TCRAP_Public/090209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, February 9, 2009, Vol. 12, No. 27

                            Headlines

A U S T R A L I A

AMULET SECURITY: Placed Under Voluntary Liquidation
AQUARIUS PLATINUM: Incurs $70.1 Mln First Half Loss
ASSET LINK: Placed Under Voluntary Liquidation
BINI CONTRACTING: Enters Liquidation Proceedings
C ALROE: Appoints Lane and Peldan as Liquidators

CAEM PTY: Placed Under Voluntary Liquidation
CAMWELL PTY ET AL: Members and Creditors Hear Wind-Up Report
CHALLENGER WINE: May Sell Assets; Holds Distribution Guidance
CIVILIAN FRONT: Members and Creditors Receive Wind-Up Report
COMTOWER PTY: Members and Creditors Receive Wind-Up Report

EDDY WELDING: Placed Under Voluntary Liquidation
ELEGANT TIMBER: Commences Liquidation Proceedings
FIRMAFLOOR ENTERPRISES: Commences Liquidation Proceedings
INDIAN BRASSERIE: Enters Liquidation Proceedings
LEONARD DEVELOPMENTS: Placed Under Voluntary Liquidation

OYSTER BOX: Placed Under Voluntary Liquidation
STANSBERRY INVESTMENTS: Placed Under Voluntary Liquidation
WLOSSAK PTY: Members Receive Wind-Up Report


B A N G L A D E S H

* Fitch Says Bangladesh's Banking System Remains Weakest in Asia

C H I N A

CHINA ORIENWISE: Moody's Withdraws 'Ca' Corporate Family Rating
GREENTOWN CHINA: Moody's Downgrades Corp. Family Rating to 'B1'
ICBC: Issues CNY252.1 Bln. New Loans in January 2009
KIWA BIO-TECH: Signs New Employment Pact With Wei Li
SINOPEC CORP: Mulls Buying 20% Sacyr Stake in Repsol


H O N G  K O N G

ATHABASCA COMPANY: Chung Miu Yin, Diana Cease to Act as Liquidator
BURNON TECHNOLOGY AT AL: Creditors' Proofs of Debt Due on Feb. 23
GAMMA SHIPPING: Chiu and Yin Step Down as Liquidators
HONG ON: Court to Hear Wind-Up Petition on March 11
JURGEN STAR: Chiu and Chung Cease to Act as Liquidators

LBQ HONG KONG: Contributories and Creditors to Meet on February 17
LEHMAN BROTHERS: Contributories and Creditors to Meet on Feb. 17
LEHMAN BROTHERS: Contributories and Creditors to Meet on Feb. 17
NUCLEAR CONSTRUCTION: Members and Creditors Hold Meeting
SW CITICOMP: Appoints Ying as Liquidator


I N D I A

GENERAL MOTORS: To Start Talks on Debt Restructuring Today
SADHANA CO-OPERATIVE: Insolvency Prompts RBI to Cancel License
SHREE RAM: Weak Financial Profile Cues CRISIL 'BB-' Rating
TATA MOTORS: Delays Payment to Some Vendors
TATA STEEL: S&P Downgrades Long-Term Corp. Credit Rating to 'BB-'


I N D O N E S I A

BAKRIE GROUP: IDX Excludes 6 Companies From LQ-45 Listing
* INDONESIA: JCR Revises Senior Debt Rating Outlook to Stable


J A P A N

FORD MOTOR: Mulls Job and Supplier Cuts, In Talks on Volvo Sale
JAPAN GENERAL: Civil Rehabilitation Filing Spurs JCR's "D" Rating
JAPAN GENERAL: Files for Bankruptcy Protection
MAZDA MOTOR: Expects JPY13 Bln. Full Year Net Loss
ORIX-NRL TRUST: S&P Puts 4 Low-B Ratings on 6 Classes on WatchNeg.

ORIX-NRL TRUST: S&P Puts Low-B Ratings on 3 Classes on WatchNeg.
SANYO ELECTRIC: Posts JPY14.33 Billion Net Loss in Q3
SHINSEI BANK: Fitch Puts Issuer Default Rating on Negative Watch


M O N G O L I A

* Moody's Reviews Mongolia's 'B1' Rating for Possible Downgrade


N E W  Z E A L A N D

24/7 TRANSPORT ET AL: Commence Liquidation Proceedings
CLUB BEAR: Appoints Mayo-Smith and Adams as Liquidators
FCL LOGISTICS ET AL: Appoint Madsen-Ries and Vance as Liquidators
FNS1 LTD: Appoints Heath and Lamacraft as Liquidators
G & T YOUNG: Court Hears Wind-Up Petition

HUGH ROWE: Creditors' Proofs of Debt Due on February 20
KINGDOM RESIDENTIAL: Court Hears Wind-Up Petition
MIDWOOD'S ELECTRICAL: Court to Hear Wind-Up Petition on Feb. 23
PACIFIKA LTD: Appoints Anthony Charles Harris as Liquidator
PREMIUM COMMERCIAL: Appoints Mason and Lamacraft as Liquidators

SOLD OUT: Commences Liquidation Proceedings
TIMARA HOLDINGS ET AL: Appoint Heath and Adams as Liquidators
WALL CONSTRUCTION: Placed Under Voluntary Liquidation


S I N G A P O R E

CONTINENTAL CHEMICAL: Moody's Downgrades Corp. Rating to 'B2'
ROYAL DIAMOND: Court Hears Wind-Up Petition
STAR CELLARS: Court Enters Wind-Up Order


                         - - - - -



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

AMULET SECURITY: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 21, 2008, the members of
Amulet Security (NW) Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Christopher Michael Williamson
          David Ashley Norman Hurt
          WA Insolvency Solutions Pty Ltd
          Level 12, 40 St Georges Terrace
          Perth WA 6000


AQUARIUS PLATINUM: Incurs $70.1 Mln First Half Loss
---------------------------------------------------
Aquarius Platinum Ltd incurred a $70.1 million consolidated loss
for the half year to December 31, 2008 (1H FY 2009), compared to a
$106.6 million profit in the six months period to December 2007.

Revenues decreased 67% to $139.2 million from $423.7 million
in the same period in 2007 impacted by $41.0 million negative
sales adjustments from prior period.

The company attributed the net loss to a one-off charge of $16.8
million on Everest Mine suspension costs.  Everest Mine was
temporarily closed on December 7, 2008 due to a subsidence event.

In addition, the company recorded an interest expense of $21.6
million (pre-tax) due to increased debt following repurchase of
20% of Aquarius Platinum (South Africa) Pty Ltd.

The company incurred a $29 million foreign currency loss (pre-tax)
on pipeline advances due to US dollar strengthening during the
half year.  The Rand weakened over the 6 months to December 2008,
averaging 8.79 (closing at 9.37), and continues to weaken into
2009.  For the previous corresponding period to December 2007 the
Rand averaged 6.93.

Significant reduction in metal prices experienced since June 2008,
saw platinum decrease from an average of $2,036 per ounce in the
month of June to an average of $840 per ounce in the month of
December.  Rhodium similarly decreased from an average of $9,774
per ounce in the month of June to $1,220 per ounce in the month of
December.  In addition, byproduct nickel also fell 50%, averaging
$6.76/lb for the period compared to $13.47/lb in 1H 2008.

The company did not declare any interim dividend.

Meanwhile, Reuters reports the company is seeking to refinance its
$167 million bridge debt facility due in June with South Africa's
Rand Merchant Bank, the investment banking unit of South Africa's
FirstRand (FSRJ.J).

The refinancing proposal for RMB debt facility is at documentation
stage, the company said in a Feb. 5 statement.

Details were expected to be released in three to four weeks,
Reuters says.

Reuters relates the company is in talks about possible mergers
but did not identify which firms were involved in the discussions.

Headquartered in South Perth, Australia, Aquarius Platinum Limited
(ASX:AQP) -- http://www.aquariusplatinum.com/-- is a platinum
group metals (PGMs) producer in southern Africa.  The company is
engaged in mineral exploration, mine development, concentrate
production and investment.  During the fiscal year ended June 30,
2008 (fiscal 2008), the principal focus revolved around the
operations of the Kroondal platinum mine, the Marikana platinum
mine, the Mimosa platinum mine the Everest platinum mine and the
Chrome Tailings Retreatment Plant.  Its operations and projects
are located on the Bushveld Complex in South Africa and the Great
Dyke in Zimbabwe.


ASSET LINK: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 16, 2008, the members of
Asset Link Australasia Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         David Ashley Norman Hurt
         Christopher Michael Williamson
         WA Insolvency Solutions Pty Ltd
         40 St Georges Terrace, Level 12
         Perth WA 6000


BINI CONTRACTING: Enters Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on October 23, 2008, the
member of Bini Contracting Pty Ltd resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

          Kimberley Andrew Strickland
          Christopher Michael Williamson
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


C ALROE: Appoints Lane and Peldan as Liquidators
------------------------------------------------
During a general meeting held on October 2, 2008, the members of
C Alroe Pty Ltd appointed Morgan Lane and Michael Peldan as the
company's liquidators.

The Liquidators can be reached at:

         Morgan Lane
         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


CAEM PTY: Placed Under Voluntary Liquidation
--------------------------------------------
During a general meeting held on October 20, 2008, the members of
Caem Pty Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

         Dino Travaglini
         c/o Moore Stephens
         12 St Georges Terrace, Level 3
         Perth WA 6000
         Telephone: (08) 9225 5355


CAMWELL PTY ET AL: Members and Creditors Hear Wind-Up Report
------------------------------------------------------------
On December 5, 2008, Shaun Fraser presented the companies' wind-up
report and property disposal to the members and creditors of:

   -- Camwell Pty Ltd;
   -- E & EG Nominees Pty Ltd; and
   -- Exfield Pty Ltd.

The companies liquidator is:

         Shaun Fraser
         McGrathNicol
         5 Mill Street, Level 1
         Perth WA 6000
         Telephone: (08) 6363 7600
         Facsimile: (08) 6363 7699
         Website: http://www.mcgrathnicol.com


CHALLENGER WINE: May Sell Assets; Holds Distribution Guidance
-------------------------------------------------------------
The Australian reports that Challenger Wine Trust (CWT) said it
plans to sell assets as the wine sector struggles with slowing
global economic conditions.  The company has also put its
distribution guidance on hold.

For the first half of the 2008-09 financial year, the Australian
says CWT's net profit fell 77.3 percent to AU2.87 million, which
included a fall in property values of AU$5.6 million.

CWT's operating profit meanwhile increased 5.6 per cent to $8.4
million, including a 5.3 per cent lift in net property income, the
report relates.

At December 31, 2008, CWT said it had a total drawn borrowings of
AU$159 million, up from AU$155 million at June 30, 2008, with the
increase due to exchange rate movements in New Zealand-dollar-
denominated debt, the Australian discloses.

According to the Australian, CWT fund manager Nick Gill said CWT's
core business had held up well in the first half.  But the recent
steep fall in interest rates had resulted in a net liability of
AU$21.7 million on CWT's interest rate swaps and narrower headroom
on bank covenants.  The bank lending margins had also risen, the
report notes.

Challenger Wine Trust (ASX:CWT) -- http://www.challenger.com.au/
--  is an Australia-based investment company.  The principal
activity of the Trust is to invest in a portfolio of vineyards and
wineries that are leased primarily to wine companies.  As of June
30, 2008, it owned 23 vineyards and two wineries located across
Australia and New Zealand.


CIVILIAN FRONT: Members and Creditors Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Civilian Front Pty Ltd met on Dec. 5,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Neil Cribb
         RSM Bird Cameron Partners
         8 St Georges Terrace
         Perth WA 6000


COMTOWER PTY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Comtower Pty Ltd met on Nov. 24,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Jennifer E. Low
         Sheridans Chartered Accountants
         40 St Georges Terrace, Level 6
         Perth WA 6000
         Telephone: (08) 9221 9339


EDDY WELDING: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Eddy Welding Co. Pty. Ltd met on October 6, 2008,
and resolved to voluntarily liquidate the company's business.


ELEGANT TIMBER: Commences Liquidation Proceedings
-------------------------------------------------
The members of Elegant Timber Flooring Pty Ltd met on Oct. 23,
2008, and resolved that the company be wound up voluntarily.

The company's liquidator is:

         Graeme Trevor Lean
         G T Lean & Associates
         424 Fitzgerald Street
         North Perth


FIRMAFLOOR ENTERPRISES: Commences Liquidation Proceedings
---------------------------------------------------------
The members of Firmafloor Enterprises Pty Ltd met on Oct. 23,
2008, and resolved that the company be wound up voluntarily.

The company's liquidator is:

         Graeme Trevor Lean
         G T Lean & Associates
         424 Fitzgerald Street
         North Perth


INDIAN BRASSERIE: Enters Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on October 21, 2008, the
members of Indian Brasserie Pty Ltd resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Anthony Matthews
         Anthony Matthews & Associates
         Ground Floor, 46 Fullarton Road
         Norwood, South Australia


LEONARD DEVELOPMENTS: Placed Under Voluntary Liquidation
--------------------------------------------------------
During a general meeting held on October 20, 2008, the members of
Leonard Developments Pty. Ltd. resolved to voluntarily wind up the
company's operations.

Robert Walter Clarke is the company's liquidator.


OYSTER BOX: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 24, 2008, the members of
Oyster Box Pty Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidators are:

          Gary Doran
          Simon Cathro
          Deloitte Touche Tohmatsu
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth WA 6000


STANSBERRY INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on October 14, 2008, the members of
Stansberry Investments Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          David Michael Stimpson
          Paul Desmond Sweeney
          SV Partners, Insolvency Accountants and
          Business Solutions
          SV House, 138 Mary Street
          Brisbane Qld 4000


WLOSSAK PTY: Members Receive Wind-Up Report
-------------------------------------------
The members of Wlossak Pty Ltd met on December 4, 2008, and
received the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         Terry John Rose
         Terry Grant Van Der Velde
         SV House, 138 Mary Street
         Brisbane Qld 4000



===================
B A N G L A D E S H
===================

* Fitch Says Bangladesh's Banking System Remains Weakest in Asia
----------------------------------------------------------------
Fitch Ratings has said that Bangladesh's banking system remains
one of the weakest in Emerging Asia, with a volatile operating
environment contributing to persistently poor performance and
solvency issues.  The agency also notes in an upcoming special
report, "The Bangladeshi Banking System", that the banking system
is undermined by very weak asset quality, inadequate provisioning
for loan losses, poor capitalization and constrained
profitability.  The operating environment in Bangladesh is
characterized by a weak macro economy and political instabilities,
both of which pose significant risks.  The weakness in the
operating environment is further exacerbated by frequent natural
disasters.

These risks are in fact reflected in the low Individual ratings of
'E' and Support ratings of '5', assigned to the four state owned
commercial banks rated by the agency; Sonali Bank, Janata Bank,
Agrani Bank and Rupali Bank.  An Individual rating of 'E'
indicates a bank with very serious problems, which either requires
or is likely to require external support.  A Support rating of '5'
indicates that while external support although possible, cannot be
relied upon due to a lack of propensity to provide support or to
very weak financial ability to do so.

The Bangladeshi banking system is made up of 48 banks, which
include the four SOCBs, 30 private commercial banks, nine foreign
commercial banks and five development banks.  The four SOCBs
accounted for 33% of the banking system assets at end-2007 (1997:
68%).  Although the SOCBs are still the most dominant, they are
fast losing market share to private banks (52%) and to a lesser
extent foreign banks (8%).  Despite the various steps taken to
turn around the ailing SOCBs - such as privatisation attempts,
conversion into limited liability companies and the appointment of
new management - progress has been slow.

In addition to the challenging operating environment, Fitch notes
that the very weak asset quality in Bangladesh (reported gross NPL
ratio of 12.3% at end-September 2008) is also influenced by weak
standards of corporate governance, under-developed risk management
systems and directed lending.  Asset quality in the SOCB sector is
of greater concern given their very high gross NPL ratio of 29.3%
at end-September 2008 (1999: 41%).  Capitalization of the system
remains low relative to the balance sheet and operating
environment related risks.  This is due to the reported deficient
capitalization in the four SOCBs (total capital adequacy ratio
(CAR) of 7.1% at end-2007) and only slightly higher capitalization
in private banks (CAR of 10.6% at end-2007).  The agency also
views the valuation adjustment created to offset accumulated
losses in SB, JB and AB during their conversion into LLCs in 2007
as a book adjustment which does not resolve the underlying capital
deficiency in these banks.  While Bangladeshi banks benefit from
wide interest spreads (5.2%-6.5% since 2003), profitability has
been constrained (ROA of 0.5%-0.9% since 2003) due to higher
operating and credit costs.

Although Bangladesh has a less developed banking system, it does
have a credit information bureau and a deposit insurance scheme
which protects deposits up to BDT100,000 (US$1,450); however, the
efficacy of both remains to be seen.  While prudential regulations
governing banks have generally improved over the last few years,
the agency also notes that there is further scope for alignment of
these regulations with regional norms, especially with regards to
asset classification standards which appear lax.  While parallel
computation of Basel II commenced in January 2009, its
implementation is scheduled for January 2010, with the
standardized approach for credit and market risks and the basic
indicator approach for operational risk, which may put more stress
on an already undercapitalized banking system.



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

CHINA ORIENWISE: Moody's Withdraws 'Ca' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating and senior unsecured bond rating of China Orienwise Ltd.

Moody's has withdrawn these ratings for business reasons.

These ratings have been withdrawn:

  - corporate family rating at Ca;
  - senior unsecured bond rating at Ca.

Moody's last rating action with respect to COL occurred on
February 2, 2009, when it confirmed the corporate family and
senior unsecured bond ratings at Ca with a negative outlook.

COL's ratings were assigned by evaluating factors determined to be
applicable to the credit profile of the issuer, such as the
franchise value, risk positioning, operating and regulatory
environment and financial fundamentals of the company versus
others within its industry, as well as the projected performance
of the company over the near to intermediate term.  These
attributes were compared against other issuers within and outside
of COL's core industry and the rating placed at a level that
compares to issuers of similar credit risk.

China Orienwise Limited, headquartered in Shenzhen, is 100% owned
by its parent, Credit Orienwise Group Limited and is one of the
largest private guarantee companies in China.  As of December
2007, it had total assets of RMB4.1 billion (US$586 million).


GREENTOWN CHINA: Moody's Downgrades Corp. Family Rating to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded Greentown China Holdings
Limited's corporate family rating to B1 from Ba3.  At the same
time, Moody's has downgraded Greentown's senior unsecured bond
rating to B2 from B1.  The outlook for both ratings remains
negative.

"The downgrade reflects Moody's increased concerns over
Greentown's liquidity position in view of the company's sizable
scheduled land payment in 2009 and the potential put of a RMB2.3
billion convertible bond in May 2010," says Kaven Tsang, an AVP
analyst at Moody's.

"Meanwhile, the operating environment in China remains very
challenging with poor sentiment and downward pressure on property
prices, therefore hindering Greentown's ability to achieve its
business plan and generate cash flow," adds Tsang.

"In Moody's view, Greentown will have to draw on more debt to
support its operation and funding needs, but the uncertain credit
availability to the Chinese property sector and the company's
already high leverage position could restrict its financial
flexibility," comments Tsang.

While Greentown has some flexibility to slow development and defer
the land payment to preserve liquidity, such a move could delay
progress on projects and eventually impact future cash flow.
The negative outlook reflects Moody's ongoing concerns over the
company's liquidity position in view of the challenging nature of
the market environment, its significant amount of committed land
payments and near-term refinancing needs.

The ratings would be downgraded if Greentown (1) continues its
aggressive land acquisition strategy, further pressuring its
liquidity position; (2) sees further declines in balance sheet
liquidity due to slow sales, tighter bank credit, or increased
land payments; and/or (3) experiences weakening credit metrics, as
measured by Adjusted Debt to Capitalization above 65%.

Evidences emerge that Greentown is unable to put in place
sufficient liquidity buffer and/or refinancing plan for the
maturing convertible bonds will also trigger the ratings
downgrade.

The ratings are unlikely to be upgraded in the near term.
However, the outlook would return to stable if Greentown (1)
achieves its sales targets and improves its liquidity profile; and
(2) refinances or repays future debt, including the convertible
bond and bank loans, without impairing balance sheet liquidity.
Moody's last rating action occurred on September 10, 2008, when
Greentown's senior unsecured bond rating was downgraded to B1 with
negative outlook.

Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus in Hangzhou and Zhejiang
Province. It has a land bank spread over 25 cities and with an
attributable gross floor area of 16 million square meters.


ICBC: Issues CNY252.1 Bln. New Loans in January 2009
----------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) said it had
issued new loans worth CNY252.1 billion (US$36.9 billion) in
January, Shanghai Daily reports.

In response to government calls to increase credit aimed at easing
economic slowdown, ICBC said it extended CNY117.1 billion in
credit, including CNY69.3 billion to power grids, railways, roads,
and hydroelectric power projects, and CNY135 billion in discounted
bills to small and medium companies, Shanghai Daily relates.  The
report says the bank extended CNY16 billion of new loans to
individuals, including mortgages.

ICBC, Shanghai Daily notes, aims to advance CNY530 billion in new
loans in 2009, about the same as last year.  The bank plans to
complete 45 percent of its loan target in the first quarter, the
report adds.

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


KIWA BIO-TECH: Signs New Employment Pact With Wei Li
----------------------------------------------------
On February 2, 2009, Kiwa Bio-Tech Products Group Corporation
entered into a new Employment Agreement between the Company and
Wei Li, President and Chief Executive Officer and Chief Financial
Officer of the Company for a term of three years beginning
January 1, 2009.  Pursuant to the Agreement Mr. Li is entitled to
an annual salary of US$72,000 and a performance bonus of
US$24,000.  If Mr. Li is terminated without cause, he will be
entitled to a lump sum payment equal to three months' salary.

A copy of the Employment Agreement is available for free at:

             http://researcharchives.com/t/s?3930\

Headquartered in Claremont, Calif., Kiwa Bio-Tech Products Group
Corporation (OTC BB: KWBT.OB) -- http://www.kiwabiotech.com/--
develops, manufactures, distributes and markets bio-technological
products for agricultural and natural resources and environmental
conservation.  The company has established two subsidiaries in
China: (1) Kiwa Shandong in 2002, a wholly owned subsidiary, and
(2) Kiwa Tianjin in July 2006, of which the company holds 80%
equity.

                         *     *     *

As reported by the Troubled Company Reporter on May 14, 2008, New
York-based Mao & Company CPAs, Inc., raised substantial doubt on
the ability of Kiwa Bio-Tech Products Group Corporation to
continue as a going concern after it audited the company's
financial statements for the year ended Dec. 31, 2007.  The
auditor pointed to the company's recurring losses from operations,
working capital deficit and net capital deficiency.

As of September 30, 2008, the company's balance sheet showed total
assets of US$3.7 million and total liabilities of US$6.6 million,
resulting in total stockholders' deficit of US$2.9 million.

For the three months ended September 30, 2008, the company posted
a net loss of US$567,770.  The company also posted a net loss of
US$1,884,986 for the nine months ended September 30, 2008.


SINOPEC CORP: Mulls Buying 20% Sacyr Stake in Repsol
----------------------------------------------------
China Daily reports that China Petroleum and Chemical Corp.
(Sinopec) is in talks to buy the 20 percent stake held by Spanish
construction company Sacyr Vallehermoso in oil and gas firm Repsol
YPF.

Citing Shanghai-based National Business Daily, the report says the
company is looking to buy the stake at EUR26.70 per share, a near
60 percent premium to its market price at present.

According to the Daily, analysts said the move would boost
Sinopec's oil reserves.  However, some analysts said the price for
the deal is too high, the Daily relates.

"It is a near 60 percent premium to the Spanish company's market
price.  I think a premium of 20 percent is reasonable," the Daily
quoted Zhao Pengcheng, analyst at TX Investment Consulting Co, as
saying.

The report states that Sacyr has been looking for a buyer for the
Repsol stake to ease its debt burden since last September.
However, any deal is far from straightforward given the high
asking price.

Both parties are still in talks and no agreement has been reached
yet, according an unnamed Sinopec source cited by the National
Business Daily.

                     About Sacyr Vallehermoso

Sacyr Vallehermoso SA (SyV) is a Spain-based company, which is a
parent of Sacyr Vallehermoso Group. Through its subsidiaries, it
operates five business areas: Construction, Management of
Transport Infrastructure Concessions, Property Development, Rental
Property and Services. In the Construction area, SyV is active in
various construction projects in Spain, Chile, Portugal and Italy.
The Company's Management of Transport Infrastructure Concessions
division operates mainly through Itinere Infraestructuras. The
Property Development division is active mainly in mainland Spain
and on the Spanish islands. The Rental Property segment manages
offices and shopping centers in Madrid, Barcelona, Paris and
Miami, among others. The Services division is mainly engaged in
water management, operation of cogeneration plants, facilities
management, motorway maintenance and healthcare services. In
December 2008, SyV sold its Itinere Infraestructuras, S.A.,
highway business, to Citigroup Inc.

                           About Repsol

Based in Madrid, Spain, Repsol YPF, S.A. is an integrated oil and
gas company engaged in all aspects of the petroleum business,
including exploration, development and production of crude oil and
natural gas, transportation of petroleum products, liquefied
petroleum gas (LPG) and natural gas, petroleum refining,
petrochemical production and marketing of petroleum products,
petroleum derivatives, petrochemicals, LPG and natural gas. The
Company's segments include Exploration and Production (E&P),
Refining and Marketing, Chemicals, and Gas and Electricity.

                          About Sinopec

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

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

                          *     *     *

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

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



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

ATHABASCA COMPANY: Chung Miu Yin, Diana Cease to Act as Liquidator
------------------------------------------------------------------
On December 9, 2008, Chung Miu Yin, Diana cease to act as
liquidator of Athabasca Company Limited.


BURNON TECHNOLOGY AT AL: Creditors' Proofs of Debt Due on Feb. 23
-----------------------------------------------------------------
The creditors of Burnon Technology (China) Limited and Standard
Investment 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 liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10th Floor
         138 Gloucester Road
         Wanchai, Hong Kong


GAMMA SHIPPING: Chiu and Yin Step Down as Liquidators
-----------------------------------------------------
On January 14, 2009, Ying Hing Chiu and Chung Miu Yin, Diana cease
to act as liquidators of Gamma Shipping Limited.


HONG ON: Court to Hear Wind-Up Petition on March 11
---------------------------------------------------
A petition to have Hong On Construction Engineering Limited's
operations wound up will be heard before the High Court of Hong
Kong on March 11, 2009, at 9:30 a.m.

Cheung Wing Kwan filed the petition against the company on Jan. 7,
2009.


JURGEN STAR: 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 Jurgen Star (Hong Kong) Limited.


LBQ HONG KONG: Contributories and Creditors to Meet on February 17
------------------------------------------------------------------
The contributories and creditors of LBQ Hong Kong Funding Limited
will meet on February 17, 2009, at 9:00 a.m. and 9:30 a.m.,
respectively, at Salon II, Mezzanine Floor, in Grand Hyatt Hong
Kong, in 1 Harbour Road, Hong Kong.


LEHMAN BROTHERS: Contributories and Creditors to Meet on Feb. 17
----------------------------------------------------------------
The contributories and creditors of Lehman Brothers Nominees
(H.K.) Limited  will meet on February 17, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at Salon II, Mezzanine Floor, in Grand
Hyatt Hong Kong, in 1 Harbour Road, Hong Kong.


LEHMAN BROTHERS: Contributories and Creditors to Meet on Feb. 17
----------------------------------------------------------------
The contributories and creditors of Lehman Brothers Asia Capital
Company will meet on February 17, 2009, at 11:00 a.m. and
11:30 a.m., respectively, at Salon II, Mezzanine Floor, in Grand
Hyatt Hong Kong, in 1 Harbour Road, Hong Kong.


NUCLEAR CONSTRUCTION: Members and Creditors Hold Meeting
--------------------------------------------------------
The members and creditors of Nuclear Construction and Engineering
Company Limited held their annual meetings on February 4, 2009,
and received the report of Stephen Briscoe, the company's
liquidator, on the company's wind-up proceedings and property
disposal.


SW CITICOMP: Appoints Ying as Liquidator
----------------------------------------
On January 5, 2008, Au Yeung Huen Ying was appointed as liquidator
of SW Citicomp Cyberworks Limited.

The Liquidator can be reached at:

         Au Yeung Huen Ying
         Shum Tower, 8th Floor
         268 Des Voeux Road Central
         Hong Kong



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

GENERAL MOTORS: To Start Talks on Debt Restructuring Today
----------------------------------------------------------
General Motors Corp. executives, advisers, bondholders and union
officials scheduled talks today and tomorrow to negotiate the
government-ordered debt restructuring of the automaker, Bloomberg
News reports citing two people close to the plans.

Bloomberg News' sources, who asked not to be named because the
meetings are private, said the discussions follow previous
informal talks as part of GM's plan to reduce US$27.5 billion in
unsecured debt to about US$9.2 billion by swapping for equity.

The report relates GM has a Feb. 17 deadline to submit a status
report to the U.S. Treasury as part of an agreement to keep
US$13.4 billion in loans.

According to the report, GM must outline its plan for long-term
viability, competitiveness and energy efficiency.

Specifically, Bloomberg News says the plan must:

   -- demonstrate how the automaker will repay the
      loans, restructure its business and ensure a
      positive value for the company in the
      future; and

   -- show monthly detail through 2010 and annual
      projected financial results through 2014.

By March 31, the report notes GM must have union approval for any
contract changes as well as an agreement to cut the costs of the
union retiree health-care fund.  The automaker must also have
begun the debt exchange offer with bondholders, the report adds.

                             Job Cuts

GM may cut salaried jobs similar in magnitude to more than 5,000
eliminated last year, people familiar with the plan told Bloomberg
News.

According to Bloomberg News, GM is offering retirement incentives
to most of its 62,000 members of the United Auto Workers union
that include US$20,000 cash and a US$25,000 voucher for a new car
for workers willing to retire or quit.

GM would like to get more than 10,000 union workers to leave and
is expecting at least half that many to accept, one person was
cited by Bloomberg News as saying.  Workers have until March 24 to
decide, the report says.

                        China Joint Venture

Irene Shen at Bloomberg News reports General Motors Corp. may form
a commercial-vehicle venture with China FAW Group Corp.

Both companies have already registered a name for the venture, GM
spokesman Henry Wong told Bloomberg News in a phone interview
without elaborating.

The report relates GM makes vehicles in China through two
ventures, both of which are backed by SAIC Motor Corp.

According to the report, sales at SAIC-GM-Wuling, a minivan
venture, rose 20 percent to a record 75,168 units last month,
while GM's U.S. sales in the same period plunged 49 percent.

China's vehicle sales may gain this year as sales of cars, trucks
and buses increased 6.7 percent last year to 9.38 million, the
report notes citing the China Association of Automobile
Manufacturers.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at Sept. 30,
2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

  -- Senior secured at 'B/RR1';
  -- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


SADHANA CO-OPERATIVE: Insolvency Prompts RBI to Cancel License
-------------------------------------------------------------
The Reserve Bank of India, on January 22, 2009, ordered the
cancellation of Sadhana Co-operative Bank Ltd.'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
Sadhana Co-operative and appoint a liquidator.

RBI's decision came after determining that Sadhana Co-operative
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, revealed that the bank's financial position was
impaired.  The Bank's financial accounts as of March 31, 2008 also
revealed that the bank's financial position was precarious and
and it was issued directions under Section 35 A of the Banking
Regulation Act, 1949 (As applicable to Co-operative Societies),
prohibiting acceptance of fresh deposits and further lending and
restricted repayment of deposits up to a maximum of Rs.1000/- per
depositor.

RBI had issued a show cause notice to the bank on  Sept. 12, 2008
asking it to show cause as to why the license granted to it to
conduct banking business should not be cancelled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI cancelled the Bank's license in
the interest of its depositors.

With the cancellation of its licence and commencement of
liquidation proceedings, the process of paying the depositors of
Sadhana Co-operative Bank Ltd., Ichalkaranji, Kolhapur,
Maharashtra will be set in motion subject to the terms and
conditions of the Deposit Insurance Scheme.


SHREE RAM: Weak Financial Profile Cues CRISIL 'BB-' Rating
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Shree Ram Saw Mill (SRSM).

   Rs.150 Million Cash Credit        BB-/Stable (Assigned)
   Rs.275 Million Letter of Credit   P4 (Assigned)

The ratings reflect SRSM's weak financial profile, and limited
financial flexibility on account of the partnership form of its
business.  These weaknesses are, however, partially offset by
SRSM's average business risk profile, marked by diversity in
revenue profile.

CRISIL has combined the financials of SRSM, Sri Balaji Forest and
Sri Balaji Logs Products; this is in view of the firms' common
management, and presence in a similar line of business.

Outlook: Stable

CRISIL expects the financial position of SRSM to remain strained,
and its debt protection measures to remain weak, over the medium
term.  The outlook may be revised to 'Positive' if SRSM's
profitability improves considerably, or further infusions of
equity result in improvement in its gearing.  Conversely, large,
debt-funded capital expenditure or decline in profitability may
lead to a revision in outlook to 'Negative'.

                      About Shree Ram

SRSM was formed as a partnership firm in 1999 by Mr. M Pandey and
Mr. Anil Mishra.  The firm is engaged in sawing of timber, and has
a capacity of 2500 cubic feet (cft) per day at its facilities at
Serampore (West Bengal).  The firm also trades in timber.  More
than 90 per cent of its total timber requirements are imported,
while the remainder is procured from local traders.  It imports
timber log from Malaysia, Burma and African countries.  For 2007-
08 (refers to financial year, April 1 to March 31), SRSM group
reported a profit after tax (PAT) of Rs.34.9 million on net sales
of Rs.2593 million, as against a PAT of Rs.23.2 million on net
sales of Rs.2240 million for 2006-07.


TATA MOTORS: Delays Payment to Some Vendors
-------------------------------------------
Tata Motors Ltd said it has been late in making some vendor
payments, Reuters reports citing managing director Ravi Kant.

"Yes, there is a delay... there would be a delay.  I'm telling you
we are in a difficult situation... the whole industry is," the
report quoted Mr. Kant as saying in a news conference.  "There is
a liquidity problem, banks are not lending."

Reuters recalls The Economic Times newspaper reported on February
5, that Tata Motors owed more than IDR12 billion ($245 million) in
delayed payments to vendors.

However, Mr. Kant, as cited by Reuters, said "That is not a
correct number."

"All problems with vendors are being discussed and all mutual
solutions are being worked out," Mr. Kant said.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2009, Tata Motors incurred a net loss of Rs 2,632.60
million for the quarter ended December 31, 2008, as compared to
net profit of Rs 4,990.50 million for the quarter ended
December 31, 2007.

The company's total income has decreased from Rs 73,435.20 million
for the quarter ended December 31, 2007, to Rs 48,581.30 million
for the quarter ended December 31, 2008.

During the quarter ended December 31, 2008, the company sold its
investments in Tata Teleservices Ltd.  The resultant profit of
Rs 4,780 lakhs is included in the other income.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2.  The outlook
remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.

The TCR-AP reported on July 9, 2008, that Standard & Poor's
Ratings Services kept its 'BB' corporate credit rating on India's
Tata Motors Ltd. On CreditWatch with negative implications,
pending finalization of the long-term financing plans for funding
the company's purchase of Jaguar and Land Rover from Ford Motor
Co. (B/Watch Neg/--).  At the same time, Standard & Poor's ratings
on all Tata Motors' rated debt remain on CreditWatch with negative
implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.


TATA STEEL: S&P Downgrades Long-Term Corp. Credit Rating to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on India-based steelmaker Tata Steel Ltd. to 'BB-'
from 'BB' and that of its wholly owned subsidiary, Tata Steel U.K.
Ltd., to 'B+' from 'BB-'.  The outlook for both ratings is
negative.  Standard & Poor's also affirmed the 'B' short-term
rating on TSUK.

At the same time, Standard & Poor's lowered its rating on Tata
Steel's senior unsecured bank loans to 'BB-' from 'BB'.  The issue
rating on TSUK's GBP3.67 billion senior secured debt was also
lowered to 'BB', from 'BB+', and placed on CreditWatch with
negative implications, pending a review of S&P's recovery analysis
to consider how the weakened demand environment may affect
recovery prospects.

"The rating downgrades reflect the weak global market conditions
for steel products given the significant slowdown in the auto and
construction industries," said Standard & Poor's credit analyst
Yasmin Wirjawan.  The two companies have also been adversely
affected by the worsening global economic conditions and the
resultant sharp downturn in commodities, she said.

Although Tata Steel has taken steps such as production and job
cuts, asset restructuring, and efficiency improvement, Standard &
Poor's expects Tata Steel's credit metrics and cash flows to be
materially affected by the current downturn.

"And with Tata Steel's credit metrics and cash flows affected, in
S&P's opinion, its ability to support TSUK has reduced," Ms.
Wirjawan said.  "TSUK's financial metrics are also going to be
adversely affected, and its financial covenants pressured in the
second half of this year."

Tata Steel has two key markets -- the U.K. and India.  TSUK, the
holding company for its European operations, has aggressively cut
production by 30%-40% because of declining demand.  TSUK accounted
for approximately 70% of Tata Steel's total steel production
capacity as of March 31, 2008, and about half of its EBITDA in the
fiscal year ended March 2008.



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

BAKRIE GROUP: IDX Excludes 6 Companies From LQ-45 Listing
---------------------------------------------------------
The Jakarta Post reports the Indonesia Stock Exchange (IDX) has
excluded six Bakrie Group companies from the blue-chip index known
as LQ-45, following an average of more than 40 percent plunge
decline in their share value.

According to the report, the Bakrie companies excluded in the
listing includes:

   –- PT Bakrie & Brothers;
   -– PT Bakrie Telecom;
   -- PT Bakrieland Development;
   -- PT Bumi Resources;
   -- PT Darma Henwa; and
   -- PT Energi Mega Persada.

However, the companies will have the chance to get back on the
list again after July 31, The Post relates citing the Antara News.

                        About PT Bakrie

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.


* INDONESIA: JCR Revises Senior Debt Rating Outlook to Stable
-------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has revised its rating
outlook for the foreign currency and local currency long-term
senior debts of the Republic of Indonesia to stable from positive.

Issuer: Republic of Indonesia

   -- FC (Foreign Currency Long-Term Senior Debts): BB (to Stable
      from Positive)

   -- LC (Local Currency Long-Term Senior Debts): BB+ (to Stable
      from Positive)

The revision reflects JCR's view that the likelihood of
Indonesia's ratings being upgraded in the near future has
diminished under the current situation where the impact of the
global financial crisis and economic downturn has spread to
Indonesia and may affect its macroeconomic stability and fiscal
soundness to a certain extent.  Nevertheless, the impact has so
far been rather limited, and the Indonesian authorities have been
maintaining prudent macroeconomic management.  Therefore, JCR has
affirmed the current ratings, only revising the outlook to stable.

  1. Indonesia's central government debt, which had been
     reduced to 33% of GDP at the end of 2007, presumably
     declined further in 2008 owing to its high nominal
     GDP growth and contained budget deficit etc.  However,
     this trend may come to a halt should a deeper impact
     of the global financial crisis and economic downturn
     result in a slowdown of the country's economic growth
     rate, a steep depreciation of the nominal exchange rate
     and an excessive expansion of fiscal expenditure or
     should the fiscal discipline be impaired in relation
     with the presidential and parliamentary elections
     scheduled later this year.

  2. The country's external debt has steadily declined in
     recent years, standing at 32% of GDP at the end of 2007.
     However, its balance of payments has become more prone
     to be affected by changes in the global situation as
     indicated by a rapid contraction of the current account
     surplus and added volatility of the capital and financial
     account, especially the nonresidents' portfolio investment
     that had recorded a large inflow in recent years.  Its
     foreign exchange reserves stood at US$51.6 billion at the
     end of 2008, or 2.5 times of its short-term external debt
     (as of the end of September 2008), which could serve as
     a certain buffer.  Nonetheless, in order to prepare for
     external shocks more firmly, it is important for the
     Indonesian authorities to maintain and improve its
     international confidence by undertaking macroeconomic
     policies well-tuned to economic conditions yet
     well-balanced and by steadily implementing structural
     reforms geared for improvement of the investment climate.



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

FORD MOTOR: Mulls Job and Supplier Cuts, In Talks on Volvo Sale
---------------------------------------------------------------
Dan Strumpf at The Associated Press reports Ford Motor Co will
continue to slash the number of suppliers it does business with as
it adapts to the weak auto market.

Citing Tony Brown, Ford's group vice president for global
purchasing, the AP relates the company had about 1,600 auto parts
suppliers eligible for new business at the end of 2008, and is
aiming to bring that number down to about 750.  The AP notes in
2004, Ford was doing business with 3,300 parts suppliers.

Data obtained by the AP from the Original Equipment Suppliers
Association showed 40 auto parts makers went bankrupt in 2008.

Mr. Brown, according to the AP, expects more failures among parts
suppliers as the industry grapples with an unprecedented downturn
in automobile sales.

"We are going to see more, and we are going to see more faster,"
of the pace of parts supplier insolvencies, Mr. Brown said as
cited by the AP.

                            Volvo Sale

Ford is in talks to sell its Sweden-based Volvo Car unit to
China's Geely Automobile Holdings Ltd., Bloomberg News reports
citing
three people familiar with the discussions.

Two of the people told Bloomberg News that Geely first approached
Ford about buying Volvo a year ago, before the U.S. automaker had
decided to sell its Swedish auto unit.

Preliminary talks began in December after Ford said it would
consider selling the unit, according to Bloomberg News.

Ford, which is trying to avoid government aid by raising cash
through asset sale, probably will get less than the US$6.4 billion
it paid for Volvo in 1999, Bloomberg News cited one of the people
as saying.

Geely, Bloomberg News' sources said, would likely seek to buy
Ford's entire equity stake in Volvo rather than negotiate with the
Swedish unit over purchases of specific assets.

According to Bloomberg News, Ford creditors are likely to receive
some, or even all, of the proceeds from any sale of Volvo, which
it pledged as part of the collateral it put up for US$23 billion
in loans it secured in 2006.

Sale of Volvo, whose U.S. sales fell 64 percent last year and
had a pretax loss of US$736 million in the fourth quarter, will
follow Ford's sale of Jaguar and Land Rover to India's Tata Motors
Ltd. for US$2.4 billion last June and its Aston Martin luxury line
for US$931 million to a group of investors in May of 2007.

                          U.K. Job Cuts

Bloomberg News reports Ford will cut as many as 850 jobs in the
U.K. and delay the introduction of a new version of its best-
selling Transit van.

Ford has offered "voluntary separation" packages to salaried and
hourly workers as part of a plan to eliminate the positions by May
and is also seeking to renegotiate a wage increase offered to U.K.
workers last year, Bloomberg News says citing the automaker in a
statement.

Bloomberg News relates automakers and suppliers are shuttering
plants across Europe as car markets shrink.  Car sales in Britain
fell 31 percent in January to 112,087 vehicles from 162,097 a year
earlier, the ninth consecutive monthly decline, the news agency
cited the London-based Society of Motor Manufacturers & Traders as
saying.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


JAPAN GENERAL: Civil Rehabilitation Filing Spurs JCR's "D" Rating
-----------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has downgraded the ratings
on senior debts and bonds of Japan General Estate Co. Ltd. from
#BB-/Negative to D, from #B+/Negative to D and the CP program from
NJ to D.

Senior debts: D

              Amount
Issue        (bn)    Issue Date  Due Date   Coupon   Rating
-----        ------  ----------  --------   ------   ------
bonds no.10  JPY10   9/28/2007   9/28/2010   2.58%      D

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

Japan General Estate resolved the filing of a petition for the
civil rehabilitation proceedings at the board of directors'
meeting held Thursday, February 5, and filed it with the Tokyo
District Court.  JCR has downgraded its ratings on the Company to
D.


JAPAN GENERAL: Files for Bankruptcy Protection
----------------------------------------------
Japan General Estate Co. Ltd said it has filed for bankruptcy
protection in the Tokyo District Court due to the deepening slump
in the real estate industry, various reports say.

According to Japan Today, the company has liabilities of JPY197.55
billion.  Japan General Estate is listed on the First Section of
the Tokyo Stock Exchange, Japan Today says.

Citing private credit research agency Teikoku Databank, Japan
Today notes Japan General's bankruptcy is the biggest for a listed
firm so far this year in Japan.

Japan General Estate Co., Ltd. is a Japan-based company engaged in
the real estate business in the metropolitan area.  The company
has five business segments.  The Real Estate Sales segment sells
condominiums directly to consumers and on consignment through
realtors in the metropolitan area.  The Real Estate Leasing
segment is engaged in the leasing of real estate in metropolitan
and Kansai areas.  The Real Estate Management segment is engaged
in the management of real estate.  The Advertising segment is
engaged in the planning and production of advertisement, as well
as the construction of interior works.  The Others segment is
engaged in the facility management, hotel operation, food service,
manpower dispatching business, the operation of hot spring
facilities and the sale of cosmetics.  The company has nine
subsidiaries and one associated company.


MAZDA MOTOR: Expects JPY13 Bln. Full Year Net Loss
--------------------------------------------------
Mazda Motor Corporation has revised all FY2008 full year
projections downward, reflecting the sharp deterioration in the
sales environment of global markets since October, and the
expected impact of a further appreciation of the yen against key
currencies.

In a press statement, Mazda Motor discloses that it projected
sales revenue to come in at JPY2,550.0 billion, a decrease of 27
percent compared with the prior year.  Operating profit is
forecast to be down JPY187.1 billion, resulting in an operating
loss of JPY25 billion.   However, ordinary profit is forecast to
be limited to a loss of JPY15 billion mainly due to exchange
hedging, and net income is projected to be negative JPY13 billion.
Due to the rapid deterioration in business conditions, the share
dividend has not been determined yet.

Mazda's full year global retail sales forecast has been reduced to
1.24 million units, down 123,000 units compared to the prior year.
This mainly reflects the sharp decline in sales in Europe and in
other markets, where strong sales were achieved in the first half
of the fiscal year.  The company projects year-on-year sales
declines in all markets except China.

                      Third Quarter Results

Mazda's consolidated sales revenue was JPY2,087.9 billion in the
first nine months of FY2008, down 17 percent over the same period
in FY2007.  Operating profit was JPY36.5 billion, down 66 percent
versus the prior year, reflecting the yen's appreciation against
key currencies and a sharp deterioration in the global sales
environment.  Ordinary profit decreased 42 percent year-on-year to
JPY52.1 billion, reflecting forward exchange contract gains.
Consolidated net income was 28.9 billion yen, down 36 percent
compared to the same period last year.

Mazda sold 964,000 vehicles globally in the first nine months of
FY2008, down one percent versus the same period in 2007, due to a
sharp slowdown in sales which began in the third quarter.

In Europe, Mazda achieved a year-on-year sales increase of six
percent, to 242,000 units.  Retail sales in China rose 38 percent
over the prior year to 97,000 units, primarily due to a sales
boost resulting from the introduction of the new Mazda2 and a
strong contribution from Mazda6 sales.

The sales volume in Japan was 164,000 units, down six percent
year-on-year despite the newly launched Mazda Biante and Mazda
Atenza (known as Mazda6 overseas) models' positive effect on
sales.

North American sales were 271,000 units through the third quarter,
down 10 percent when compared to the first nine months of fiscal
2007.  Of this, the US sales volume was 186,000 units.  The new
Mazda6 was well received, but this did not offset lower sales of
existing models, resulting in a year-on-year decline of 14
percent.  Mazda's share in the US rose 0.1 points during this
period.

In other markets, combined total sales volume was down five
percent to 190,000 units.

                       About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


ORIX-NRL TRUST: S&P Puts 4 Low-B Ratings on 6 Classes on WatchNeg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on ORIX-NRL Trust 15's class D
to I trust certificates, issued in September 2007.  At the same
time, Standard & Poor's affirmed its ratings on the class A to C
and X certificates.

The CreditWatch placements reflect uncertainty over the likely
collection amounts from the sale of collateral properties relating
to one of the transaction's underlying loans, a loan that has
defaulted.  This uncertainty is tied to the recent deterioration
in the Japanese real estate market.

The aforementioned loan is backed by 21 real estate properties
(such as residential and retail buildings) and accounts for about
41.0% of the initial total issue amount of the commercial
mortgage-backed securities.  Recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreements.
Standard & Poor's intends to review the ratings on the class D to
I trust certificates after examining the progress of recovery from
the collateral properties and reports to be submitted by the
transaction servicer, including information on the estimated
collection amount from the aforementioned loan.

The affirmations, meanwhile, are based on the expected collection
amounts for these certificates, and the credit support provided by
the subordinated tranches through the senior-subordinated
structure of the transaction.

This is a multi-borrower CMBS transaction. The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to nine obligors, which are ultimately
backed by 33 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

              Ratings Placed On Creditwatch Negative

                        ORIX-NRL Trust 15
          JPY37.8 billion trust certificates due June 2014

Class   To               From   Current Balance   Initial Balance
-----   --               ----   ---------------   ---------------
D       BBB/Watch Neg    BBB    JPY3.0 bil.         JPY3.0 bil.
E       BBB-/Watch Neg   BBB-   JPY1.3 bil.         JPY1.3 bil.
F       BB+/Watch Neg    BB+    JPY0.4 bil.         JPY0.4 bil.
G       BB/Watch Neg     BB     JPY0.4 bil.         JPY0.4 bil.
H       BB-/Watch Neg    BB-    JPY0.2 bil.         JPY0.2 bil.
I       B+/Watch Neg     B+     JPY0.2 bil.         JPY0.2 bil.

                         Ratings Affirmed

     Class   Rating   Current Balance   Initial Balance
     -----   ------   ---------------   ---------------
     A       AAA      JPY25.04694 bil.    JPY25.4 bil.
     B       AA       JPY3.5 bil.         JPY3.5 bil.
     C       A        JPY3.4 bil.         JPY3.4 bil.
     X*      AAA      JPY37.8 bil. (Initial notional principal)

                         * Interest only


ORIX-NRL TRUST: S&P Puts Low-B Ratings on 3 Classes on WatchNeg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered by two notches its
ratings on the class F and G trust certificates issued under the
ORIX-NRL Trust 14 transaction, and lowered by one notch its rating
on class H issued under the same transaction.  At the same time,
Standard & Poor's kept the ratings on the three aforementioned
classes on CreditWatch with negative implications, where they were
initially placed on Nov. 19, 2008.  In addition, Standard & Poor's
placed the ratings on ORIX-NRL Trust 14's class D and E trust
certificates on CreditWatch with negative implications, and
affirmed the ratings on the class A to C and X certificates.

The downgrades and CreditWatch placements reflect uncertainty over
the likely collection amounts from the sale of collateral
properties relating to two of the transaction's underlying loans,
both of which have defaulted.

The two aforementioned loans, which are backed by six real estate
properties (such as residential and office buildings), account for
about 19.6% of the initial total issue amount of the commercial
mortgage-backed securities.  Recovery procedures relating to the
collateral properties are now underway, in accordance with rules
specified in the servicing agreement and the trust agreements.
Standard & Poor's intends to review the ratings on the
class F to H trust certificates after examining the progress of
recovery from the collateral properties and reports to be
submitted by the transaction servicer, including information on
the estimated collection amount from the aforementioned loans.

The affirmations, meanwhile, are based on the expected collection
amounts for these certificates, and the credit support provided by
the subordinated tranches through the senior-subordinated
structure of the transaction.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to eight obligors, which are ultimately
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

          Ratings Lowered, Still On Creditwatch Negative

                         ORIX-NRL Trust 14
    20.7 billion class A-X trust certificates due December 2014

                                       Current         Initial
Class   To             From            Balance         Balance
-----   --             ----            -------         -------
F       B+/Watch Neg   BB/Watch Neg    JPY0.5 bil.     JPY0.5 bil.
G       B/Watch Neg    BB-/Watch Neg   JPY0.1 bil.     JPY0.1 bil.
H       B-/Watch Neg   B/Watch Neg     JPY0.2 bil.     JPY0.2 bil.

              Ratings Placed On Creditwatch Negative

Class  To               From   Current Balance   Initial Balance
-----  --               ----   ---------------   ---------------
D      BBB/Watch Neg    BBB    JPY0.7 bil.         JPY0.7 bil.
E      BBB-/Watch Neg   BBB-   JPY0.3 bil.         JPY0.3 bil.

                         Ratings Affirmed

       Class   Rating   Current Balance   Initial Balance
       -----   ------   ---------------   ---------------
       A       AAA      JPY13.53968 bil.    JPY15.7 bil.
       B       AA       JPY2.0 bil.         JPY2.0 bil.
       C       A        JPY1.2 bil.         JPY1.2 bil.
       X*      AAA      JPY20.7 bil. (Initial notional principal)

                         * Interest only


SANYO ELECTRIC: Posts JPY14.33 Billion Net Loss in Q3
-----------------------------------------------------
Sanyo Electric Co. Ltd. disclosed its consolidated results for the
nine months up to the third quarter of fiscal year (FY) 2008
(Apr.1, 2008 to Dec. 31, 2008).

The nine month period from April 1, 2008 to December 31, 2008
ended with the consolidated net sales total from the beginning of
the fiscal year declining in the third quarter by approximately
6.4% to leave a total of JPY1,434.2 billion, compared to the same
nine month period last year.  For the third quarter only, there
was a decrease of 22.4% over the same quarter last year, finishing
with a total of JPY427.5 billion.

For the Japanese market, while sales of commercial refrigeration
systems used for transferring goods in the cold chain were
favorable, sales of large-scale air conditioners were bearish,
ending the nine months with an overall decrease of 5.0%, totaling
JPY528.8 billion compared to the same period last year.

As for overseas markets, favorable conditions existed for
increased sales for solar panels, especially in Europe, commercial
showcases in Asia, and reasonable growth for large-scale air
conditioners.  However, due to the increasingly difficult market
circumstances, especially for products such as digital cameras,
semiconductors, etc., the sales totals were approximately 7.3%
lower than the same period last year, to JPY905.4 billion.

As for income, because of high raw materials costs and the
increasingly stronger yen, operating income for the same period
last year has decreased JPY25.1 billion to end at JPY30.8 billion
for nine months to December 31, 2008.

Income before tax, compared to the same period last year that
included the sale of SANYO's share in SANYO Electric Credit Co.,
Ltd., was JPY47.5 billion lower, finishing the nine month total
with a loss of JPY2.5 billion.  The net income for the end of the
nine month period decreased JPY10.4 billion overall over the same
period last year, bringing the total net income for the nine
months of FY 2008 to JPY18.3 billion.

For the third quarter ended December 31, 2008, Sanyo incurred a
net loss of JPY14.33 billion, compared to a JPY12.78 billion net
income in the same period in 2007.

                           About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHINSEI BANK: Fitch Puts Issuer Default Rating on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative, the 'BBB+' (BBB
plus) Long-term foreign and local currency Issuer Default Ratings,
'F2' Short term foreign and local currency IDRs, and the 'C'
Individual ratings of Japan's Shinsei Bank Ltd and Shinsei Trust
and Banking Co., Ltd.

This rating action follows Shinsei's announcement of a net loss of
JPY32.1 billion for the nine-month period ending December 2008,
and the forecast of a net loss of JPY48 billion for the fiscal
year to end March 2009 revised from an original forecast of net
profit of JPY12 billion.   Shinsei has also provided a general
guideline of a 'break-even or better' for FYE10.

The decision to place Shinsei's ratings on Rating Watch Negative
reflects Fitch's view that Shinsei faces challenges on multiple
fronts.   The agency is planning to review Shinsei's redefined
business model, ability to enhance the quality and quantity of its
capital and/or reduction of risk assets, as also maintain
satisfactory asset quality before resolving the Rating Watch
Negative.

Fitch is concerned about the weakening of Shinsei's capital
ratios.  While Shinsei aims to increase the Tier 1 Ratio to 7% by
FYE09, the Total capital adequacy ratio is projected to drop to
10% at FYE09.   Tier 1 capital adequacy increased to 6.64% as of
Q309 from 6.41% at end Q209, partly assisted by the adoption of
the concessionary and temporary measure to exclude the unrealized
loss on available for sale securities investments from Tier 1
capital.  Shinsei's total capital adequacy ratio dropped to 10.01%
at Q309 from 10.48% at Q209.  The Tier 1 ratio and total capital
adequacy ratio were 7.45% and 12.10%, respectively at 3Q08.  Fitch
hopes to see improvements in both the quality and quantity of the
capital.

Shinsei has posted two consecutive quarters of net losses.
Continued asset impairments and loan loss reserves in its
Institutional segment, particularly on its European asset-backed
investments and asset-backed securities holdings and the real
estate sector-related lendings/investments in Japan, will
contribute to its projected loss in the fourth quarter and
possibly beyond Restructuring costs will also affect this result.

The bank has had an above average concentration on lending to the
real estate sector, including non-recourse lending.  As business
conditions remain harsh for the real estate business in Japan,
Fitch expects credit costs to increase in this portfolio, in
addition to pressure on its overall asset quality from the
worsening business climate in the recessionary economic conditions
in Japan.  Shinsei's non-performing loans ratio on non-
consolidated basis increased to 1.79% as of Q3FYE09, from 0.95% in
FYE08, while the credit costs increased to JPY79.4 billion as of
9MFYE09, up 95% compared to 9MFYE08.  The credit costs of JPY37.9
billion in Q3FYE09 exceeded ordinary business profit of the
quarter.

The Individual segment has increased its contribution to revenues
and profitability, mainly due to the consolidation of General
Electric Consumer Finance Co., Ltd in 3QFYE09.  Shinsei and GECF
are now offering to buy out the minority shareholders of Shinki
Co., Ltd., a consolidated subsidiary of Shinsei, with the plans to
consolidate Shinki with the GECF business to streamline the
consumer finance business later.  However higher unemployment,
falling consumer spending and current economic conditions will
challenge the performance of this segment going forward.

The complete list of ratings is:

  -- Shinsei: Long-term foreign and local currency IDRs at 'BBB+',
     Short-term foreign and local currency IDRs at 'F2',
     Individual at 'C', Support at '3', Support Rating Floor at
     'BB+', senior unsecured notes at 'BBB+', subordinated notes
     at 'BBB' and junior subordinated notes at 'BBB-' (BBB minus).

  -- Shinsei Trust: Long-term foreign and local currency IDRs at
     'BBB+', Short-term foreign and local currency IDRs at 'F2',
     Individual at 'C' and Support at '2'.



===============
M O N G O L I A
===============

* Moody's Reviews Mongolia's 'B1' Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade Mongolia's ratings and ceilings owing to concerns over
the rapid deterioration in the country's external payments
position and the ability of the government to put in place a
policy framework which would ensure balance of payments stability
and fiscal sustainability.

The Moody's review affects Mongolia's B1 foreign- and local-
currency ratings for government bonds, the Ba2 foreign-currency
country ceiling for bonds, the B2 foreign-currency ceiling for
bank deposits, as well as the Baa2 local-currency bank deposit
ceiling.

Moody's initially assigned Mongolia's B1 ratings in October 2005--
they have been unchanged since that time and with a stable outlook
until now.

"Gains made in the past two years from the boom in metals prices
-- on which Mongolia's economy, budget and balance of payments are
heavily dependent -- have been largely wiped out by the sudden
collapse in the market, especially for copper, in recent months,"
says Tom Byrne, a Moody's Senior Vice President.

"Moreover, the pace of depletion in official foreign exchange
reserves has been rapid, owing to the fall in exports, meager
long-term capital inflows, the intensified dollarization of the
country's domestic deposit base and past adherence to a fixed
exchange rate policy," adds Byrne.

"At the same time, although official reserves may now adequately
cover Mongolia's maturing debt obligations in the year ahead, and
are apparently still higher than when Moody's initially assigned
its B1 ratings, the continued downturn in export performance and
the further weakening in confidence in the togrog could overwhelm
the efforts of the authorities to stem the hemorrhage," says
Byrne.

"Such a development would raise considerably the risks of a
balance of payments crisis, and although the government currently
has no outstanding foreign currency bonds in the global market,
the ability to repay other foreign currency debt could become
impaired," says Byrne.

The collapse in mineral revenues has also swiftly exerted enormous
pressure on the government's balance sheet.  The abrupt shift of
the budget into a large deficit in 2008 and prospects for large
deficits in 2009 and 2010 would mean considerable strains on the
ability of the government to meet its expenditure obligations and
to secure domestic financing without overwhelming the local
markets.  As a result, the government is reportedly seeking
substantial financial assistance from foreign governments and the
IMF.

Moreover, Mongolia's investment environment has suffered from a
shift from economic liberalism to economic nationalism in recent
years.  This has impeded the development of the country's highly
promising mineral wealth and is now having adverse consequences
for its balance of payments and budget.

As a result, at a time of global financial crisis, Mongolia has
become more dependent on external debt financing—a situation which
complicates the government's ability to plot a course out of its
financial troubles.

Moody's rating review will focus on the ability of the government
to prevent further deterioration in the country's external payment
position and to fashion a program that ensures long-term fiscal
and economic stabilization.  This would likely involve an
assessment of the robustness of the policy framework and also of
the extent to which possible enhanced external financial
assistance could impart stability.

The last rating action with respect to Mongolia was in December
2006 when Moody's assigned a Baa1 local currency bond ceiling and
Baa2 local currency deposit ceiling.



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

24/7 TRANSPORT ET AL: Commence Liquidation Proceedings
------------------------------------------------------
The official assignee advises the liquidations of:

   -- Rural Fencing NZ Limited on December 10, 2008;
   -- 24/7 Transport Limited on December 11, 2008;
   -- Frimley One Developments Limited on December 11, 2008;
   -- Quality Labour Services Limited on December 11, 2008;
   -- Glorit Farm Holdings Limited December 12, 2008;
   -- Thai Tomo Limited on December 12, 2008;
   -- Balmoral Financial Services Limited on December 15, 2008;
   -- Greenworld Tours Limited December 15, 2008;
   -- Innovative Projects Limited on December 15, 2008;
   -- Real Groovy Records Limited on December 15, 2008;
   -- Stafford House Limited on December 15, 2008;
   -- Sun & Sons Limited on December 15, 2008;
   -- The NZ Flower Company Limited on December 15, 2008; and
   -- Brown Stone Limited on December 17, 2008.

The official assignee can be reached at:

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


CLUB BEAR: Appoints Mayo-Smith and Adams as Liquidators
-------------------------------------------------------
On December 19, 2008, Brian Mayo-Smith and Shaun Neil Adams were
appointed as liquidators of Club Bear Ventures 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 Liquidators can be reached at:

         Brian Mayo-Smith
         Shaun Neil Adams
         c/o James Greenway
         BDO Spicers
         Rifleman Tower, Level 8
         120 Albert Street, Auckland 1010
         PO Box 2219, Auckland 1140
         Facsimile: (09) 303 2830
         e-mail: james.greenway@bdospicers.com


FCL LOGISTICS ET AL: Appoint Madsen-Ries and Vance as Liquidators
-----------------------------------------------------------------
On December 12, 2008, Vivien Judith Madsen-Ries and David Stuart
Vance were appointed as liquidators of:

   -- FCL Logistics Limited;
   -- LFS No 1 Limited; and
   -- DTR Developments Limited.

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 Liquidators can be reached at:

         Vivien Judith Madsen-Ries
         David Stuart Vance
         PO Box 33, Shortland Street
         Auckland 1140
         Telephone: (09) 309 4944
         Facsimile: (09) 309 4947


FNS1 LTD: Appoints Heath and Lamacraft as Liquidators
-----------------------------------------------------
On December 15, 2008, the shareholders of FNS1 Ltd. appointed
Arron Leslie Heath and Michael Lamacraft as the company's
liquidators.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


G & T YOUNG: Court Hears Wind-Up Petition
-----------------------------------------
On January 26, 2009, the High Court at Dunedin heard a petition to
have G & T Young Ltd.'s operations wound up.

Brian Oughton Limited filed the petition against the company on
November 12, 2008.


HUGH ROWE: Creditors' Proofs of Debt Due on February 20
-------------------------------------------------------
The creditors of Hugh Rowe Builders Ltd. are required to file
their proofs of debt by February 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 17, 2008.

The company's liquidator is:

          Timothy Patrick Ward
          T. P. Ward, BDO Spicers
          Lexicon House, 123 Spey Street
          Invercargill 9810
          PO Box 1206, Invercargill 9840
          Telephone: (03) 218 2959
          Facsimile: (03) 218 2092
          e-mail: admin@inv.bdospicers.com


KINGDOM RESIDENTIAL: Court Hears Wind-Up Petition
-------------------------------------------------
On January 28, 2009, the High Court at Nelson heard a petition to
have Kingdom Residential Developments Ltd.'s operations wound up.

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


MIDWOOD'S ELECTRICAL: Court to Hear Wind-Up Petition on Feb. 23
---------------------------------------------------------------
A petition to have Midwood's Electrical Ltd.'s operations wound up
will be heard before the High Court at Rotorua on Feb. 23, 2009,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on November 14, 2008.

The CIR's solicitor is:

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


PACIFIKA LTD: Appoints Anthony Charles Harris as Liquidator
-----------------------------------------------------------
On December 22, 2008, the shareholders of Pacifika Ltd. appointed
Anthony Charles Harris as the company's liquidator.

Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

         Anthony Charles Harris
         Harris Neil & Associates Limited
         PO Box 14216, Tauranga 3143
         Telephone: (07) 571 6384
         Facsimile: (07) 571 6385


PREMIUM COMMERCIAL: Appoints Mason and Lamacraft as Liquidators
---------------------------------------------------------------
On December 16, 2008, Karen Betty Mason and Michael Lamacraft were
appointed as liquidators of Premium Commercial Real Estate Ltd.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

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


SOLD OUT: Commences Liquidation Proceedings
-------------------------------------------
Sold Out Ltd. commenced liquidation proceedings on December 11,
2008.

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 liquidator is:

          Colin Brian Wilson
          RSM Prince
          PO Box 3685, Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778
          e-mail: office@prince.co.nz


TIMARA HOLDINGS ET AL: Appoint Heath and Adams as Liquidators
-------------------------------------------------------------
On December 18, 2008, Arron Leslie Heath and Michael Lamacraft
were appointed as liquidators of:

   -- Timara Holdings Limited; and
   -- Thomond Holdings Limited.

Only creditors who were able to file their proofs of debt by
January 21, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Arron Leslie Heath
          Michael Lamacraft
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


WALL CONSTRUCTION: Placed Under Voluntary Liquidation
-----------------------------------------------------
On December 30, 2008, the shareholders of Wall Construction
Systems Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
February 6, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

         Digby John Noyce
         Keith Mawdsley
         RES Corporate Services Limited
         PO Box 302612, North Harbour
         Auckland
         Facsimile: (09) 918 3691



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

CONTINENTAL CHEMICAL: Moody's Downgrades Corp. Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Continental Chemical
Holdings Ltd's corporate family rating to B2 from B1 with a
negative outlook.  This rating action concludes the ratings review
initiated on October 8, 2008.

Moody's has subsequently withdrawn the rating for business
reasons.  The company has no rated debts outstanding.

The downgrade reflects Moody's view that ongoing pressure in the
global chemicals sector will continue to negatively impact
Continental Chemical's operating performance and constrain the
company's financial flexibility over the foreseeable future.
These conditions will challenge the company's ability to remain in
compliance with financial covenants under its US$250 million
syndicated loan, which are scheduled to tighten after December 31,
2008.

Moody's last rating action on Continental occurred on October 8,
2008 when Moody's placed the company's corporate family rating on
review for possible downgrade.

Headquartered in Singapore, Continental Chemical Holdings Ltd
specializes in intermediate chemicals including diocty phthalate
and phthalic anhydride, specialty resin products and biofuel.


ROYAL DIAMOND: Court Hears Wind-Up Petition
-------------------------------------------
On February 6, 2009, the High Court of Singapore heard a petition
to have Royal Diamond Industries Pte Ltd's operations wound up.

Diasqua S'pore Pte. Ltd. filed the petition against the company on
January 9, 2009.


STAR CELLARS: Court Enters Wind-Up Order
----------------------------------------
On January 23, 2009, the High Court of Singapore entered an order
to have Star Cellars Pte Ltd's operations wound up.

UIC Land Pte Ltd files the petition against the company.

The company's liquidator is:

         Goh Boon Kok
         M/s Goh Boon Kok & Co
         1 Claymore Drive #08-11
         Orchard Tower Rear Block
         Singapore 229594



                         *********

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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