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        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, October 13, 2008, Vol. 11, No. 203

                            Headlines

A U S T R A L I A

ACS INDUSTRIES: Members and Creditors to Meet on October 20
ALEXANDER MOIR: Shareholders' Meeting Slated for October 21
ALLCO FINANCE: To Ask Shareholders' OK on Revised CEO Package
J.J. CARTING: Liquidators To Give Wind-Up Report on October 17
MOIR (HOLDINGS): Liquidator to Give Wind-Up Report on October 21

MOIR PROPERTY: Liquidator to Present Wind-Up Report on October 21
PETRAC PTY: Banker Appoints Receivers to Two Major Projects
PROSPERITY CORPORATION: Joint Meeting Slated for October 20
PROSPERITY MORTGAGES: Members and Creditors to Meet on October 20
PROTOCOL (A&NZ): Members' Final Meeting Set for October 30

URUNGA GOLF: Liquidator to Give Wind-Up Report on October 20
VALAD PROPERTY: Unveils AU$31.1 Mil. Exposure on Petrac
X + OPEN SYSTEMS: Members' Final Meeting Set for October 17


C H I N A

CHINA CONSTRUCTION: BofA to Keep Major Part of Company Stake
XINHUA FINANCE: Unit Invests in Digital Pay TV Channels
XINHUA FINANCE: Gets 30-Yr Advertising Rights to China Youth Net
* CHINA: Regulator Halts IPO to Help Stock Market


H O N G K O N G

AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B
CLARET COMPANY: Creditors' Proofs of Debt Due on October 31
CWS HONG KONG: Final Meeting Slated for November 17
DAICEL (HONG KONG): Derek and Haughey Cease to Act as Liquidators
DELUXE WAY: Commences Liquidation Proceedings

POLYTRADE ASIA: Final General Meeting Slated for November 11
PRD ELECTRONICS: Chiu and Diana Quit as Liquidators
RIL SECURITIES: Seng and Lo Step Down as Liquidators
SONY ELECTRONICS: Yin and Chiu Step Down as Liquidators
TIMEGRESS COMPANY: Placed Under Voluntary Liquidation

WOMEN EXCLUSIVE: Placed Under Voluntary Liquidation


I N D I A

* INDIA: Credit Crunch Prevents Agri Sector Growth, IFPRI Says


I N D O N E S I A

PT PERTAMINA: Wants to Acquire Stake in Chevron and Inpex
* INDONESIA: 7 Toll Road Projects Face Funding Problems


J A P A N

FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis
NOMURA HOLDINGS: Lehman Brothers Asia to Re-Open This Week
YAMATO LIFE: Files for Bankruptcy Protection With US$2.7BB Debts


K O R E A

TOWER AUTOMOTIVE: Closes Traverse City Plant, Eliminates 350 Jobs


M A L A Y S I A

PECD BERHAD: Arif Cerah Faces L'Grande's Wind-Up Petition
SUNWAY INFRASTRUCTURE: To Hold Meetings on October 10
SUNWAY: SC Approves Proposed Variation to PTC of MYR752 Mil. Sukuk
WELLI MULTI: Works on Turnaround Plan
UBG BERHAD: Records Public Shareholding Spread at 10.05%


N E W  Z E A L A N D

ABSOLUTE HOME: Proofs of Debt Due on October 20
B J PROPERTIES: Liquidators Set October 31 as Claims Bar Date
DELETED LIMITED: Proofs of Debt Due on October 31
INDIGO SOLUTIONS: Proofs of Debt Due on November 10
KA CAPITAL: Liquidators Set October 31 as Claims Filing Deadline

KA SECURITIES: Liquidators Set Oct. 31 as Claims Filing Deadline
OLD IHL: Liquidators Set October 31 as Claims Bar Date
OPI PACIFIC: Parent Appoints Voluntary Administrators
PLUS SMS: Terminates CEO and CFO Due to Employment Deal Breaches
TOPP CONSTRUCTION: Liquidators Set November 10 as Claims Bar Date

R G SMITHSON: Commences Liquidation Proceedings
WILTON TERRACES: Proofs of Debt Due on October 20


P H I L I P P I N E S

* PHILIPPINES: Posts Php3.966 Trillion Govt. Debt as of End July


S I N G A P O R E

ADVANCED MICRO: Abu Dhabi Venture Has Negative Effect, Fitch Says
* SINGAPORE: GDP Fell 0.5% in July-September Period
* Fitch Puts 42 Tranches of CMBS & RMBS on Rating Watch Negative


X X X X X X X X

* S&P Says Asia Insurance Sector to Survive Global Market Turmoil


                         - - - - -

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

ACS INDUSTRIES: Members and Creditors to Meet on October 20
-----------------------------------------------------------
ACS Industries Pty Ltd will hold a meeting for its members and
creditors on October 20, 2008, at 9:30 a.m.  During the meeting,
the company's liquidators, Robyn Erskine and Peter Goodin, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

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


ALEXANDER MOIR: Shareholders' Meeting Slated for October 21
-----------------------------------------------------------
J. D. Scarfe, Alexander Moir & Co Pty Ltd's appointed estate
liquidator, will meet with the company's shareholders on
October 21, 2008, at 11:00 a.m. to provide them with property
disposal and winding-up reports.

The meeting will be held at the offices of Boroughs Australia Pty
Limited at Level 6, 77 Castlereagh Street, in Sydney.


ALLCO FINANCE: To Ask Shareholders' OK on Revised CEO Package
-------------------------------------------------------------
Allco Finance Group is seeking shareholder approval to change a
proposed AU$3.5 million options and rights package for chief
executive officer David Clarke.

The amendments include:

   * A restructuring of Mr. Clarke's 2009 LTI entitlement
     so that he will receive 5 million options (subject to
     shareholder approval) and a cash payment in amount
     which represents the difference between the value
     assigned to the options following an independent
     valuation and AU$3.5 million (cash component); and

   * Upon termination for convenience, Mr. Clarke's equity
     would be pro-rated but he would receive the cash
     component in full.

Allco said Mr. Clarke has agreed that if he is terminated for
convenience at any time, the cash component will also be pro-
rated.

Citing the Australian Associated Press, Business Day relates that
a change to rights and options in Mr. Clarke's remuneration
package for fiscal 2009 was proposed in Allco's notice of annual
general meeting last month.

Allco said in the event shareholder approval is not obtained, the
company is required to provide Mr. Clarke with the equivalent cash
compensation in lieu.

                       About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                       *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

Allco disclosed a Net Loss After Tax of AU$1,731.6 million for the
12 months to June 30, 2008.  The company said this is consistent
with an Australian Stock Exchange (ASX) announcement made on
May  1, 2008, where Allco advised an anticipated loss of in excess
on AU$1.5 billion.  The result follows a critical review
of asset values across the business and primarily reflects non-
cash changes.

The Group was heavily impacted by the deterioration in the
financial markets and the resultant loss of value in recently
acquired businesses with non-cash impairments for goodwill,
management rights, loans and equity accounted investments.


J.J. CARTING: Liquidators To Give Wind-Up Report on October 17
--------------------------------------------------------------
J.J. Carting Pty Ltd will hold a meeting for its members and
creditors on October 15, 2008, at 9:30 a.m.  During the meeting,
the company's liquidators, Robyn Erskine and Peter Goodin, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

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


MOIR (HOLDINGS): Liquidator to Give Wind-Up Report on October 21
----------------------------------------------------------------
J. D. Scarfe, Moir (Holdings)Pty Ltd's appointed estate
liquidator, will meet with the company's shareholders on October
21, 2008, at 11:30 a.m. to provide them with property disposal and
winding-up reports.

The meeting will be held at the offices of Boroughs Australia Pty
Limited at Level 6, 77 Castlereagh Street, in Sydney.


MOIR PROPERTY: Liquidator to Present Wind-Up Report on October 21
-----------------------------------------------------------------
J. D. Scarfe, Moir Property Pty Ltd's appointed estate liquidator,
will meet with the company's shareholders on October 21, 2008, at
10:30 a.m. to provide them with property disposal and winding-up
reports.

The meeting will be held at the offices of Boroughs Australia Pty
Limited at Level 6, 77 Castlereagh Street, in Sydney.


PETRAC PTY: Banker Appoints Receivers to Two Major Projects
-----------------------------------------------------------
The National Australia Bank has appointed Ferrier Hodgson as
receivers to Petrac Pty Ltd's two projects in Noosa and Byron Bay,
the Business Spectators reports citing News Bites.

The report says Petrac's management is cutting costs and has shed
staff in order to survive the financial crisis.

Based in Brisbane, Petrac Pty Ltd --
http://www.petrac.com.au/Home.aspx– is engaged in residential
development and construction, operation of retirement communities
and resort accommodation.


PROSPERITY CORPORATION: Joint Meeting Slated for October 20
-----------------------------------------------------------
Prosperity Corporation Pty Ltd will hold a meeting for its members
and creditors on October 20, 2008, at 9:30 a.m.  During the
meeting, the company's liquidator, Robert Elliott, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


PROSPERITY MORTGAGES: Members and Creditors to Meet on October 20
-----------------------------------------------------------------
Prosperity Mortgages Pty Ltd will hold a meeting for its members
and creditors on October 20, 2008, at 10:00 a.m.  During the
meeting, the company's liquidator, Robert Elliott, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert Elliott
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000


PROTOCOL (A&NZ): Members' Final Meeting Set for October 30
----------------------------------------------------------
Simon J. Cathro and David J. F. Lombe, Protocol (A&NZ) Pty Ltd's
appointed estate liquidators, will meet with the company's members
on October 30, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidators can be reached at:

          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, NSW 2000


URUNGA GOLF: Liquidator to Give Wind-Up Report on October 20
------------------------------------------------------------
R. G. Tolcher, Urunga Golf & Sports Club Limited's appointed
estate liquidator, will meet with the company's members on October
20, 2008, at 12:00 p.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          R. G. Tolcher
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302


VALAD PROPERTY: Unveils AU$31.1 Mil. Exposure on Petrac
-------------------------------------------------------
Valad Property Group's shares fell 50% to 12.5 cents on October 9,
2008, after the company revealed a AU$31.1 million exposure to
Brisbane developer Petrac, various reports say.

Valad said its finance arm, Valad Capital Services, has exposure
to three Petrac projects in receivership.  Two of the projects are
located in Noosa on Queensland's Sunshine Coast, and one is in
Byron Bay on the New South Wales far north coast.

Valad's exposure to these projects is AU$31.1 million by way of
preferred equity which is secured by second mortgages.  Valad had
further undrawn commitments of AU$3.9 million relating to these
projects, however the appointment of receivers has effectively
cancelled this obligation.

In addition to these projects, Valad said it has a total of
AU$44.4 million invested in three other Petrac projects and five
retirement joint venture vehicles with Petrac and Harvest.
Valad's undrawn commitment associated with these projects is
AU$49.8 million.

Valad has step in rights in relation to development management
services across its VCS book and is in discussions with the
receiver and other senior lenders in relation to the exercise of
these rights for relevant Petrac projects.

Jeff Locke, Valad's CEO for Asia Pacific said "If required, Valad
has in-house development management expertise to step in to
control these projects.  We have a Brisbane office of six as well
as a development skill base at the corporate head office in
Sydney. "

"Discussions with senior lenders have just commenced and are
progressing openly and with a view to preserving the value of
stakeholders' investments," added Mr. Locke.

Referring to the priority of payments for preferred equity
investments, Mr. Locke stated "It appears that the continued
deterioration in market conditions has triggered this situation
and the project feasibilities have consequently suffered.  We have
every intention of involving ourselves to the appropriate level
under our step in rights to protect our investment, and to realize
project profits if possible."

The majority of Valad's exposure to Petrac is via preferred equity
at the project level, however, Valad also had a AU$10.7 million
investment at the corporate level by way of a convertible note.
The Petrac convertible note was fully written-off at the time of
Valad's FY08 results, and represented the majority of the AU$14.6
million Asia Pacific VCS write down.

The company said forecast FY09 coupon income relating to the three
projects in receivership was AU$2.5 million, while FY09 forecast
coupon income relating to the balance of the Petrac preferred
equity investments is AU$5.8 million.

Valad's said in the case of the Petrac positions, each project
will be assessed on its merits, and the company's position
maximized through its step in rights.

Valad Property reported a net loss of AU$249.7 million for the
year ended June 30, 2008, compared with a net income of AU$109.1
million in the prior year.

                     About Valad Property

Valad Property Group (ASX:VPG) -- http://www.valad.com.au -- is
engaged in passive property ownership, property development and
trading, property funds management and capital services.  The
company operates in four segments.  It owns rental income
producing passive properties throughout Australia, New Zealand and
Europe.  These include long term hold investments producing a
recurring stream of income to the company.  Most of the passive
property ownership interests are held in Valad Property Trust.
The property development and trading segment develops and trades
assets and also creates a pipeline of products for Valad's managed
funds.  The funds management establishes and manages listed and
unlisted property funds.  The Valad capital services segments
provides property structured finance and investment banking
services to external parties, and has invested in a portfolio
across asset classes, including commercial, retail, industrial,
residential and retirement.  In July 2007, it acquired Scarborough
Group and Valad (Hurst) Limited.


X + OPEN SYSTEMS: Members' Final Meeting Set for October 17
------------------------------------------------------------
Geoffrey McDonald, X + Open systems Pty Ltd's appointed estate
liquidator, will meet with the company's members on October 17,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Geoffrey McDonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000



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

CHINA CONSTRUCTION: BofA to Keep Major Part of Company Stake
------------------------------------------------------------
Bank of America Corp. is committed to keeping a "major" part of
its 10.8% stake in China Construction Bank Corp., Amy Or of Dow
Jones Newswires reports.

The comment, the report relates, suggested that Bank of America
may sell a small part of its holding when the lockup period for
19.1 billion of the 25.1 billion shares it owns in China
Construction, which is still up 73% from its initial public
offering price despite declining sharply this year, expires Oct.
27.

"We intend to keep a major stake in China Construction Bank going
forward," Dow Jones cited Bank of America spokesman Robert
Stickler as saying.  The bank hasn't discussed whether it may sell
part of the holding, he said.

According to the report, taking profit on part of the stake would
help the American bank prop up its capital base after its recent
acquisitions, including the US$44 billion purchase of Merrill
Lynch & Co.

Bank of America, the report notes, agreed to buy the 19.1 billion
shares in a deal signed ahead of the Chinese bank's initial public
offering.  It bought 17.5 billion shares for US$2.5 billion just
prior to China Construction Bank's US$8 billion H-share offering
in October 2005 and subscribed to another 1.66 billion of shares
in the IPO for US$500 million, and then raised its stake in May to
10.8% by buying another 6 billion shares for US$1.86 billion, the
same report recounts.

The report adds that China Construction Bank's shares are down 38%
since the beginning of the year, compared with a 32.5% decline on
Hong Kong's benchmark index.

                About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

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


XINHUA FINANCE: Unit Invests in Digital Pay TV Channels
-------------------------------------------------------
Xinhua Finance Media, a unit of Xinhua Finance Limited, has signed
an agreement to acquire a company that gives it a significant
interest in four digital pay TV channels with nationwide coverage
in China.

Under the Agreement, XFMedia will acquire a company that has an
interest in Tianjin Shidai Tianchuang Co. Ltd., which operates the
four digital pay channels.  Shidai Tianchuang intends to apply for
government approval to reposition the channels to further expand
their reach into China's upwardly mobile demographic.

The number of households in China with digital pay TV connections
grew to 27.3 million last year from 12.9 million in 2006,
according to a report by Informa Telecoms and Media Group on
China's media industry.  The report predicts that the number of
digital pay TV households will rise to 123 million by 2013,
accounting for half of all digital pay TV connections in the Asia
Pacific region at that time, when the region's pay TV market is
forecasted to be worth US$45 billion.  Morgan Stanley, in a report
published in June 2008, said China's digital TV industry has
entered a "hyper growth phase".

The Morgan Stanley report said: "As most Chinese people have
gradually satisfied their needs for food and shelter, they hunger
for high-quality media content . . .Going forward, the media
industry will likely see the fastest growth in consumer demand and
wealth creation in China."

Under the Agreement, XFMedia will purchase 100% of China Media
Network Ltd, which will hold a 49% interest in Shidai Tianchuang.
It will also acquire a majority interest in the companies
operating the four channels, giving it rights to the majority of
the profits from the whole venture.  XFMedia will make an initial
cash payment of US$5 million upon signing the Agreement.  XFMedia
will make a further cash payment of US$10 million, and issue two
million Class A common shares (one million ADS) of XFMedia if
certain conditions are met, including the successful repositioning
of the channels, the transfer of the equity interest in Shidai
Tianchuang, and the establishment of the JV Companies.

                    About Xinhua Finance Media

Xinhua Finance Media, a unit of Xinhua Finance Limited, is a
leading media group in China with nationwide access to the
upwardly mobile demographic.  Through its synergistic business
groups, Broadcast, Print and Advertising, XFMedia offers a total
solution empowering clients at every stage of the media process
and connecting them with their target audience.  Its unique
platform covers a wide range of media.

                  About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange.
Xinhua Finance's proprietary content platform, comprising
Indices, Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.

                          *     *     *

Xinhua Finance Limited continues to carry Moody's "B2" LT Family
and Senior Unsecured Debt Ratings.  The company also carries
S&P's "B" LT Credit Rating.


XINHUA FINANCE: Gets 30-Yr Advertising Rights to China Youth Net
----------------------------------------------------------------
Xinhua Finance Media, a unit of Xinhua Finance Limited, has
obtained 30-year exclusive advertising rights to the China Youth
Net web portal http://www.youth.cnand 50 associated sites and
channels with a total of five million page views daily.

Under the agreement, XFMedia will be able to sell advertising into
and offer content for all of these sites, including
http://sports.youth.cn. XFMedia will also have the right to set
up 600 new advertising billboards on up to 120 university and
college campuses and to organize events, including those on
university campuses, in the name of China Youth Net.

XFMedia CEO Fredy Bush said: "XFMedia plans to link this agreement
to its broadcast strategy, with particular focus on streaming
sports content, which has high interest levels amongst the key
demographic of university students, who are eagerly wooed by
advertisers."

"The websites and outdoor media assets provide a focused channel
to reach the educated, upwardly mobile demographic that is at the
heart of XFMedia's business model," Ms. Bush said.

A report from Morgan Stanley in June states that Internet users in
China now outnumber those in the US and will total 300 million by
the end of this year.  The report said that the majority of
Internet users in China are under 30 years old and that the
Internet is the primary way they receive content.

The same report said that the Internet is powering a huge growth
in content consumption amongst young people in China.  A quarter
of all China Internet users have college degrees, compared to only
3% of users of "old media", and have spending power that appears
to significantly exceed that of average Chinese consumers.

Mr. Richard Young, Managing Director of Sports for XFMedia, said,
"The young people in China today want to have a wider selection of
sports programming.  These sites and channels will allow us to
reach this audience and entertain them with different sporting
competitions including those major international leagues."

The website, http://www.youth.cn,is one of nine officially
designated news portals by China's central government, and has
been granted an online audio and video license by SARFT (the State
Administration of Radio, Film and Television).  The portal
http://www.youth.cnand its 50 associated sites and channels
include a wide variety of content for visitors including news,
sports, online shopping, chatrooms and blogs.  XFMedia will handle
all advertising on all parts of the portal.

The agreement for China Youth Net is for 20 years plus an option
of a further 10 years covering exclusive advertising, as well as
content, billboards, and events rights.  The agreement on
billboards on up to 120 campuses is for 15 years and covers
universities in Beijing and the central city of Wuhan.  China
Youth Net is owned by China Youth League, which is a key
organization within the Chinese government structure with about 75
million of members by the end of 2007.

XFMedia will make an initial cash payment of US$3.5 million and
issue 2 million ADS upon signing the agreement.   XFMedia will
make a further cash payment of US$1.5 million and 2 million ADS if
certain conditions are met.

                   About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange.
Xinhua Finance's proprietary content platform, comprising
Indices, Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.

                          *     *     *

Xinhua Finance Limited continues to carry Moody's "B2" LT Family
and Senior Unsecured Debt Ratings.  The company also carries
S&P's "B" LT Credit Rating.


* CHINA: Regulator Halts IPO to Help Stock Market
-------------------------------------------------
The IPO review committee of the China Securities Regulatory
Commission has effectively suspended initial public offerings to
tighten the supply of equity and strengthen its stock market amid
the global financial crisis, Alison Leung of Reuters reports,
citing South China Morning Post.

The report relates that the stock market regulator stopped
processing applications on Sept. 16 and the suspension, which was
to extend to the end of this month, is now likely to be prolonged,
aimed to curb equity supply to the weak market.

According to the report, China's key stock index .SSEC has fallen
more than 60% this year as a global credit crisis has shattered
investor confidence and hit markets around the world.

The committee, the report notes, approved an average of 10 new
offerings every week since the second quarter of 2006, when the
CSRC resumed initial share offerings after a year-long hiatus.

The CSRC has already frozen big-cap share offering this year and
given approval only to small and medium-sized companies seeking to
launch their stock on the SME board, the second board, for the
Shenzhen Stock Exchange, the same report points outs.

Reuters adds that since April, 35 companies have gone through the
hearings but have yet to start their share sales.



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

AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on preferred
stock of International Lease Finance Corp. (ILFC; A-/Watch Dev/A-
1) to 'BBB' from 'B', and revised the CreditWatch implications to
developing from negative.  All other ILFC ratings remain on
CreditWatch with developing implications.

S&P had lowered its ratings on preferred stock of ILFC and of
certain other units of ultimate parent American International
Group Inc. (A-/Watch Neg/A-1) because of the U.S. Federal
Reserve's Sept. 16, 2008, statement that the U.S. government would
have the right to veto AIG's common and preferred dividends under
the US$85 billion credit line extended by the Federal Reserve
Bank of New York to AIG.  However, S&P now believes that it is
unlikely that ILFC's preferred dividends would in fact be vetoed,
though AIG has suspended its own common dividend.  S&P believes
that, to facilitate the planned sale of ILFC and realize maximum
proceeds, AIG and the U.S. government would not find it in their
interests to intervene to block preferred dividends that ILFC
could otherwise pay from its own resources.

S&P's 'BBB' rating on the preferred stock, two notches below the
'A-' long-term corporate credit rating on ILFC, is consistent with
a normal rating differential for investment-grade companies.

"Our 'A-' long-term corporate credit rating on ILFC reflects our
current view of the company's credit quality, without
consideration of any support from AIG," said Standard & Poor's
credit analyst Philip Baggaley.  "Our 'A-1' short-term corporate
credit rating, by contrast, also factors in liquidity available
indirectly from the federal credit line to AIG."  S&P normally
assigns an 'A-2' short-term rating to companies whose long-term
corporate credit rating is 'A-'.

S&P reviews of the AIG credit line documentation and other
information confirms that the assets of ILFC are not subject to a
lien under the US$85 billion AIG credit line, creating a claim
senior to those of unsecured bondholders of ILFC.  ILFC drew down
its US$6.5 billion of bank credit lines, and stated on Sept. 18,
2008, that it expected that those funds, "together with cash
provided by operating activities will be sufficient to meet its
debt obligations into the first quarter of 2009."  S&P expects
that ILFC will in fact have access to liquidity that will permit
it to meet external obligations without recourse to the credit
markets beyond that timeframe. ILFC's aircraft leasing business,
which generated record profits in the second quarter of 2008,
continues to perform well, although S&P expects that aircraft
lease rates will weaken as the unfolding global economic slowdown
and financial market turmoil hurts air travel and aircraft values.

Ratings are on CreditWatch with developing implications.  When
ILFC is sold, S&P will reevaluate the company's credit, including
consideration of its new ownership, capitalization, and access to
liquidity, to resolve the CreditWatch review.

In addition, S&P will take into account the outlook for aircraft
leasing and the state of capital markets.


CLARET COMPANY: Creditors' Proofs of Debt Due on October 31
-----------------------------------------------------------
The creditors of Claret Company Limited are required to file their
proofs of debt by October 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on September 25,
2008.

The company's liquidators are:

          Edward Middleton
          Patrick Cowley
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


CWS HONG KONG: Final Meeting Slated for November 17
---------------------------------------------------
The member of CWS Hong Kong Limited will hold a final meeting on
November 17, 2008, at 11:00 a.m., at Unit 1302 of Shui On Centre,
6-8 Harbour Road, in Wanchai, Hong Kong.

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


DAICEL (HONG KONG): Derek and Haughey Cease to Act as Liquidators
-----------------------------------------------------------------
On September 30, 2008, Lai Kar Yan (Derek) and Darach E. Haughey
ceased to act as liquidators of Daicel (Hong Kong) Limited.

The company's former Liquidators can be reached at:

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


DELUXE WAY: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on October 3, 2008, the
members of Deluxe Way Investment Limited agreed to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 11,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Lo, Ramon Junior
           Two Exchange Square, Suite 1408
           8 Connaught Place
           Hong Kong


POLYTRADE ASIA: Final General Meeting Slated for November 11
------------------------------------------------------------
The members of Polytrade Asia Limited will hold their final
general meeting on November 11, 2008, at 11:00 a.m., at 6B,
Cameron Plaza, 23 Cameron Road, Tsimshatsui, in Kowloon,
Hong Kong.

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


PRD ELECTRONICS: Chiu and Diana Quit as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chung Miu, Diana ceased to act as liquidators
of PRD Electronics Limited on October 6, 2008.

The company's former Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


RIL SECURITIES: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Ril Securities Limited on September 26, 2008.

The company's former Liquidators can be reached at:

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


SONY ELECTRONICS: Yin and Chiu Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Ching Miu Yin, Diana quit as liquidators of
Sony Electronic Devices (Hong Kong) Limited on October 6, 2008.

The company's former Liquidators can be reached at:

          Ying Hing Chiu
          Ching Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


TIMEGRESS COMPANY: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on October 3, 2008, the
members of Timegress Company Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 10,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          James T. Fulton
          Cordelia Tang
          905 Silvercord, Tower 2
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


WOMEN EXCLUSIVE: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on September 26, 2008,
the members of Women Exclusive Limited agreed to voluntarily wind
up the company's operations.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Yip Ho Man
          Tung Chiu Commercial Centre, Room 1604
          193 Lockhart Road
          Wanchai, Hong Kong



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

* INDIA: Credit Crunch Prevents Agri Sector Growth, IFPRI Says
--------------------------------------------------------------
The burgeoning world financial crisis has pushed aside the
attention of policymakers from the threat of rising food prices,
but the global food crisis is far from over.  It continues to
threaten the food and nutrition security of poor people around the
globe, International Food Policy Research Institute (IFPRI)
Director General Joachim von Braun said in a statement.

The financial crisis reduces demand and speculative activity,
leading to lower food prices, and this may provide some relief to
poor consumers.  At the same time, however, the credit crunch
prevents accelerated flow of capital to long-term investments in
sectors such as agriculture, just as this investment is urgently
needed.  This undermines production growth toward a more resilient
global food system.

The pattern of low global investment in agricultural research and
development has contributed to slower growth in agricultural
productivity.  Unless the world addresses these challenges, the
livelihoods and food security of millions of poor people, as well
as the economic, ecological, and political situation in many
developing countries, will remain at risk.

Progress in achieving development goals—such as cutting hunger and
poverty in half by 2015—is slipping.  The number of hungry people
actually increased by at least 75 million from 2004 to 2007, and
probably increased by even more in 2008.  Addressing these
challenges will require significant increases in public spending.
Studies show that investments in agricultural research have
extremely high rates of return in terms of growth and poverty
reduction.  But what specific investments should be scaled up, and
where?

According to analysis by the International Food Policy Research
Institute (IFPRI), doubling spending on public agricultural
research over five years would significantly raise agricultural
output and reduce poverty.  But targeting different regions would
yield different benefits.  Allocating more investment to East and
Southeast Asia would raise agricultural output growth the most and
reduce the number of people living on less than US$1 a day by 204
million by 2020.  Spending more in Sub-Saharan Africa and South
Asia would have less impact on agricultural growth, but would lift
more people—about 282 million—out of poverty by 2020.

But not all agricultural research investments are equally
effective in combating hunger and poverty.  Scientists and
researchers from the Consultative Group on International
Agricultural Research (CGIAR) have produced a list of fourteen
“best bets” that would reap the greatest benefits and get the most
bang for the buck.  These investments fall into three broad
categories:

   1. Create and accelerate sustainable increases in
      productivity and production of healthy food by
      and for poor people.

   2. Conserve, enhance, and sustainably use natural
      resources and biodiversity to improve the
      livelihoods of the poor and respond to climate
      change.

   3. Mobilize science and technology to stimulate
      institutional innovation and enabling policies
      for pro-poor agricultural growth and gender equity.

If the potential of these "Best bets" research programs were
unleashed, they could benefit billions of people over the next
five years.  Unfortunately, progress is currently constrained by a
lack of funds.  While the investments required might seem large by
the standards of agricultural research, they are small compared
with other general development expenditures.  In terms of the
number of people reached and the potential returns to investment—
improved health and well-being for billions of people—doubling
spending on CGIAR research is more than a wise business
investment; it’s a moral imperative.



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

PT PERTAMINA: Wants to Acquire Stake in Chevron and Inpex
---------------------------------------------------------
PT Pertamina is trying to boost its gas reserves and production by
seeking a 10% participating interest in gas fields in Indonesia
operated by U.S. oil major Chevron and Japan's Inpex, Reuters
reports citing a Pertamina official.

Karen Agustiawan, Pertamina's upstream director told Reuters that
the gas fields -- located in offshore East Kalimantan and in Timor
Sea -- looks promising though it has not yet produced gas.

The report adds that Ms. Agustiawan said that the government has
agreed for Pertamina to participate in those gas fields, adding
that the company has already talked informally with Chevron about
that.

Ms. Agustiawan further told Reuters that Pertamina has prepared
financing to be involved in those fields.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                          *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
August 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).


* INDONESIA: 7 Toll Road Projects Face Funding Problems
-------------------------------------------------------
The construction of at least seven of 23 toll road projects is
feared to be postponed due to funding problems and difficulties
with land clearance, Antara News reports citing Toll Road
Regulatory Agency (BPJT) Nurdin Manurung.

According to the report, the seven projects valued at
IDR28.74 trillion (US$3 billion), includes a 37-kilometer
Surabaya-Mojokerto in East Java, the Bekasi-Cawang -Kampung Melayu
flyover in the Greater Jakarta area and the Depok Antasari project
also in the Greater Jakarta area.

Mr. Nurdin said that the public works ministry is seeking to help
the investors holding the project contracts, by seeking strategic
investors, the report adds.



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

FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company by one notch to 'CCC'
from 'B-'.

This rating action reflects the growing impact of the credit
crisis on industry sales volumes, supply chain financial risks,
the financial health of dealerships and the capital advantage of
transplants.  These issues are compounding the already-severe
stresses resulting from weakening economic conditions and the
migration to fuel-efficient vehicles.  Plummeting sales volumes
will accelerate negative cash flows in the second half of 2008 and
will result in deep cash drains through 2009.

Despite significant progress in Ford's cost reduction efforts and
an easing of commodity price pressures, Fitch projects that
without additional capital raising or asset sales, Ford will reach
the minimum required operating cash levels in the second half of
2009.

Although Ford remains the best positioned among the Detroit Three
in terms of liquidity, financial resources, manufacturing
footprint and intermediate-term product plans, these relative
attributes are being overwhelmed by industry conditions and the
impact of the credit crisis.  Fitch expects that industry volumes
will not trough until 2009.

The current credit crisis has augmented a number of risk factors
listed below, which apply to all the Detroit Three:

-- Of primary concern is the impact of the credit crisis on the
    extension of credit throughout the supply chain.  The decline
    in production among the Detroit Three, higher commodity
    prices and other margin pressures, and lack of access to
    capital is likely to produce further bankruptcies within the
    supply chain.  The potential contraction of trade credit
    throughout the industry, and the critical nature of trade
    credit to the capital structure of the supply industry and
    the Detroit Three, poses a high degree of risk in the event
    that capital market conditions continue to contract;

-- Industry volumes will continue to ratchet down through at
    least 1H'09 due to the decreasing ability of retail consumers
    to obtain competitive financing from the financing arms of
    the manufacturers or from third-party lenders.  This adds to
    the impact of the pullback in leasing on sales and production
    volumes;

-- The asset-backed securities market has become constricted, in
    terms of availability and pricing, for both auto loans and
    floorplan receivables;

-- Operating and financial stresses at dealerships continue to
    escalate, impacting their ability to hold inventory and to
    push sales volumes.  Challenges include the higher cost and
    reduced availability of floor-plan financing, more limited
    retail financing capabilities, and an increasing number of
    bankruptcies;

-- The ability of the Detroit Three to access the capital
    markets, a component of earlier plans to maintain liquidity,
    is currently severely limited. By the same token, asset
    divestitures are expected to be very challenging to complete,
    with sales proceeds unlikely to meet previous expectations or
    to sustain liquidity;

-- The combination of a wide margin advantage and superior
    capital resources provide the transplants with an
    overwhelming competitive advantage during the current cycle.
    Toyota's announcement that it will be offering 0% financing
    across eleven of its models is a crippling competitive tool
    in the current environment which will further impact volumes
    and pricing of the Detroit Three;

-- A bankruptcy filing by a major competitor would further
    affect pricing and the financial risks of the supply chain,
    and could force other manufacturers to follow.

Ford's cash position at the end of the second quarter was
approximately US$26.6 billion.  In the absence of further capital-
raising, Ford's liquidity could decline to the minimum required
level of US$10-to-12 billion within the next eighteen months.
Potential sources of liquidity include the federal loan guarantee
program, renegotiation of the VEBA financing structure and
timetable, and very modest levels of external capital and asset
sales.  Fitch expects that Ford will benefit from a federal loan
guarantee program, although the timing, amount, structure, term
and pricing are uncertain.

Ford retains access to its US$11.5 billion revolver but the total
commitment has been reduced by the bankruptcy of Lehman Brothers,
which had an US$890 million commitment.  The revolver is not
subject to restrictive covenants, but contains a borrowing base
which Fitch expects could further limit availability over the near
term. Although Fitch expects a modest level of capital-raising
will be completed, including the federal government loan program,
cash drains through 2010 will limit the potential to boost
liquidity to comfortable levels.

Ford has been active in equity for debt exchanges, which has
helped the company manage its debt levels and near-term
refinancing requirements, but which has not materially sustained
liquidity.  Ford's underfunded pension position will grow as a
result of declines in the equity and fixed-income markets, but
does not pose a material near-term funding risk.

Outside of the risks posed by the credit crisis, the combination
of federal loan guarantees and revolving credit draws should
provide adequate resources to reach 2010.  Although negative cash
flows are expected to continue through 2010, Ford is expected to
benefit from the terms of the United Auto Workers health care
agreement and any potential upturn in the housing market and
general economic conditions.

European operations, which have demonstrated strong improvement in
its operating performance, will weaken over the near term as the
economic environment and industry sales deteriorate.

Fitch has also downgraded Recovery Ratings for Ford's senior
unsecured debt to 'RR6', indicating minimal recoveries for
unsecured debtholders in the event of a default.  Unsecured
holders have become impaired by the high level of senior secured
debt that Ford has incurred, as well as deterioration in asset
values for the North American and European operations, and several
asset holdings.

Fitch has downgraded these long-term ratings:

Ford Motor Co.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior secured credit facility to 'B/RR1' from 'BB-/RR1';
-- Senior secured term loan to 'B/RR1' from 'BB-/RR1';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. Capital Trust II
-- Trust preferred stock to 'C/RR6' from 'CCC/RR5'.

Ford Holdings, Inc.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. of Australia
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Credit Company LLC
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Commercial paper to 'C' from 'B'.

FCE Bank Plc
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-'/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B';
-- Short-term deposits at to 'C' from 'B'.

Ford Capital B.V.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Canada Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Australia Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B'.

Ford Credit de Mexico, S.A. de C.V.
-- Long-term IDR to 'CCC' from 'B-'.

Ford Credit Co S.A. de CV
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Motor Credit Co. of New Zealand
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.
-- Short-term IDR to 'C' from 'B'.

Fitch has also affirmed these ratings:

Ford Credit Canada Ltd.
-- Commercial paper at 'B'.

Ford Credit Australia Ltd.
-- Commercial paper at 'B'.


NOMURA HOLDINGS: Lehman Brothers Asia to Re-Open This Week
----------------------------------------------------------
Lehman Brothers Holdings Inc.'s Asia unit will resume operations
this week after a majority of its workers become employees of
Nomura Holdings Inc., Reuters reports, citing Nikkei Business
News.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Nomura Holdings agreed to pay
less than a month's revenue for units of bankrupt Lehman Brothers
in Asia and Europe.

According to that report, the Asia transaction includes 3,000
employees in Tokyo, Seoul, Beijing, Shanghai, Hong Kong, Taiwan,
Thailand, Singapore, Mumbai, Sydney and Melbourne.  The company
would also keep most of Lehman's 2,500 workers in the U.K.,
Germany, Switzerland, Spain, the Middle East, Sweden and Russia,
the report said.

Reuters says that most of the 3,000 or so staffers in Lehman's
Asia-Pacific division were expected to sign new employment
contracts with Nomura.  Lehman's Tokyo office with about 1,300
workers was expected to reopen as early as tomorrow, October 14.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Luc A. Despins, Esq., and Wilbur F. Foster,
Jr., Esq., at Milbank, Tweed, Hadley & Mccloy LLP, in New York,
and Paul Aronzon, Esq., and Gregory A. Bray, Esq., at Milbank in
Los Angeles, California, represent the official unsecured
creditors committee.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which have filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/ --  is a
securities and investment banking firm in Japan and has
worldwide operations.  Nomura is a holding company.  The
services it provides include trading, underwriting, and offering
securities, asset management services, and others.  As of
March 31, 2008, it operated offices in about 30 countries and
regions, including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  The company's
customers include individuals, corporations, financial
institutions, governments and governmental agencies.  Nomura
operates in five business divisions: domestic retail, global
markets, global investment banking, global merchant banking and
asset management.   In February, 2007, Nomura acquired Instinet
Incorporated.

                          *     *     *

Nomura Holdings still carries Fitch Ratings' 'C' individual
rating, and Support Rating Floor at 'B'.

On Aug. 1, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal, reported that Nomura Holdings
posted a JPY76.6 billion (US$712.8 million) net loss for its
fiscal first quarter, from a JPY75.9 billion net profit a year
earlier.  The reported loss, the report said, came after write-
downs of risky debt products, and a Japanese bank's expectation
that difficult market conditions will continue.


YAMATO LIFE: Files for Bankruptcy Protection With US$2.7BB Debts
----------------------------------------------------------------
Yamato Life Insurance Co. filed for court protection from
creditors with debts exceeding assets by JPY11.5 billion (US$116
million), Bloomberg News reports.

The company, Agence France-Presse relates, went bust with debts of
US$2.7 billion, becoming the first Japanese insurer to go bankrupt
in seven years.

According to Kyodo News, Yamato's financial profile was hurt by
losses from investing in subprime mortgage-backed bonds and other
securities like stocks, whose prices have plunged amid the global
financial crisis.

"Because of the global financial market chaos and the credit
crunch, the value of our securities holdings rapidly fell.  It was
beyond our expectations.,"  AFP cited Company President, Takeo
Nakazono, as saying.  "We have attempted to strengthen our risk
management, but we have come to this regrettable outcome," he said
in a press conference.

Mr. Nakazono, Bloomberg News relates, said the company's solvency
margin, which gauges its ability to pay policyholders, stood at
26.9%.  The firm, which had 1,019 employees as of March, had
shifted its assets to alternative investments, which accounted for
about 30% of the total portfolio as of the end of September, to
boost returns, however, the move ended up hurting the company as
global markets collapsed, he added.

Japan's Financial Services Agency said that the company expected a
net loss of JPY11 billion for the six months ended Sept. 30, while
losses on securities holdings probably reached JPY15.7 billion,
Bloomberg News says.

According to Bloomberg News, the global credit crisis sparked by
the U.S. subprime collapse has wiped out more than US$670 billion
in market value from the Tokyo Stock Exchange's first section this
week as investors flee equities.  "The fact that insurers are
starting to struggle with their investments is a harbinger that
even pension funds may start to suffer given the market
environment," Bloomberg News cited Tetsuo Inoue, chief strategist
at Proud Asset Management Japan Co. in Tokyo, as saying.  "It's a
tough situation," he said.

Among Yamato Life's biggest shareholders are Shinsei Bank Ltd.,
part-owned by private equity investor Christopher Flowers,
Leopalace21 Corp., a property developer, and Aderans Holdings Co.,
Japan's biggest wigmaker, Bloomberg News adds.

         Gov't Assures Investors it's an Isolated Case

Japanese government ministers rushed to reassure investors that
the failure was an isolated incident, AFP reports.

According to AFP, Finance Minister Shoichi Nakagawa said that the
bankruptcy was due to Yamato's particular business strategy, and
does not reflect the health of the industry as a whole.  "The main
reason for Yamato Life's situation is its unique scheme, under
which the company used proceeds from high-yielding securities to
cover losses from high-cost insurance operations," Mr. Nakagawa
said.

Mr. Nakagawa added that, "Our understanding is that the situation
is different from other insurance companies.  It is extremely
regrettable that the company's situation has come to this," AFP
relates.

However, AFP adds, investors did not appear so optimistic.  Tokyo
stocks suffered the biggest loss in two decades October 10,
Friday, plunging 10.64% by the break as fears grew that
authorities are unable to control the growing financial crisis.



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

TOWER AUTOMOTIVE: Closes Traverse City Plant, Eliminates 350 Jobs
-----------------------------------------------------------------
Due to the slump of the auto industry in North America, Tower
Automotive, Inc., will close its Traverse City plant and cut more
than 350 jobs, The Associated Press reports.  However, there is no
exact date for the shutdown yet.

According to the report, approximately 318 hourly employees and
40 salaried workers who worked to produce small stampings and
assemblies at Tower's Traverse plant will be affected by Tower's
decision.

The Traverse City Record-Eagle reported that 45 workers have
already been laid off and that they were not surprised by Tower's
decision to close the plant.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ)
is a global designer and producer of vehicle structural components
and assemblies used by every major automotive original equipment
manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM,
Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.
Products include body structures and assemblies, lower vehicle
frames and structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  On
June 4, 2007, the Debtors submitted an Amended Plan and Disclosure
Statement.  The Court approved the adequacy if the Amended
Disclosure Statement on June 5, 2007.  On July 11, 2007, the Court
confirmed the Debtors' Amended Chapter 11 Plan and the Debtors
emerged from Chapter 11 on July 31, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 76; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).



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

PECD BERHAD: Arif Cerah Faces L'Grande's Wind-Up Petition
---------------------------------------------------------
Arif Cerah Sdn Bhd, a wholly owned subsidiary of PECD Jaya
Holdings Sdn Bhd, which in turn is a 70% subsidiary of PECD
Berhad, has been served with a wind-up petition by L'Grande
Development Sdn Bhd.  The petition will be heard before the High
Court of Shah Alam on January 20, 2008, at 9.00 a.m.

The Petitioner had claimed for a sum equivalent to
MYR1.12 million, which was allegedly due and payable by Arif Cerah
as at April 18, 2008, plus costs arising out of the petition to be
paid out of the assets of Arif Cerah.

Circumstances leading to filing of the petition:

   a) Arif Cerah received a statutory notice pursuant to Section
      218 of the Companies Act, 1965 from the Petitioner's
      solicitors Messrs HL Lee & Co. on April 18, 2008, demanding
      payment of MYR1.12 million;

   b) The Petition was presented to the Honorable Court when
      payment was not made by Arif Cerah within the statutory
      period of 21 days.

At this juncture, the Petition is not expected to have any major
impact on the financial and operation of the Group.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


SUNWAY INFRASTRUCTURE: To Hold Meetings on October 10
-----------------------------------------------------
Sunway Infrastructure Berhad will hold an Extraordinary General
Meeting at Dewan Perdana, 1st Floor, Sports Complex, Bukit Kiara
Equestrian & Country Resort, in Jalan Bukit Kiara, Off Jalan
Damansara 60000 Kuala Lumpur on Thursday, October 30, 2008,
immediately upon conclusion of the 11th Annual General Meeting of
the company which is scheduled to be held on the same day at
10.00 a.m. for the purpose of considering and if thought fit,
passing these Resolution, with or without modifications:

   -- That the name of the company be changed from "Sunway
      Infrastructure Berhad" TO "Silk Holdings Berhad" with effect
      from the date of issuance of the Certification of
      Incorporation on Change of Name of Company by the Companies
      Commission of Malaysia; and

   -- That the Directors and Secretaries of the company be
      authorized to deal with all matters relating thereto and to
      take all steps and do all acts and things in any manner as
      they may consider necessary or expedient to give effect to
      and complete the change of company name.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.


SUNWAY: SC Approves Proposed Variation to PTC of MYR752 Mil. Sukuk
------------------------------------------------------------------
Pursuant to the Sale and Purchase Agreement entered into between
Sunway Holdings Berhad (SunInfra), Infra Bumitek Sdn Bhd and
holders of the Sukuk Mudharaah, the Securities Commission on
October 7, 2008, approved the proposed variation to the Principal
Terms and Conditions (PTC) of the MYR752,236,660 Sukuk Mudharabah
Issued by Manfaat Tetap Sdn Bhd.  The revision is in respect of
the proposed substitution of the existing corporate guarantee
issued by SunInfra with a Limited Guarantee to be issued by
SunInfra as part of the security for the Sukuk Mudharabah.

The approval of the Securities Commission is subject to several
conditions including:

   -- Affin Investment to inform all relevant parties in relation
      to the Sukuk Mudharabah issue including, but not limited to,
      the trustee and where applicable, obtain their consents
      thereto;

   -- Affin Investment and Manfaat Tetap Sdn Bhd to undertake
      all necessary due diligence in relation to the Proposed
      Revision;

   -- Affin Investment to ensure that all other regulatory
      approvals, if required, for the Proposed Revision will be
      obtained.

                    About Sunway Infrastructure

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.


WELLI MULTI: Works on Turnaround Plan
-------------------------------------
Welli Multi Corporation Bhd will embark on an aggressive plan to
return to profitability, the Edge Daily reports.

According to the report, the company's turnaround plan includes:

   -- restructuring its capital and loan,

   -- divesting its food and transport businesses, and

   -- cutting of overheads and expenses.

In Welli Multi's financial report for the year ended March 31,
2008, Commodity firm's Chairman Datuk Seri Mohd Shariff Omar was
cited by The Edge as saying that the company aimed for its
core business of palm kernel processing be profitable again.

The company will also explore new profitable opportunities in palm
and vegetable oil related businesses, the Edge Daily notes.

"In terms of future prospects, the board and management are
positive that the worst is behind us and we will be able to
continue our trend of improving the group's performance,” Mohd
Shariff was quoted by the news agency as saying.

                        Going Concern Doubt

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date, the
      group's and the company's current liabilities exceeded their
      current assets by MYR175,640,659 and MYR8,575,952
      respectively.  The group and the company had a deficit in
      shareholders' equity of MYR99,366,945 and MYR7,673,479,
      respectively.

                        About Welli Multi

Welli Multi Corporation Berhad, which is based in Malaysia, (WMCB)
is an investment holding company engaged in the provision of
management services.  Its subsidiaries include: Fourseason
Foodstuff Industries (M) Sdn. Bhd., which is engaged in the
manufacture and distribution of all kinds of foodstuff; Fourseason
Trading Sdn. Bhd., which is involved in the trading and
distribution of foodstuff and toys; Welli Edible Oil Sdn. Bhd.,
which is engaged in the processing of copra and palm kernel, and
trading of palm kernel oil, coconut oil, palm kernel cake and
copra cake; Welli Business Ventures Sdn. Bhd., which is engaged in
the importing, exporting, distribution and general trading of
flexible packaging, plastic sheet products, plastic lighting
diffuser, consumer products and health-related food, and Welli
Bio-Tech Sdn. Bhd., which is dormant.


UBG BERHAD: Records Public Shareholding Spread at 10.05%
--------------------------------------------------------
UBG Berhad's Board of Directors disclosed that based on its Record
of Depositors of as at October 7, 2008, the company's public
shareholding spread is:

   a) Number of public shareholders: 10,909
   b) Number of shares held by public shareholders: 50,294,634
   c) Percentage of public shareholding spread: 10.05%

Thus, the public shareholding spread of UBG no longer falls under
paragraph 8.15(4) of the Listing Requirements of Bursa Malaysia
Securities Berhad.  With this event, the company submitted an
application to Bursa Securities for:

   * non-suspension of trading in UBG Shares.  As previously
     disclosed, trading in UBG Shares was suspended from
     October 16, 2008, pursuant to paragraph 8.15(4) of the
     Listing Requirements of Bursa Securities; and

   * extension of time of six months up to April 7, 2009, for UBG
     to comply with a public shareholding spread of at least 25%
     of its issued and paid-up share capital pursuant to paragraph
     8.15(1) of the Listing Requirements of Bursa Securities.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

ABSOLUTE HOME: Proofs of Debt Due on October 20
-----------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, Grant Bruce
Reynolds was appointed liquidator of Absolute Home Entertainment
(2004) Limited on September 11, 2008.

Creditors are required to file their proofs of debt by October 20,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Reynolds and Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748
          Email: grant@randa.co.nz


B J PROPERTIES: Liquidators Set October 31 as Claims Bar Date
-------------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, the
shareholders of B J Properties Limited appointed John Francis
Managh, of Napier, as liquidator on September 8, 2008.

The liquidator sets October 17, 2008, as the last day for
creditors to file their proofs of debt.

The liquidator can be reached at:

          John Managh
          50 Tennyson Street
          PO Box 1022
          Napier
          Telephone/Facsimile: (06) 835 6280


DELETED LIMITED: Proofs of Debt Due on October 31
-------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993, the
shareholders of Deleted Limited fka Stitch and Print Limited
resolved that the company be liquidated and that Michael William
Hartley, of Auckland, be appointed as liquidator.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Michael William Hartley
          PO Box 46127
          Herne Bay, Auckland 1147
          Telephone (09) 360 2089


INDIGO SOLUTIONS: Proofs of Debt Due on November 10
---------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the
High Court has appointed John Howard Ross Fisk, chartered
accountant, and Craig Alexander Sanson, insolvency practitioner,
both of Wellington, as liquidators of Indigo Solutions Limited.

Creditors are required to file their proofs of debt by November
10, 2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Carl P. Messerschmidt
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7000
          Facsimile: (04) 462 7492


KA CAPITAL: Liquidators Set October 31 as Claims Filing Deadline
----------------------------------------------------------------
In the matter of the Companies Act 1993, the shareholders of
KA Capital Limited resolved that the company be liquidated and
that Michael William Hartley, of Auckland, be appointed as
liquidator.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Michael William Hartley
          PO Box 46127
          Herne Bay, Auckland 1147
          Telephone (09) 360 2089


KA SECURITIES: Liquidators Set Oct. 31 as Claims Filing Deadline
----------------------------------------------------------------
In the matter of the Companies Act 1993, the shareholders of
KA Securities Limited resolved that the company be liquidated and
that Michael William Hartley, of Auckland, be appointed as
liquidator.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Michael William Hartley
          PO Box 46127
          Herne Bay, Auckland 1147
          Telephone (09) 360 2089


OLD IHL: Liquidators Set October 31 as Claims Bar Date
------------------------------------------------------
In the matter of the Companies Act 1993, the shareholders of Old
IHL Limited resolved that the company be liquidated and that
Michael William Hartley, of Auckland, be appointed as liquidator.

Creditors are required to file their proofs of debt by October 31,
2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

           Michael William Hartley
          PO Box 46127
          Herne Bay, Auckland 1147
          Telephone (09) 360 2089


OPI PACIFIC: Parent Appoints Voluntary Administrators
-----------------------------------------------------
OPI Pacific Finance Limited's parent OPI New Zealand Limited,
formerly known as MFS New Zealand, has appointed Andrew John McKay
and John Joseph Cregton of Corporate Finance Limited as voluntary
administrators.

In its full year results disclosed in a regulatory filing, OPI New
Zealand reported a net loss of NZ$232 million for the year ended
March 31, 2008.

OPI New Zealand's loss is primarily attributable to the write down
in the carrying values of its subsidiaries, and the recognition of
impairments to the loans and investments of OPI Pacific Finance
Limited.

Coinciding with the release of these results, the company said its
directors have completed their review of the company's remaining
assets, liabilities, and its viable future prospects.  It is clear
that upon completion of the Moratorium for Pacific Finance there
will not be any surplus funds remaining for distribution to the
shareholders of OPI New Zealand.

In addition, OPI New Zealand said it will not receive any fees or
income from Pacific Finance throughout the term of the Moratorium,
and it can no longer rely upon the Octaviar Group for ongoing
financial support.

However, OPI New Zealand said the appointment of administrators is
not expected to have any affect on the Moratorium for Pacific
Finance.

As reported in Troubled Company Reporter-Asia Pacific on
September 9, 2008, OPI Pacific Finance' secured debenture holders
and unsecured noteholders voted in support of an extraordinary
resolution which will allow OPI Pacific Finance to enter into
Secured Debt Arrangements with the Octaviar Limited and to
continue with the moratorium agreed in May 2008.

OPI New Zealand' securities have been suspended from trading since
June 10, 2008.  NZX Regulation said the company's shares will
continue to be indefinitely suspended.

                     About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.

                        About OPI Pacific

OPI Pacific Finance Limited (NZX:MFN) --
http://www.opinewzealand.co.nz/-- is a subsidiary of Octaviar
Limited.

                         *     *     *

According to findata, OPI Pacific Finance was forced to default on
repayments in late January when Octaviar Limited declined to
provide further support because of its own difficult financial
position.

Findata recalled that at the end of March, OPI Pacific Finance
owed NZ$274 million to secured debenture stockholders and NZ$56.7
million to unsecured noteholders.

The report related that of NZ$476 million in cash, loans and
investments, only NZ$122 million may be recoverable.

Octaviar owns 38.5 percent of OPI New Zealand, which owns OPI
Pacific Finance, the report added.


PLUS SMS: Terminates CEO and CFO Due to Employment Deal Breaches
----------------------------------------------------------------
Plus SMS Holdings Ltd disclosed in a regulatory filing the
termination of the employment agreements with its Chief Executive
Officer, Christopher Tiensch, and its Chief Financial Officer,
L. F. Coates, due to material and fundamental breaches of their
employment duties, obligations and agreements.

The company said it is continuing to liase with other senior
executives who, in conjunction with the Board, will fulfill their
roles until permanent appointments can be made.  This is
notwithstanding their earlier notices to resign on March 12, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2008, Plus SMS' Mr. Tiensch resigned as Chairman and
Director and given the company six months notice of his intention
to resign from his roles a CEO.

Citing Aaron Lim of BusinessDay.co.nz, the TCR-AP reported on
September 26, 2008, that Plus SMS appears to be headed into a
legal battle with its outgoing CEO and Chairman, Christopher
Tiensch, over the validity of the proposed issue of 13,481,838 new
ordinary shares to Mr. Tiensch as part of his employment contract.

According to the report, at its adjourned annual general meeting
held on September 25, 2008, the board of directors said it
would withdraw the resolution relating to the issue of share to
its former chairman and outgoing CEO.

                        About Plus SMS

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- is the parent company of Plus SMS Limited.  It provides
access to businesses to the number ranges required for the
routing of short message service and multimedia messaging system
messages worldwide using a single short number.  On July 4,
2005, Plus SMS Limited acquired Plus SMS Holdings Limited in a
reverse acquisition.

                            *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.


TOPP CONSTRUCTION: Liquidators Set November 10 as Claims Bar Date
-----------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the High
Court has appointed John Howard Ross Fisk, chartered accountant,
and Craig Alexander Sanson, insolvency practitioner, both of
Wellington, as liquidators of Topp Construction Limited.

Creditors are required to file their proofs of debt by November
10, 2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Carl P. Messerschmidt
          PricewaterhouseCoopers
          113-119 The Terrace (PO Box 243)
          Wellington
          Telephone: (04) 462 7000
          Facsimile: (04) 462 7492


R G SMITHSON: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch held a hearing on October 6, 2008,
to consider an application putting R G Smithson & Associates
Limited into liquidation.

The application was filed on August 14, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Julie Newton is the plaintiff's solicitor.


WILTON TERRACES: Proofs of Debt Due on October 20
-------------------------------------------------
Pursuant to Section 255(2) of the Companies Act 1993, Grant Bruce
Reynolds was appointed liquidator of Wilton Terraces Limited on
September 11, 2008.

Creditors are required to file their proofs of debt by October 20,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

          Reynolds and Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748
          Email: grant@randa.co.nz



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

* PHILIPPINES: Posts Php3.966 Trillion Govt. Debt as of End July
----------------------------------------------------------------
As of July 2008, the National Government debt slightly increased
by 0.1 % from the June 2008 level, data from Bureau of Treasury
revealed.

Total outstanding debt stood at Php3.966 trillion of which,
Php1.628 trillion or 41% is owed to foreign creditors and
Php2.338 trillion or 59% to domestic creditors.

The increase in domestic debt of Php35 billion or 1.5% from the
recorded end June 2008 level was due to the net issues incurred by
the National Government.  On the other hand, the drop in National
Government's foreign debt of Php33 billion or 2.0% from the level
as of end June 2008 was due to the Php24 billion and Php9 billion
net appreciation of the peso and the third currencies against the
US dollar, respectively.

The contingent debt of the National Government, composed mainly of
guarantees issued by the National Government, declined to
Php512 billion, lower by Php12 billion or 2.2% from end June 2008
level of Php524 billion.  The decrease was attributed to the
foreign contingent debt due to the combined effects of the
Php1 billion net repayment, Php4 billion net appreciation of the
third currencies against the US dollar and Php7 billion
appreciation of the peso against the US dollar.



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

ADVANCED MICRO: Abu Dhabi Venture Has Negative Effect, Fitch Says
-----------------------------------------------------------------
Fitch Ratings has commented on the possible sector implications of
Advanced Micro Devices, Inc.'s (AMD, rated 'B-'/Negative) proposed
joint venture with the Abu Dhabi government-controlled Advanced
Technology Investment Company to form a potentially large-scale
new foundry headquartered in the United States, and said that the
creation of this new entity carried negative implications for
foundry competition over the longer-term.

Predominantly domiciled in Asia, the sector is currently dominated
by four companies, Taiwan Semiconductor Manufacturing Company Ltd
(TSMC, rated 'A-' (A minus)/Stable), United Microelectronics
Corporation (UMC, rated 'BBB'/ Stable), Semiconductor
Manufacturing International Corporation and Chartered
Semiconductor Manufacturing Ltd (CSM, rated 'BB+'/Stable) which
together accounted for around 70% of the market in 2007.

The new entity, temporarily called The Foundry Company will be
owned 44.4% by AMD and 55.6% by ATIC.  TFC has strong financial
backing from Abu Dhabi, with ATIC planning to contribute US$1.4bn
in new capital and likely to commit additional equity funding of
between US$3.6-6.0bn over the next five years for capacity
expansion.  The transaction is expected to close in early 2009,
pursuant to which TFC will own AMD's Fab 36 and Fab 38 located in
Dresden, Germany, with plans to additionally invest in a new 300mm
fab in New York, and possibly one in Abu Dhabi as well.

However, the proposed new foundry venture is not without
challenges.  TFC will initially have limited scale to compete with
major players, given that its monthly capacity of 63 thousand
eight-inch equivalent wafers approximated only around 8% of TSMC's
and 17% of UMC's total monthly capacity during H108.  Moreover,
with its fabs situated in relatively higher-cost locations, TFC is
likely to sustain lower margins than its Asian peers.  TFC's
success will also depend on its ability to address conflict issues
with external customers, given its ownership by a parent who is an
integrated device manufacturer.

Fitch notes that TFC will have an almost exclusive supply
agreement to manufacture AMD processors and to additionally
manufacture some portion of other semiconductor products, which
could potentially impact outsourced volumes to its current foundry
partners; namely, CSM which is an additional source for
microprocessors, as well as TSMC and UMC for graphics, chipsets
and consumer electronic devices.

In the agency's view, AMD's outsourcing arrangements with TSMC and
UMC for graphics, chipsets and consumer electronic devices are
likely to continue undisturbed over the next year or so, as most
of TFC's existing capacity will be dedicated to manufacturing
microprocessors for AMD.  On the other hand, the foundries may
elect to scale back supply to AMD, given the conflict of interest
related to AMD's ownership in a foundry competitor.  In any event,
potential order reductions at AMD are viewed as credit-neutral to
TSMC, UMC and CSM, noting that the company is at present a
relatively minor revenue source for all three foundries.

That said, the new foundry venture foreshadows increased
competition over the longer-term, and this comes at a time when
the sector is going through a downward correction, with industry-
wide price erosions at both the leading and trailing edge, and
worsening macro-conditions in key end-markets.  The threat of a
new leading-edge competitor could derail the industry's tentative
steps towards firmer pricing on advanced technologies, effectively
delaying a rebound in fundamentals.

The actual competitive impact is likely to become apparent only by
2010/11, if TFC executes as planned to ramp up new capacity at
Dresden and New York.  Fitch notes that the new foundry is also
expected to join the IBM co-development platform for silicon on
insulator and bulk silicon technology, signifying new competition
for CSM within the alliance.


* SINGAPORE: GDP Fell 0.5% in July-September Period
---------------------------------------------------
Singapore's gross domestic product fell by 0.5 percent in the
July-September period compared from the same quarter a year ago,
as falling consumer demand from the U.S. and Europe hurt the city-
state's manufacturing export industry, The Star reports citing
the Trade and Industry Ministry.

"External economic conditions have deteriorated more than expected
and some sectors of the economy have weakened significantly," the
The Star quoted the ministry as saying in a statement.

According to the report, manufacturing shrank 11.5 percent in the
third quarter, while construction grew 7.8 percent and services
rose 6.1 percent.

The Star notes that the central bank, known as the Monetary
Authority of Singapore, said in a statement that it shifted its
foreign exchange policy to a "zero percent appreciation" of the
Singapore dollar from "a modest and gradual appreciation" in a bid
to boost the competitiveness of the country's exports.


* Fitch Puts 42 Tranches of CMBS & RMBS on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed 42 tranches in a total of five CMBS and
RMBS transactions on Rating Watch Negative.  This action reflects
the currently available information and foreseeable outcome of the
hedge counterparty replacement, the repurchase of such hedge
agreements or measures pursued by the arranger, Lehman Brothers
Japan Inc., the servicers, and the trustees of these transactions.

While the final outcomes remain to be seen, the uncertainty
surrounding the timeliness of future actions has increased, as the
triggered timelines approach within the next few weeks.  The
feasibility of obtaining alternative measures, based on the
counterparty availability and pricing in the market, will likely
determine the actual actions to be taken by the affected parties.
These, together with the performance of the transactions, will
lead to the resolution of the Rating Watches.

Lehman Brothers Holdings Inc. and its subsidiaries also act as
counterparties to certain underlying borrowers within Japanese
CMBS transactions.  Although borrower level hedge terminations may
stress loan payments to some extent, the overall effects are
expected to be less significant, since the majority of these are
interest rate cap transactions that have not exceeded their strike
rates.

These rating actions follow the agency's comment on 17 September
2008 titled "Fitch Assessing Lehman Counterparty Exposure in 5
Japanese SF Transactions", in which LBHI and its subsidiaries'
counterparty exposure and exposure type in the noted transactions
were reviewed.

DTC Three Funding Ltd.

  -- JPY 5.77bn Class A-1 notes rated 'AAA'; placed on RWN
  -- JPY 3.94bn Class A-2 notes rated 'AAA'; placed on RWN*
  -- JPY 0.87bn Class B notes rated 'AA'; placed on RWN
  -- JPY 0.54bn Class C notes rated 'A'; placed on RWN
  -- JPY 0.69bn Class D notes rated 'BBB'; placed on RWN
  -- JPY 0.78bn Class E notes rated 'BB'; placed on RWN

* Excluding Class A-2 additional interest
The Class X notes are unaffected.

DTC Eight Funding Ltd.

  -- JPY 31.88bn Class A notes rated 'AAA'; placed on RWN
  -- JPY 1.78bn Class B notes rated 'AA'; placed on RWN
  -- JPY 1.62bn Class C notes rated 'A'; placed on RWN
  -- JPY 1.21bn Class D notes rated 'BBB'; placed on RWN
  -- JPY 0.24bn Class E notes rated 'BB'; placed on RWN

The Class N notes are unaffected.

G.K. L-JAC Four Funding

  -- JPY 18.90bn Class A-2 bonds rated 'AAA'; placed on RWN
  -- JPY 4.28bn Class B-2 bonds rated 'AA'; placed on RWN
  -- JPY 4.00bn Class C-2 bonds rated 'A'; placed on RWN
  -- JPY 1.10bn Class D-2 bonds rated 'BBB'; placed on RWN
  -- JPY 1bn Class D-3A bonds rated 'BBB'; placed on RWN
  -- JPY 2.3bn Class D-3B bonds rated 'BBB'; placed on RWN
  -- JPY 0.46bn Class E-2 bonds rated 'BBB-'; placed on RWN
  -- JPY 1.2bn Class E-3 bonds rated 'BBB-'; placed on RWN
  -- JPY 0.29bn Class F-2 bonds rated 'BB+'; placed on RWN
  -- JPY 1.1bn Class F-3 bonds rated 'BB+'; placed on RWN
  -- JPY 0.29bn Class G-2 bonds rated 'BB'; placed on RWN
  -- JPY 0.4bn Class G-3 bonds rated 'BB'; placed on RWN

The Class X-1 and X-2 TBIs are unaffected.

L-JAC5 Trust
  -- JPY 37.44bn Class A TBIs rated 'AAA'; placed on RWN
  -- JPY 6.68bn Class B TBIs rated 'AA'; placed on RWN
  -- JPY 5.66bn Class C TBIs rated 'A'; placed on RWN
  -- JPY 1.69bn Class D-1 TBIs rated 'BBB'; placed on RWN
  -- JPY 1.53bn Class D-2 TBIs rated 'BBB'; placed on RWN
  -- JPY 0.60bn Class D-3 TBIs rated 'BBB'; placed on RWN
  -- JPY 0.50bn Class E-1 TBIs rated 'BBB-'; placed on RWN
  -- JPY 0.70bn Class E-2 TBIs rated 'BBB-'; placed on RWN
  -- JPY 0.50bn Class F-1 TBIs rated 'BB+'; placed on RWN
  -- JPY 0.51bn Class F-2 TBIs rated 'BB+'; placed on RWN
  -- JPY 0.50bn Class G-1 TBIs rated 'BB'; placed on RWN
  -- JPY 0.35bn Class G-2 TBIs rated 'BB'; placed on RWN
  -- JPY 0.53bn Class H-1 TBIs rated 'BB-'; placed on RWN
  -- JPY 0.56bn Class I-1 TBIs rated 'B+'; placed on RWN
  -- JPY 0.37bn Class J-1 TBIs rated 'B'; placed on RWN

The Class X-1 and X-2 TBIs are unaffected.

L-STaRS One Funding Limited
  -- JPY 7.82bn Class A notes rated 'AAA'; placed on RWN
  -- JPY 0.45bn Class B notes rated 'AA'; placed on RWN
  -- JPY 0.3bn Class C notes rated 'A'; placed on RWN
  -- JPY 0.15bn Class D notes rated 'BBB+'; placed on RWN

The Class E, N-1 and N-2 notes are unaffected.



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

* S&P Says Asia Insurance Sector to Survive Global Market Turmoil
-----------------------------------------------------------------
Asia's insurance industry has sufficiently strong fundamentals to
withstand the current turmoil in the world's financial markets,
but profitability will be significantly eroded over the next year,
according to a report published by Standard & Poor's Ratings
Services, titled "Asia's Insurance Industry Can Shake Off The
Negative Effects Of The Recent Market Turmoil".

"The industry's operating performance is likely to deteriorate in
2008, and some companies may even report losses, due to plummeting
investment profits, slowing new-business sales, and falling
confidence among policyholders.  But we expect the rated insurers
that have strengthened their balance sheets over the past five
years to ride out the storm without major rating changes and
believe that the sector's strong growth potential will remain
intact over the medium term," said S&P's credit analyst Connie
Wong.

Following a full review of five markets with rated insurers, S&P
revised the outlooks on Singapore and Taiwan's life insurance
sectors to negative from stable to reflect the combined effects of
investment market volatility and less-optimistic business
prospects, which S&P believes will dampen the performances of
their domestic players more significantly than in other regional
markets over the coming year.

"The capitalization of most rated insurers has been hit by
declining profits or a reduction in investment evaluation
reserves.  However, S&P believes these setbacks are still
manageable and will not affect most ratings due to adequate
capital levels for the current ratings.  But if market conditions
deteriorate, insurers that have thin capital buffers will prove
vulnerable," said Ms. Wong.



                         *********

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.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***