TCRAP_Public/090206.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

           Friday, February 6, 2009, Vol. 12, No. 26

                            Headlines

A U S T R A L I A

D.I.R. DOWNUNDER: Members and Creditors Hear Wind-Up Report
DEREK HECK: Liquidator Presents Wind-Up Report
DESTINY PROJECTS: Placed Under Voluntary Liquidation
HAMILTON PROJECTS: Declares First and Final Dividend
JET DEVELOPMENT: Declares First and Final Dividend

KAURI MINING: Commences Liquidation Proceedings
KWALA SKATEBOARDS: Declares Dividend for Creditors
MINI LIFT: Members and Creditors Receive Wind-Up Report
PAT GRACE: Members Receive Wind-Up Report
PHOTO RETAILER: Members and Creditors Hear Wind-Up Report

PRESTIGE SITE: Commences Liquidation Proceedings
RADFLASH PTY: Members and Creditors Hear Wind-Up Report
ROWB PTY: Members Receive Wind-Up Report
SKID INVESTMENTS: Placed Under Voluntary Liquidation
STORM FINANCIAL: Court Freezes AU$2 Mln. Dividend Payment

SUNCORP-METWAY: To Raise Capital; CEO Quits
SUNSTATE PHOTOS: Members and Creditors Hear Wind-Up Report
THE TOWNSVILLE: Declares Dividend for Creditors
TIMBENLY INVESTMENTS: Appoints Lane and Peldan as Liquidators


C H I N A

SHANGHAI AIRLINES: Holds Talks to Secure Capital Injection


H O N G  K O N G

ACM LIMITED: Members' Final Meeting Set for February 23
BACK IN TIME: Members' Final Meeting Set for February 25
DE SEDE: Chung Miu Yin, Diana Cease to Act as Liquidator
FAR EASTERN: Members' Final Meeting Set for March 6
FLYING LEAF: Members' Final Meeting Set for March 5

INTERNATIONAL TEAMWORK: Chung Steps Down as Liquidator
MAN CHEONG ET AL: Creditors Hold Meeting
NEDLLOYED (HONG KONG): Chiu and Chung Cease to Act as Liquidators
PEROT SYSTEMS: Chung Miu Yin, Diana Cease to Act as Liquidator
WORLD SHINE: Creditors' Meeting Set for February 17


I N D I A

AJIT SAHAKARI: RBI Cancels License Due to Insolvency
GOPSONS PAPERS: Fitch Assigns 'BB' National Long-Term Rating


I N D O N E S I A

CIKARANG LISTRINDO: Moody's Withdraws 'Ba3' Corp. Family Rating


J A P A N

ELPIDA MEMORY: May Seek Japan Gov't. Funds
PANASONIC CORPORATION: To Cut 15,000 Jobs; Shuts Plants


K O R E A

HYNIX SEMICONDUCTOR: FY2008 Net Loss Widens to KRW4.36 Trillion
SSANGYONG MOTOR: Court OK's Application for Bankruptcy Protection


N E W  Z E A L A N D

CALROCK (NZ): Court Hears Wind-Up Petition
FIELD HOLDINGS: Appoints Mason and Meltzer as Liquidators
FITLIFE HEALTH: Appoints Shephard and Dunphy as Liquidators
G & LM TERRY: Creditors' Proofs of Debt Due on February 27
GUARDIAN TRUST: Investors Wind Up Mortgage Fund

GREENERY HOLDINGS: Commences Liquidation Proceedings
GREENSTONE ENTERPRISES: Appoints Shephard & Dunphy as Liquidators
JOHN BAKER: Placed Under Voluntary Liquidation
LIVING ON: Creditors' Proofs of Debt Due on March 15
LYTH PROPERTIES: Creditors' Proofs of Debt Due on Feb. 10

SEGUE HOLDINGS: Creditors' Proofs of Debt Due on February 27
TRUMP ENTERPRISES: Appoints Crichton and Horne as Liquidators
VETRO INDUSTRIES: Court Hears Wind-Up Petition
WILLIAMS AND ADAMS: Liquidates Business


S I N G A P O R E

@SOURCE INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 13
ERO LINGERIE: Court Enters Wind-Up Order
PETROPOOL (S) PTE: Court to Hear Wind-Up Petition on Feb. 13
VICTORY IMPEX: Court to Hear Wind-Up Petition on Feb. 13


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -

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

D.I.R. DOWNUNDER: Members and Creditors Hear Wind-Up Report
-----------------------------------------------------------
The members and creditors of D.I.R. Downunder Pty Ltd met on
Nov. 25, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Susan Carter
          Worrells Solvency & Forensic Accountants
          50 Cavill Avenue, Level 6
          Surfers Paradise QLD 4217
          Telephone: (07) 5553 3407
          Facsimile: (07) 5570 1884


DEREK HECK: Liquidator Presents Wind-Up Report
----------------------------------------------
On November 30, 2008, Kerry Raby presented to the members of Derek
Heck Investments Pty Ltd the company's wind-up report and property
disposal.


DESTINY PROJECTS: Placed Under Voluntary Liquidation
----------------------------------------------------
The creditors of Destiny Projects Pty Ltd met on October 17, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Gavin Charles Morton
          Gerald Thomas Collins
          PKF Chartered Accountants and
          Business Advisers
          AMP Place, Level 6
          10 Eagle Street, Brisbane
          Queensland 4000


HAMILTON PROJECTS: Declares First and Final Dividend
----------------------------------------------------
Hamilton Projects Group Pty Ltd declared the first and final
dividend on December 16, 2008.

Only creditors who were able to file their proofs of debt by
November 26, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Susan Carter
         Worrells Solvency & Forensic Accountants
         50 Cavill Avenue, Level 6
         Surfers Paradise QLD 4217
         Telephone: (07) 5553 3407
         Facsimile: (07) 5570 1884


JET DEVELOPMENT: Declares First and Final Dividend
--------------------------------------------------
Jet Development (Brisbane Valley) Pty Ltd declared the first and
final dividend on December 10, 2008.  Only creditors who were able
to file their proofs of debt by November 26, 2008, were included
in the company's dividend distribution.

The company commenced liquidation proceedings on October 20, 2008.

The company's liquidator is:

         Mark Pearce
         c/o Pearce & Heers Insolvency Accountants
         Level 9, Suite 3
         320 Adelaide Street
         Brisbane QLD 4000
         Telephone: (07) 3221 0055


KAURI MINING: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on July 28, 2008, the members of
Kauri Mining Services Pty Ltd resolved that the company be wound
up voluntarily.

The company's liquidators are:

          David Michael Stimpson
          Terry Grant van der Velde
          SV Partners Insolvency Accountants and Business
          Solutions, SV House
          138 Mary Street
          Brisbane Qld 4000
          Website: http://www.svpartners.com.au


KWALA SKATEBOARDS: Declares Dividend for Creditors
--------------------------------------------------
Kwala Skateboards Pty Ltd declared the first and final dividend in
respect of priority unsecured creditors on December 10, 2008.

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


MINI LIFT: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------
The members and creditors of Mini Lift Services Pty Ltd met on
December 9, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Peldan
          Worrells Solvency & Forensic Accountants
          102 Adelaide Street, 8th Floor
          Brisbane QLD 4000
          Telephone: (07) 3225 4300
          Facsimile: (07) 3225 4311
          Website: http://www.worrells.net.au


PAT GRACE: Members Receive Wind-Up Report
-----------------------------------------
The members of Pat Grace Plant Hire Pty Ltd met on December 4,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


PHOTO RETAILER: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
The members and creditors of Photo Retailer 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


PRESTIGE SITE: Commences Liquidation Proceedings
------------------------------------------------
During a general meeting held on July 28, 2008, the members of
Prestige Site Services Pty Ltd resolved that the company be wound
up voluntarily.

The company's liquidators are:

          David Michael Stimpson
          Terry Grant van der Velde
          SV Partners Insolvency Accountants and Business
          Solutions, SV House
          138 Mary Street
          Brisbane Qld 4000
          Website: http://www.svpartners.com.au


RADFLASH PTY: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Radflash Pty Limited met on Dec. 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


ROWB PTY: Members Receive Wind-Up Report
----------------------------------------
The members of Rowb Pty Ltd met on December 5, 2008, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Telephone: (07) 3221 0055


SKID INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Skid Investments Pty Ltd met on October 23, 2008,
and resolved that the company be wound up voluntarily.

The company's liquidator is:

          Jeffrey Peter Oke
          80 Dorville Road
          Carseldine Qld 4034
          Certified Practising Accountant


STORM FINANCIAL: Court Freezes AU$2 Mln. Dividend Payment
---------------------------------------------------------
The Brisbane Supreme Court has ordered a freeze on a AU$2 million
dividend Storm Financial Limited's founders paid to themselves
shortly before the company went into administration, The Age
reports.

The report says that the Australian Securities and Investments
Commission (ASIC) has sought a court order to freeze the payment,
made by Storm Financial's founders Emmanuel and Julie Cassimatis,
until February 18.

According to the report, ASIC lawyers told the court the couple
acted improperly by paying themselves the dividend even though
they knew the company was already in trouble.

However, the Age notes, the couple's lawyers argued there was no
evidence to suggest the couple would breach a voluntary
undertaking as they had a "commitment to set things right" in
relation to Storm Financial.

Justice Martin Daubney, the report relates, rejected the bid made
by the Cassimatis couple's lawyers to enter into a voluntary
agreement to freeze the money.  Judge Daubney extended an initial
court order until February 18.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.


SUNCORP-METWAY: To Raise Capital; CEO Quits
-------------------------------------------
Suncorp-Metway Limited Chief Executive Officer John Mulcahy has
stepped down after the company disclosed it will raise capital and
cut its dividend, various reports say.  Mr. Mulcahy has also
agreed to continue his leadership as the company transitions to a
new CEO.

"I am very proud of what the Group has achieved since 2003.  Our
achievements include the transformation of Suncorp through the
integration of GIO and, more recently, the acquisition and
successful integration of Promina," Mr. Mulcahy said in a
statement.

"Our businesses are well placed to meet the challenges ahead and
integration benefits from Promina are already flowing through to
the Group.  The capital raising we have announced will further
strengthen the Group and enable it to take advantage of the
changes underway in the financial service sector."

"With the capital raising under way, it is an appropriate time for
the Board to advise the market of our intention to commence the
transition of leadership to focus on the next phase of the Group's
development," Mr. Mulcahy added.

According to Bloomberg News, the company will sell as much as
AU$1.3 billion in new stock, with a minimum of AU$900 million
underwritten.  The sale, the report relates, includes a AU$390
million placement to institutions and a AU$502 million share offer
to retail investors at AU$4.50 a share, 33 percent less than its
last close on the Australian stock exchange.

Suncorp said the company will declare a first-half dividend of 20
cents a share, down from 52 cents per share from a year earlier,
Bloomberg News relates.

For the six months ended Dec. 31, 2008, the Bloomberg News notes,
Suncorp's net income fell as much as 35 percent to between AU$250
million ($161 million) to AU$270 million.  Pretax profit from
banking fell as much as 68 percent to between AU$90 million and
AU$100 million.

                       About SunCorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

                          *     *     *

As of Feb. 6, 2009, the company continues to carry a 'B'
Individual Rating placed by Fitch Ratings on March 20, 2007.

The company also carries a 'B-' bank financial strength placed by
Moody's Investors Service on May 4, 2007.


SUNSTATE PHOTOS: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------
The members and creditors of Sunstate Photos Pty Ltd met on
Dec. 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


THE TOWNSVILLE: Declares Dividend for Creditors
-----------------------------------------------
The Townsville and District Education Centre Limited declared
dividend on December 15, 2008.

Only creditors who were able to file their proofs of debt by
November 21, 2008, were included in the company's dividend
distribution.


TIMBENLY INVESTMENTS: Appoints Lane and Peldan as Liquidators
-------------------------------------------------------------
During a general meeting held on October 23, 2008, the members of
Timbenly Investments Pty Ltd appointed Morgan Lane and Michael
Peldan as the company's liquidators.

The Liquidators can be reached at:

          Morgan Lane
          Michael Peldan
          Worrells
          8th Floor, 102 Adelaide Street
          Brisbane Qld 4000



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

SHANGHAI AIRLINES: Holds Talks to Secure Capital Injection
----------------------------------------------------------
Trading in Shanghai Airlines Co. Limited shares were suspended as
the company's board and shareholders engages in discussion for an
emergency government capital injection aimed at reducing debt, AFP
reports citing Shanghai Airlines in a filing with the Shanghai
Stock Exchange.

According to China Daily, Shanghai Airlines is expected to get
CNY1 billion ($146 million) to CNY2 billion injection from
Shanghai city government, the airline's largest shareholder with a
35.7 percent stake.

Citing Shanghai Airlines's most recent financial statement, AFP
relates, the carrier had total debts of CNY13.2 billion (1.9
billion dollars) as of the end of September, representing a debt-
to-asset ratio of 91.35 percent.

China Daily says industry experts estimated that the new capital
would enable Shanghai Airlines to lower its debt-to-equity ratio
to a more manageable 80 percent.

"These arrangements will have a big impact on the company," AFP
cited Shanghai Airlines in the statement.  "Trading would resume
after the plans were finalized."

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2009, Reuters said Shanghai Airlines net loss for 2008
could be double than the previous year amid weak travel market.
The carrier posted CNY435 million net loss in 2007.

According to Reuters, the airline also reported CNY170 million in
unrealised fuel hedging losses as of Dec. 31, 2008, following a
tumble in fuel prices during the second half of the year.

                     About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.



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

ACM LIMITED: Members' Final Meeting Set for February 23
-------------------------------------------------------
The members of ACM Limited will hold their final general meeting
on Feb. 23, 2009, at 10:00 a.m., at the 8th Floor of Gloucester
Tower, The Landmark, in 15 Queen's Road Central, Hong Kong.

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


BACK IN TIME: Members' Final Meeting Set for February 25
--------------------------------------------------------
The members of Back in Time (Badaling) Limited will hold their
final meeting on Feb. 25, 2009, at 10:00 a.m., at 23rd Floor of
Tung Hip Commercial Building, 244 Des Voeux Road, in Central,
Hong Kong.

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


DE SEDE: Chung Miu Yin, Diana Cease to Act as Liquidator
--------------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana cease to act as
liquidator of De Sede Hong Kong Limited.


FAR EASTERN: Members' Final Meeting Set for March 6
---------------------------------------------------
The members of Far Eastern International Finance Limited will hold
their final general meeting on March 6, 2009, at 11:00 a.m., at
the 26th Floor & 27th Floor of 207 Tun Hwa S. Road, Sec. 2, in
Taipei, Taiwan.

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


FLYING LEAF: Members' Final Meeting Set for March 5
---------------------------------------------------
The members of Flying Leaf Industries Limited will hold their
final meeting on March 5, 2009, at 10:00 a.m., at Unit C & D, 14th
Floor of Trust Tower, 68 Johnston Road, in Wanchai, Hong Kong.

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


INTERNATIONAL TEAMWORK: Chung Steps Down as Liquidator
------------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana stepped down as
liquidator of International Teamwork Limited.


MAN CHEONG ET AL: Creditors Hold Meeting
----------------------------------------
On February 5, 2008, the creditors of Man Cheong Engineering
Company Limited and Wai Cheong Engineering Company Limited held a
meeting and discussed the matters set out in Sections 241, 242,
243, 244, 251, 255A(2) and S.283 of the Companies Ordinance.


NEDLLOYED (HONG KONG): Chiu and Chung Cease to Act as Liquidators
-----------------------------------------------------------------
On January 14, 2009, Ying Hing Chiu and Chung Miu Yin, Diana cease
to act as liquidators of Nedlloyed (Hong Kong) Limited.


PEROT SYSTEMS: Chung Miu Yin, Diana Cease to Act as Liquidator
--------------------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana cease to act as
liquidator of Perot Systems Hong Kong Limited.


WORLD SHINE: Creditors' Meeting Set for February 17
---------------------------------------------------
The creditors of World Shine Enterprises Limited will meet on
February 17, 2009, at 10:00 a.m., to discuss the matters set out
in Section 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit B, 8th Floor of Eastern Flower
Centre, 22-24 Cameron Road, Tsimshatsui, in Kowloon, Hong Kong.



=========
I N D I A
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AJIT SAHAKARI: RBI Cancels License Due to Insolvency
----------------------------------------------------
The Reserve Bank of India on February 4, 2009 ordered the
cancellation of Ajit Sahakari Bank Limited's license after
examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Maharashtra to wind up the
Bank and appoint a liquidator.

RBI's decision came after determining that Ajit Sahakari Bank has
ceased to be solvent and has already caused inconvenience to its
depositors.

According to RBI, the Bank's financial statements as of March 31,
2007 had indicated that its financial position was impaired.

The Bank's financial accounts as of March 31, 2008, revealed
further deterioration in bank's financial position.  RBI issued
directions under Section 35 A of the Banking Regulation Act, 1949
(As applicable to Co-operative Societies) on August 6, 2008
restricting its operations, including placing a ceiling on
withdrawal of deposits at Rs.1000.

RBI had issued a show cause notice to the bank on Sept. 2, 2008,
asking it as to why its license to conduct banking business should
not be canceled.  As the Bank did not have a viable plan of action
for its revival or any proposal for its merger, RBI cancelled the
Bank's license in the interest of its depositors.

Consequent to the cancellation of its license, Ajit Sahakari Bank
Limited, Pune, Maharashtra, is prohibited from carrying on
'banking business' as defined in Section 5(b) of the Banking
Regulation Act, 1949 (As applicable to Co-operative Societies)
including acceptance and repayment of deposits.

For any clarifications, depositors are advised to contact:

          Shri P. K. Arora
          Deputy General Manager
          Urban Banks Department
          Mumbai Regional Office
          Reserve Bank of India
          Second Floor, Garment House
          Mumbai 400 018
          Telephone : (022) 2493 9930-49
          Direct (022) 2493 5348
          Fax : (022) 2493 5495
          Email : pkarora@rbi.org.in


GOPSONS PAPERS: Fitch Assigns 'BB' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Gopsons Papers Limited a
National Long-term rating of 'BB(ind)'.  Simultaneously, the
agency has assigned ratings of 'BB(ind)' to Gopsons' outstanding
term loans aggregating INR373.1 million, 'BB(ind)'/'F4(ind)' to
its fund based working capital limits amounting to INR210 million,
and 'BB(ind)'/'F4(ind)' to its non-fund based working capital
limits amounting to INR220 million.  The Outlook is Stable.

The assigned ratings reflect Gopsons' consistent growth trend over
the past five years with a CAGR of 16.7% in its revenues for FY04-
FY08, its continuous investment in technology to reduce turnaround
time and variable costs, a moderate financial profile and its
established position in the printed products sector.

Key rating concerns emanate from declining profitability margins,
worsening coverage ratios and increased financial leverage in the
last two years.  The company has written off bad-debt amounting to
INR31.97 million, INR6.43 million and INR2.15 million respectively
in FY08, FY07 and FY06 amidst an increasing working capital cycle.
Gopsons is also prone to small seasonalities in orders given the
nature of its business.  Moreover, there is a possibility of
Gopsons' proposed debt-funded capex putting strain on its
financial leverage in the likely event of estimated revenue growth
not being met.

The achievement of projected revenue growth targets and
improvement in working capital management with a reduction in the
cash conversion cycle and better receivables quality could be
positive ratings triggers.  A significant increase in financial
leverage, further reduction  in margins and any deterioration in
working capital management would act as negative rating triggers.

For the year ending March 2008, Gopsons earned INR1164.34 million
in revenues with its EBITDA and Net Income at INR172.89 million
and INR12.27 million, respectively.  The revenue growth in FY07
was muted on account of forgone revenues from paper trading
operations which constituted INR124.7 million of FY06's revenues.
This was accompanied by a reduction in operating margins which
fell further in FY08.  The company's profitability margins as
measured by Operating EBITDAR and net income margins have declined
to 12.3% and 1.1%, respectively, in FY08 from 14.7% and 5.2%,
respectively, in FY07.

It had a total debt of INR532.8 million in FY08, and its financial
leverage computed as Total Adjusted Debt Net of Cash/Op. EBITDAR
stood at 3.7x.  The company had INR3.58 million as cash and cash
equivalents in FY08.

Gopsons is a privately-held company providing a diverse range of
printing solutions.  It has been in business for over 21 years and
counts established publishers and FMCG players among its
customers, such as Oxford University Press, Cambridge University
Press, McGraw Hill Education Limited, ITC and Bilt.



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

CIKARANG LISTRINDO: Moody's Withdraws 'Ba3' Corp. Family Rating
---------------------------------------------------------------
Moody's Investor Services has withdrawn the Ba3 corporate family
rating and the (P)Ba3 senior secured bond rating for PT Cikarang
Listrindo.  At the same time, Moody's Indonesia has withdrawn the
A1.id corporate family rating and (P)A1.id senior secured bond
rating for Cikarang.  Moody's has withdrawn the ratings for
business reasons.

Cikarang's rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Cikarang's core industry and Cikarang's rating is
believed to be compared to those of other issuers of similar
credit risk.  The last rating action was on 16th July 2007 when
Moody's assigned a Ba3 corporate family rating and an A1.id
national scale rating to Cikarang.  At the same time, Moody's
assigned a (P)Ba3 and (P)A1.id senior secured bond rating for its
proposed senior secured notes.  The ratings outlook was stable.

PT Cikarang Listrindo is the exclusive IPP supplier of electricity
to a wide range of mostly foreign owned companies in five
industrial estates in the Cikarang area, outside of Jakarta.  The
company owns and operates a 409MW natural gas-fired combined cycle
power station, and distributes directly to the companies located
on the industrial estates.  It also has an offtake agreement for
part of its power with PT Perusahaan Listrik Negara (PLN, rated B1
positive outlook).  Cikarang is owned by 3 Indonesian families.
It is held through 5 private companies.



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

ELPIDA MEMORY: May Seek Japan Gov't. Funds
------------------------------------------
Elpida Memory Inc. said it may seek government funds under a new
scheme aimed at supporting nonfinancial companies that have
suffered from the economic crisis, Reuters reports.

The Japan Times relates the announcement came a day after Japanese
cabinet approved a plan to implement a special financial aid
program targeting nonfinancial firms by revising the industrial
revitalization law.

"We are considering various options and would not rule out the use
of public funds.  At this stage, however, we are only informally
considering applying for public funds, as the public fund scheme
has not been passed into law yet," Reuters quoted Elpida
spokeswoman Kumiko Higuchi as saying.

According to Reuters, the company has enough cash for daily
operations but it still needs funds for future investment after
being forced last year to redeem most of a JPY50 billion ($559
million) convertible bond due to a slide in its share price.

Elpida, Japan Times notes, fell into the red with a net loss of
JPY45.6 billion in the first half of the 2008 business year
primarily due to the falling prices for memory chips amid slowing
global demand.

                          About Elpida

Japan-based Elpida Memory Inc. (TYO:6665) --
http://www.elpida.com.-- is a manufacturer of Dynamic Random
Access Memory (DRAM) integrated circuits.  The company's design,
manufacturing and sales operations are backed by world class
technology expertise.  Its 300mm manufacturing facilities,
Hiroshima Plant and a Taiwan-based joint venture Rexchip
Electronics, utilize the most advanced manufacturing technologies
available.  Elpida's advanced portfolio features such
characteristics as high-density, high-speed, low power and small
packaging profiles.  The company provides DRAM solutions across a
wide range of applications, including high-end servers, mobile
phone and digital consumer electronics.

                         *     *     *

On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
reported that Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Elpida Memory
Inc. to negative from stable.  According to S&P, the downward
revision is based on the increasing uncertainty over prospects for
a future earnings recovery, as well as the company's ability to
maintain its  financial soundness over the next two to three
years, amid further stagnation in the Dynamic Random Access Memory
(DRAM) market.  At the same time, S&P affirmed its 'BB-' long-term
corporate credit rating and long-term senior unsecured debt
ratings on the company.

S&P noted Elpida said it will likely post operating losses for the
second quarter of fiscal 2008 (ending March 31, 2009) which will
equal or even exceed operating losses recorded in the first
quarter of JPY15.6 billion.  This is due to further deterioration
in the DRAM market over the last two to three months against a
backdrop of slackening demand for PCs and sluggish growth in
mobile phone sales.  The company is actively bolstering its market
position and earnings base by refining the circuit line width of
its chips to improve its production efficiency and by expressing
its intention to enter the foundry business in an attempt to
stabilize earnings.  While S&P believes that Elpida's position in
the DRAM market is strengthening, it also believes it will be
difficult for the company to turn around its performance in the
near term given the global economic slowdown, as well as the
severe competition in the DRAM industry.


PANASONIC CORPORATION: To Cut 15,000 Jobs; Shuts Plants
-------------------------------------------------------
The Japan Times reports Panasonic Corporation said it will slash
15,000 jobs worldwide by the end of March 2010 as the company
expects to lose JPY380 billion in the business year ending in
March 2009.

Panasonic said, the report relates, 50 percent of the job cuts
will be in Japan and half of those will be overseas.

The company is also closing 14 overseas plants and 13 domestic
plants to adjust production and cut costs, Japan Times says.

In a statement, Panasonic Corporation disclosed its consolidated
financial results for the third quarter and nine months ended
December 31, 2008, of the current fiscal year ending March 31,
2009 (fiscal 2009):

                Consolidated Third-quarter Results

Consolidated group sales for the third quarter decreased 20% to
JPY1,879.9 billion, from JPY2,344.6 billion in the same three-
month period a year ago.  Of the consolidated group total,
domestic sales decreased 10% to JPY1,023.4 billion, from
JPY1,138.3 billion a year ago.  Overseas sales decreased 29% to
JPY856.5 billion, from JPY1,206.3 billion in the third quarter of
fiscal 2008.

Panasonic said the current financial crisis originated in the
United States has spread across the world and the company's
outlook of the business environment has been extremely uncertain.
The company's business conditions have worsened particularly since
last October, due mainly to the rapid appreciation of the yen,
sluggish consumer spending worldwide and ever-intensified price
competition. Under these severe circumstances, aiming at getting
out of this difficult situation and getting growth back on
original track, Panasonic is implementing initiatives for
achieving further progress and strengthening management structure.

Operating profit for the third quarter was down 84%, to JPY26.4
billion, from JPY165.4 billion in the same period a year ago.
This decrease was due mainly to the negative effects of sales
declines caused by a sharp downturn of consumer spending both in
Japan and overseas, ever-intensified global price competition,
rising prices for raw materials and a stronger yen.  The company's
comprehensive cost reduction activities including materials costs
and fixed costs were not sufficient to offset these negative
factors.  In other income (deductions), the company incurred
impairment losses of tangible fixed assets.  As a result of these
and other factors, pre-tax income for this period turned to a loss
of JPY59.1 billion, compared with a profit of JPY176.6 billion in
the same period a year ago.  Accordingly, net income turned to a
loss of JPY63.1 billion, compared with a profit of JPY115.2
billion in the same quarter of the previous year.

                 Consolidated Nine-month Results

Consolidated group sales for the nine months ended December 31,
2008 decreased 9% to JPY6,223.7 billion, compared with JPY6,869.9
billion in the same nine-month period a year ago.  Domestic sales
amounted to JPY3,134.1 billion, down 6% from JPY3,326.1 billion in
the previous year's nine months, while overseas sales decreased
13% to JPY3,089.6 billion from JPY3,543.8 billion a year ago.

The company's operating profit for the nine months decreased 34%
to JPY254.5 billion, from JPY385.4 billion in the comparable
period a year ago.  In other income (deductions), the company
incurred impairment losses of tangible fixed assets.  These and
other factors resulted in pre-tax income of JPY144.2 billion, down
60% from JPY364.2 billion in the same period a year ago.  Net
income decreased 70% to JPY65.4 billion, compared with JPY220.3
billion in the nine months of the previous year.  The company's
net income per common share was JPY31.40 on a diluted basis,
versus JPY103.65 in the nine months of last year.

                  Consolidated Nine-month Sales
                  Breakdown by Product Category

Digital AVC Networks

Digital AVC Networks sales decreased 7% to JPY2,838.9 billion,
from JPY3,051.5 billion in last year's nine months.  Within this
category, despite increased sales of flat-panel TVs and DVD
recorders, overall sales of video and audio equipment decreased 1%
from the previous year's nine months, due mainly to a sales
decline of digital cameras and audio equipment.

In information and communications equipment, sluggish sales of PCs
and peripherals, and automotive electronics led to a 13% decrease
in overall sales.

Home Appliances

Sales of Home Appliances decreased 4% to JPY932.5 billion,
compared with JPY972.9 billion in last year's nine months, due
mainly to sluggish sales of compressors, microwave ovens and
electric lamps.

PEW and PanaHome4

Sales of PEW and PanaHome decreased 4% to JPY1,222.0 billion, from
JPY1,277.4 billion last year.  At Panasonic Electric Works Co.,
Ltd. (PEW)5 and its subsidiaries, sales decreased mainly in home
appliances such as health-enhancing products, electronic and
plastic materials, and automation controls.  At PanaHome
Corporation and its subsidiaries, steady demand for housing
construction led to an increase in sales.

Components and Devices

Sales of components and devices were down 14% to JPY760.8 billion,
compared with JPY881.4 billion in the same period of the previous
year.  Sluggish sales in general electronic components and
semiconductors led to a decrease in overall sales.

Other

Sales of other totaled JPY469.5 billion, down 7% from JPY506.2
billion in the same period a year ago, due mainly to a sales
decline in factory automation equipment.

                Consolidated Financial Condition

Net cash provided by operating activities in the fiscal 2009 nine
months ended December 31, 2008 amounted to JPY123.9 billion.
Despite an increase in inventories, this result was due mainly to
cash inflows from net income, depreciation and a decrease in trade
receivables.  Net cash used in investing activities amounted to
JPY355.6 billion.  This was due primarily to capital expenditures
for tangible fixed assets, mainly consisting of manufacturing
facilities for priority business areas such as plasma and liquid
crystal display panels, and semiconductors.  Net cash used in
financing activities was JPY198.2 billion.  Major factors included
the repurchase of the company's own shares and the payment of cash
dividends.  All these activities resulted in cash and cash
equivalents of JPY724.1 billion at the end of the third quarter of
fiscal 2009, down JPY490.7 billion from the end of the last fiscal
year (March 31, 2008).

The company's consolidated total assets as of December 31, 2008
amounted to JPY6,590.9 billion, a decrease of JPY852.7 billion
compared with the end of the last fiscal year.  This result was
due primarily to a decrease of cash and cash equivalents as
a consequence of implementing capital investment and return to
shareholders, and a decrease of investments and advances due to a
decline in stock prices.  Stockholders' equity decreased JPY429.0
billion, compared with the end of the last fiscal year, to
JPY3,313.3 billion as of December 31, 2008.  This was due mainly
to a decrease in accumulated other comprehensive income and an
increase in treasury stock on repurchases of the company's own
shares.

              Outlook for the Full Fiscal Year 2009

On November 27, 2008, the company announced a revision of
financial results forecast for fiscal 2009, ending March 31, 2009.
However, both domestic and overseas markets conditions have
further deteriorated since then, therefore the company expects
a further sales decrease.  The company also expects a profit
decrease due to changes in expected foreign exchange rates, caused
by continuous appreciation of the yen.  Considering these and
other factors, including an additional implementation of business
restructuring initiatives for improving profitability, Panasonic
disclosed a downward revision of the consolidated financial
forecast for the full fiscal year 2009, ending March 31, 2009,
from the previous forecast announced on November 27, 2008.

Regarding net sales on a consolidated basis, the company has
revised its previous forecast of JPY8,500 billion downward to
JPY7,750 billion.  Consolidated operating profit is expected to
amount to JPY60 billion, down from the previous forecast of JPY340
billion.  Consolidated income before income taxes is forecast to
be a loss of JPY380 billion, down from the previous forecast of a
profit of JPY100 billion.  Net income is now expected to be a loss
of JPY380 billion, down from the previous forecast of a profit of
JPY30 billion.

                Outlook for the Year-end Dividend

Considering the downward revision of the fiscal 2009 financial
forecast, the company plans to decrease the year-end dividend from
JPY22.5 per common share to JPY7.5 per common share.  Total
dividends for fiscal 2009 ending March 31, 2009, including an
interim dividend of JPY22.5 per common share paid November 2008,
are expected to be JPY30.0 per common share, down from JPY35.0 per
common share for fiscal 2008.

                        About Panasonic

Panasonic Corporation (TYO:6752) -- http://www.panasonic.net--
formerly Matsushita Electric Industrial Co., Ltd., is engaged in
the production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
Company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The Company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The Company merged with two
subsidiaries on October 1, 2008.



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

HYNIX SEMICONDUCTOR: FY2008 Net Loss Widens to KRW4.36 Trillion
---------------------------------------------------------------
Hynix Semiconductor Inc. posted its fifth straight quarterly loss
on sharp declines in chip prices and forex losses, various reports
say.

The company's net loss for the fourth quarter ended Dec. 31,
widened to KRW1.33 trillion from KRW462 billion in the same period
a year earlier.  Quarterly sales dropped to KRW1.51 trillion from
KRW1.85 trillion in the same quarter in 2007.

For the full year, the company's net loss amounted to KRW4.36
trillion, compared with a profit of KRW364 billion a year earlier.
Full-year sales dropped 21 percent to KRW6.8 trillion.

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Dec. 29, 2008, Standard and Poor's Ratings Services lowered to
'B+' from 'BB-' its long-term corporate credit and senior
unsecured debt ratings on Korea-based Hynix Semiconductor Inc. to
reflect the extremely challenging market situation and the rapid
deterioration in the company's financial risk profile.  The
outlook on the long-term corporate credit rating is negative.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


SSANGYONG MOTOR: Court OK's Application for Bankruptcy Protection
-----------------------------------------------------------------
A South Korean court has accepted Ssangyong Motor Co.'s
application for bankruptcy protection, giving the company time to
restructure itself, the International Herald Tribune reports.

According to the report, court spokesman Hong Jun-ho said Friday
that the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.

Mr. Hong said the court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker, the Tribune relates.

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

                         *     *     *

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

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

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

  

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

CALROCK (NZ): Court Hears Wind-Up Petition
------------------------------------------
On February 5, 2009, the High Court at Auckland heard a petition
to have Calrock (NZ) Ltd.'s operations wound up.

Sylvia Park Business Centre Limited filed the petition against the
company on November 28, 2008.


FIELD HOLDINGS: Appoints Mason and Meltzer as Liquidators
---------------------------------------------------------
On December 22, 2008, Karen Betty Mason and Jeffrey Philip Meltzer
were appointed as liquidators of Field Holdings Ltd.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Karen Betty Mason
          Jeffrey Philip Meltzer
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


FITLIFE HEALTH: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------
On December 12, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Fitlife Health & Fitness
Ltd.

The Liquidators can be reached at:

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


G & LM TERRY: Creditors' Proofs of Debt Due on February 27
----------------------------------------------------------
The creditors of G & LM Terry Investments Ltd. are required to
file their proofs of debt by February 27, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

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


GUARDIAN TRUST: Investors Wind Up Mortgage Fund
-----------------------------------------------
Investors in the New Zealand Guardian Trust Company Limited's
frozen Guardian Mortgage Fund have voted in favor of winding up
the NZ$249 million fund, The New Zealand Herald reports.

The Herald relates that 120 people voted in person at a meeting
held Wednesday, Feb. 2, at the Ellerslie Convention Centre.

According to the Herald, Mr. Campbell said the vote would allow
the trust to start making partial repayments to investors.  Mr.
Campbell hoped to make the first payment of around 10c in the
dollar within eight weeks, the report relates.

The company, the report says, has estimated it will take two to
three years to wind-up the fund.

As reported in the Troubled Company Reporter-Asia Pacific on
July 31, 2008, Guardian Trust said that it is moving to protect
investors in one of its funds, the Guardian Mortgage Fund, by
suspending new investments and withdrawals.  It is expected
however that income distributions from the Fund will continue.

Guardian Trust said that due to current liquidity difficulties
in the market, the Fund is currently operating below its target
liquidity rate of 5%.

The Guardian Mortgage Fund was established in May 1986 and
currently holds NZ$249 million among 3,700 investors.  The Fund
invests only in first mortgages, where advances are restricted
to a maximum of 60% of valuations across the commercial, retail,
industrial, farming and residential sectors.

                      About Guardian Trust

The New Zealand Guardian Trust Company Limited --
http://www.guardiantrust.co.nz/-- is a wholly owned subsidiary
of Suncorp-Metway, a leading banking, insurance and financial
services company.


GREENERY HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
Greenery Holdings Ltd. commenced liquidation proceedings on
December 12, 2008.

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

The company's liquidators are:

          Craig Andrew Young
          Raymond Gordon Burgess
          Restructuring Services Limited
          PO Box 87340, Meadowbank
          Auckland
          Telephone: (09) 525 7236
          Facsimile: (09) 528 9521


GREENSTONE ENTERPRISES: Appoints Shephard & Dunphy as Liquidators
-----------------------------------------------------------------
On December 22, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Greenstone Enterprises
Ltd.

The Liquidators can be reached at:

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


JOHN BAKER: Placed Under Voluntary Liquidation
----------------------------------------------
The shareholders of John Baker Insurance Brokers Ltd. met on
December 15, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Robert James Drum
          Unit 4/3 Margaret Street
          Ponsonby, Auckland
          Telephone: (09) 376 6070
          Facsimile: (09) 376 6350


LIVING ON: Creditors' Proofs of Debt Due on March 15
----------------------------------------------------
The creditors of Living on Selwyn Ltd. are required to file their
proofs of debt by March 15, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

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


LYTH PROPERTIES: Creditors' Proofs of Debt Due on Feb. 10
---------------------------------------------------------
The creditors of LYTH Properties Ltd. are required to file their
proofs of debt by Feb. 10, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Nov. 6, 2008.

The company's liquidator is:

          Robin M. Seal
          Walker Wayland Auckland Limited
          PO Box 2175, Auckland 1140


SEGUE HOLDINGS: Creditors' Proofs of Debt Due on February 27
------------------------------------------------------------
Michael William Hartley fixes December 12, 2008, as the last day
to file proofs of debt for the creditors of:

   -- Segue Holdings Limited; and
   -- Sam Jack Limited.

The company commenced liquidation proceedings on Dec. 12, 2008.

The Liquidator can be reached at:

          Michael William Hartley
          PO Box 46127, Herne Bay
          Auckland 1147


TRUMP ENTERPRISES: Appoints Crichton and Horne as Liquidators
-------------------------------------------------------------
On December 15, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Trump Enterprises Ltd.

Only creditors who were able to file their proofs of debt by
January 15, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          Sue Fletcher at HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch


VETRO INDUSTRIES: Court Hears Wind-Up Petition
----------------------------------------------
On January 22, 2009, the High Court at Auckland heard a petition
to have Vetro Industries Ltd.'s operations wound up.

Vetroasfalto S. P. A filed the petition against the company on
August 22, 2008.


WILLIAMS AND ADAMS: Liquidates Business
---------------------------------------
Williams and Adams, Wellington's largest and long-established car
dealership, has gone into liquidation, The National Business
Review reports.

According to the Business Review, John Fisk of
PricewaterhouseCoopers said the business failed due to declining
sales amid economic downturn.

Mr. Fisk said the company's staff were being kept on "at the
moment" while it assesses the situation, the report relates.

"We will be looking at selling all, or part, of the business as a
going concern," the reported quoted Mr. Fisk as saying.

Mr. Fisk expects to have assessed the business' situation by early
next week, the Business Review adds.

Williams and Adams -- http://www.williamsandadams.co.nz/-- is a
4th Generation Wellington family owned and operated motor vehicle
group that has supplied the greater Wellington region for more
than 80 years.  It employs 115 staff and has 10 sites.



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

@SOURCE INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 13
--------------------------------------------------------------
A petition to have @Source Investments Pte Ltd's operations wound
up will be heard before the High Court of Singapore on Feb. 13,
2009, at 10:00 a.m.

S. L. Properties Limited filed the petition against the company on
January 21, 2009.

S. L. Properties' solicitors are:

         Messrs Lee & Lee
         No. 5 Shenton Way #07-00
         UIC Building
         Singapore 068808


ERO LINGERIE: Court Enters Wind-Up Order
----------------------------------------
On November 28, 2008, the High Court of Singapore entered an order
to have Ero Lingerie International Pte Ltd's operations wound up.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Messrs. Chia Soo Hien
          Leow Quek
          Shiong of Messrs BDO Raffles
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


PETROPOOL (S) PTE: Court to Hear Wind-Up Petition on Feb. 13
------------------------------------------------------------
A petition to have Petropool (S) Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on Feb. 13, 2009,
at 10:00 a.m.

S. L. Properties Limited filed the petition against the company on
January 21, 2009.

S. L. Properties' solicitors are:

         Messrs. Lee & Lee
         No. 5 Shenton Way
         #07-00 UIC Building
         Singapore 068808


VICTORY IMPEX: Court to Hear Wind-Up Petition on Feb. 13
--------------------------------------------------------
A petition to have Victory Impex Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on Feb. 13, 2009,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on January 20, 2009.

The Petitioner's solicitors are:

         Khattarwong
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLSTATE EXPLORA            ALX      22019608.10    -67492223.10
ALLSTATE EXPL-PP          ALXCC      22019608.10    -67492223.10
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      62773963.21    -15883874.97
AUSTAR UNITED               AUN     532170837.87   -302028033.28
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS     197903755.89    -11548524.69
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
ERG LIMITED                 ERG     180731676.67    -11205963.43
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
INTELLECT HLDGS             IHG      18245003.37    -15487781.92
JAMES HARDIE NV           JHXCC    2357299968.00   -237600000.00
JAMES HARDIE-CDI            JHX    2357299968.00   -237600000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
LIFE THERAPEUTIC            LFE      56034000.00     -3684000.00
METAL STORM LTD             MST      14309243.10     -5126410.11
TOOTH & CO LTD              TTH     143720715.19    -94300033.83
VERTICON GROUP              VGP      31280242.69    -12391531.59


CHINA

AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
CHANG LING GROUP         000561      49675731.32   -115810769.64
CHENGDU UNION-A          000693      59526570.13      -188881.87
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
CHONGQING CHANG          600369      98865860.45       -62635.84
CHONGWING INTL-A         000736      24753183.26    -13379849.30
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
FUJIAN START-A           600734     105659572.63    -14337777.19
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
HISENSE ELEC-H              921     710500493.66    -81769686.15
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
LAN BAO TECH INF         000631      29435531.87    -22701113.38
MIANYANG GAO-A           600139      30657523.00    -12436839.12
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      29379003.11   -244527119.11
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA GRAND PHAR            512      23135825.94     -7596740.75
CHINA HEALTHCARE            673      29513119.73     -7815705.47
EGANAGOLDPFEIL              48      557892423.39   -132858951.98
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68
WAH SANG GAS              8035       69765797.42   -113697025.42


INDIA

ALCOBEX METALS             AML       27036820.49    -16751727.41
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV IND-PP             DITVPP   229160606.28     -8850096.00
DISH TV INDIA              DITV     229160606.28     -8850096.00
DUNCANS INDUS               DAI      164653351.9    -220922929.9
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      15616522.24    -10040802.92
OSWAL SPINNING             OWSW      18536688.83     -4258142.35
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      29016063.42     -8041060.32
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     390764740.82   -411484148.40
PANCA WIRATAMA             PWSI      30758367.68    -30598686.04
POLYSINDO EKA PE           POLY     547415431.67   -779982804.73
PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
STEADY SAFE TBK            SAFE      15620539.46     -3202860.09
SURABAYA AGUNG             SAIP     266838941.8     -80136284.80
TEIJIN INDONESIA           TFCO     265725344.00    -23100500.00
UNITEX TBK                 UNTX      16404917.89    -11637278.20


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
L CREATE CO LTD            3247      42344509.56     -9146496.90
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MOC CORP                   2363      52273507.78    -12661480.98
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PACIFIC HD CO              8902    2822421445.26    -55823540.44
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TRUSTEX HOLDINGS           9374      85999130.53     -2203926.90


KOREA

COSMOS PLC               053170      19306498.60     -4948161.34
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FATOMENT                 025460      28429133.98    -13916561.10
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
MEDIACORP INC            053890      53306304.99    -32219360.77
ORICOM INC               010470      82645454.13    -40039161.33
SEJI CO LTD              053330      37246628.39      -311069.32
SINJISOFT CORP           078700      12760558.03    -21014927.26
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75


MALAYSIA

CNLT FAR EAST              CNLT      44967289.97     -8460479.41
ENERGREEN CORP             ECB       29495419.35    -31105634.5
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      20867100.91    -27979954.44
NIKKO ELECTRONIC          NIKKO      12072911.27     -7832098.21
PANGLOBAL BHD               PGL     166876683.58   -185014663.41
PECD BHD                   PECD     377122467.92   -295360985.56
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WONDERFUL WIRE               WW      22721443.48     -1936371.54
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      77132198.94    -30611028.96
BENGUET CORP 'B'            BCB      77132198.94    -30611028.96
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       18177825.52    -7877731.57
CHUAN SOON HUAT             CSH       39144678.93    -7539646.47
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      103658294.07    -8330138.25
INFORMATICS EDU            INFO       26971523.76    -4594472.06
LINDETEVES-JACOB             LJ      192873034.63   -73862882.72
SUNMOON FOOD COM           SMOON      50854971.18    -1574709.82


TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
TAITUNG BUSINESS           2811     1331518759.79   -81769016.27
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       79432385.61   -69382388.28
BANGKOK RUB-NVDR          BRC-R       79432385.61   -69382388.28
BANGKOK RUBBER-F          BRC/F       79432385.61   -69382388.28
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32946700.57   -74084683.11
ITV PCL-NVDR              ITV-R       32946700.57   -74084683.11
ITV PCL-FOREIGN           ITV/F       32946700.57   -74084683.11
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
MALEE SAMPRAN             MALEE       62534877.53    -6947140.27
MALEE SAMPR-NVDR        MALEE-R       62534877.53    -6947140.27
MALEE SAMPRAN-F         MALEE/F       62534877.53    -6947140.27
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
SAFARI WORLD PUB         SAFARI      105846131.92   -13361065.40
SAFARI WORL-NVDR     SAFARI-RTB      105846131.92   -13361065.40
SAFARI WORLD-FOR       SAFARI/F      105846131.92   -13361065.40
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL         DMARK       15715462.27   -10102519.69
THAI-DENMARK-F       DMARK/F   15715462.27   -10102519.69
THAI-DENMARK-NVD       DMARK-R   15715462.27   -10102519.69
UNIVERSAL STARCH            USC      86972750.14    -49004706.42
UNIVERSAL S-NVDR          USC-R      86972750.14    -49004706.42
UNIVERSAL STAR-F          USC/F      86972750.14    -49004706.42



                         *********

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.


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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
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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