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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

            Wednesday, October 22, 2008, Vol. 11, No. 210

                            Headlines

A U S T R A L I A

ALLCO FINANCE: May Default on its Senior Debt Facility Repayment
AUST FORTUNE: To Declare Dividend on November 11
BABCOCK & BROWN: Receives Numerous Offers for Company's Assets
BABCOCK & BROWN: Unveils Key Changes to Management Agreement Terms
C.L.E.A.R. PLC: S&P Lowers D Ratings Following Downgrade Review

EREBOS PTY: Members' Final Meeting Set for November 4
FOREFRONT AUTOMOTIVE: Members Opt to Liquidate Business
K & C NELSON: Joint Meeting Set for October 29
MULTI MERCHANDISERS: Liquidator to Give Wind-Up Report on Oct. 29
NEW REFLECTION: Members and Creditors to Meet on October 29

NORTHWEST PROPERTY: Members Opt to Liquidate Business
PINDAN BLUE: Creditors' Meeting Slated for October 29
RAYTONI DEVELOPMENTS: Joint Meeting Set for October 29
TELEUROPE LTD: Liquidator to Present Wind-Up Report on October 29
* AUSTRALIA: S&P Reports RMBS Arrears Prime SPIN Index Stabilized


C H I N A

AMERICAN AXLE: Production Slump Cues Fitch to Cut Debt Ratings
CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
CHRYSLER LLC: GM Unable to Secure Financing for Merger
CIRTRAN CORP: Inks Amended Debenture Deal with YA Global, Highgate
CITIC PACIFIC: May Post US$2 Billion Loss on Currency Bet

ICBC: Opens New Branch in Middle East as Expansion Accelerates
ICBC: Aims to Double Assets Outside China in Three Years
MASONITE CORP: Weak Capital Structure Cues Moody's Ratings Cut
SUN EAST: Breaches Terms on US$15 Million Floating Rate Note
UTSTARCOM INC: Discloses Result of Option Exchange Offer

VISTEON CORP: Weak Sales Prompt S&P to Lower Corp. Credit to 'B-'
* Fitch Chips Ratings on Three Mortgage Insurance Companies


H O N G K O N G

AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law
CENTRE ENTERPRISES: Creditors' Proofs of Debt Due on October 28
COTTEEN INVESTMENTS: Members' General Meeting Set for Nov. 19
CS MANAGEMENT: Members to Hold Final Meeting on November 19
DICKSON: Creditors' Proofs of Debt Due on October 31

GAINWAY INTERNATIONAL: Appoints Leung and Lee as Liquidators
LINDLEY INVESTMENT: Members to Receive Wind-Up Report on Nov. 19
NEWLAND ELECTRONIC: Creditors' Proofs of Debt Due on October 24
NOMINEE (HOLDING): Faces Okachi's Wind-Up Petition
OASIS HONG KONG: Requires Creditors to File Claims by December 31

TOOWOMBA HOLDINGS: Court to Hear Wind-Up Petition on November 12
YEAR RICH: Court to Hear Wind-Up Petition on November 12
YICK ON: Wind-Up Petition Hearing Set for November 12


I N D I A

AP ORGANICS: CRISIL Rates Rs.256.1 Million Loans at 'BB'
AP REFINERY: CRISIL Rates Rs.300 Million Facilities at 'BB'
AP SOLVEX: CRISIL Rates Rs.700 Million Facilities at 'BB'
GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
TATA MOTORS: Twin Rights Issue Fails on Low Stock Price

TATA MOTORS: Sheds 300 Temporary Jobs at Jamshedpur Unit
* INDIA: Next 12 Months Critical for Credit Quality, CRISIL Says


I N D O N E S I A

* INDONESIA: Rubber Exporters Revise Lower Export Growth Target
* INDONESIA: Lower Rupiah to Decrease Electronics Sales, EMC Says
* INDONESIA: BI to Issue Regulation on Rescuing Troubled Banks


J A P A N

* BINGHAM MCCUTCHEN: Appoints Three Lawyers for Japan Unit
* S&P Drops Junk Ratings on 8 CDO Transactions to D; Off WatchNeg


K O R E A

* KOREA: Third of Foreign Funds Suffer 50% Loss


M A L A Y S I A

NIKKO ELECTRONICS: CIMB Bank Demands MYR6 Million Payment
UBG BERHAD: Appoints Syed Ahmad as Member of Audit Committe
* MALAYSIA: To Inject IDR5BB to Stock Market; Cuts 2009 GDP Target


N E W  Z E A L A N D

ACCESS BROKERAGE: Jailed Former Director Fined NZ$220,000 by NZX
APARIMA LOGGING: Proofs of Debt Due on October 31
BRIDGECORP LTD: Two Former Executive Directors Remanded on Bail
CLD HOLDING: Wind-Up Petition Hearing Set for October 24
G T RIGGING: Madsen-Ries and Vance Appointed as Liquidators

GEN POWER: Shareholders Placed Company Under Liquidation
GRAHAMTOWN HOLDINGS: Wind-Up Petition Hearing Set for November 3
GREEN POWER: Liquidators Set Nov. 14 as Claims Filing Deadline
GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role
LA BELLA: Proofs of Debt Due on October 30

MACQUARIE FORTRESS: Says Fortress Notes Have Zero Value
RISK MANAGEMENT: Liquidators Set November 6 as Claims Bar Date
STRATEGIC FINANCE: Timothy Rich Resigns as Director
THE CODE: Wind-Up Petition Hearing Set for October 24
VERDE HOLDINGS: Liquidators Set Oct. 29 as Claims Bar Date

* NEW ZEALAND: Annual Inflation Rises 5.1% in September Quarter
* NEW ZEALAND: Food Prices Increases 0.6% in September 2008
* NEW ZEALAND: South Island Index Falls 15.2% in Third Qtr 2008


P A K I S T A N

* PAKISTAN: IMF Eyes Debt Default, US$10 Billion Help Needed


P H I L I P P I N E S

* PHILIPPINES: Posts Php21.6 Billion Deficit in September
* PHILIPPINES: Records 3.88% U/KBs' NPL Ratio in August
* PHILIPPINES: Monetary Board Approves Repo Facility


S I N G A P O R E

EMPORIUM HOLDINGS: Court to Hear Wind-Up Petition on October 31
FRASERS COMMERCIAL: S&P Revises Watch on BB Rating to Developing
OPTIMUM-3: Court Enters Wind-Up Order
EMPORIUM DEPARTMENT: Wind-Up Petition Hearing Set for October 31
ORIENTAL RESTAURANT: Wind-Up Petition Hearing Set for October 31


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALLCO FINANCE: May Default on its Senior Debt Facility Repayment
----------------------------------------------------------------
In a regulatory filing with the Australian Stock Exchange, Allco
Finance Group disclosed that there is a significant risk that the
company will not be able to meet the debt repayment schedule in
its senior debt facility for the months of November and December
2008.

Allco's senior debt and commitments as at October 17, 2008, were
AU$666.7 million.  The amounts which are due at the end of
November and December 2008 are AU$35.5 million and AU$111.9
million, respectively.

The company said that if it fails to meet a scheduled debt
repayment, Allco will be in default under its senior debt
facility.  At the earliest, this would occur at the of November
2008 unless its syndicate banks agree to extend the repayment
scheduled for that time.

Allco said it has commenced discussions with its syndicate banks
seeking their agreement to extend the repayment schedule under the
facility, including the repayments scheduled for November and
December 2008.  The agreement of all syndicate banks is required
in order to extend the repayment schedule.  However, the company
added, there are good grounds for the banks agreeing to the
extension, given the extreme difficulty in selling assets in the
current environment.

As reported in the Troubled Company Reporter-Asia Pacific on
August 29, 2008, Allco Finance Group said that its new senior debt
facility has been signed with its syndicate banks.

The key terms of Allco's new senior debt facility are as follows:

   -- A maturity date of Sept. 30, 2009;

   -- No market capitalization review event;

   -  A repayment schedule under which Allco is required to
      reduce its senior debt to AU$400 million by June 30, 2009;

   -- A margin above the relevant currency borrowing reference
      rate (for AU$: BBR, for Euro: EURIBOR, for US$: LIBOR)
      that reduces as the level of senior debt declines as set
      out in the table below, provided that Allco's gearing
      levels based on the value of its assets is not greater
      than certain target amounts:

                                        Margin %p.a. above
      Outstanding Principal plus        relevant borrowing
      any Undrawn Facility Limit        reference rate
      --------------------------        ------------------

      AU$600 million or greater                 3.50%

      Less than AU$600 million but
      equal to or greater than
      AU$400 million                            3.00%

      Less than AU$400 million                  2.75%


                     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.


AUST FORTUNE: To Declare Dividend on November 11
------------------------------------------------
Aust Fortune Resources Pty Ltd will declare dividend on
November 11, 2008.

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

The company's liquidator is:

          Melvyn M. Posner
          Grant Thornton
          Level 1, 10 Kings Park Road
          West Perth WA 6005


BABCOCK & BROWN: Receives Numerous Offers for Company's Assets
--------------------------------------------------------------
Babcock & Brown Power (BBP), a Babcock & Brown Ltd listed fund,
disclosed yesterday, October 21, 2008, the key findings of the
company's strategic review conducted by UBS.

The key UBS findings are:

   -- BBP has a valuable portfolio of electricity assets
      which are projected to grow in free cash flow and
      earnings over time;

   -- in the current environment BBP is too highly geared
      and accordingly will benefit from a substantial
      equity injection in order to achieve an optimal
      capital structure for the current portfolio of
      assets; and

   -- given current uncertainty in capital markets and
      BBP's debt levels and maturity profile, until the
      business is recapitalized, the payment of
      distributions should be suspended with the cash
      being applied to debt reduction.

Len Gill, BBP's Independent Chairman said, "The Board adopts the
recommendation to suspend distributions until BBP is recapitalized
and endorses the preliminary findings of the UBS strategic review
which provides a framework to proceed with the next phase."

UBS has received numerous unsolicited Expressions of Interest for
the whole and individual assets of BBP.  The next phase of the
review will involve assessment of evolving capital market
conditions and the appetite of various parties to proceed with
potential transactions including:

   -- purchase by a third party of 100% of the securities
      in BBP;

   -- further asset sales in strategic packages; or

   -- other structured transactions that would address
      BBP's gearing and corporate structure.

The BBP Board recognizes that a broad strategic transaction is
necessary to unlock securityholder value.  This may involve
dealing with BBP in whole or in part.  The Independent Directors
are confident, following discussions with Babcock & Brown Ltd
(BNB), that BNB will support the transaction where it is in the
best interests of BBP securityholders and respects the rights of
BNB.

Accordingly, the BBP said it has instructed UBS to canvas the
market on the full range of transaction alternatives and to call
for Expressions of Interest from the market as soon as practical.

The Board will provide a progress update at the AGM on November 7,
2008.

            UBS Appointment as Adviser to BBP Board

As reported in the Troubled Company Reporter-Asia Pacific on
August 19, 2008, BBP said it is finalizing the appointment of UBS
to undertake a full strategic review including advice on optimal
capital structure and options to achieve this which maximize value
for securityholders.  UBS will consider various expressions of
interest that have been received from third parties, as well as
other value enhancing structural alternatives.

As part of this process the distribution policy is under review
and the Board expects to provide further clarification and
guidance following the outcome of this review over the next few
months.

BBP's Independent Directors and BNB are also finalizing the
establishment of a number of protocols which will apply to BNB
in relation to the strategic review to ensure that in the event
any conflicts of interest arise, they are appropriately managed
in the best interests of BBP securityholders.

                     About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com-- engages in power generation business.
The company develops, operates and acquires generation portfolio.
As of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd.  The manager of BBP
is Babcock & Brown Power Management Pty Ltd, a subsidiary of
Babcock & Brown.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.


BABCOCK & BROWN: Unveils Key Changes to Management Agreement Terms
------------------------------------------------------------------
Babcock & Brown Power (BBP), a Babcock & Brown Ltd (BNB) listed
fund, said that in August 2008, the Independent Directors of BBP
asked BNB for a review of the Management Agreement to strengthen
the alignment between securityholders and the Manager (Babcock &
Brown Power Management Pty Ltd, a subsidiary of Babcock & Brown
Ltd).

Len Gill, BBP Independent Chairman said "The Independent Directors
are pleased to announce that a number of key changes to the terms
of the Management Agreement have been agreed with BNB that
reinforce existing structures, improve governance and better align
interests with BBP securityholders."

   -- Board

   i) The BBP Board currently comprises a majority of
      Independent Directors.  Going forward, the Board
      will comprise an Independent Chairman (effective
      July 2008), a further two Independent Directors,
      a Managing Director (being the CEO of BBP) and a
      BNB Executive.

      The Manager Board to comprise 3 members being the
      CEO of BBP, the BNB Executive on the BBP Board and
      the COO of BNB Specialized Funds.

   ii) Independent Directors have the right to attend the
       Manager Board meetings and receive all relevant
       papers.

With an Independent Chairman, the Board's ability to control BBP's
strategy and investment decisions is enhanced.

   -- The Manager of BBP and Staff

     i) BBP staff to be employed by the Manager, not BNB
        itself and to work exclusively on provision of
        services to BBP and, as currently required under
        the BNB governance principles for its managed funds,
        solely in the interests of BBP securityholders.

    ii) Staff salaries will be set with reference to BBP
        industry peers and incentives in cash and rights
        are to be linked solely to the performance of BBP.

   iii) Independent Directors' right of approval for the
        appointment or dismissal of the CEO is to be
        extended to Key Management Personnel (KMP),
        namely all direct reports of the CEO, and will
        agree with the Manager the Key Performance
        Indicators and remuneration for KMP.

   iv)  The Management Agreement will continue to require
        that the Manager is specifically and legally
        obliged to act in the best interest of BBP and its
        securityholders.

These measures have been designed to ensure the Manager and its
employees act and are incentivised to act in the best interests of
BBP securityholders.

   -- Fees

      * As announced on August 29, 2008, BNB agreed to waive
        the base fee (1% Net Investment Value) in FY09.


      * BBP and BNB have agreed to discuss the base fee in
        relation to FY10 with regards to any developments
        arising from the strategic review.


      * In addition to the current incentive fee (20% of
        excess of Stapled Security Return over Benchmark
        S&P/ASX200AI Return) which has a 3 year reset, an
        override provision has been agreed whereby no
        incentive fee will be payable until a sustained
        security price of $1.50 is reached or until July 1,
        2013, whichever is the earlier.

The resetting of the fees is designed to better align the
interests of BNB and BBP.

   -- Other

     * The BBP Board can make and implement decisions and
       initiate other actions which have not been the subject
       of a Manager recommendation.

     * The Exclusive Financial Advisory Agreement with BNB
       to be amended such that the Board has the right to
       obtain independent third party advice on related party
       transactions.

BBP said that these changes are designed to ensure there is
greater independence with respect to advice that can be obtained
and decisions that can be made.

                        Appointment of CFO

Babcock & Brown Power has appointed Mr. Peter Brook as Chief
Financial Officer of BBP, effective immediately.  Mr. Brook
replaces James Brown, who stood down from the position in August
2008.

Mr. Ross Rolfe AO, who was appointed acting Chief Executive
Officer of BBP on August 29, has also agreed to become the
permanent CEO.

Prior to joining Babcock & Brown Power, Mr. Brook held a number of
senior executive roles with Challenger Financial Services Group
Limited and was most recently Chief Operating Officer of
Specialised Funds for the Challenger Group.

Mr. Brook also previously held a number of senior executive roles
with MLC Limited, including that of Group Financial Controller.
Prior to this, Mr. Brook was a lead insolvency partner and
National Chairman on Insolvency for Grant Thornton.

                     About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com-- engages in power generation business.
The company develops, operates and acquires generation portfolio.
As of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd.  The manager of BBP
is Babcock & Brown Power Management Pty Ltd, a subsidiary of
Babcock & Brown.

                          About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-
conductor equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 19, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. (BBIPL) to 'BB' from 'BB+'.  The rating
outlook is negative.


C.L.E.A.R. PLC: S&P Lowers D Ratings Following Downgrade Review
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' and removed
from CreditWatch with negative implications its credit ratings on
nine synthetic collateralized debt obligation (CDO) bonds issued
by C.L.E.A.R. PLC.

These rating actions reflect the recent downgrade of the
underlying collateral, which the issuer purchased using note
proceeds in each transaction.  The rating actions do not reflect
any changes in the reference portfolio.

The debt issued by Sigma Finance Corp. makes up the collateral in
these transactions.  On Oct. 17, S&P lowered its issuer credit and
senior debt ratings on Sigma to 'D' from 'CCC-/Watch Neg'.

Previously, on Oct. 1, 2008, S&P lowered the ratings in these
transactions to 'CCC-/Watch Neg' following rating actions on Sigma
Finance.

Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC

Ratings Lowered And Removed From CreditWatch Negative:

  -- JPY3 Billion Limited-Recourse Secured Credit-Linked
     Variable-Rate Notes Series 32 (Aramis)

            D                    CCC-/Watch Neg

  -- US$50 Million Limited-Recourse Secured Credit-Linked
     Variable-Rate Notes Series 37 (Aramis)

            D                    CCC-/Watch Neg

  -- AU$5 Million Limited-Recourse Secured Credit-Linked
     Variable-Rate Notes Series 40 (Aramis)

            D                    CCC-/Watch Neg

  -- AU$19.1 Million Limited-Recourse Secured Credit-Linked Step-
     Up Notes Series 56

            D                    CCC-/Watch Neg

  -- AU$4 Million Limited-Recourse Secured Credit-Linked Step-Up
     Notes Series 57

            D                    CCC-/Watch Neg

  -- US$10 Million Limited-Recourse Secured Credit-Linked Notes
     Series 58

            D                    CCC-/Watch Neg

  -- JPY1 Billion Limited Recourse Secured Credit-Linked
     Floating-Rate Notes Series 63

            D                    CCC-/Watch Neg

  -- JPY1 Billion Limited Recourse Secured Credit-Linked
     Floating-Rate Notes Series 64

            D                    CCC-/Watch Neg

  -- AU$5 Million Limited-Recourse Secured Credit-Linked
     Variable-Rate Notes Series 69 (Aramis)

            D                    CCC-/Watch Neg


EREBOS PTY: Members' Final Meeting Set for November 4
-----------------------------------------------------
Christopher R. Campbell and Simon J. Cathro, Erebos Pty Ltd's
appointed estate liquidator, will meet with the company's members
on November 4, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidators can be reached at:

          Christopher R. Campbell
          Simon J. Cathro
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


FOREFRONT AUTOMOTIVE: Members Opt to Liquidate Business
----------------------------------------------------
Forefront Automotive Industries Pty Ltd's members agreed on
September 1, 2008, to voluntarily liquidate the company's
business.  Stephen Hundy and Ezio Senatore were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          SBR Insolvency + Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601


K & C NELSON: Joint Meeting Set for October 29
----------------------------------------------
K & C Nelson Enterprises Pty Limited will hold a meeting for its
members and creditors on October 29, 2008, at 10:30 a.m, at Level
2, 15 Rheola Street, in West Perth.  During the meeting, the
company's liquidator, K. Wallman, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          K. Wallman
          Telephone: (08) 9481 0977


MULTI MERCHANDISERS: Liquidator to Give Wind-Up Report on Oct. 29
-----------------------------------------------------------------
Multi Merchandisers Pty Limited will hold a final meeting for its
members and creditors on October 29, 2008, at 10:45 a.m.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


NEW REFLECTION: Members and Creditors to Meet on October 29
----------------------------------------------------------
New Reflection Pty Limited will hold a final meeting for its
members and creditors on October 29, 2008, at 11:15 a.m.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


NORTHWEST PROPERTY: Members Opt to Liquidate Business
-----------------------------------------------------
Northwest Property Pty Ltd's members agreed on September 11, 2008,
to voluntarily liquidate the company's business.  C. M. Williamson
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          C. M. Williamson
          WA Insolvency Solutions Pty Ltd
          Level 12, 40 St Georges Terrace
          Perth WA 6000


PINDAN BLUE: Creditors' Meeting Slated for October 29
-----------------------------------------------------
K. Wallman, Pindan Blue Pty Ltd's appointed estate liquidator,
will meet with the company's members on October 29, 2008, at
10:00 a.m. to provide them with property disposal and winding-up
reports.  The meeting will be held at Level 2, 15 Rheola Street,
in West Perth.

The liquidator can be reached at:

          K. Wallman
          Telephone: (08) 9481 0977


RAYTONI DEVELOPMENTS: Joint Meeting Set for October 29
------------------------------------------------------
Raytoni Developments Pty Limited will hold a final meeting for its
members and creditors on October 29, 2008, at 11:00 a.m.  During
the meeting, the company's liquidator, Ozem Kassem, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence  Street
          Sydney
          Telephone: (02) 8221 8433
          Facsimile: (02) 8221 8422


TELEUROPE LTD: Liquidator to Present Wind-Up Report on October 29
-----------------------------------------------------------------
Teleurope Ltd will hold a meeting for its members and creditors on
October 29, 2008, at 11:00 a.m.  During the meeting, the company's
liquidator, Barry Hamilton, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Barry Hamilton
          B K Hamilton & Associates
          Chartered Accountants
          Level 2, 171 Macquarie Street
          Hobart TAS 7000


* AUSTRALIA: S&P Reports RMBS Arrears Prime SPIN Index Stabilized
-----------------------------------------------------------------
The level of arrears on residential mortgages underlying
Australian prime residential mortgage-backed securities (RMBS), as
measured by the Standard & Poor's Ratings Services Australian
Prime SPIN, fell to 1.49% in August from 1.51% in July.  The small
fall followed eight consecutive increases in the prime SPIN index.

In commenting on the results, S&P's credit analyst Vera Chaplin
said that the prime SPIN seems to have stabilized.  "This is a
little different to what we have seen in the past," said Ms.
Chaplin.  "Historically, the SPIN tends to go up right after the
Christmas period and then ease over the following months.  This
year, the prime SPIN rose over several months and now appears to
have stabilized at about 1.5%."

Ms. Chaplin expects the SPIN results in coming months to be
assisted by the easing of those factors which have contributed to
borrower payment stresses (mainly interest rate rises and high oil
prices).  "With the price of oil and interest rates coming down,
some borrowers should find it easier to meet their repayments,"
Ms. Chaplin said.  "But at the same time, global economic
conditions are quite uncertain. On top of this, we are getting
close to Christmas again and, if history repeats, this will push-
up the arrears figures."

Over Christmas, some borrowers find it difficult to meet their
repayments because they spend money on other things.  "Given the
usual boost to the prime SPIN after Christmas we could see the
SPIN reach about 1.8% this season," said Ms. Chaplin.  "Whether it
would then return to the about 1.5%  will depend on if the
negative impact from the slowing economy is outweighed by the
impact of lower interest rates, the success of the federal
government's economic stimulus package, and the future direction
of oil prices; however, significant improvement to the prime SPIN
does not seem likely at this stage."

Arrears on LoDoc loans rose to 3.18% in August from 3.11% in July.
Full Doc loans on the other hand fell to 1.23% from 1.26% in July.
"We expect to see the LoDoc SPIN deteriorate further given that
LoDoc borrowers are the most sensitive to changes in economic
conditions," Ms. Chaplin said.  LoDoc loans make up 13.2% of the
total prime RMBS.

In other results, arrears on residential mortgages underlying
Australian subprime RMBS fell for the second consecutive month to
15.50% from 15.59% in July, as measured by the S&P's Australian
Subprime SPIN.  Arrears on loans underlying subprime RMBS that are
more than 90 days in arrears fell to 9.01% in August from 9.27% in
July.  Ms Chaplin said:  "This result was impacted by the
completion of the foreclosure processes for defaulted loans, which
has also led to a rise in realised losses."

These arrears statistics for Australian mortgage market have been
published in a new report by S&P.  The report, Australian RMBS
Arrears Statistics, for the month ending Aug. 31, 2008, provides a
comprehensive analysis of arrears statistics on loans underlying
Australian RMBS

S&P's Mortgage Performance Index (SPIN) measures the weighted-
average arrears more than 30 days past due on residential mortgage
loans on both publicly and privately rated Australian
RMBS transactions.  The SPIN is calculated for prime and subprime
residential mortgage loans.  The indices identify the proportion
of loans in arrears in each of the 31–60 days, 61–90 days, and 90+
days' arrears categories.  SPIN is calculated on a monthly basis
using information provided to S&P by the issuers of RMBS
transactions.



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

AMERICAN AXLE: Production Slump Cues Fitch to Cut Debt Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of American
Axle to 'B' from 'B+' and the company's unsecured debt to 'B/RR4'
from 'B+/RR4'.  The rating action reflects further deterioration
in production volumes of American Axle's key GM platform resulting
from accelerated production shutdowns and the deepening impact of
the credit crisis on dealers, leasing activity and retail sales
financing.  Negative cash flows in the remainder of 2008 and 2009
will be steeper than previously envisioned, and the company's
liquidity profile has tightened.

American Axle's restructuring of its labor contracts and
manufacturing footprint is expected to be completed by the end of
the first half of 2009, but the costs of implementation, when
combined with operating losses, will require access to its
revolving credit agreement which matures in 2010.

At the end of the second quarter, following an 87 day strike,
American Axle had US$196 million in cash and US$572 million
available under its unsecured revolving credit agreement.
However, the company is likely to violate its leverage covenant at
some point over the next six months, and Fitch estimates that
American Axle could require US$300 million - US$350 million in
external borrowings debt in order to complete the transition to
its new manufacturing and labor model.  This will materially
increase the company's existing debt load of approximately US$858
million as of June 30, 2008. The company's shrunken market
capitalization severely limits the company's ability to raise
equity-linked capital.  American Axle has no other significant
maturities until 2010.

Given the current capital market conditions and deterioration in
the U.S. auto market, Fitch expects that American Axle will not be
able to establish a new revolver, even on a secured basis, in an
equivalent size to its existing facility.  Fitch expects that a
new facility could move to a borrowing-base collateral structure,
which would limit the company's borrowing capacity.  Primary
securitizable assets, include GM receivables and GM-dedicated
inventory, are likely to have a reduced collateral value.  In the
event of a new secured bank agreement, Fitch will review the
ratings and could further notch down the ratings on existing
unsecured debt.

Over the longer term, Fitch expects that the pickup truck will
partially rebound in line with any stabilization and improvement
in the housing market.  American Axle continues to expand its
geographic, customer and product diversification with healthy new
business wins, although a lot of this business remains in a start-
up phase and will not contribute to operating performance until
the second half of 2009.  The flexibility and cost reductions
provided by American Axle's new labor contract position the
company to downsize its cost structure in response to current
market conditions.

The company should also benefit from modest commodity price
relief.  Over the longer term, improvement in the company's
operating performance and leverage position will be correlated
with the ramp-up of the company's international new business wins.
Market conditions will also affect pension asset returns, which
will likely to require incremental pension contributions over the
next several years.

Ratings downgraded:

American Axle & Manufacturing, Inc
-- IDR to 'B' from 'B+'
-- Unsecured debt to 'B/RR4' from 'B+/RR4'.

American Axle & Manufacturing Holdings, Inc
-- IDR to 'B' from 'B+'.


CHRYSLER LLC: Prefers GM Over Nissan-Renault, WSJ Report Says
-------------------------------------------------------------
John D. Stoll at The Wall Street Journal reports that people
familiar with the matter said that Chrysler LLC may join a
manufacturing and development alliance between Nissan Motor Co.
and Renault SA, but still prefers a merger deal with General
Motors Corp.

WSJ relates that a merger between Chrysler and GM would reduce the
exposure of Cerberus Capital Management LP -- Chrysler's owner --
to the volatile global auto industry.  While GM is yet unable to
secure financing for the deal, Cerberus Capital is continuing to
explore Chrysler's possible team up with Nissan.

According to WSJ, the sources said that Cerberus Capital is
considering selling a minority stake to Nissan and Renault.
Nissan has taken the lead in negotiations with Cerberus and
Chrysler, the report says, citing the sources.

WSJ states that in an alliance with Nissan and Renault, Chrysler
would have a better chance of keeping much of its operations, than
in a merger with GM.  Chrysler, says the report, has overlapping
brands and North American manufacturing plants with GM.  According
to WSJ, Nissan and Renault have strong balance sheets, and a
Nissan-Renault-Chrysler alliance would have little overlap on the
companies' operations, with Chrysler strong in trucks and
minivans, and Nissan in small cars.

Citing sources, WSJ reports that Nissan executives believe
Chrysler could have considerable cost savings in purchasing, new-
vehicle development, and production, by teaming up with Nissan and
Renault.

Nissan and Renault's CEO Carlos Ghosn has been interested in
adding a North American partner to the alliance, but said that his
companies aren't interested in mergers or acquisitions, WSJ says.

Mr. Ghosn and GM's CEO Rick Wagoner negotiated an alliance of
their companies in 2006, but Mr. Wagoner backed out, saying that
the deal was unnecessary and a bad deal for shareholders.  Mr.
Wagoner was pressured into the talks by GM shareholder and
billionaire investor Kirk Kerkorian.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


CHRYSLER LLC: GM Unable to Secure Financing for Merger
------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

Citing people familiar with the talks, WSJ relates that outside
money is needed to fund the cost-cutting -- especially buyouts and
severance packages for tens of thousands of hourly and salaried
employees, which could total as much as 40,000 jobs if a deal
between GM and Chrysler succeeds.  WSJ says that GM is already
using up more than US$1 billion in cash a month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                   About General Motors

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

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

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.


CIRTRAN CORP: Inks Amended Debenture Deal with YA Global, Highgate
------------------------------------------------------------------
CirTran Corporation disclosed in a Securities and Exchange
Commission filing that on Oct. 13, 2008, the Company entered into
an agreement with YA Global Investments, LP, and Highgate House
Funds, LTD.

The Debenture Amendment Agreement related to two convertible
debentures:

  -- a convertible debenture in the aggregate principal amount of
     US$3,750,000 issued to Highgate on May 26, 2005; and

  -- a convertible debenture in the aggregate principal amount of
     US$1,500,000 issued to YA in December 2005.

Under the Debenture Amendment Agreement, the maturity dates of
these two convertible debentures were changed from Aug. 31, 2008,
to Dec. 31, 2008.

Additionally under the Debenture Amendment Agreement, Highgate and
YA acknowledged and agreed that no defaults had occurred under the
two convertible debentures with respect to prior maturity dates.
The parties also agreed that no other changes were made to the
terms of the two debentures, and that the two debentures remained
unmodified and in full force and effect.

                     About CirTran Corporation

Headquartered in Salt Lake City, Utah, CirTran Corporation (OTC
BB: CIRC) -- http://www.CirTran.com/-- is an international, full-
service contract manufacturer.  CirTran's operations include:
CirTran-Asia, a subsidiary with principal offices in ShenZhen,
China, which manufactures high-volume electronics, fitness
equipment, and household products for the multi-billion-dollar
direct response industry; CirTran Online, which offers products
directly to consumers through major retail web sites, and CirTran
Beverage, which has partnered with Play Beverages LLC to introduce
the Playboy Energy Drink(TM).

CirTran Corporation's balance sheet at June 30, 2008, showed total
assets of US$14,638,907 and total liabilities of US$15,412,561,
resulting in a stockholders' deficit of US$773,654.

CirTran reported a loss from operations for the second quarter
ended June 30, 2008, of US$991,052, an improvement of 19% over its
operating loss of US$1,226,983 for the second quarter of 2007.

                Liquidity and Financing Arrangements

The company has a history of substantial losses from operations,
and of using rather than providing cash in operations.  During the
first half of 2008, the company has used, rather than provided,
cash in our operations.  As of June 30, 2008, its monthly cash
operating costs plus interest expense payable in cash averaged
approximately US$250,000 per month.

In conjunction with its efforts to improve its results of
operations the company is also seeking infusions of capital from
investors, and is seeking sources to repay its existing
convertible debentures.  In its current financial condition,
it is unlikely that it will be able to obtain additional debt
financing at a reasonable cost.  Even if the company did acquire
additional debt, it would be required to devote additional cash
flow to servicing the debt, and either securing the debt with
assets, or paying a premium cost.  Accordingly, the company is
looking to obtain equity financing to meet its anticipated capital
needs.  There can be no assurance that it will be successful in
obtaining such capital.  If it issues additional shares for equity
or in connection with debt, this will dilute the value of its
common stock and existing shareholders' positions.

There can be no assurance that it will be successful in obtaining
more debt and equity financing in the future or that its results
of operations will materially improve in either the short or the
long term.  If the company fails to obtain the financing and
improve its results of operations, it will be unable to meet
its obligations as they become due.  That would raise substantial
doubt about its ability to continue as a going concern.


CITIC PACIFIC: May Post US$2 Billion Loss on Currency Bet
---------------------------------------------------------
Citic Pacific Limited may post a nearly US2 billion losses from
unauthorized currency trade by two of its executives, various
reports say.

The Wall Street Journal reports that company's group Finance
Director Leslie Chang and Chi Yin Chau, group financial
controller, were fired from their post for neglecting to provide
proper oversight.  It was "regrettable that policies and
procedures on risk management were not followed," the same report
cited Citic Pacific Chairman Larry Yung, as saying.

Citic Pacific's bet that the Australian dollar would rise incurred
losses as the currency tumbled about 30% against its U.S.
counterpart from a 25-year high reached in July, Bloomberg News
reports.  According to the WSJ, the hit to the company's bottom
line could reach HK$14.7 billion (US$1.89 billion), which is
roughly a third more than the company earned in 2007.  Moreover,
Agence France-Presse says that the company also said it had
incurred loses of HK$808 million Hong Kong dollars (US104 million)
in terminating leveraged foreign exchange contracts.

The size of the loss won't be known until December 31, when Citic
Pacific plans to mark to market its positions in currency-
derivative contracts, the WSJ says.

AFP recounts that Citic Pacific bought the currency contracts to
fund a AU$1.6 billion (US$1.1 billion) iron ore mining project in
Western Australia.  WSJ relates that Citic Pacific purchased
equipment and supplies in Australian dollars and euros to help
fund that project, and Mr. Chang entered derivative contracts that
stood to profit as long as the U.S. dollar weakened against the
Australian dollar.  It seemed a smart bet until the financial
crisis pushed down commodities prices this summer and sent
foreign-exchange rates zigzagging, the same report explains.

Citic Pacific, WSJ points out, said it became aware of the
currency exposure Sept. 7 and began terminating some contracts.

Meanwhile, Mr. Yung, the WSJ notes, sought to assure investors
that no fraud had been discovered and the company intends to
swallow all the losses this year, to prevent the bad bets from
hampering earnings in 2009.  However, AFP points out that the
company's shares plunged 46.4% yesterday, October 22, to their
lowest in 10 years after the probable losses were disclosed.  At
10:27 am, (0227 GMT) shares in the company were trading at
HK$7.78, its lowest figure since 1998.  They had already fallen
some 40% in the past six weeks.

Citic Pacific's state-owned parent, Citic Group, has agreed to
step in with a standing loan of US$1.5 billion.  Citic Group holds
29% of Citic Pacific.

Moreover, Bloomberg News adds that Goldman Sachs Group Inc.,
JPMorgan Chase & Co. and Citigroup Inc. cut their ratings on Citic
Pacific shares to "sell" or "underperform."  They also cut their
target prices.

                      About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

                          *     *     *

As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concluded the review initiated by the rating
agency in April 2006.


ICBC: Opens New Branch in Middle East as Expansion Accelerates
----------------------------------------------------------------
The Industrial and Commercial Bank of China opened its new Middle
East branch, ICBC (Middle East) Ltd. in Dubai on October 20,
building on this year's expansion into Australia and the U.S, Luo
Jun of Bloomberg News reports.

ICBC (Middle East), the report relates, will offer international
settlements, trade finance, project finance and other banking
services.

According to the report, the bank is trying to triple the share of
earnings coming from overseas to 10%.  ICBC's domestic focus
shielded it from the U.S. subprime crisis that has led to more
than US$600 billion of writedowns and losses at financial
institutions globally, the report says.

Trade between China and United Arab Emirates increased 41% last
year to US$20 billion, the report adds.

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

                          *     *     *

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

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


ICBC: Aims to Double Assets Outside China in Three Years
--------------------------------------------------------
Industrial & Commercial Bank of China aims to double its assets
outside China within three years but plans no immediate Middle
East or U.S. acquisitions, Reuters reports, citing  Vice President
Wang Lili.

The report relates that the bank wants to increase its business
abroad to 10% from 5% of total asset volume within the next two to
three years but did not have plans to acquire U.S. financial
assets in the very near future.

The bank, according to the report, said it was not planning to
expand in the Middle East by way of mergers and acquisitions.  "We
do not have this plan at the moment.  We need more time and to do
some market studies," the report cites Mr. Wang as saying.

The report recounts, last month ICBC Chairman Jiang Jianqing said
the bank was interested in beefing up its presence in the Middle
East and other Asian countries through mergers and acquisitions as
well as through setting up new entities.

On Sept. 25, 2008, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported that Nomura Holdings agreed to pay
for units of bankrupt Lehman Brothers in Asia, Middle East and
Europe.

According to the TCR-AP, 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.

Meanwhile, Mr. Wang, according to Reuters, added that ICBC's two
primary business aims in the region are to follow its Chinese
clients who are expanding into the Middle East, and wealth
management.

                            About ICBC

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

                          *     *     *

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

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


MASONITE CORP: Weak Capital Structure Cues Moody's Ratings Cut
--------------------------------------------------------------
Moody's Investors Service downgraded Masonite Corporation's
Corporate Family Rating to Caa3 from Caa1 and Probability of
Default Rating to Ca from Caa2.  The outlook remains negative.

These debt ratings have downgraded:

-- Corporate family rating, downgraded to Caa3 from Caa1;

-- Probability of default rating, downgraded to Ca from Caa2;

-- US$1,172 million Gtd. Sr. Sec. Term Loan due 2013, downgraded
    to Caa2 from B2. LGD assessment changed to LGD3, 32% from
    LGD2, 22%;

-- US$350 million Gtd. Sr. Sec. Revolver due 2011, downgraded to
    Caa2 from B2. LGD assessment changed to LGD3, 32% from LGD2,
    22%;

-- Speculative grade liquidity rating is affirmed at SGL-4.

The downgrade results from the company's weak capital structure,
uncured covenant violations, and the blocked payment on its
subordinated notes.

The Caa3 CFR rating reflects high credit risks surrounding its
ongoing negotiations to obtain a waiver from the senior note
holders to cure the covenant breach and address the missed
interest payment on the sub-notes that was due October 15.  This
missed interest payment started a 30-day clock that could lead to
an interest payment default if not cured by November 15.  The
forbearance agreement on the company's covenant breach expires
November 13th.  The downgrade also reflects Moody's expectation
that the company will continue to experience negative free cash
flow through 2009.

The senior secured credit facility ratings are now rated one notch
higher than the CFR vs. two notches previously.  This notching of
the senior facility considers its senior status in the event of
bankruptcy and its anticipated recovery in a default scenario.
However, the reduction in the notching reflects the belief that
weak business conditions and a weak outlook could result in lower
recovery for the bank ratings relative to the overall CFR.
Moreover, the CFR and the notching are primarily a result of the
company's capital structure and tiered anticipated recovery by
debt class in the event of default per Moody's LGD rating
methodology.  The Ca probability of default rating reflects the
possibility that the sub-note holders will have their debt
renegotiated in some form, including but not limited to accepting
pay in kind interest payments, which would be viewed as a Limited
Default by Moody's.

Masonite is headquartered in Ontario, Canada.  The company is a
leading global manufacturer of doors and door components with
customers in over 70 countries and manufacturing facilities in 18
countries in North America, Europe, Latin America, Asia and
Africa.  Revenues for the trailing twelve month period ended
March 31, 2008 were approximately US$2 billion.



SUN EAST: Breaches Terms on US$15 Million Floating Rate Note
------------------------------------------------------------
Sun East Group has breached some of the terms of a US$15 million
floating rate note and that it is discussing ways to settle the
debt, Reuters reports.

The firm, the report relates, said it is currently in discussion
with Deutsche Bank on the settlement and repayment of the loan.

"Given the current uncertainty in the financial markets, the
company currently has not been able to obtain any alternative
sources of financing," Reuters cites Sun East as saying.

Sun East Group Limited (Sun East) --
http://www.suneastgrouplimited.com/-- is consumer brand
development and management company, focusing on the Greater China
region, including the People's Republic of China, Hong Kong and
Taiwan.  The company develops and distributes a range of beauty,
skincare and hygiene products, which are sold under its own brands
in the People's Republic of China and Hong Kong, and distributes
alcoholic beverages in the Greater China region.  Sun East's brand
portfolio includes 3-Yuan for beauty products, Sha Lang Xue Fu and
Mielle for skincare products, and Shao Bing for hygiene products.
In February 2007, the company added alcoholic beverage brands to
its product portfolio with the acquisition of its 51% subsidiary,
NuXD International Limited.  Pursuant to an agreement dated
June 29, 2007, the Company disposed of its 100% interest in Profit
Gear International Limited and its subsidiaries.


UTSTARCOM INC: Discloses Result of Option Exchange Offer
--------------------------------------------------------
UTStarcom, Inc. disclosed in a Securities and Exchange Commission
filing the results of its offer to exchange certain outstanding
options.  The Offer to Exchange, including all withdrawal rights,
expired at 9:00 p.m. Pacific Time on Oct. 1, 2008.

A total of 124 Eligible Employees who were subject to U.S.
taxation elected to amend, in the aggregate, 858,885 Discount
Options to modify the exercise price per share of such options in
order to eliminate the potential adverse tax consequences of
Section 409A of the Internal Revenue Code.

A total of 1,541 Eligible Employees elected to exchange, in the
aggregate, 6,072,818 Eligible Options (including amended Discount
Options) for 1,983,920 new options issued under the Company's 2006
Equity Incentive Plan.  The new options have an exercise price of
US$3.24 per share, the closing price of the Company's common stock
on October 1, 2008.

As of Oct. 1, 2008, 1,014,323 Eligible Options had not been
tendered for exchange and remain outstanding according to their
original terms and subject to the Company's 1997 Stock Plan.  With
respect to the shares of the Company's common stock covered by the
6,072,818 Eligible Options tendered and canceled in the exchange,
(a) 1,983,920 shares are covered by the new options issued under
the 2006 Equity Incentive Plan, (b) 3,200,000 shares were returned
to the 2006 Equity Incentive Plan share reserve and are available
for future grants, and (c) 888,898 shares are no longer available
for future grants under any equity plan.

                     About UTStarcom Inc.

Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company develops, manufactures and markets its broadband,
wireless, and terminal solutions to network operators in both
emerging and established telecommunications markets worldwide.
UTStarcom was founded in 1991 and is headquartered in Alameda,
California.  The company has research and development centers in
the USA, Canada, China, Korea and India.

                      Going Concern Doubt

PricewaterhouseCoopers LLP, in San Jose, California, expressed
substantial doubt about UTStarcom Inc.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring net losses, negative cash flows
from operations and significant debt obligations.

On March 3, 2008, the company repaid the convertible subordinated
notes of US$289.5 million which included a principal payment of
US$274.6 million and the accrued interest of US$14.9 million.

The company reported an operating loss of US$30.9 million for the
quarter ended March 31, 2008.

At March 31, 2008, the company's consolidated balance sheet showed
US$1.7 billion in total assets, US$1.1 billion in total
liabilities, and US$616.2 million in total stockholders' equity.


VISTEON CORP: Weak Sales Prompt S&P to Lower Corp. Credit to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Visteon Corp. to 'B-' from 'B'.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.  The
outlook is negative.

"The downgrades reflect our view that weak auto sales in North
America and Europe for the remainder of 2008 and potentially all
of 2009 will cut Visteon's currently substantial cash balances,
perhaps significantly," said Standard & Poor's credit analyst
Robert Schulz.  "Consequently, the company's ability to reach
profitability while sharply reducing its cash use will be more
difficult than we previously expected," he continued.

The ratings reflect the company's negative cash flow resulting
from vehicle production cuts, continued pressure from high raw
material prices, and a costly and wide-ranging operational
restructuring.  The company's near-term liquidity appears adequate
and consists of cash balances and some availability under various
financing agreements.

Visteon has a highly leveraged financial profile, stemming from
its heavy debt and a number of loss-making operations, which the
company is shedding.  Even at the current rating, S&P still
expects various restructuring actions to improve Visteon's
performance and eventually strengthen its earnings and cash flow,
but this progress will be slowed by lower sales.

S&P does not expect the company to become profitable until late
2009 at best.  In the meantime, the company will continue to use
substantial cash from operations, including funding restructuring.

Visteon's dependence in North America on Ford Motor Co. (about 12%
of sales in the first half of 2008) has been greatly reduced in
recent years, but Ford remains an important Visteon customer in
the rest of the world, where production is also coming under
pressure.  Ford has forecast its fourth-quarter 2008 North
American production to be down 27% from 2007 levels, following an
expected 34% year-over-year reduction in third-quarter production.

Visteon has completed 28 of the 30 announced restructuring
actions, which include improving some plants and closing or
selling others.  The company is restructuring its operations in
interior, climate control, electronics, and other auto components.
A Ford-funded escrow account is partly paying for the
restructuring actions, and Ford recently contributed another
US$50 million.  These efforts should allow Visteon to improve
profitability, but with industry conditions deteriorating,
progress could be slowed.  Even after the 2005 transfer of certain
operations to Ford, a number of the company's businesses are still
underperforming, and some of its remaining plants are generating
losses.

Visteon's financial position could improve beyond 2008 as the
restructuring actions enhance profitability and cash flow, but
difficult business conditions will result in little debt reduction
beyond a recent tender offer.  Still, Visteon's existing cash
balances, including the remaining escrow from Ford, leave it with
some time to make much-needed progress on its restructuring plan.
Even if the company uses slightly more cash in 2008 than it plans
to, S&P currently expects it to move through at least the early
quarters of 2009 with adequate liquidity.  S&P would revisit this
assumption and its rating if the company's cash use in 2008 or
early 2009 fails to meet this expectation.

The outlook on Visteon is negative.  It will not be easy for the
company to further restructure poorly performing operations while
diversifying its customer base in the very difficult environment
in North America and, increasingly, Europe.  S&P could lower the
rating in the next year if industry challenges, restructuring
delays, or reduced customer demand in North America and Europe
appear poised to cause Visteon's global cash balances to drop
below US$900 million.

S&P could also lower the ratings if any of these factors cause
availability under the asset-based revolving credit facility to
fall below US$100 million, or if cash balances in the company's
U.S.
or European operations fail to remain substantial.  These measures
could be triggered if Visteon fails to make consistent progress
toward generating pretax profits and positive free cash flow.
Toward late 2009, S&P could revise the outlook to stable if the
company staunches its cash outflows and achieves stronger
performance and credit measures because of successful
restructuring and customer diversification efforts.


* Fitch Chips Ratings on Three Mortgage Insurance Companies
-----------------------------------------------------------
Fitch Ratings has downgraded the ratings for three mortgage
insurance companies and affiliated ratings:

-- Genworth Mortgage Insurance Corporation
-- Mortgage Guaranty Insurance Corporation
-- PMI Mortgage Insurance Co.

Additionally, Fitch is reviewing the rating of Republic Mortgage
Insurance Corp. (insurer financial strength 'AA-', Rating Watch
Negative) and expects to issue separate commentary on this rating
within one week.

Fitch is also reviewing the ratings of United Guaranty Residential
Insurance Company (IFS 'AA-', Rating Watch Evolving) as part of an
overall review with regard to its ultimate parent company,
American International Group, Inc. (AIG, long-term issuer default
rating 'A'; Rating Watch Evolving) and plans to issue commentary
on United Guaranty in concert with the overall AIG review.

The actions reflect continued deterioration across the U.S. MI
industry, arising primarily from exposure to mortgages originated
in 2006 and 2007.  Early performance statistics related to
business insured in the first half of 2008 indicate that this book
of business may perform poorly as well given that some of the more
meaningful underwriting changes were not fully incorporated until
the second quarter of 2008.  Looser underwriting, increased
incidence of fraud and sharp home price depreciation have resulted
in high levels of early term delinquencies which, in turn, have
caused the MI industry to post significant loss reserves.  Fitch
anticipates increased delinquencies and losses for the industry,
and is forecasting on average a 30% peak-to-trough decline in home
prices nationally.

Offsetting increased losses, however, Fitch notes a meaningful
increase in claim denial activity across the industry relating to
fraudulent loans.  Fitch believes that rescission activity will
play a significant role in the MI industry's loss mitigation
strategy over the short term, particularly with regard to the 2007
vintage and Alt-A exposure, allowing to varying degrees some
control over the amount and timing of losses.

The current environment also has served as a catalyst for change
in several fundamental aspects of the MI business that are likely
to improve the stability and profitability of the business in the
future.  For instance, the MI companies have implemented several
rounds of underwriting changes that will result in a more
conservative credit profile, once the legacy portfolios'
performance stabilizes.  In addition to more conservative
underwriting guidelines, MI companies have implemented pricing
increases with the most notable increases becoming effective in
August of 2008 when the MI industry increased prices on all
products by an average of 20%.  Finally, the industry will also
benefit from reduced use of excess-of-loss lender captive
reinsurance arrangements, allowing them to capture more of the
mortgage origination value-chain.

Fitch believes that while the prospects for future business are
positive, these are overshadowed by the near-term challenges of
the legacy insured portfolios.  In the event of a continued
economic slowdown, mortgage insurers would likely face rising
losses.  Mortgage insurers will also be limited in how much new
business they can write under the new, more profitable
underwriting/pricing guidelines given that the companies will
likely need to conserve capital in the near term.  Given the
challenges at hand, Fitch anticipates that the MI industry will
not return to profitability until 2010 at the earliest.

Fitch also recognizes there is significant uncertainty with regard
to what overall impact the concerted government initiatives will
have on the MI industry.  If actions by the U.S. government serve
to stabilize the U.S. residential housing markets and reduce
foreclosure rates, this would be an unambiguously positive
development for the MI industry, as would material capital
injections.

Fitch will also continue to monitor any implications that may
arise for the industry as a whole or for individual MI companies
in relation to the primary beneficiaries of their product, the
government-sponsored enterprises.  Historically, there were strong
incentives for the MI industry to manage to a 'AA' ratings level
to maintain the GSE's minimum credit profile.  Fitch will monitor
industry developments including whether this remains a long term
goal for the industry.

Fitch provides these rating actions on these mortgage insurance
companies:

  * Genworth Mortgage Insurance Corp.:

Fitch has downgraded the IFS rating of Genworth Mortgage Insurance
Corp., its U.S. operational affiliates, and Genworth Financial
Mortgage Insurance Limited to 'A+' from 'AA'.

Fitch has also downgraded the IFS rating of Genworth Financial
Mortgage Insurance Pty Ltd to 'AA-' from 'AA'.

All ratings have been removed from Rating Watch Negative.

The Outlook on all ratings has been revised to Negative.

Fitch has downgraded the following IFS ratings and placed them on
Outlook Negative:

-- Genworth Mortgage Insurance Corporation

-- Genworth Residential Mortgage Insurance Corporation of North
    Carolina

-- Genworth Financial Assurance Corporation

-- Genworth Financial Mortgage Insurance Limited
    (Genworth Europe)

-- IFS to 'A+' from 'AA'.

-- Genworth Financial Mortgage Insurance Pty Ltd (Genworth
    Australia)

-- IFS to 'AA-' from 'AA'.

These rating actions incorporate Fitch's view that GMICO will
continue to experience elevated losses on the 2005 through 2007
vintage insured exposure, particularly if the U.S. economy
continues to slow, and that the performance of these vintages in
the near term will outweigh the underwriting and profitability
improvements on current originations.  Additionally, Fitch also
believes that a deteriorating economic outlook in Europe would
depress Genworth Europe's operating results, which could
potentially create additional strain for the U.S. mortgage
insurance balance sheet given the intercompany support agreement
currently in place.

The ratings reflect Fitch's views of the company's risk profile
and capitalization as a standalone entity, following Genworth
Financial, Inc.'s (GNW, long term issuer default rating 'A-')
recently announced strategic review of the U.S. mortgage insurance
business.  While historically GMICO's ratings had benefitted from
its ownership by a diversified holding company, GWN's support for
the U.S. MI operations is not expected at this time.  GMICO
historically had operated with a level of capital more consistent
with a 'AA' category rating.  Fitch views GMICO as being
adequately capitalized at its current ratings level, fully taking
into consideration changes in implied support from GNW.

Positively, GMICO continues to maintain an insured portfolio whose
credit profile compares favorably with other MI companies with
respect to certain key risk characteristics.  For instance,
relative to the industry, on June 30, 2008 GMICO had lower Alt-A
exposure (5% of primary risk in force), a higher percentage of
fixed rate mortgages (95% of primary risk in force), and lower
exposure to certain stressed regions such as California and
Florida (6% and 9% of primary risk in force, respectively).  This
has resulted in more favorable delinquency and loss development
for GMICO when compared to other MI companies.  However, the
delinquency performance GMICO's 2007 vintage has developed closer
to that of the rest of the industry and GMICO underwrote
significant volume in the first half of 2008, prior to
underwriting and pricing changes fully going into affect.

Genworth's Australia's operations benefit from stringent capital
standards required by the Australian regulatory authorities,
which, combined with a high level of regulatory oversight and a
strict corporate governance regime, substantially ringfence the
Australian subsidiary from the capital adequacy concerns regarding
GMICO.  Genworth Australia's established market position combined
with the benefits created by the regulatory environment affords
the company a certain degree of ratings separation from its parent
company and GMICO.  As a result of these considerations, Fitch
believes that a one-notch downgrade of Genworth Australia's IFS to
'AA-' adequately balances the benefits of Genworth Australia's
franchise value, stand-alone capital adequacy and regulatory
environment against concerns created by financial pressure being
experienced by GMICO.

The ratings of Genworth Europe have been downgraded in tandem with
GMICO as this entity receives tangible support from the U.S.
mortgage operations in the form of a net worth maintenance
agreement.

As of June 30, 2008, GMICO and its consolidated U.S. mortgage
insurance affiliates maintained consolidated U.S. risk in force of
US$36.4 billion and consolidated U.S. statutory capital of
US$2.5 billion for a risk to capital ratio of 14.6:1.  GMICO also
maintains US$948 million in of capital in trust related to captive
reinsurance arrangements as of this date.

  * Mortgage Guaranty Insurance Corp.:

Fitch has downgraded the IFS ratings of Mortgage Guaranty
Insurance Corp. and MGIC Australia Pty Ltd to 'A-' from 'A+'.

Fitch has also downgraded the long-term issuer ratings of MGIC
Investment Corp. to 'BBB-' from 'BBB+'.

The ratings for these entities have been removed from Rating Watch
Negative, and the Outlook has been revised to Negative.

Mortgage Guaranty Insurance Corp.
MGIC Australia Pty Ltd
-- IFS to 'A-' from 'A+'

MGIC Investment Corp.
-- Long-Term Issuer Rating to 'BBB-' from 'BBB+';

-- US$200 million 5.625% senior notes due Sept. 15, 2011 to
'BBB-'
    from 'BBB+';

-- US$300 million 5.375% senior notes due Nov. 1, 2015 to 'BBB-'
    from 'BBB+';

-- US$390 million of convertible junior subordinated debentures
to
    'BB' from 'BBB';

MGIC's ratings incorporate Fitch's view that MGIC will continue to
experience elevated losses on the 2005 through 2007 vintage
exposure as the U.S. economy continues to slow, and that the
performance of these vintages will significantly outweigh the
underwriting and profitability improvements of new business over
the near to intermediate term.  The rating actions also factor in
the significant progress that MGIC has made in bolstering the
balance sheet of the U.S. mortgage insurance operations through
the recent issuance of common stock and convertible junior
subordinated debentures by MGIC Investment and the sale of MGIC's
entire interest in Sherman Financial Group LLC.

Largely as a result of these capital raising initiatives, Fitch
views MGIC as appropriately capitalized for a MI company rated in
the 'A' category.  That said, Fitch is concerned that MGIC's
earnings profile may exhibit significant volatility given MGIC's
sizable volume of new insurance written in 2007.  Further, on
Sept. 30, 2008 the company maintained significant exposure to
stressed regions such as Florida and California (8.3% and 7.5% of
primary risk in force, respectively), and to low FICO mortgages.
To the extent that MGIC experiences higher losses, Fitch would
expect this to be partially offset by greater loss mitigation
activity, particularly in the form of claim rescissions.

The rating on the convertible junior subordinated debt reflects
Fitch's concern that the stress facing MGIC could, at some point,
lead to reduced dividend payments to MGIC Investment, which fund
the bulk of the holding company's debt service requirements.
This, in turn, would place pressure on MGIC Investment's debt
service capacity.  The subordinated debentures are deferrable for
up to ten years, and in Fitch's opinion would be at greatest risk
of a payment suspension.

Fitch notes that the risk of dividend reduction to the holding
company is partly mitigated by the US$382 million of cash held by
MGIC Investment.  That said, liquidity resources required to repay
the US$200 million outstanding under MGIC Investment's bank line,
either to eliminate the potential for a breach of the bank line's
financial covenants or at its due date in 2010, may limit the
holding company's ability to apply the full balance of its cash
reserves to ongoing debt service requirements in the event of a
reduction in MGIC dividend capacity.

The rating of MGIC Australia Pty Ltd has also been downgraded
based on the rating action on U.S. mortgage insurance operations.
While subject to ring fencing, this entity has not underwritten
significant exposures to date and in Fitch's view, its franchise
value is closely linked to the U.S. operations.

As of Sept. 30, 2008, MGIC maintained U.S. risk in force of
US$62 billion and a risk to capital ratio of 13.9:1. MGIC also
maintains US$796 million of capital in trust related to captive
reinsurance arrangements.

  * PMI Mortgage Insurance Co.:

Fitch has downgraded the IFS ratings of PMI Mortgage Insurance
Co., its U.S. based operational affiliates and PMI Mortgage
Insurance Company Limited (PMI Europe) to 'BBB+' from 'A+'.

Fitch has also downgraded the long-term issuer ratings of The PMI
Group, Inc. and PMI Capital I.

These ratings for these entities have been removed from Rating
Watch Negative, and the Outlook has been revised to Negative.

Fitch has downgraded these ratings:

PMI Mortgage Insurance Co.
PMI Insurance Co.
PMI Mortgage Insurance Company Limited (PMI Europe)
-- IFS to 'BBB+' from 'A+'

The PMI Group, Inc.
-- Long-term Issuer Rating to 'BB' from 'BBB+';
-- US$250 million 6% senior notes due 2016 to 'BB' from 'BBB+';
-- US$150 million 6.625% senior notes 2036 to 'BB' from 'BBB+';
-- US$45 million 5.568% senior notes due 2008 to 'BB' from
'BBB+'.

PMI Capital I
-- US$52 million 8.309% trust preferred securities 2027 to 'BB-'
  from 'BBB'.

The rating actions incorporate expectations of continued losses in
2005 through early 2008 vintages, which, when compared to the rest
of the MI industry, include higher concentration levels to
geographic regions and mortgage products are under the greatest
stress.  As a result, Fitch expects the performance of the legacy
portfolio will outweigh near-term benefits from actions PMI has
taken to improve underwriting and profitability.  The action also
reflects concerns that the deteriorating economic outlook in
Europe may depress PMI Europe's operating results, which could
create additional strain for the U.S. operating and holding
company balance sheets given the intercompany support agreement
currently in place.

Positively, Fitch's actions recognize the progress that PMI has
made in bolstering U.S. mortgage operation's balance sheet and
capitalization through the sale of PMI's Australian and Asian
mortgage insurance operations, by repatriating capital from PMI
Guaranty and its plans to repatriate capital from its Canadian
mortgage insurance operations.  Nonetheless, Fitch views PMI's
risk-adjusted capitalization as more in line with a rating in the
'BBB' category.

Fitch is concerned that PMI's earnings profile may exhibit greater
than industry average volatility given PMI's relatively larger
exposure to stressed regions such as California and Florida (8.4%
and 10.8% of primary risk in force, respectively), and a higher
proportion of Alt-A mortgages (21.9% of primary risk in force).
PMI also maintains a noticeable amount of exposure to interest
only mortgages (13.8% of primary risk in force).  To the extent
that PMI experiences higher losses, Fitch would expect this to be
partially offset by greater loss mitigation activity, particularly
in the form of claim rescissions.

The ratings differential between the operating company and the
holding company reflect concerns that PMI's holding company
liquidity position is at increased risk arising from certain
financial and ratings-based covenants within the company's bank
credit facility, particularly with regard to a maximum risk-to-
capital ratio of 20:1.  If one or more of these covenants are
tripped, this would cause an acceleration of the US$200 million in
borrowings under the bank facility as well as acceleration of
other outstanding senior debt obligations under existing cross-
default provisions.

With US$282 million of cash at the holding company currently, TPG
maintains sufficient cash at the holding company to meet such a
liquidity event, but with a limited margin of safety.  Such a
liquidity event would pressure TPG's debt service coverage and
overall financial flexibility, and is inconsistent with an
investment-grade rating at the holding company in Fitch's view.

As of June 30, 2008, PMI maintained U.S. risk in force of
US$33.4 billion and a reported risk to capital ratio of 12.6:1.
PMI also maintains US$787.8 million in of capital in trust related
to captive reinsurance arrangements.



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

AMERICAN INT'L: To Stop Seeking for Changes in Mortgage Law
-----------------------------------------------------------
Elizabeth Williamson at The Wall Street Journal reports that
American International Group Inc. said it will stop asking
lawmakers and regulators for changes in the mortgage law, after
the congress questioned the company on how it is using more than
US$120 billion loaned by the government.

"We're not suspending lobbying as a cost-saving measure but as
part of an overall review of what activities we should be involved
in," WSJ quoted AIG spokesperson Nick Ashooh as saying.

WSJ relates that congressional overseers have questioned AIG on
its lavish events in the days after its government rescue in
September, including a US$440,000 weekend at a California spa for
top business producers.

As reported in the Troubled Company Reporter on Oct. 20, 2008,
Senator Dianne Feinstein of California, and Senator Mel Martinez
of Florida asked AIG to stop using taxpayers money in its effort
to diminish the new federal controls over the mortgage industry.
After receiving an emergency loan from the government, in exchange
of an 80% stake in the firm, AIG has continued to lobby states
implementing a federal law that subjects mortgage originators to
greater scrutiny.  AIG, along with Citigroup Inc., and HSBC
Holdings PLC, have engaged in a state-by-state effort to win
concessions as states implement the law, saying that the licensing
fees are too expensive, and that the information required from
originators could lead to privacy violations.  The companies want
greater transparency over how the licensing fees are to be spent
by the states.

Under the Secure and Fair Enforcement for Mortgage Licensing Act
of 2008, mortgage originators must be licensed by the states, and
that they must supply comprehensive background information so
regulators can better track their activities.

According to WSJ, Mr. Ashooh said on Monday that the company has
cancelled about 160 events scheduled for the coming months, that
were to cost a total of US$80 million.  "We're reviewing all of
our expenses and activities.  As part of that we have suspended
lobbying activities," the report quoted Mr. Ashooh as saying.  Mr.
Ashooh said that Mr. Liddy has told employees that any personal
expenses incurred during the California spa weekend must be
reimbursed, according to the report.

AIG wasn't closing any of its lobbying offices for now, but staff
layoffs would be part of the company's restructuring, WSJ states,
citing Mr. Ashooh.

          AIG CEO Demands Apology From Jim Cramer

Heidi N. Moore posted on The Deal Journal on Monday that AIG's CEO
Edward Liddy is demanding an apology from CNBC investor and "Mad
Money" host Jim Cramer.

Mr. Liddy said in a letter to Mr. Cramer, "I was deeply
disappointed last Thursday when you urged your viewers to harass
AIG employees....  I demand they be retracted and that you
apologize to AIG˙s employees.  It is one thing to criticize the
executive leadership of AIG -- that's fair commentary.  But it is
way out of bounds to incite people to confront and harass other
AIG employees -- hard-working, dedicated people who are running
good businesses and are committed to our success.  The employees
of AIG did not cause this mess, but they are paying for it -- in
diminished 401K savings and in some job losses as we sell
companies to repay the Federal loan."

                 About American International

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.

S&P 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.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion
for the second quarter of 2007.  The continuation of the weak U.S.
housing market and disruption in the credit markets, as well as
global equity market volatility, had a substantial adverse effect
on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


CENTRE ENTERPRISES: Creditors' Proofs of Debt Due on October 28
---------------------------------------------------------------
The creditors of Centre Enterprises Limited are required to file
their proofs of debt by October 28, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Huen Ho Yin
          Li Po Chun Chambers, 8th Floor
          189 Des Voeux Road Central
          Hong Kong


COTTEEN INVESTMENTS: Members' General Meeting Set for Nov. 19
-------------------------------------------------------------
The members of Cotteen Investments Limited will hold their final
general meeting on November 19, 2008, at 10:00 a.m., at the
5th Floor of Dah Sing Life Building, in 99-105 Des Voeux Road
Central, Hong Kong.

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


CS MANAGEMENT: Members to Hold Final Meeting on November 19
-----------------------------------------------------------
The members of CS Management Services Limited will hold their
final general meeting on November 19, 2008, at 10:30 a.m., at the
5th Floor of Dah Sing Life Building, in 99-105 Des Voeux Road
Central, Hong Kong.

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


DICKSON: Creditors' Proofs of Debt Due on October 31
----------------------------------------------------
The creditors of Dickson Construction Company Limited, Dickson
Construction (Maintenance) Limited and Dickson Design Services
Limited 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:

          Stephen Liu Yiu Keung
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


GAINWAY INTERNATIONAL: Appoints Leung and Lee as Liquidators
------------------------------------------------------------
On March 6, 2008, Leung King Wai William and Lee Kwok Wai were
appointed as liquidators of Gainway International Limited.

The Liquidators can be reached at:


          Leung King Wai William
          Lee Kwok Wai
          Two Chinachem Plaza
          Unit A, 11th Floor
          No. 68 Connaught Road Central
          Hong Kong


LINDLEY INVESTMENT: Members to Receive Wind-Up Report on Nov. 19
----------------------------------------------------------------
The members of CS Management Services Limited will meet on
November 19, 2008, at 11:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at the 5th Floor of Dah Sing Life
Building, in 99-105 Des Voeux Road Central, Hong Kong.


NEWLAND ELECTRONIC: Creditors' Proofs of Debt Due on October 24
---------------------------------------------------------------
The creditors of Newland Electronic Company Limited are required
to file their proofs of debt by October 24, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

          Stephen Liu Yiu Keung
          Chan Wai Hing
          Two International Finance Centre, 18th Floor
          8 Finance Street, Central
          Hong Kong


NOMINEE (HOLDING): Faces Okachi's Wind-Up Petition
--------------------------------------------------
On September 9, 2008, Okachi (Hong Kong) Company Limited filed a
petition to have Nominee (Holding) Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
November 19, 2008, at 9:30 a.m.

Okachi's solicitors are:

          Joseph Li & Co.
          Pearl Oriental House, 18th Floor
          60 Stanley Street, Central
          Hong Kong
          Telephone: 2854 3299
          Facsimile: 2534 6664


OASIS HONG KONG: Requires Creditors to File Claims by December 31
-----------------------------------------------------------------
The creditors of Oasis Hong Kong Airlines Limited are required to
file their proofs of debt by December 31, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Edward Middleton
          Patrick Cowley
          P.O. Box 10352, General Post Office
          Hong Kong


TOOWOMBA HOLDINGS: Court to Hear Wind-Up Petition on November 12
----------------------------------------------------------------
A petition to have Toowomba Holdings Limited's operation wound up
will be heard before the High Court of Hong Kong on November 12,
2008, at 9:30 a.m.

Ma Ngan Sze filed the petition against the company on Sept. 10,
2008.


YEAR RICH: Court to Hear Wind-Up Petition on November 12
--------------------------------------------------------
A petition to have Year Rich Limited's operations wound up will be
heard before the High Court of Hong Kong on November 12, 2008, at
9:30 a.m.

Li Ip Kwan filed the petition against the company on Sept. 10,
2008.


YICK ON: Wind-Up Petition Hearing Set for November 12
-----------------------------------------------------
The High Court of Hong Kong will hear on November 12, 2008, at
9:30 a.m., a petition to have Yick On Engineering Development
Limited's operations wound up.

Lam Yau See filed the petition against the company on Sept. 8,
2008.



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

AP ORGANICS: CRISIL Rates Rs.256.1 Million Loans at 'BB'
--------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Positive' to the
various bank facilities of AP Organics Pvt Ltd (APO).

  Rs.170.0 Million Cash Credit*  BB/Positive (Assigned)
  Rs.86.1 Million Term Loan**    BB/Positive (Assigned)

*Includes proposed limits of Rs.25.0 million
**includes proposed limits of Rs.27.2 million

The ratings reflect APO's weak financial risk profile, highly-
working-capital-intensive operations, and the highly-competitive
and fragmented nature of the rice bran oil (RBO) industry.  These
weaknesses are partially offset by the company's leadership
position in the RBO segment, backed by healthy operating
efficiency, and the promoter's longstanding experience in the
business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APO, AP Solvex Ltd (APS), AP Refinery
Private Ltd (APR), KL Solvex Private Ltd (KLS) and Shiva Protein
Ltd; this is because all these entities, collectively referred to
as AP Group, are in the same line of business, and have strong
business linkages, and a common ownership and management.

Outlook: Positive

The 'Positive' outlook reflects AP group's plan to convert inter-
corporate deposits (ICDs) and unsecured loans outstanding as on
March 31, 2008 into equity, which will help relieve some pressure
on APO's capital structure.  The rating may be upgraded in case of
actual conversion.  Conversely, the outlook may be revised to
'Stable' if the group fails to convert ICDs and promoter loans to
equity, or contracts large debt to fund capital expenditure,
leading to a leveraged capital structure.

                            About APO

Incorporated in 1994, as part of the AP Group, APO has a 50 tonnes
per day (tpd) RBO refining unit in Dhuri, Punjab.  APO also has a
stearic acid plant, with a capacity of 7500 tonnes per annum.

All AP group companies are engaged in extraction and refining of
RBO.  The group has aggregate capacities of around 1400 tpd in
solvent extraction and around 350 tpd in refining.  The group
reported a profit after tax (PAT) of Rs.36.6 million on net sales
of Rs.3192 million in 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs.17.5 million on net sales of
Rs.1651 million for the previous year.


AP REFINERY: CRISIL Rates Rs.300 Million Facilities at 'BB'
-----------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Positive' to the
various bank facilities of AP Refinery Pvt Ltd (APR).

  Rs.195.0 Million Cash Credit  BB/Positive (Assigned)
  Rs.97.3 Million Term Loan    BB/Positive (Assigned)

The ratings reflect APR's weak financial risk profile, highly-
working-capital-intensive operations, and the highly-competitive
and fragmented nature of the rice bran oil (RBO) industry.  These
weaknesses are partially offset by the company's leadership
position in the RBO segment, backed by healthy operating
efficiency, and the promoter's long-standing experience in the
business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APR, AP Solvex Ltd (APS), AP Organics
Private Ltd (APO), KL Solvex Private Ltd (KLS) and Shiva Protein
Ltd; this is because these entities, collectively referred to as
AP Group, are in the same line of business, and have strong
business linkages, and a common ownership and management.

Outlook: Positive

The 'Positive ' outlook reflects AP group's plan to convert inter-
corporate deposits (ICDs) and unsecured loans outstanding as on
March 31, 2008 into equity, which will help relieve some pressure
on APO's capital structure.  The rating may be upgraded in case of
actual conversion.  Conversely, the outlook may be revised to
'Stable' if the group fails to convert ICDs and promoter loans to
equity, or contracts large debt to fund capital expenditure,
leading to a leveraged capital structure.

                            About APR

Incorporated in 2004 as part of the AP group, APR began commercial
operations in early 2007.  The company has a solvent extraction
unit with a capacity of 250 tonnes per day (tpd) in Malerkotla,
Punjab.  APR has also integrated forwards into refining RBO by
setting up a refinery with a capacity of 75 tpd; it is expanding
its refining capacity to 150 tpd.

All AP group companies are engaged in extraction and refining of
RBO.  The group has aggregate capacities of around 1400 tpd in
solvent extraction and around 350 tpd in refining.  The group
reported a profit after tax (PAT) of Rs.36.6 million on net sales
of Rs.3192 million in 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs.17.5 million on net sales of
Rs.1651 million for the previous year.


AP SOLVEX: CRISIL Rates Rs.700 Million Facilities at 'BB'
---------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB/Positive' to the
various bank facilities of AP Solvex Ltd (APS).

  Rs.555.0 Million Cash Credit*  BB/Positive (Assigned)
  Rs.144.3 Million Term Loan     BB/Positive (Assigned)

*Including proposed limit of Rs.55.0 million

The ratings reflect APS's weak financial risk profile, highly-
working-capital-intensive operations, and the highly-competitive
and fragmented nature of the rice bran oil (RBO) industry.  These
weaknesses are partially offset by the company's leadership
position in the RBO segment, backed by healthy operating
efficiency, and the promoter's long-standing experience in the
business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APS, AP Organics Pvt Ltd (APO), AP
Refinery Pvt Ltd (APR), KL Solvex Pvt Ltd (KLS), and Shiva Protein
Ltd; this is because these entities, collectively referred to as
AP Group, are in the same lines of business, and have strong
business linkages, and a common ownership and management.

Outlook: Positive

The 'Positive' outlook reflects AP group's plan to convert inter-
corporate deposits (ICDs) and unsecured loans outstanding as on
March 31, 2008 into equity, which will help relieve some pressure
on APS's capital structure.  The rating may be upgraded in case of
actual conversion.  Conversely, the outlook may be revised to
'Stable' if the group fails to convert ICDs and promoter loans to
equity, or contracts large debt to fund capital expenditure,
leading to a leveraged capital structure.

                            About APS

APS, a flagship company of AP Group, was incorporated in 1992 by
Mr. A R Sharma and his four friends.  The company extracts and
processes RBO; its extraction plants at Dhuri and Sunam (Punjab)
have a combined capacity of 850 tonnes per day (tpd), while its
refining plant at Dhuri has a capacity of around 300 tpd.  APS has
received awards for the last seven consecutive years for being the
largest producer of refined RBO, and won the first national award
for research and development in the small and medium enterprises
category in 2007.

All AP group companies are engaged in extraction and refining of
RBO.  The group has aggregate capacities of around 1400 tpd in
solvent extraction and around 350 tpd in refining.  The group
reported a profit after tax (PAT) of Rs.36.6 million on net sales
of Rs.3192 million in 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of Rs.17.5 million on net sales of
Rs.1651 million for the previous year.


GENERAL MOTORS: Unable to Secure Financing for Chrysler Merger
--------------------------------------------------------------
General Motors Corp. is still unable to secure the financing
necessary for its acquisition of Chrysler LLC, John D. Stoll and
Jeffrey McCracken at The Wall Street Journal report, citing people
familiar with the matter.

WSJ relates that outside money is needed to fund the cost-cutting
-- especially buyouts and severance packages for tens of thousands
of hourly and salaried employees, which could total as much as
40,000 jobs if a deal between GM and Chrysler succeeds.  WSJ says
that GM is already using up more than US$1 billion in cash a
month.

According to WSJ, GM considers the merger as a better way to
ensure the continued funding of hundreds of thousands of the
United Auto Workers union retiree pensions and health-care
benefits.  The report states that the new company would produce
above US$250 billion in yearly revenue, while owning more than 30%
of the U.S. market, and have an estimated US$30 billion in cash,
thus improving the firm's credit rating and lessening the
possibility of a bankruptcy filing by GM or Chrysler.

WSJ relates that several of the potential lenders are still
unconvinced.  According to the report, credit markets are
extremely tight, and a number of lenders are fearful of the
complexity and scale of a merger between two industrial giants
during an economic crisis.  The report says that supporters of the
deal could go to the U.S. government, arguing that a merger is
vital to the survival of the domestic auto industry.

GM, Cerberus, and the banks could sell a stake in the new company
to the federal government, according to WSJ.  WSJ quoted a source
as saying, "It is still early days, but to make people feel more
comfortable or to get investors to buy in, you have to think a
government role would be important.  That role could take a lot of
forms, but it would be very important.  The government may need to
make it happen."

GM and Cerberus will still decide on how the transaction would be
structured, WSJ states, citing two people involved in the talks.

                 Merger Not Good for Michigan

Matthew Dolan at WSJ relates that a GM-Chrysler merger would land
a heavy economic blow on Michigan, which is already battered by
home foreclosures and the loss of tens of thousands of auto-
industry jobs over the last few years.  The report states that
since 2005, GM, Chrysler, and Ford Motor Co. have cut more than
100,000 jobs across the U.S., making the Detroit area one of the
highest foreclosure rates in the country, and making the economy
so dire that the U.S. State Department cut back on the placement
of Iraqi refugees in Michigan.

According to WSJ, Michigan's unemployment rate in August was 8.9%,
the highest in the U.S.  Economists suspect it could further
increase in 2009, even without a GM-Chrysler deal, the report
says.  Michigan, according to the report, had 13,605 foreclosure
filings in September, fourth highest in the U.S.

WSJ reports that analysts expect GM job cuts and closures at
several Chrysler facilities in Michigan that could be replaced by
GM operations.

                   About General Motors

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

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

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.


TATA MOTORS: Twin Rights Issue Fails on Low Stock Price
-------------------------------------------------------
Tata Motors Limited's Rs.4,200-crore twin rights issue failed to
get investors' interest amid drastic fall in the company's stock
price, various report say.  The issue, according to The Economic
Times, was priced at Rs.340 a share for full voting ordinary
rights shares and Rs 305 a share for the differential voting
rights component of the issue ('A' ordinary shares) against
Monday's close of Rs.243.90 on the Bombay Stock Exchange.

"We did not invest in Tata Motors rights offer as shares are
available in the markets 28% cheaper than the offer price.  It
does not make any economic rationale for us to invest in the offer
even though the company has long term prospects," The Economic
Times cited an unnamed top official of an Indian financial
institution as saying.

Sify relates that the stock price of Tata Motors, which was
Rs.355.85 on September 29, when the rights issue opened, shed
Rs.111.95 when the rights issue closed Monday.

According to The Economic Times, Tata Motors launched the issue to
part finance the acquisition of Jaguar and Land Rover which it
bought from Ford for US$2.3 billion early this year.  The ordinary
equity component of the issue planned to raise Rs.1,961 crore
while the DVR offer was to collect Rs.2,186 crore, the news agency
says.

The Times of India reports that as per the underwriting agreement,
Tata Group, which holds 33% stake in Tata Motors, will subscribe
to the entire portion of the ordinary issue and a part of the
Rs.1,960-crore differential voting rights (DVR) issue.  About 67%
of the DVR issue will be underwritten by Nimesh Kampani-owned JM
Financial, says the report.  JM Financial is the lead manager to
the issue.

A Tata Motors spokesperson meanwhile told The Economic Times that
". . . Tata Sons and Tata Steel and Tata Industries will subscribe
to the full extent of their entitlement of ordinary shares and 'A'
ordinary shares (DVR shares).  Details of their subscription to
any unsubscribed portion will be made available through the three-
day report to be filed by the company with the authorities
concerned, as per Sebi rules applicable to such matters.  In any
case with the issue having just closed, such details (on
subscription) are simply not available."

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, Tata Motors reduced its long-term financing plan
for the Jaguar-Land Rover acquisition from three to two
simultaneous but unlinked securities citing the current situation
in the capital market and the change in the level of prices in the
stock markets since May 2008.

The original rights issue, totaling Rs.7,200 crores, was composed
of:

   a) an issue of ordinary shares of a total amount
      of about Rs.2,200 crores;

   b) an issue of 'A' ordinary shares having differential
      voting rights (viz. 1 vote for every 10 shares held)
      of a total amount of about Rs.2,000 crores; and

   c) an issue of 0.5% 5-year convertible preference
      shares of a total amount of about Rs.3,000 crores,
      which would be convertible into 'A' ordinary shares
      at any time after 3 years but before 5 years from
      the date of allotment.

The amended rights issue was restricted to (a) an issue of
Ordinary Shares and (b) an issue of 'A' Ordinary Shares having
differential voting rights.

In place of the issue of Convertible Preference Shares, Tata
Motors then proposed to raise the required resources by monetizing
a part of the company's investments through a phased divestment of
certain investments (preferably as inter-group sales wherever
feasible) at prevailing market prices over the next 6 to 8 months.
The funds released from such future divestments together with
those already sold during the current financial year, will form
part of the resources to be raised for repaying the bridging loan
taken for the Jaguar-Land Rover acquisition.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


TATA MOTORS: Sheds 300 Temporary Jobs at Jamshedpur Unit
--------------------------------------------------------
Tata Motors Limited has laid off 300 temporary workers at its
Jamshedpur unit citing lower demand for its vehicles in domestic
and international market, various reports say.  The unit has a
total of 3,600 temporary workers.

Reuters relates, citing an official at a workers union, that the
automaker has also cut heavy vehicle production by 15%.

According to Hindustan Times, until August, the Jamshedpur plant
assembled 350 to 400 chassis a day and the target has come down to
225 to 250 per day.

Temporary workers have been removed from their jobs for a short
period, and once the market situation improves, all of them would
get back their jobs, Hindustan Times cites Tata Motors Workers'
Union spokesperson Bachcha Singh as saying.

Tata Motors, The Economic Times relates, said the decision had
nothing to do with the current global economic meltdown and added
that asking temporary staff to stay away was normal.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.


* INDIA: Next 12 Months Critical for Credit Quality, CRISIL Says
----------------------------------------------------------------
The declining trend in credit quality as indicated by CRISIL's
upgrades and downgrades, which began in April 2005, continued in
the first six months of 2008-09 (refers to financial year, April 1
to March 31).  These six months have seen three long-term ratings
downgraded, and only one upgraded.

CRISIL's modified credit ratio (MCR), a key indicator of credit
quality, showed a secular decline from a high of 1.16 times in
2004-05, to 0.98 times for these six months.  This time the
intensity of the decline and the level of the MCR are less adverse
than in the previous period of continuous decline, which included
a historic low of 0.61 in 1998-99, because both manufacturing and
financial sector entities now have much stronger balance sheets.

However, given the unprecedented severity of the global financial
sector turmoil and the significant economic slowdown, the next 12
months will be critical for credit quality.  Says Ms. Roopa Kudva,
Managing Director and Chief Executive Officer, CRISIL Ltd: "CRISIL
will closely monitor three macro factors over the next 12 months,
as they will be the critical determinants of the credit quality of
Indian companies.  These are the availability of adequate funding
at reasonable rates, the intensity of the demand slowdown, and the
exchange rate."

MCR is the ratio of upgrades plus reaffirmations to downgrades
plus reaffirmations, and is published semi-annually as part of
CRISIL's Ratings Round-Up, a publication that analyses CRISIL's
rating actions, and traces the linkages between these actions and
underlying economic trends and business factors.  The ratio has
established itself as a powerful lead indicator of credit quality.

In the first six months of 2008-09, there were two defaults in
CRISIL's portfolio of long-term ratings; both the defaulting
companies were manufacturing sector entities.  This followed a
three-year period without any defaults, the longest such period in
the past fifteen years. CRISIL's long-term rating outlooks are a
key signal of its credit quality expectations.  According to Raman
Uberoi, Senior Director, CRISIL Ratings: "Our latest Ratings
Round-Up shows that as on September 30, 2008, a little over 5 per
cent of CRISIL's long-term ratings had negative outlooks, the
highest since CRISIL introduced rating outlooks in 2003."

CRISIL expects intensified downward pressure on credit quality.
The real estate sector faces an immediate vulnerability to funding
pressures affecting creditworthiness.  The demand slowdown in
sectors like textiles, information technology and automobiles has
begun; sectors like telecommunications and power would be less
vulnerable to a demand slowdown.  The banking sector benefits from
government support and strong capitalization; these mitigate
profitability pressures due to higher funding costs and mark-to-
market requirements on investment portfolios, and asset quality
pressures due to a slowing economy.  While NBFCs are clearly
slowing down their business growth, the large ones appear to be
relatively better placed in terms of cash on their books and
access to bank funding, and most of CRISIL's NBFC ratings factor
in support from strong parents.



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

* INDONESIA: Rubber Exporters Revise Lower Export Growth Target
---------------------------------------------------------------
The Association of Indonesian Rubber Companies (Gapkindo) has
revised downwards to 4% the export growth target of rubber this
year -- as demand slows down amidst the global economic downturn,
The Jakarta Post reports.

According to the report, Gapkindo orginally projected the
full-year rubber exports to reach 2,548,000 tons, representing a
7% rise from 2.4 million tons in 2007.

With the global financial meltdown, some of the major importers
like U.S., Japan and China have asked to reschedule the shipments
initially intended for December, to January and February next year
and sometimes the demand is derailed, the Post relates.

"With demand being weak alongside relatively stable rubber stocks,
I'm afraid the price may go down, with a further negative impact
on the global rubber trade", Gapkindo Executive Director Suharto
Honggokusumo was quoted by The Post as saying.

With this, Gapkindo had already urged farmers to cut their rubber
production to anticipate slowing demand, the report notes.


* INDONESIA: Lower Rupiah to Decrease Electronics Sales, EMC Says
-----------------------------------------------------------------
The volatility of the rupiah in the past month will affect retail
prices and eventually sales of electronics towards the end of the
year, Jakarta Post reports citing Chairman of the Electronics
Marketers Club (EMC) Agus Subiantoro.

According to the report, EMC will reduce its full-year sales
target from IDR19 trillion (US$2.05 billion) to between
IDR17 trillion and IDR18 trillion -- as lower rupiah would mean
higher prices for electronics, which still heavily rely on
imported materials.

The sales target was based on the incentive of finance ministry to
scrap a 10% tax on luxury goods for some electronics products, in
particular certain types of televisions, laundry machines and
cameras, TVs smaller than 21 inches, washing machines with a
capacity of between six and 10 kilograms and cameras priced below
IDR2 million, The Post relates.

As of September this year, electronic sales reached
IDR13 trillion, up 22% on the same period in 2007, The Post
noted.


* INDONESIA: BI to Issue Regulation on Rescuing Troubled Banks
--------------------------------------------------------------
Bank Indonesia (BI or central bank) will soon issue a regulation
detailing ways to rescue troubled banks in the country, Antara
News reports citing BI Governor Boediono.

According to the report, Mr. Boediono said that the regulation
would later be used as a reference for the implementation of
Government Regulation in Lieu of Law (Perppu) Number 4 of 2008, on
the financial system safety net announced recently.

The rescue regulation would stipulate tighter requirements for
banks to receive injections from Bank Indonesia, The Post relates.
This was to prevent a repeat of the BLBI (Bank Indonesia Liquidity
Assistance) bailout scandal in 1998, the report adds.



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

* BINGHAM MCCUTCHEN: Appoints Three Lawyers for Japan Unit
----------------------------------------------------------
Bingham McCutchen LLP has added three lawyers to its Japanese
finance practice in Tokyo, further enhancing its capabilities in
one of the world's leading financial centers.

Joining Bingham as of counsel are Kenji Hirooka and Ryota Sekine,
both formerly of O'Melveny & Myers' Tokyo office, and Toshikazu
Sakai, formerly of Nagashima Ohno & Tsunematsu.  The three new
lawyers join securities partner Takayasu Koga, who came to Bingham
in April from the Japanese Securities and Exchange Surveillance
Commission.

"The arrival of Kenji, Ryota and Toshikazu underscores Bingham's
commitment to growing and diversifying the Tokyo office," said
Hideyuki Sakai, managing partner of the Tokyo office.  "Our
combined experience in financial restructuring, real estate
securitization, and cross-border transactions helps us demonstrate
our distinguished competitiveness in the current economic
situation that occurred after the boom of foreign investments in
real estate through structured finance."

Bingham's Tokyo finance practice counsels clients on international
and domestic mergers and acquisitions.  The team of lawyers also
provides advice on investment and securities law issues facing
private equity firms and hedge funds.  Hirooka's practice focuses
on strategic mergers and acquisitions, joint ventures and
corporate restructuring. He also focuses on corporate finance
transactions and general corporate matters.

Sekine focuses on mergers and acquisitions, corporate
restructurings and related acquisition financing.  His practice
includes corporate finance transactions, including strategic
equity financing.

In addition to banking and corporate matters, Sakai's practice
focuses on securitization of real estate and receivables,
syndicate loans and structured finance transactions.

Bingham's history in Japan dates to 1997, when it combined with
New York firm Marks & Murase, known for its Japanese practice.
Last year Bingham invested heavily in Japan, completing two
combinations there and building its Tokyo presence to more than 50
bengoshi (Japanese lawyers), making it the second largest foreign
law firm in the country.  Bingham and New Tokyo International Law
Office, a premier insolvency, corporate and litigation firm with
22 lawyers, closed their combination October 2007.  Sakai &
Mimura, a premier cross-border restructuring and insolvency
practice, joined Bingham in a joint venture in February 2007.

Bingham's Japanese practice, with lawyers in Japan and New York,
focuses on large-scale cross-border restructurings, corporate, M&A
and finance matters, and has significant intellectual property,
antitrust and litigation strengths.

                    About Bingham McCutchen

Bingham McCutchen LLP - http://www.bingham.com- is a global law
firm with nearly 1,000 attorneys in 13 offices. The firm
represents clients in cross-border restructurings and
insolvencies, high-stakes litigation, complex financing and
regulatory matters, government affairs, and a wide variety of
sophisticated corporate and technology transactions.


* S&P Drops Junk Ratings on 8 CDO Transactions to D; Off WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' its ratings
on eight tranches relating to eight Japanese synthetic CDO
transactions and removed the ratings from CreditWatch with
negative implications.

S&P carried out the aforementioned rating actions after lowering
from 'CCC-' to 'D' the ratings on the transactions' collateral
securities on Oct. 17, and removed the ratings from CreditWatch
with negative implications.

Ratings lowered, off CreditWatch Negative:

ELM B.V.

Global portfolio CDO secured notes series 86

To   From              Issue Amount
--   ----              ------------
D    CCC-/Watch Neg   JPY2.5 billion

Series 107-Elysium class A secured credit linked notes

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   JPY1 billion

Series 108 Elysium class B1 secured credit-linked notes

To   From              Issue Amount
--   ----              ------------
D    CCC-/Watch Neg   JPY3.3 billion

Series 111 global portfolio CDO secured notes

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   JPY1 billion

Helium Capital Ltd.

Limited recourse secured floating rate credit-linked notes series
52

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   JPY5 billion

Limited recourse secured step-up floating-rate credit-linked notes
series 63

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   US$10 million

Limited recourse secured floating rate credit-linked notes series
68

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   JPY1 billion

Silk Road Plus PLC

Limited recourse secured floating-rate credit-linked notes series
9 class B1-J

To   From             Issue Amount
--   ----             ------------
D    CCC-/Watch Neg   JPY1 billion



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

* KOREA: Third of Foreign Funds Suffer 50% Loss
-----------------------------------------------
A third of foreign securities funds have seen their values halved
in just a year due to the global financial turmoil, KBS News
reports.

A fund management company, the report relates, said that of 246
foreign securities funds with net assets of KRW10 billion, 89 lost
half of their value in one year.  A total of 90% of the funds
suffered a 30% loss.

The companies said the losses came after investment began
centering on China, Russia and other emerging economies following
a steep decline in the global securities market, the report says.



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

NIKKO ELECTRONICS: CIMB Bank Demands MYR6 Million Payment
---------------------------------------------------------
Nikko Electronics Bhd. has been served with a notice by Ghazi &
Lim, Advocates & Solicitors acting for CIMB Bank Berhad --
demanding the payment of MYR6,001,417.18 being the balance
outstanding as at October 12, 2008.

Nikko is given 21 days from the date of service of the notice or
October 16, to settle the outstanding amount, failing which,
winding up proceedings will be taken against the company.

Nikko is seeking the necessary legal advice to resolve and defend
against this matter.

                          About Nikko

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


UBG BERHAD: Appoints Syed Ahmad as Member of Audit Committe
-----------------------------------------------------------
On October 10, 2008, Syed Ahmad Alwee Alsree was appointed
liquidator of UBG Berhad.  Mr. Tuan Syed is the Group Executive
Director of Cahya Mata Sarawak Berhad (CMS).

At the same time, Haji Mahmud Abu Bekir Taib resigned from his
post as the member of the Audit Committee.  Mr. Haji Mahmud is the
chairman of UBG and Group Deputy Chairman of CMS.

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.


* MALAYSIA: To Inject IDR5BB to Stock Market; Cuts 2009 GDP Target
------------------------------------------------------------------
Malaysia will inject IDR5 billion (US$1.4 billion) into the ailing
stock market and cut its growth forecast for 2009 amid a worsening
global financial crisis, Channel NewsAsia reports citing Finance
Minister Najib Razak.

"We had projected GDP growth of 5.4% for 2009.  However in the
light of the worsening external developments, the growth forecast
for 2009 will be reviewed downwards," Mr. Najib was quoted by
Channel NewsAsia as saying during a speech conference in Kuala
Lumpur.  However, Mr. Najib stressed that the stock market is not
in a financial crisis.

Mr. Najib also stated that the government will double the size of
its state-run investment company Valuecap Sdn. Bhd to invest in
under-valued, but fundamentally strong shares, by putting in an
additional IDR5 billion (US$1.4 billion), the report said.

The report, citing Mr. Najib, notes that the government will not
cut back its overall expenditure but some "lumpy" projects could
be postponed for the year, but projects planned for 2009 will
still continue.

The report added that the government will look at liberalizing the
service sector -- the cornerstone of the economy -- and review
foreign investment guidelines to attract overseas investment in
property.



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

ACCESS BROKERAGE: Jailed Former Director Fined NZ$220,000 by NZX
----------------------------------------------------------------
The New Zealand Stock Exchange (NZX) has fined former Access
Brokerage managing director Peter Gerald Marshall NZ$220,000 for
breaching its rules, the New Zealand Herald reports.

According to the Herald, an NZX disciplinary body investigation
found Mr. Marshall engaged in conduct detrimental to his clients,
placed client assets at unreasonable risk, failed to take steps to
protect his clients' assets and declined to be interviewed by NZX
when asked.

The New Zealand Herald says he also failed to observe proper
ethical standards and act with honesty, integrity, fairness, due
care, diligence and efficiency.

Along with the NZ$220,000 fine, the Herald relates, NZX also
publicly censured Mr. Marshall.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2008, citing The Dominion Post, the Wellington District
Court sentenced Mr. Marshall to three years in jail for defrauding
the firm of NZ$4.8 million.

According to the Dominion Post, Mr. Marshall was found guilty in
April of 14 charges of false accounting and false reporting
leading to the collapse of Access Brokerage.

Access Brokerage, The Dominion Post related, collapsed in
September 2004 owing NZ$3.9 million in client accounts.  The
firm was registered in 1986 and Mr. Marshall became chief
executive in 2001.


APARIMA LOGGING: Proofs of Debt Due on October 31
-------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Aparima Logging Limited appointed Timothy Patrick
Ward, chartered accountant of Invercargill, as liquidator on
September 24, 2008.

The liquidator set October 31, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          T. P. Ward
          BDO Spicers
          Lexicon House
          123 Spey Street
          Invercargill
          Telephone: (03) 218 2959
          Facsimile: (03) 218 2092
          Email: admin@inv.bdospicers.com


BRIDGECORP LTD: Two Former Executive Directors Remanded on Bail
---------------------------------------------------------------
Two executive directors of Bridgecorp Ltd were back in court on
criminal charges yesterday, October 21, 2008, the National
Business Review reports.

According to the report, Rod Petricevic and Robert Roest appeared
in Auckland District Court facing charges under the Securities Act
and the Companies Act.

The National Business Review relates that Messrs. Petricevic and
Roest were remanded on bail and will reappear in court on December
16, 2008, when a date for a depositions hearing is expected to be
set.

The prosecution, the Business Review notes, is separate to a
Serious Fraud Office investigation into the running of the
company.

As reported in the Troubled Company Reporter-Asia Pacific on
September 15, 2008, the Securities Commission said that new and
more serious Securities Act charges have been laid against Messrs.
Petricevic and Roest.

These additional charges arise from claims in the Bridgecorp
prospectus about the company's record of making payments to
investors.  They carry a maximum penalty of 5 years imprisonment
or fines of up to NZ$300,000.

The charges have been laid by the Companies Office at the request
of the Securities Commission, following further investigations
into statements in the prospectus.

The charges are laid under section 58 of the Securities Act.  This
makes it an offense to distribute a prospectus containing an
untrue statement.  The prosecution relates to claims in the
company's prospectus that it had never missed an interest or
principal payment.  The charges allege that the company missed
many payments from February 2007 until it was placed in
receivership in July 2007, but continued to claim to the contrary
in its prospectus.  Those claims are also the subject of other
Securities Act charges relating to the allotment of securities
laid in June this year.

The Commission, the Companies Office and the Serious Fraud Office
are continuing their inquiries into Bridgecorp and other finance
companies.

                       About Bridgecorp Ltd

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


CLD HOLDING: Wind-Up Petition Hearing Set for October 24
--------------------------------------------------------
The High Court at Auckland will hold a hearing on October 24,
2008, at 10:00 a.m., to consider putting CLD Holding Limited into
liquidation.

The application was filed on June 26, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


G T RIGGING: Madsen-Ries and Vance Appointed as Liquidators
-----------------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of G T Rigging Limited.

The liquidators can be reached at:

          Deloitte
          Level 8, Deloitte House
          8 Nelson Street
          Auckland 1010
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


GEN POWER: Shareholders Placed Company Under Liquidation
--------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Gen Power Limited resolved that the company be
liquidated and appointed Graham Clyde Chapman as liquidator.

The company was placed into liquidation on September 26, 2008.

Creditors and shareholders may direct their inquiries to:

          Jarrod Walton
          Chapmans Chartered Accountants Limited
          PO Box 84148
          Westgate, Auckland 0657
          Telephone: (09) 831 0205
          Facsimile: (09) 831 0206


GRAHAMTOWN HOLDINGS: Wind-Up Petition Hearing Set for November 3
----------------------------------------------------------------
The High Court at Whangarei will hold a hearing on November 3,
2008, at 10:00 a.m., to consider putting Grahamtown Holdings
Limited into liquidation.

The application was filed on August 25, 2008, by Beau Fletcher
Davidson.

The plaintiff's address for service is at:

          Cor Eckard Law Office
          Level 1
          Tai Tokerau Trust Building
          3 Hunt Street
          PO Box 111 or DX AP 24501
          Whangarei

C. F. Eckard is the plaintiff's solicitor.


GREEN POWER: Liquidators Set Nov. 14 as Claims Filing Deadline
--------------------------------------------------------------
The High Court at Auckland has appointed Peter Reginald Jollands
and Michael John Fisher, insolvency practitioners of Auckland, as
liquidators of Green Power Limited.

The liquidators set November 14, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Michael Fisher
          Telephone: (09) 379 0463
          Facsimile: (09) 379 0465
          E-mail: mike@jollandscallander.co.nz


GOODYEAR TIRE: CFO Schmitz Resigns, Darren R. Wells Assumes Role
----------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that W. Mark
Schmitz, executive vice president and chief financial officer,
has elected to leave the company to pursue other interests.
Darren R. Wells, previously senior vice president of finance and
strategy, has been named to replace Mr. Schmitz as CFO effective
immediately.

Mr. Schmitz, served the company as chief financial officer for
the past 14 months.  Mr. Wells, 42, was one of the key leaders
and architects of the company's financial restructuring since
joining the company from Visteon Corp. six years ago as
Goodyear's vice president and treasurer.  Mr. Wells was promoted
to senior vice president business development and treasurer in
May 2005, and to his most recent position in March 2007.

"The innovative plans to restructure our balance sheet executed
under [Mr. Wells'] leadership served as the foundation of the
company's rebirth as a stronger, more respected competitor in the
tire industry," Robert J. Keegan, chairman and chief executive
officer, said.  "As chief financial officer, [Mr. Wells] will
use his outstanding business and financial skills and strong
leadership capabilities to generate shareholder value."

A native of Indianapolis, Mr. Wells earned his bachelor of arts
degree from DePauw University in Greencastle, Indiana, and his
MBA in finance from Indiana University.  He held positions of
increasing importance in 10 years at Ford Motor Company,
including assignments in Australia for Ford Credit and Ford
Investment Enterprises. He returned to the U.S. in 2000 as
assistant treasurer of Visteon.

Mr. Schmitz was with Tyco International's Fire and Security
segment as vice president and chief financial officer for four
years prior to joining Goodyear.

"We appreciate [Mr. Schmitz'] contributions during a challenging
period in our industry and in the global economy, and wish him
well in the next phase of his career," Mr. Keegan said.

                         Liquidity Woes

As reported in the Troubled Company Reporter on Sept. 29, 2008,
Goodyear Tire stated that it will draw US$600 million from its
existing U.S. revolving credit facility due to a temporary delay
in its ability to access US$360 million of cash currently invested
with The Reserve Primary Fund.  The funds will also be used to
support seasonal working capital needs and to enhance the
company's cash liquidity position.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26 countries
and employs 80,000 people worldwide.  Goodyear has subsidiaries in
New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea
and Japan, among others.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on March 6,
2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt
rating to 'B+' from 'B-/RR6'.


LA BELLA: Proofs of Debt Due on October 30
------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of La Bella Homes Limited resolved that the company
be liquidated and appointed Grant Bruce Reynolds as liquidator.

The company was placed into liquidation on September 26, 2008.

Creditors are required to file their proofs of debt by October 30,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


MACQUARIE FORTRESS: Says Fortress Notes Have Zero Value
-------------------------------------------------------
Macquarie Fortress Investment Limited, as trustee for the
Macquarie New Zealand Fortress Notes Trust, said that due to the
present cumulative market value of Senior Loans in the Fortress
portfolio which is below the total debt facility balance, the
estimated net asset value of Macquarie New Zealand Fortress Notes
as at October 17, 2008, was zero cents per note.

The company also said that the deterioration in global financial
markets has continued to affect the traded price of US Senior
Secured Loans in the Fortress portfolio.

Even in the event that there is ultimately a shortfall between the
total debt facility balance and the cumulative realized value of
Senior Loans in the Fortress portfolio, the company said, holders
of Macquarie New Zealand Fortress Notes will not be required to
fund this shortfall.

The refinancing arrangement concluded in April 2008 is committed
for 8 years until 2016 and does not incorporate any market value
based repayment triggers.  Under this arrangement, the finance
provider has no rights to require an accelerated repayment of the
debt facility.  The final return to investors continues to depend
on default and recovery rates of Senior Loans in the Fortress
portfolio.  Furthermore, there have been no new defaults in the
Fortress portfolio.

According to Fiona Robertson of The National Business Review, New
Zealand investors placed NZ$28.6 million worth of funds into
Fortress notes when they listed on the NZDX in 2005 with a face
value of NZ$1.

The report relates that the estimated net asset value of the notes
has taken a hammering in the last two months amid a seizing up in
credit markets.

Fortress invested in US "senior" corporate loans, which carried
below investment grade ratings, the report says.

Macquarie Fortress Investments Limited is a wholly owned
subsidiary of Macquarie Bank Limited.  Macquarie Fortress
Investments Limited is the Trustee of the Macquarie New Zealand
Fortress Notes Trust.  The Trust is engaged in making
investments in unlisted notes issued by a Cayman Island entity,
the return on which is linked to a leveraged portfolio of
the United States dollar denominated senior secured loans.


RISK MANAGEMENT: Liquidators Set November 6 as Claims Bar Date
--------------------------------------------------------------
The High Court at Auckland has appointed John Trevor Whittfield
and Peri Micaela Finnigan, insolvency practitioners of Auckland,
as liquidators of Risk Management Holdings Limited.

The liquidators set November 6, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Carol Wang
          Telephone: (09) 306 3355


STRATEGIC FINANCE: Timothy Rich Resigns as Director
---------------------------------------------------
Strategic Finance Limited said that Timothy Rich resigned as
director of the company effective October 21, 2008.

The company said Steven Davey has been appointed as a replacement
director.  Mr. Davey is also a director of Allco HIT Limited the
ultimate parent company of Strategic Finance Limited.

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

A TCR-AP report on September 23, 2008, said Strategic Finance
Limited has been publicly censured by New Zealand Stock Exchange
(NZX) and ordered to pay a NZ$20,000 penalty for breaching market
disclosure rules.

The TCR-AP reported on September 12, 2008, that Strategic Finance
did not make interest payment payable September 15, 2008, on
debenture stock, subordinated notes and deposits.  The company
also did not pay dividends payable Oct. 15, 2008 on perpetual
preference shares.

The company reported a net loss after tax of NZ$15.7 million for
the year ended June 30, 2008, compared with a net profit after tax
of NZ$29.4 million in the year ended June 30, 2007.

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  It also
ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.


THE CODE: Wind-Up Petition Hearing Set for October 24
-----------------------------------------------------
The High Court at Auckland will hold a hearing on October 24,
2008, at 10:00 a.m., to consider putting The Code Works Limited
into liquidation.

The application was filed on June 30, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


VERDE HOLDINGS: Liquidators Set Oct. 29 as Claims Bar Date
----------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Verde Holdings Limited.

The liquidators set October 29, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

        Mayura Sathiyaselvan
        Deloitte
        Level 8, Deloitte House
        8 Nelson Street
        Auckland 1010
        Telephone: (09) 309 4944
        Facsimile: (09) 309 4947


* NEW ZEALAND: Annual Inflation Rises 5.1% in September Quarter
---------------------------------------------------------------
The Consumers Price Index (CPI) increased 5.1 percent for the year
to the September 2008 quarter, Statistics New Zealand said.  The
annual rate has not been higher since the year to the June 1990
quarter.  The CPI rose 1.5 percent in the September 2008 quarter.

The transport group made the most significant contribution to the
annual increase, rising 11.3 percent.  Higher prices for petrol
(up 29.3 percent) accounted for just over a quarter of the 5.1
percent increase in the CPI.  If petrol prices had remained
unchanged from the September 2007 quarter to the September 2008
quarter, the CPI would have risen 3.7 percent.

The other significant annual increases came from the food group
(up 9.5 percent) - in particular grocery food (up 12.0 percent);
and the housing and household utilities group (up 4.7 percent) –
driven by purchase of new housing (up 4.6 percent) and electricity
(up 6.9 percent).

Food prices increased 3.7 percent in the September 2008 quarter,
the most significant contribution to the 1.5 percent increase in
the September 2008 quarter CPI.  The main driver to higher food
prices was an increase in vegetables prices (up 20.0 percent), as
a result of unusually wet weather.

Prices for the housing and household utilities group were up 1.4
percent in the September 2008 quarter, with the most significant
contribution coming from local authority rates and payments (up
4.7 percent).

The transport group increased 2.0 percent in the September 2008
quarter, mainly due to higher prices for petrol (up 4.6 percent),
which were offset by lower prices for second-hand motor cars (down
8.0 percent).


* NEW ZEALAND: Food Prices Increases 0.6% in September 2008
-----------------------------------------------------------
Food prices increased 0.6 percent in the September 2008 month,
Statistics New Zealand said.  The main contribution to the
increase was from the meat, poultry and fish subgroup (up 3.7
percent), driven by higher prices for beef (up 6.8 percent), fresh
chicken (up 5.8 percent), and pork (up 11.9 percent).

Fruit and vegetable prices decreased 2.2 percent, following strong
increases for the previous four months caused by unusually wet
weather.  The most significant downward contribution came from
lower prices for lettuce (down 20.6 percent), and cucumber (down
43.8 percent).  The main upward contribution came from higher
prices for tomatoes (up 16.3 percent).

Other subgroups that made upward contributions to the rise in food
prices were grocery food (up 0.5 percent), restaurant meals and
ready-to-eat food (up 0.4 percent), and non-alcoholic beverages
(up 0.3 percent).  The most significant upward contribution came
from higher prices for yoghurt (up 11.6 percent).

For the year to September 2008, food prices rose 10.8 percent.
This annual increase is the highest since April 1990 when food
prices increased 11.4 percent, which incorporates the GST increase
from 10.0 to 12.5 percent in the July 1989 month.

All five subgroups recorded upward contributions to the annual
increase, with the most significant contribution coming from the
grocery food subgroup (up 12.8 percent).  Within this subgroup,
higher prices were recorded for cheddar cheese (up 61.6 percent),
bread (up 16.5 percent), and fresh milk (up 12.6 percent).

The remaining four subgroups recorded the following upward
contributions: fruit and vegetables (up 17.9 percent), meat,
poultry and fish (up 8.8 percent), restaurant meals and ready-to-
eat food (up 6.3 percent), and non-alcoholic beverages (up 6.9
percent).


* NEW ZEALAND: South Island Index Falls 15.2% in Third Qtr 2008
---------------------------------------------------------------
South Island listed companies have succumbed to the worldwide
upheaval in financial markets during the third quarter of 2008,
according to the Deloitte South Island Index issued on Monday,
October 20, 2008.

Paul Munro, a corporate finance partner in Deloitte's Christchurch
office, said the South Island Index had experienced its first
decline, falling by 15.2% in the third quarter (July-September) of
this year.  September proved to be a particularly challenging
month with a 15.0% decline.  Overall, the Index's value decreased
by NZ$676 million to a total market capitalization of NZ$3.78
billion.  In contrast, the NZX 50 index was down just 3.3% in the
quarter.

"Up until now the South Island has proven to be relatively well
insulated against tightening market conditions in 2008, but we've
seen this resilience give way somewhat in the past quarter.  It's
a function of what is a tricky and unpredictable market – the
volatility and uncertainty has started to bite.

"The nervousness that has swept through the market should provide
the catalyst for companies to undertake sensible planning in areas
such as the management of cash flow, liquidity, and debt/equity
positions.  There's no better time than now to put some effort
into getting this right."

The Deloitte South Island Index measures movements in market
capitalization, tracking the performance of more than 30 listed
companies with a registered office and/or a substantial portion of
their operations in the South Island.

Overall, despite the 15% reduction in the SI Index, a total of 53%
of the companies in the Index recorded an increase in their market
capitalization this quarter.

Paul Munro said that in previous quarters the declines were
primarily being felt by smaller companies in the Index, but this
had changed in the past quarter.  "This time around it has been
the larger companies such as PGG Wrightson, Pike River Coal and NZ
Farming Systems Uruguay that have felt the heat.  Their relative
significance in the South Island Index has meant their declines in
market capitalization have had a major impact."

Notable percentage increases in market capitalization were
achieved by Pacific Edge Biotechnology (+63% in the quarter),
Connexionz (+50%), Apple Fields (+38%), and Scott Technology
(+29%).  Homeware company Smiths City (+25%) also had a positive
quarter, bucking speculation about pain being felt at the retail
counter.

As with the second quarter of 2008, five of the eight South Island
sectors experienced declines in Q3.  Primary (-30.5%) and
technology (-16.1%) led the falls, while the best performed was
the port sector (+3.5%) – an admirable result in what Mr. Munro
described as "trying and challenging conditions".

With a 1% increase in market capitalization, Ryman Healthcare
enjoyed the largest increase in dollar terms and remained the
South Island's largest listed company (NZ$805.0m) as at
September 30, 2008.  It was followed by PGG Wrightson (NZ$462.9m)
and new entrant Pike River Coal (NZ$431.5m).



===============
P A K I S T A N
===============

* PAKISTAN: IMF Eyes Debt Default, US$10 Billion Help Needed
------------------------------------------------------------
Pakistan risks defaulting on its loans absent a lifeline of as
much as US$10 billion over the next two years, Bloomberg News
reports citing the International Monetary Fund.

According to Bloomberg News, Pakistan's foreign reserves have
plunged more than 74% to about US$4.3 billion in the past year,
increasing the risk that the country will be unable to pay the
US$3 billion in debt-servicing costs due in the coming year.

Pakistan's economy has "deteriorated significantly" and growth may
slow to a six-year low, the IMF said separately in an October 20
report cited by Bloomberg News.  IMF also stated in its report
that the country's growth is expected to weaken to 3.5% in the
year to June 30 from 5.8% last year, contrary to government
estimates of a 5.5% expansion this year.

Bloomberg News relates five-year credit-default swaps on the
country's debt were quoted around 2450 basis points in New York on
October 17, making Pakistan the riskiest government borrower after
Argentina.  Pakistan's next interest payment on its dollar-
denominated bonds is due in December and the government is
scheduled to repay US$500 million in February on a 6.75% note, the
report adds.

                     Sovereign Credit Ratings

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 8, 2008, Standard & Poor's Ratings Services lowered its long-
term foreign currency sovereign credit rating on the Islamic
Republic of Pakistan to 'CCC+' from 'B' and its long-term local
currency rating to 'B-' from 'BB-'.  At the same time, S&P lowered
its short-term rating on the sovereign to 'C' from 'B'.  The
outlook on the long-term rating is negative.

The rating on Pakistan's senior unsecured local currency debt was
also lowered to 'B-' from 'BB-', while the foreign currency debt
rating has been lowered to 'CCC+' from 'B'.

According to S&P, the downgrade comes in the wake of continued
steep erosion of Pakistan's external liquidity position, the
extent and pace of which casts rising doubts about the sovereign's
ability to meet approximately US$3 billion of external debt
servicing commitments in the coming year.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 25, 2008, Moody's Investors Service changed the outlook on
the Pakistani government's B2 bond ratings to negative from
stable.

At the same time, Moody's lowered the outlook on its B3 foreign
currency bank deposit ceiling to negative.  Meanwhile, the outlook
on the Ba3 foreign currency bond ceiling remains negative.

Moody's said the rating actions were prompted by a substantial
erosion in the country's external liquidity position, and which is
not likely to be adequately reversed by prospective external
assistance or ongoing efforts at macro-economic stabilization.

The negative outlook on the government's bond ratings reflects, in
particular, a worsening in access to foreign currency, raising a
heightened prospect of arrears and missed repayments, Moody's
said.



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

* PHILIPPINES: Posts Php21.6 Billion Deficit in September
---------------------------------------------------------
The National Government posted fiscal Deficit in September at
Php21.6 billion.  The January to September fiscal deficit of the
National Government reached Php53.4 billion, Php18.2 billion
higher than the programmed ceiling of Php35.1 billion, data from
the Bureau of the Treasury shows.

The higher than expected deficit can be attributed to the
Php14.1 billion revenue shortfall against the first semester
program of Php894 billion and Php4.2 billion higher spending.  The
National Government registered a deficit in September amounting to
Php21.6 billion.

   Revenue Performance

Revenue collections reached Php879.9 billion for the first three
quarters.  It grew by 8.3% compared to the Php812.3 billion for
same period last year.  The Bureau of Internal Revenue and Bureau
of Customs registered a growth of 12.6% and 26.3%, respectively
for the first three quarters compared to same period last year.
Actual collections were recorded at Php587.9 billion for BIR and
Php193.2 billion for BOC.  Likewise, the Bureau of the Treasury
income was recorded at Php47.8 billion while other offices,
registered an income of Php51.1 billion.  Revenue collections
reached Php89.6 billion for the month of September.  Actual
collections of BIR and BOC for the month were recorded at
Php55.8 billion and Php25.8 billion, respectively.  Bureau of the
Treasury income and collections from other offices for the month
was recorded at Php2.2 billion and Php5.9 billion, respectively.

   Expenditures

Actual disbursements for the first three quarters amounted to
Php933.3 billion, 9.5% higher than the comparable disbursements in
2007.  Excluding interest payments, total disbursements increased
by 5.9%.  Actual disbursements in September amounted to
Php111.3 billion.

   Primary Surplus/(Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month of
September amounting to Php7.5 billion.  Cumulatively, the primary
surplus reached to Php181.3 billion for January to September.


* PHILIPPINES: Records 3.88% U/KBs' NPL Ratio in August
-------------------------------------------------------
As of end-August 2008, the non-performing loans (NPL) ratio of
universal and commercial banks (U/KBs) eased further to
3.88 percent from the previous month's 3.98 percent and year ago's
5.28 percent ratios, data from Bangko Sentral ng Pilipinas shows.

The industry sustained an improving trend for the past 6 months
and kept the NPL ratio below 4 percent for the past 3 months.
The month-on-month improvement in the ratio occurred as the
1.07 percent decline in NPLs was complemented by the 1.45 percent
expansion in total loan portfolio (TLP).  NPLs went down to
Php91.53 billion from last month's Php92.52 billion while TLP
expanded to Php2,360.56 billion from Php2,326.82 billion.

Net of interbank loans (IBL), the NPL ratio also eased to
4.46 percent from last month's 4.56 percent and year ago's 6.33
percent ratios.  The month-on-month development transpired as the
drop in NPLs came with the 1.27 percent rise in regular loans to
Php2,054.04 billion from Php2,028.30 billion last month.

The real and other properties acquired (ROPA) was reduced by
1.37 percent to Php145.25 billion which in turn further lowered
the level of non-performing assets (NPA) to Php236.78 billion
(down by 1.25 percent from last month).  As a result, the NPA to
Gross Assets (GA) ratio improved to 4.94 percent from the previous
month’s 5.15 percent ratio.

The restructured loans (RLs) to TLP ratio went up to 2.50 percent
from the previous month's 2.48 percent, driven by the 1.94 percent
growth in gross RLs to Php59.30 billion.  This month's ratio,
however, is lower than year ago’s ratio of 3.58 percent.

The industry’s loan exposure remained adequately covered.  The NPL
coverage ratio continued to strengthen to 98.69 percent from last
month's 97.86 percent and year ago's 86.12 percent ratios.
Similarly, the NPA coverage ratio (NPA reserves to NPAs) widened
to 49.02 percent from last month’s 48.40 and year ago's 40.98
percent ratios.


* PHILIPPINES: Monetary Board Approves Repo Facility
----------------------------------------------------
The Monetary Board approved on October 17, the opening of a US
dollar repurchase agreement (Repo) facility to support the orderly
functioning of the financial system as an effective channel of
monetary policy.  The US dollar Repo facility is expected to
augment dollar liquidity in the market to help address any
temporary market tightness at this time.  In turn, this will help
ensure the ready availability of credit for imports and other
qualified funding requirements.  For this facility, the Monetary
Board approved the use of foreign-denominated sovereign debt
securities (ROP) as collateral for loans availed.

The Board expanded the eligible collateral for BSP’s standing Peso
Repo facility to include ROPs.  The valuation for such collateral
under both the peso and dollar Repo facilities will be under a
revised scheme that is relatively more relaxed.

These measures will complement other existing BSP standing
facilities such as the rediscounting window and the emergency loan
facility.  The rediscount window provides loans to banking
institutions against eligible promissory notes on a short-term
basis.  The BSP also extends emergency financial assistance to
banking institutions with temporary liquidity needs.

Further, the BSP supports the proposed legislation that seeks to
increase the maximum bank deposit guarantee to be provided by the
Philippine Deposit Insurance Corporation in the context of an
overall plan to strengthen the PDIC.

Going forward, the BSP will continue to monitor market
developments, including those in the credit market, and act as
warranted.



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

EMPORIUM HOLDINGS: Court to Hear Wind-Up Petition on October 31
---------------------------------------------------------------
A petition to have Emporium Holdings (Singapore) Ltd's operations
wound up will be heard before the High Court of Singapore on
October 31, 2008, at 10:00 a.m.

Chew Kia Ngee, Ramasamy Subramaniam Iyer @ Rajendran and Goh Thien
Phong filed the petition against the company on October 6, 2008.

The Plaintiffs' solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street
          #13-02 Equity Plaza
          Singapore 049705


FRASERS COMMERCIAL: S&P Revises Watch on BB Rating to Developing
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch listing
on the 'BB' rating of Frasers Commercial Trust (previously known
as Allco Commercial Real Estate Investment Trust) to developing
from positive, where it was placed on Aug. 28, 2008.

The revision reflects the approaching refinancing due date of Nov.
22, 2008, for Singapore dollars (S$) 70 million owed to
Commonwealth Bank of Australia (CBA; AA/Stable/A-1+).  The rest of
the debts owed to CBA, amounting to S$400 million and S$150
million, will fall due in July and December 2009, respectively.

"The rating is placed on CreditWatch developing as FCOT has yet to
finalize its refinancing plans to the level of certainty we
expected," said S&P's credit analyst Wee Khim Loy.

Nevertheless, backed by the financial flexibility and satisfactory
credit profile of Frasers Centrepoint Ltd. (which owns 18.27% of
Frasers Commercial) and Fraser and Neave Ltd. (which owns 100% of
Frasers Centrepoint), Frasers Commercial told us it is currently
making progress obtaining firm commitment from a consortium of
banks to refinance the debts owed to CBA.

The CreditWatch developing status is also a reflection of the high
volatility and the tight liquidity in the current credit market,
hence making it imperious for Frasers Commercial to put in place
refinancing plans ahead of the debt due date.

In resolving the CreditWatch, S&P expects firm committed
refinancing arrangements to be in place by Oct. 31, 2008, in the
absence of which the rating may be placed on CreditWatch negative
or lowered.  On the other hand, the outlook on the rating may be
revised to stable if the refinancing plans are completed.  A
rating upgrade has become more challenging for Frasers Commercial,
given that access to equity has declined due to the volatile
financial markets.  In addition, with the economic slowdown,
demand for office and commercial properties will be affected.


OPTIMUM-3: Court Enters Wind-Up Order
-------------------------------------
On October 10, 2008, the High Court of Singapore entered an order
to have Optimum-3 (China) Pte. Ltd.'s operations wound up.

Optimum-3 International Pte Ltd filed the petition against the
company.

The company's liquidator is:

          Don Ho Mun-Tuke
          Don Ho & Associates
          20 Cecil Street
          #12-02 Equity Plaza
          Singapore 049705


EMPORIUM DEPARTMENT: Wind-Up Petition Hearing Set for October 31
----------------------------------------------------------------
The High Court of Singapore will hear on October 31, 2008, at
10:00 a.m., a petition to have Emporium Department Store Pte Ltd's
operations wound up.

Chew Kia Ngee, Ramasamy Subramaniam Iyer @ Rajendran and Goh Thien
Phong filed the petition against the company on October 7, 2008.

The Plaintiffs' solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street
          #13-02 Equity Plaza
          Singapore 049705


ORIENTAL RESTAURANT: Wind-Up Petition Hearing Set for October 31
----------------------------------------------------------------
A petition to have Oriental Restaurant (Pte) Ltd's operations
wound up will be heard before the High Court of Singapore on
October 31, 2008, at 10:00 a.m.

Chew Kia Ngee, Ramasamy Subramaniam Iyer @ Rajendran and Goh Thien
Phong filed the petition against the company on October 6, 2008.

The Plaintiffs' solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street
          #13-02 Equity Plaza
          Singapore 049705



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

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

                   Featured Conference

           Oct. 30-31, 2008
           Physician Agreements & Ventures
           The Millennium Knickerbocker Hotel - Chicago
           Brochure will be available soon!

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

           More information and list of available titles at:
   http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *


Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

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

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

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

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

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

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

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

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

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                         *********

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.





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