT PACIFIC: Gordon and Ngan Step Down as Liquidators
----------------------------------------------------------
On January 13, 2009, Cheng Chung Por Gordon and Ngan Lin Chun
Esther cease to act as liquidators of Baccarat Pacific Limited.


BLUEWELL HONGKONG: Creditors' Proofs of Debt Due on February 23
---------------------------------------------------------------
The creditors of Bluewell HongKong Limited are required to file
their proofs of debt by February 23, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


BRILLIANT GAIN: Members' Final Meeting Set for February 23
----------------------------------------------------------
The members of Brilliant Gain Enterprise Limited hold their final
meeting on February 23, 2009, at 11:00 a.m., at Room 403, 4th
Floor of Wing On House, 71 Des Voeux Road, in Central, Hong Kong.

At the meeting, Tse Chiang Kwok, Nassar and Tam Chun Wan, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CENTURY REGENT: Creditors' Proofs of Debt Due on February 24
------------------------------------------------------------
The creditors of Century Regent Investment Limited are required to
file their proofs of debt by February 24, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 14, 2009.

The company's liquidator is:

          Francis Young
          Tung Wai Commercial Building, 20th Floor
          109-111 Gloucester Road
          Wanchai, Hong Kong


FORTUNA CITY: Creditors' Proofs of Debt Due on February 13
----------------------------------------------------------
The creditors of Fortuna City Limited are required to file their
proofs of debt by February 13, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Ying Hing Chiu
          Yeung Betty Yuen
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


GIANT RAINBOW: Members' Final Meeting Set for February 26
---------------------------------------------------------
The members of Giant Rainbow Limited will hold their final meeting
on Feb. 26, 2009, at 11:00 a.m., at Unit 303-305, 3rd Floor of
Austin Tower, 22-26A Austin Avenue, Tsimshatsui, in Kowloon,
Hong Kong.

At the meeting, Lau Chi Yuen and Wan Ho Yuen, Terence, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLORY ROUTE: Members' Final Meeting Set for February 25
-------------------------------------------------------
The members of Glory Route Limited will hold their final meeting
on Feb. 25, 2009, at 10:00 a.m., at Room 1503 of  World Wide
House, 19 Des Voeux Road in Central, Hong Kong.

At the meeting, Leung Moon Chuen and Wong Kai Wing, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INTERBREW ZHEJIANG: Chung Steps Down as Liquidator
--------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana cease to act as
liquidator of Interbrew Zhejiang Holding Limited.


KARJADE PROPERTIES: Members' Final Meeting Set for March 2
----------------------------------------------------------
The members of Karjade Properties Limited will hold their final
meeting on March 2, 2009, at 11:00 a.m., at Rooms 1201-4 of Cheong
Kee Building, 84-86 Des Voeux Road in Central, Hong Kong.

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


TSC MANUFACTURING: Enters Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on January 12, 2009, the
members of TSC Manufacturing Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Ting Kowk, David
          Citicorp Centre, 26th Floor
          18 Whitfield Road, Causeway Bay
          Hong Kong



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

AKSHARA INDUSTRIES: CRISIL Puts 'BB' Rating on Rs.90MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable/P4' to the various
bank facilities of Akshara Industries Ltd (Akshara).

   Rs.90 Million Cash Credit         BB/Stable (Assigned)
   Rs.60 Million Long Term Loan      BB/Stable (Assigned)
   Rs.49 Million Letter of Credit    P4 (Assigned)
   Rs.11.50 Million Bank Guarantee   P4 (Assigned)

The rating reflects Akshara's below average financial risk
profile, and exposure to risks relating to small scale of
operations, fluctuations in the prices of raw materials, and any
downturn in economy.  These rating weaknesses are, however,
partially offset by Akshara's good raw material sourcing
capability, and the proximity of its plant to the end-user market.

Outlook: Stable

CRISIL believes that the above average operational efficiencies
coupled with its proximity to end users, will help Akshara
maintain its current business risk profile.  Significant
improvement in business and financial risk profile as a result of
better-than expected profit margins and accruals may drive a
revision in outlook to 'Positive'.  Conversely, the outlook may be
revised to 'Negative', if the company takes on more debt than
expected to fund capital expenditure, or faces declining margins,
thereby deteriorating the financial risk profile.

                      About Akshara

Promoted by Mr. Rajkumar Tibrewala in April 2004, Akshara
manufactures sponge iron, which is used in induction furnaces to
produce steel bars.  The plant, located at Gummidipoondi, Tamil
Nadu, was commissioned in 2005, and has an installed capacity of
60,000 metric tonnes per annum (mtpa).  Akshara reported a profit
after tax (PAT) of Rs.30 million on net sales of Rs.616 million in
2007-08 (refers to financial year, April 1 to March 31) as against
a PAT of Rs.8 million on net sales of Rs.362 million for the
previous year.


RELIABLE AUTOTECH: CRISIL Rates Rs.320.0 Mln. Cash Credit at 'B-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Reliable Autotech Pvt Ltd (Reliable Autotech).

   Rs.320.0 Million Cash Credit *     B-/Negative (Assigned)
   Rs.360.0 Million Long Term Loan    B-/Negative (Assigned)
   Rs.50.0 Million Bank Guarantee     P4 (Assigned)
   Rs.150.0 Million Letter of Credit  P4 (Assigned)

   * Includes a sub limit of bill discounting Rs.190 million
     & packing credit of Rs.130 million

The ratings reflect Reliable Autotech's weak financial profile,
and exposure to customer concentration risks.  These weaknesses
are, however, partially offset by the company's established
relationships with reputed original equipment manufacturers
(OEMs).

Outlook: Negative

The 'Negative' outlook reflects the ongoing slowdown in the
automotive sector, and Reliable Autotech's weak financial risk
profile and limited pricing flexibility.  The outlook may be
revised to 'Stable' if the company's operating margins and debt
protection measures improve considerably.  Conversely, the rating
may be downgraded if there is a further deterioration in debt
servicing capacities.

                      About Reliable Autotech

Reliable Autotech, the flagship company of the Reliable group, was
set up in 1998 by Mr. Rajendra Bagwe, Mr. Devendra Bapat and Mr.
Amol Chitnis. Reliable group started its operation from 1984 & has
25 years of experience in this field.  It manufactures heavy
pressed parts and components, and tools and dies for the auto
sector; it also assembles components such as front and rear doors,
brake parts, brackets, and chassis parts.  The company also has a
presence in the farm equipment segment manufactures and supplies
fenders, front axles and hoods to tractor manufacturers.  Reliable
Autotech's dedicated export unit caters to the requirements of
OEMs in USA, UK, France, Germany, Spain and other countries. For
2007-08, (refers to financial year, April 1 to March 31) Reliable
Autotech reported a profit after tax (PAT) of Rs. -(56.81) million
on net sales of Rs. 968.15 million, as against a PAT of Rs. 81.05
million on net sales of Rs.799.95 million for 2006-07.


REMSONS INDUSTRIES: CRISIL Rates Rs.35.0MM Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Remsons Industries Ltd (Remsons).

   Rs.35.0 Million Cash Credit             BB/Negative (Assigned)
   Rs.9.0 Million Term Loan                BB/Negative (Assigned)
   Rs.50.0 Million Export Packing Credit   P4 (Assigned)
   Rs.6.0 Million Bank Guarantee/Letter    P4 (Assigned)
                  of Credit

The ratings reflect Remsons' weak financial risk profile due to
losses at the operating level, and slowdown in its end-user
industry, the automobile original equipment manufacturer segment.
These weaknesses are, however, partially offset by Remsons'
established presence in the auto component industry.

Outlook: Negative

CRISIL expects Remsons to maintain a stable business risk profile,
supported by established relationships with clients; the financial
risk profile is expected to remain stable over the medium term,
owing to incremental working capital requirements.  The outlook
may be revised to 'Positive' if the company's operating margins
improve more than expected.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure, leading to decline in gearing and debt
protection measures, or if it continues to report losses at the
operating level.

                      About Remsons Industries

Set up as Remsons Cables in May 1971, Remsons converted to a
public limited company in October 1986, and got its present name
in November 1986. In April 2005, three companies, Daman Auto
Industries, Rems Auto Engineers, and Remsons Auto Industries were
amalgamated with the company.  Remsons manufactures control
cables, brake liners and brake shoes at its units at Gurgaon and
Daman. Its major customers in the domestic markets include Hero
Honda Motors Ltd, Tata Motors Ltd, Piaggio Vehicles Pvt Ltd,
Maruti Udyog Ltd, and General Motors India Pvt Ltd; it also
supplies control cables to overseas clinets in the US and Europe.
Remsons has two manufacturing units, one each at Gurgaon and
Daman, with a combined installed capacity of 23 million control
cables and and 3.5 million speedometer cables.

For 2007-08 (refers to financial year, April 1 to March 31),
Remsons reported loss of Rs. 19.9 million on net sales of Rs.
531.6 million, as against loss of Rs. 41.0 million on net sales of
Rs. 501.8 million for 2006-07.


VEERAPANDI: Delays in Repayment of Interest Cues CRISIL 'C' Rating
------------------------------------------------------------------
CRISIL has assigned its rating of 'C' to the bank facility of
Veerapandi Common Effluent Treatment Plant Ltd (VCETP).

        Rs.579.6 Million Long Term Loan  C (Assigned)

The rating reflects VCETP's recent delays in repayment of interest
on term loans and re-schedulement of term loans in 2008-09 (refers
to financial year, April 1 to March 31), and high dependence of
the company on performance of member-dyeing units for revenue.
These rating weaknesses are, however, partly offset by the fact
that VCETP is among the largest common effluent treatment plants
(CETPs) in Tirupur.

                           About VCETP

VCETP was formed in 1999 by 72 dyeing units (members) for effluent
treatment discharged by member units. Until 2006, primary
treatment of effluents was taken up by the CETP.  However, with a
revision in norms by Tamil Nadu Pollution Control Board for
treating total dissolved solid (TDS), it has begun the process of
setting-up a zero liquid discharge, reverse osmosis (ZLD RO) plant
that will separate the salt and water from the effluent treated.
For FY 2007-08, VCETP reported a profit after tax (PAT) of
Rs4.69on net sales of Rs.27.98million, as against a PAT of Rs.4.46
million on net sales of Rs.28.05 million for FY 2006-07.



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

PT CSM: Bond Maturity Extension Prompts Moody's Junk Rating
-----------------------------------------------------------
PT Moody's Indonesia has downgraded PT CSM Corporatama's national
scale corporate family and bond ratings to Ca.id from Ba3.id.  The
ratings outlook is negative.  This rating action concludes the
ratings review initiated on October 30, 2008.

Moody's has subsequently withdrawn RENT's ratings because Moody's
believes it lacks adequate information to monitor the ratings.

"The downgrade reflects the fact that the bonds' final maturity
was extended to 11 November 2009 from originally 11 November 2008,
with a new amortization payment schedule," says Joko Widodo,
Moody's lead analyst for the company.

"Moody's considers this development constitutes a default, as the
company did not have sufficient resource to repay the bonds and
therefore bondholders were offered new bonds with longer maturity
than originally contracted with a higher coupon interest."

Moody's has reviewed the new amortization schedule of the bond and
concluded that while RENT had partially repaid the bonds totaling
IDR 8 billion in December last year, there is high uncertainty
over RENT's ability to repay the bonds of IDR 192 billion in final
maturity in November 2009.

The negative outlook reflects the unfavorable state of financial
market conditions which will make it more challenging for RENT to
access credit market.

The last ratings action for RENT was taken on 30 October, 2008,
when the ratings were downgraded to Ba3.id and put on review for
possible further downgrade.

Headquartered in Jakarta, RENT's main businesses are car rentals,
new & used car sales, and fuel & gas station services.  RENT is
99.86% owned by PT Hamfred Pte Ltd Singapore, 0.07% by PT
Indomobil Sukses International Tbk and the remaining 0.07% by PT
Unicor Prima Motor.

The company is also the holder of Europcar's exclusive network for
Indonesia.  Europcar is a leading global rental company
headquartered in France.



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

JAPAN GENERAL: JCR Lowers Ratings on Senior Debts to 'BB-'
----------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has downgraded the rating
on senior debts, bonds and CP program of Japan General Estate
from BB+, BB and J-3 to BB-, B+ and NJ, respectively.  JCR has
placed the long-term ratings under Credit Monitor with Negative
direction (#BB-/Negative and #B+/Negative) at the same time.  JCR
does not place the rating on the CP program of the issuer under
Credit Monitor.

Senior debts: #BB-/Negative

             Amount
Issue        (bn)    Issue Date  Due Date   Coupon  Rating
-----        ------  ----------  --------   ------  ------

bonds no.10 JPY10    9/28/2007   9/28/2010  2.58%   #B+/Negative

CP: NJ
Maximum: JPY3 billion
Backup Line: 0%

Japan General Estate announced on February 3, 2009, the downward
revision of the earnings forecasts for FY2008 ending March 31,
2009.  It expects the ordinary profit to drop from the previously
estimated JPY400 million to negative JPY26.5 billion (It posted an
ordinary profit of JPY10.6 billion for the previous fiscal year).
The recording of valuation loss on inventory owing to rapid
deterioration in real estate market will weigh on the earnings
considerably.

Although JCR has assumed that the company would record a valuation
loss on inventory to a certain degree under the continued
deteriorating business environment, the downward revision far
exceeded the assumptions by JCR.  The fact that it will fall into
a net loss will impair the capital.  Therefore, the company can
not avoid weakening its financial base.  Consequently, JCR
downgraded the ratings on the company.  JCR placed the ratings
under Credit Monitor in order to follow the fund management and
the relations with the banking institutions on an ongoing basis.


KANETSU ASSET: To Liquidate Hedge Funds Before Closing Business
---------------------------------------------------------------
Kanetsu Asset Management Co. will liquidate hedge funds, including
Japan's best performer last year, as commodities trading shrinks,
Bloomberg News reports citing
a company executive.

The Tokyo-based firm, which had JPY800 million (US$8.9 million) in
assets, will shut DragonHorse and two other hedge funds before
closing its business at the end of March, President Takashi Ogura
told Bloomberg News in a telephone interview.

Bloomberg News notes DragonHorse, according to data provider
Eurekahedge Pte, returned 27 percent in 2008, the highest among
Japan-based hedge funds.

"Performance wasn't enough to cover the operating costs,"
Bloomberg News quoted Mr. Ogura as saying.  "The outlook remains
bleak and it is not a profitable business for us."

According to the report, Mr. Ogura disclosed Kantesu Shoji Co.,
the parent company of Kanetsu Asset, and other shareholders
including Sompo Japan Insurance Inc. and Daiwa Securities Co.,
decided last month that Kanetsu Asset, established in 1994, should
be closed.


NEW CITY: Moody's Junks Long-Term Debt Ratings from 'B1'
--------------------------------------------------------
Moody's Investors' Service announced that it had downgraded the
issuer and senior unsecured long-term debt ratings of New City
Residence Investment Corporation to Caa1 from B1 (under review for
possible further downgrade).  The outlook was stable.

Moody's also withdrew the ratings immediately after the
downgrades, as the rating agency believes it lacks adequate
information to maintain them.

On October 9, 2008, NCR petitioned for civil rehabilitation, which
was approved by the Tokyo District Court on October 14, 2008.  A
petition to extend the deadline for submission of the proposed
rehabilitation plan, which had initially been scheduled for
January 7, 2009, was filed with the Tokyo District Court.  NCR
announced that it had received (on January 7) an extension to
April 7, 2009.

Moody's still believes that the value of the assets in NCR's real
estate portfolio should be sufficient to pay down all of its
outstanding debt.  The agency downgraded the ratings immediately
prior to withdrawing them because of concerns that the company
would become more vulnerable due to the slump and uncertainties in
the real estate market.

Moody's last rating action with respect to NCR was taken on
October 17, 2008, when it downgraded the company's issuer and
senior unsecured long-term debt ratings from Ba1 to B1, and kept
the ratings under review for possible downgrade.

New City Residence Investment Corporation is a Japanese real
estate investment trust that invests in residential properties.


SHINSEI BANK: Expects to Post JPY48 Bln Net Loss in FY2009
----------------------------------------------------------
Shinsei Bank Limited on Tuesday, February 3, announced its revised
forecasts for consolidated (cash and reported basis) and non-
consolidated earnings for the fiscal year ending March 31, 2009.

Shinsei Bank forecasts a consolidated net loss of JPY48.0 billion
for the fiscal year ending March 31, 2009, due mainly to higher
credit costs associated with its real estate operations,
impairment of Japanese equities, additional mark downs and
reserves for European asset backed investments and securities and
other European investments, as well as business restructuring
costs.

Accordingly, Shinsei Bank said it also revised its non-
consolidated forecast for net income for the fiscal year ending
March 31, 2009 from JPY12.0 billion to a net loss of JPY98.0
billion.

Shinsei Bank said it has also decided not to pay a dividend on its
common shares for the fiscal year 2008.

                       Nine Months Results

For the nine months ended December 31, 2008, Shinsei Bank reported
a consolidated net loss of JPY32.1 billion, compared to a
consolidated net income of JPY33.5 billion reported in the first
nine months of fiscal year 2007.

Total revenue for the first nine months of fiscal year 2008, was
JPY190.3 billion, down 8.9% compared to the same period of
the previous fiscal year, as stronger results for the Individual
Group and the contribution from Corporate/Other were not able to
offset the weaker results in the Institutional Group.  The
Individual Group achieved strong revenue growth due to the
consolidation of GECF and Shinki while the Corporate/Other
contributed through debt buybacks.  In the Institutional Group,
Shinsei Bank's non-recourse real estate finance business and ALM
activities outperformed, but the foreign exchange, derivatives,
equity related, principal investment, securitization, and other
capital markets businesses underperformed mainly as a result of
the bankruptcy of Lehman Brothers Holdings, Inc. as well as losses
related to European asset-backed investments and securities and to
other investments in Europe.

General and administrative expenses were JPY127.2 billion, up 8.2%
compared to the same period of the previous fiscal year.  This
increase occurred mainly as a result of the consolidation of
expenses of Shinki from the second half of fiscal year 2007 and
the inclusion of GECF's expenses from October 1, 2008.  Excluding
Shinki and GECF's expenses, expenses declined to JPY106.8 billion,
a decrease of JPY7.6 billion from the prior period due to lower
expenses in the Institutional Group and the Individual Group's
retail banking operations and at APLUS as a result of efforts to
keep costs down due to business rationalization and improved
operating efficiency.  Cost rationalization will continue to be a
key priority for the Shinsei Bank Group going forward.

Net credit costs increased JPY38.8 billion to JPY79.6 billion due
mainly to an increase in credit costs related to the bankruptcy of
a Lehman Brothers subsidiary, reserves for real estate finance and
European asset-backed investments despite the improvement at our
consumer finance subsidiary APLUS.

Amortization of goodwill and other intangible assets associated
with the acquisition of consumer and commercial finance companies
was JPY10.3 billion for the first nine months ended December 31,
2008, compared with JPY9.4 billion in the same period of the
previous fiscal year.

Other gains of JPY7.7 billion were recorded in the first nine
months of this fiscal year due mainly to the sale of the Meguro
Production Center and Showa Auto Rental & Leasing, compared to
JPY17.8 billion recorded in the same period of the previous fiscal
year due mainly to the sale of Life Housing Loan Co., Ltd.

Minority interests in net income of subsidiaries for the first
nine months of this fiscal year amounted to JPY10.9 billion due
largely to dividends paid on perpetual preferred securities and
minority interests relating to APLUS' preferred shareholders.

                          Total Assets

Shinsei Bank's total assets increased 6.1% from JPY11,525.7
billion at March 31, 2008, to JPY12,231.0 billion at Dec. 31,
2008.  The higher balance was due mainly to an increase in other
assets and loans and bills discounted.  The balance of loans and
bills discounted increased 5.5% from JPY5,622.2 billion at
March 31, 2008, to JPY5,930.6 billion at December 31, 2008 due
primarily to an increase in loans in the Individual Group,
including loans from the newly acquired GE Consumer Finance (GECF)
and a higher balance of housing loans.  Total deposits and
negotiable certificates of deposit increased JPY254.4 billion or
4.4% to JPY6,061.0 billion, compared to March 31, 2008.

Shinsei Bank is continuing to emphasize its already strong
liquidity position through the stable and low-cost funding
available through retail deposits.  The retail deposit balance
increased on March 31, 2008 by JPY534.6 billion, and
stood at JPY4,528.4 billion at December 31, 2008.

Shinsei Bank recorded a Tier I capital ratio of 6.64% and a total
capital adequacy ratio of 10.01% on a Basel II basis at
December 31, 2008.  The bank is targeting a Tier I capital ratio
of 7% by March 31, 2009 and a minimum of 8% by March 31, 2010.
Furthermore, Shinsei Bank is targeting a total capital adequacy
ratio of 10% by March 31, 2009 and 11% by March 31, 2010.

                       About Shinsei Bank

Shinsei Bank Ltd. (TYO:8303) -- http://www.shinseibank.com/-- is
a Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.


* JAPAN: BoJ to Buy JPY1 Tril. Shares of Financial Companies
------------------------------------------------------------
Bloomberg News reports the Bank of Japan will buy JPY1 trillion
(US$11.1 billion) of shares owned by financial institutions, less
than two weeks after the bank said it will buy up to JPY3 trillion
of commercial paper and consider purchasing corporate bonds.

According to the report, the central bank will purchase stocks
until April 2010 and will hold the shares until at least March
2012.  The bank will only buy up to 250 billion in stocks from
each lender, the report notes.

The central bank, the report relates, said it will buy stocks of
companies with a credit rating of BBB- and higher.  To be
eligible, banks will need stockholdings exceeding JPY500 billion
and a "capital adequacy ratio based on international standards,"
BoJ said in a statement obtained by Bloomberg News.

"This measure aims to act as a safety net to stabilize the
financial markets,"  BoJ Governor Masaaki Shirakawa was quoted by
Bloomberg News as saying during a press briefing in Tokyo.  "It's
always appropriate to prepare for the worst factors and the worst-
case scenario."

Bloomberg News relates Gov. Shirakawa said the plan isn't
necessarily focused on boosting the stock market, rather, the
central bank is concerned that banks will become reluctant to lend
toward the fiscal year end, when companies settle accounts, out of
fear that declining stock values will deplete their capital.



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

HYUNDAI CORP: Creditors Tap Lead Managers to Sell Stake in Firm
---------------------------------------------------------------
Hyundai Corp.'s creditors have selected lead managers for the sale
of their controlling stake in the company, Yonhap News Agency
reports citing Korea Exchange Bank (KEB).

The lead managers are NH Investment & Securities Co. and the
consortium of Woori Investment Securities Co. and state-run Korea
Development Bank (KDB).

Hyundai, the news agency recalls, was placed under a workout debt
program in June 2003.  Though the company has normalized its
business operations, creditors decided at the end of last year to
extend the workout debt program for Hyundai due to the global
economic credit crunch.

The creditors, including Woori Bank, KDB and KEB, hold 50 percent
stake plus one share in Hyundai.

Hyundai Corporation is a multinational trading company based in
Korea. Its trading business is comprised of seven divisions. The
ship division organizes, coordinates, finances and brokers ship-
related businesses. The plant division manufactures industrial
facilities such as power, chemical and marine, and various small-
to mid-sized plants. The machinery division supplies machinery and
electrical equipment for use in major industrial sectors, markets
automobiles and automotive goods, and sells construction
equipment. The automobile and rolling stocks division deals with
passenger cars, commercial vehicles, special purpose vehicles,
military vehicles, engines, automobile parts and rolling stocks
and railing equipment. The steel division is engaged in the
domestic steel and metal industry. The information and
telecommunication division focuses on infrastructure, systems
integration and e-commerce in information technology products. The
chemical division supplies petrochemical products.


* KOREA: 18 Banks Post Combined KRW300 Bln. Net Losses in Q4
------------------------------------------------------------
Eighteen of South Korea's domestic banks incurred a combined
KRW300 billion net losses in the fourth quarter last year,
resulting in a deficit for the fist time in eight years, KBS News
reports citing Financial Supervisory Service.

KBS News relates the agency said the banks' net profit last year,
decreased around 47 percent to KRW8 trillion.

According to the report, the banks' accumulated amount of loan-
loss provisions doubled from 2007 to around KRW10 trillion last
year.

In particular, KBS notes, the banks were hit hard by the KRW1
trillion in loan-loss provisions incurred from the restructuring
of 16 construction firms and shipbuilders.



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

PANGLOBAL: Court Confirms Scheme of Transfer of Insurance Business
------------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2008, PanGlobal Berhad (PGI) said in its regulatory
filing with the Kuala Lumpur Stock Exchange that Bank Negara
Malaysia (BNM)approved the scheme of transfer of the company's
general insurance business to Tokio Marine Insurans (Malaysia)
Berhad (TMIM) pursuant to Section 130 of the Insurance Act 1996.

The TCR-AP reported on June 9, 2008 that PanGlobal Insurance
Berhad, a 99.97% owned subsidiary of Panglobal Berhad, made an
application to Bank Negara Malaysia for its approval for the
Proposed Disposal comprising the insurance assets and liabilities
of PanGlobal Insurance to Tokio Marine Insurans (Malaysia) Berhad,
for an indicative purchase consideration of approximately MYR15
million.

In an update, PanGlobal disclosed that all the conditions
precedent under the Business Portfolio Transfer Agreement dated
August 15, 2008 (as supplemented by the Supplemental Agreement
dated November 13, 2008) have been fulfilled.

The company said the scheme was confirmed by the High Court of
Malaya on December 2, 2008 and the transfer of Sale Assets and
Sale Liabilities to Tokio Marine Insurans (Malaysia) Berhad took
effect on February 1, 2009.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


WONDERFUL WIRE: Updates Bourse on Winding Up Petition
-----------------------------------------------------
Wonderful Wire & Cable Berhad (WWC) disclosed in a regulatory
filing that in response to the inquiries made by Bursa Malaysia
Bhd, the company said it has taken and proposed the following
steps in respect of the winding-up proceedings filed against the
company.

The steps taken by WWC in respect of the winding-up proceedings
are:

   1) An application for injunction has been filed against the
      Petitioner to restrain the Petitioner from advertising or
      publishing the winding-up petition including the gazetting
      of the winding-up petition;

   2) An application for an injunction to restrain the Petitioner
      from further proceeding with the winding-up petition.
      Hearing of the said injunction is fixed on March 25,
      2009; and

   3) An application to set aside the judgment in default of
      appearance upon which the winding-up petition is premised
      has been filed by the Company and is fixed to be heard on
      April 13, 2009.

The proposed actions to be taken by WWC in respect of the winding
up petition are:

   1) To file an affidavit to oppose the winding up petition
      (seven (7) days before the hearing of the winding-up
      which is on February 22, 2009); and

   2) To file for an application in the winding up court to
      stay all further proceedings in respect of the winding-up
      petition pending disposal of the company's application to
      set aside the judgment in default.

In addition, the company said it had on December 15, 2008,
submitted its proposed restructuring scheme to the Securities
Commission and the relevant authorities for approval.  At the same
time, the company is currently finalizing negotiations with its
bank lenders on a debt settlement scheme, in line with the
regularization plan as set out in the company's requisite
announcement dated December 15, 2008.

WWE noted that it is expected that the claims of Malaysia Debt
Ventures Berhad (MDV) will  be subjected to the regularization
plan.  Further, any full payment of the sum in the winding-up
petition claimed by MDV, which may be regarded as an unsecured
lender of the company, may be viewed as a preferential payment by
the other secured lenders of the company, and may jeopardize the
ongoing negotiations with the secured lenders.  Without the
support of the other secured lenders for the regularization plan,
the company may not be able to regularize its financial position
as required under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad.

                       Winding Up Petition

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 23, 2008, Wonderful Wire was served with a wind-up by
Malaysia Debt Ventures Berhad (MDV) filed before the High Court
of Malaya at Kuala Lumpur on September 30, 2008.  The petition
will be heard before the High Court on on Feb. 27, 2009.

The petition is in respect of a judgment in default of appearance
dated August 19, 2008, obtained by MDV against WWC vide High Court
Vivil Suit No. D8-22-984-2008 (D8 civil suit).  The D8 civil suit
is filed by MDV against Transmission Resources Sdn Bhd (TRSB) (in
receivership) as a principal debtor and borrower under a Revolving
Project Loan and against WWC for a corporate guarantee given by
WWC in consideration of the loan being granted to TRSB.  The total
claim by MDV amounts to MYR1,292,216.86 as at September 3, 2008.

WWC have further filed a counter civil suit against MDV in the
High Court Of Kuala Lumpur vide suit no. D2-22-1829-2008
(D2 civil suit) for:

   a) a declaration that MDV is liable for fraud for mishandling
      the proceeds acquired from a project between TRSB and MITV
      Corporation Sdn Bhd, which were contractually agreed to be
      used to repay the  Revolving Project Loan;
   b) a declaration that MDV had negligently disbursed the
      Revolving Project Loan;
   c) a declaration that a fundamental variation in the granting
      and disbursement of the loan to the borrower have discharged
      WWC from any further obligations under the corporate
      guarantee and the corporate guarantee is deemed null and
      void;
   d) Damages against MDV for fraud and negligence;
   e) Interest; and
   f) Cost.

There will be a possible financial impact due to the presentation
of the winding up petition on WWC; however, since the judgment in
default dated August 19, 2008, is being challenged by WWC in the
High Court of Kuala Lumpur, the wind-up petition is unlikely to
have an immediate operational impact on the company.

WWC's lawyers have advised that WWC have a strong case to set
aside the judgment in default of appearance dated August 19, 2008
obtained by MDV, against WWC.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

ALPHA BUSES: Commences Liquidation Proceedings
----------------------------------------------
On December 18, 2008, it was resolved by special resolution to
voluntarily liquidate the business of Alpha Buses Ltd.

Only creditors who were able to file their proofs of debt by
January 26, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Roderick T. McKenzie
          Lyn M. Carey
          McKenzie & Partners Limited
          484 Main Street, Level 1
          PO Box 12014, Palmerston North
          Facsimile: (06) 356 2028


C G CONSTRUCTION: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have C G Construction Ltd.'s operations wound up was
heard before the High Court at Auckland on January 30, 2009.

Red Turtle Limited filed the petition against the company on
November 27, 2008.


CAFFE ITALIANO: Court to Hear Wind-Up Petition on Feb. 9
--------------------------------------------------------
The High Court at Christchurch will hear on February 9, 2009, at
10:00 a.m., a petition to have Caffe Italiano Christchurch Ltd.'s
operations wound up.

Applied Design Development Limited filed the petition against the
company on December 5, 2008.

Applied Design's solicitor is:

         Kris David Morrison
         c/o Parry Field, Solicitors
         Forsyth Barr House, 15th Floor
         764 Colombo Street, Christchurch
         Telephone: (03) 379 4383


CAPITAL + MERCHANT: No Payout for Investors, Receivers Say
----------------------------------------------------------
The receivers of Capital + Merchant Finance Ltd have revised their
forecast payout for debenture investors from 14-59 cents in the
dollar to "nil dollars", the New Zealand Herald reports.

According to the report, receivers at Grant Thornton said they
uncovered extensive unreported related party loans and the
property development collapse wiped out any remaining value once
fees were extracted.

Citing a report dated January 30, the Herald relates Grant
Thornton said Fortress Credit has been repaid NZ$20.6 million and
was due a further NZ$2.6 million while Grant Thornton has been
paid NZ$1.2 million in fees.

The report notes that Capital + Merchant borrowed over NZ$20
million from vulture fund Fortress Credit in October 2006,
granting Fortress prior charge over the assets ahead of debenture
investors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2007, Capital + Merchant Finance Ltd and Capital +
Merchant Investments Ltd have gone into receivership due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.

Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha, the New Zealand Press Association
related.

According to reports, Capital + Merchant owes about
NZ$190 million to 7,000 investors.  Fortress reportedly has a
prior charge over assets and was owed around NZ$70 million in
total.


G J CROY: Court to Hear Wind-Up Petition on Feb. 10
---------------------------------------------------
The High Court at Timaru will hear on February 10, 2009, at
11:00 a.m., a petition to have G J Croy Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on November 13, 2008.

The CIR's solicitor is:

         Julie Newton
         c/o Inland Revenue Department
         Legal and Technical Services
         1st Floor Reception, 224 Cashel Street
         PO Box 1782, Christchurch 8140
         Telephone: (03) 968 0807
         Facsimile: (03) 977 9853


JIREH BUILDERS: Creditors' Proofs of Debt Due on March 6
--------------------------------------------------------
The creditors of Jireh Builders Ltd. are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          James Stewart Murray
          PO Box 46, Orewa, Auckland 0946
          Telephone: (09) 426 8488
          Facsimile: (09) 426 8486


KENNEDYS HOME: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Kennedys Home Trade Ltd.'s operations wound up
was heard before the High Court at Hamilton on February 2, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 7, 2008.


MARGIN 12: Creditors' Proofs of Debt Due on Feb. 9
--------------------------------------------------
The creditors of Margin 12 Ltd. are required to file their proofs
of debt by Feb. 9, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Dec. 23, 2008.

The company's liquidators are:

         Boris van Delden
         Victoria Toon
         McDonald Vague
         PO Box 6092, Wellesley Street
         Auckland 1141
         Facsimile: (09) 303 0508
         Website: http://www.mvp.co.nz


MAUCH INVESTMENTS ET AL: Creditors' Proofs of Debt Due on March 17
------------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed March 17,
2009, as the last day to file proofs of debt for the creditors of:

   -- Mauch Investments Limited;
   -- Glenn Conroy Creative Limited;
   -- Lali Media Group Limited; and
   -- La Vista Cafe Restaurant Co Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          PricewaterhouseCoopers
          Private Bag 92162
          188 Quay Street, Auckland 1142
          Facsimile: (09) 355 8013


NUPLEX INDUSTRIES: Cuts Earnings Forecast; May Breach Covenant
--------------------------------------------------------------
Nuplex Industries Limited said it expected lower earnings for the
first half of fiscal year 2009 due to volatile trading conditions.

In a filing with the New Zealand Stock Exchange, Nuplex said
restructuring costs and non-recurring items totalling NZ$2.1
million plus additional provisions for bad and doubtful debts of
NZ$3.2 million have reduced EBITDA for the first half of FY2009 to
NZ$42.5 million, a little below the guidance provided in November.

The company said demand from European in particular fell
substantially during the period, partly due to customers'
inventory reduction programs nearing the year-end which had a
major impact on November and December performance.  Other regions
performed close to expectations.

The company notes market conditions worldwide remain generally
soft with the worst affected sectors being those exposed to high
levels of discretionary spending, such as new automobile
production and the leisure segments of the composites industry,
including boats and swimming pools.

European performance is anticipated to improve in the second half
now that inventory levels are in line with current demand while
the other regions are expected to show similar results to those
achieved in H12009.  With demand lower than had previously been
anticipated, plus the impact of further restructuring costs
without commensurate benefits in this period, a result similar to
the first half is now expected.

                    Possible Covenant Breach

Robert Smith at The National Business Review reports that after
cutting its earnings forecast, Nuplex is in danger of breaching
its debt covenant.

The report says that based on the company's revised full year
ebitda guidance of NZ$85 million, First NZ Capital is warning that
Nuplex's debt cover covenant may be breached.

According to the report, analyst Jason Familton said its covenant
requires the company's net debt to be no more than three times its
ebitda.  Nuplex, according to Mr. Familton, would have to reduce
its net bank debt by about NZ$45 million to get back in line with
the covenant, the report relates.

However, the Business Review adds, Mr. Familton said that Nuplex's
two other covenants relating to interest cover and quasi-equity
ratios showed little danger of being breached.  Mr. Familton notes
there is increasingly less room to move in the interest cover
covenant, the report says.

The report notes First NZ Capital is now forecasting a full year
ebitda (excluding non-recurring items) of $93.4 million, slightly
up on the company's prediction of $90.3 million.

                         About Nuplex

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on its
Feb. 3, 2009 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2012, traded at NZ$12.72.


PT LOGGING: Court Hears Wind-Up Petition
----------------------------------------
A petition to have PT Logging Ltd.'s operations wound up was heard
before the High Court at Rotorua on January 28, 2009.

Accident Compensation Corporation filed the petition against the
company on October 24, 2008.


STERLING HOMES: Creditors' Proofs of Debt Due on Feb. 28
--------------------------------------------------------
The creditors of Sterling Homes NZ Ltd. are required to file their
proofs of debt by Feb. 28, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Malcolm Grant Hollis
          Rhys Cain
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          Facsimile: (03) 374 3001


SUPREMO INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 27
-------------------------------------------------------------
The creditors of Supremo Investments 2006 Ltd. are required to
file their proofs of debt by Feb. 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


TMP GROUP: Court Hears Wind-Up Petition
---------------------------------------
A petition to have TMP Group Limited's operations wound up was
heard before the High Court at Auckland on January 22, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on August 26, 2008.


* NEW ZEALAND: Auckland High Court Flooded With Liquidation Cases
-----------------------------------------------------------------
The National Business Review reported that the High Court at
Auckland has scheduled extra sessions to cope up with the
increasing number of businesses being placed into liquidation.

The report relates last week in Auckland alone, more than 100
companies were called in court proceedings to be closed or placed
into liquidation.

According to the report, most of these companies are facing calls
from creditors, often Inland Revenue, to be wound up.  Some were
also solvent companies being closed down by its own directors.



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

CLEVER PTE: Creditors' Proofs' of Debt Due on March 2
-----------------------------------------------------
The creditors of Clever Pte Ltd are required to file their proofs
of debt by March 2, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chang Su-Ji
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


GENLINK TECHNOLOGIES: Creditors' Proofs' of Debt Due on March 2
---------------------------------------------------------------
The creditors of Genlink Technologies International Pte Ltd are
required to file their proofs of debt by March 2, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lim Swe Jian @ Karim Jeanny
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


JAFD MARINE: Court to Hear Wind-Up Petition on February 13
----------------------------------------------------------
A petition to have JAFD Marine Petroleum & Tankers Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on February 13, 2009, at 10:00 a.m.

Hong Fatt Oil Trading Pte Ltd filed the petition against the
company on January 21, 2009.

Hong Fatt's solicitors are:

          Messrs Gurbani & Co
          78 Shenton Way, #31-02
          Singapore 079120


PACIFIC WELL: Creditors' Proofs' of Debt Due on March 13
--------------------------------------------------------
The creditors of Pacific Well Medical Clinic Pte Ltd are required
to file their proofs of debt by March 13, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang
          Road #12-02 Tower Fifteen
          Singapore 089316


STOCKHART PTE: Creditors' Proofs of Debt Due on March 13
--------------------------------------------------------
The creditors of Stockhart Pte Ltd are required to file their
proofs of debt by March 13, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang
          Road #12-02 Tower Fifteen
          Singapore 089316



======================
S O U T H  A F R I C A
======================

* SOUTH AFRICA: January 2009 New Vehicle Sales at 8-Year Low
------------------------------------------------------------
Sales in all segments of the South African new vehicle market, as
well as export sales, had registered sharp declines in January
2009 compared to the corresponding month last year, the National
Association of Automobile Manufacturers of South Africa (NAAMSA)
said in a statement Tuesday.

According to NAAMSA, it was clear that all sectors of the South
African automotive industry were experiencing an unprecedented and
severe deterioration in operating conditions.  The entire
automotive value chain was presently confronted with a cash flow
and viability crisis, the Association said.

Aggregate new vehicle sales reported through NAAMSA in January
2009, at 30,503 units had registered a massive decline of 16,712
units or 35.4% compared to the
47,215 units sold during the corresponding month last year.  This
represented the worst aggregate new vehicle sales January market
in the past eight years (i.e. since January 2001).

Overall, out of the total NAAMSA reported industry sales of 30,503
vehicles, 81.0% or 25,695 units represented dealer/retail sales,
9.5% sales to Government, 4.8% represented sales to the car rental
industry and 4.7% into industry's corporate fleets.

January 2009 new car sales at 20,601 units reflected a decline of
9,838 units or 32.3% compared to the 30,439 new cars sold during
January 2008.  Factoring in new car sales not reported in detail,
the year on year decline had amounted to 11,769 units or a fall of
34.4% and represented the worst January new car sales in the past
eight years.

Sales of NAAMSA new light commercial vehicles, bakkies and
minibuses at 8,354 units during January 2009 reflected a decline
of 5,837 units or 41.1% compared to the
14,191 units of the corresponding month last year.  Taking account
of the light commercial vehicle sales reported by the AMH Group,
the year on year decline amounted to 6,319 units or 41.3%.

Sales of vehicles in the medium and heavy truck segments of the
industry had also started the year on an extremely weak note and
the January 2009 sales at 595 units and 953 units, respectively,
had recorded a massive decline of 510 units or 46.2%, in the case
of medium commercials, and 527 units or 35.6%, in the case of
heavy trucks and buses compared to the corresponding month last
year.

Exports of South African produced motor vehicles during January
2009 at 10,713 vehicles had registered a decline of 835 units or
7.2% compared to the 11,548 vehicles exported during January last
year.  Looking at the international environment, the sharp slow
down in South Africa's major export markets (Eurozone, Japan and
the United States) would inevitably translate into significant
declines in the number of vehicles exported by the industry during
calendar 2009.  At this stage, manufacturer's projections
suggested that overall industry export sales could decline by as
much as 35% from last year's record level of 284,211 vehicles.

The Association noted that during 2009, market sentiment and
automotive industry trading conditions would continue to be tested
by the high interest rate environment, record high levels of
household debt, volatile exchange rates and unpredictable
international financial markets.  Recent above average new vehicle
price increases, in response to past high input costs and the weak
Rand, would also serve to undermine affordability and demand.

NAAMSA stated that any improvement in the domestic environment was
dependent on a revival of consumer expenditure, aggressive
interest rate reductions and fiscal stimulation.  At this stage,
the industry remained hopeful that on the back of significantly
lower levels of inflation expected in coming months and resultant
lower rates of interest, together with stimulatory government
spending, some improvement would materialize during the second
half of 2009.  Any improvement in international trading conditions
would only occur once the severe global economic and financial
crisis dissipated.  Given the magnitude and seriousness of the
global economic crisis, it was anticipated that any recovery would
only eventuate in 2010 or 2011, the Association said.



                         *********

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

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

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


                            *********


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

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

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

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

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





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