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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, December 10, 2008, Vol. 11, No. 245

                            Headlines

A U S T R A L I A

ANDERSEN SCOTT: Placed Under Voluntary Liquidation
BEWICK HOLDINGS: Declares Second and Final Dividend
BRANDT ENGINEERING: Members and Creditors Hear Wind-Up Report
COVE TUNNEL: Moody's Downgrades Senior Secured Rating to 'Ca'
COVENANT SECURITIES: Placed Under Voluntary Liquidation

DEREK HECK: Commences Liquidation Proceedings
FORTESCUE METALS: Suspends Long-Term CFR Shipping Contracts
FREE TO RIDE: Declares Dividend for Unsecured Creditors
G & H DESIGNS: Members and Creditors Receive Wind-Up Report
HERRINGBONE: Goes Into Voluntary Administration

MAINZEN PTY: Members and Creditors Hear Wind-Up Report
MINTECH GROUP: Members and Creditors Hear Wind-Up Report
OZ MINERALS: Chinese Metal Companies Eye Investing in Aussie Miner
PACIFIC BRANDS: Cuts First-Half Dividend to Repay Debt
SELEKT PTY: Placed Under Voluntary Liquidation

SMARTSTONE MODULAR: Members and Creditors Hear Wind-Up Report
STARJADE NOMINEES: Placed Under Voluntary Liquidation
THE CONCEPT: Placed Under Voluntary Liquidation
THE ORCHID: Commences Liquidation Proceedings
THE SOUTH AFRICA: To Declare Dividend on December 15


C H I N A

AMOI ELECTRONICS: May Face Delisting Due to Losses
CHAODA MODERN: Moody's Changes Outlook on 'Ba2' Rating to Negative
CHINA DIGITAL: Posts US$6.6MM Net Loss in Quarter Ended Sept. 30
LIGHTPATH TECH: Posts US$1,024,000 Net Loss in Qtr. Ended Sept. 30
SHANGHAI AIRLINES: Denies Reports on Government Bailout

TEKNI-PLEX INC: Internal Investigation Cues Delay in 10-Q Filing
TEKNI-PLEX INC: Gets Lenders' Funding Commitment on Business Plans


H O N G K O N G

B+B NOMINEES: Placed Under Voluntary Liquidation
BRUTUS FASHIONS ET AL: Seng and Lo Cease to Act as Liquidators
CHINESE COMPOSITION ET AL: Appoints Danvil as Liquidator
KIN CHING: Placed Under Voluntary Liquidation
THE TRAVEL: Placed Under Voluntary Liquidation


I N D I A

GENERAL MOTORS: Gov't & UAW May Get Stake in Firm
GENERAL MOTORS: International Operations Still Profitable
SHAH PULP: CRISIL Rates Rs.90.0 Mil. Cash Credit at 'BB+'
SHREE VAISHNAV: CRISIL Rates Rs.150.0 Mil. Cash Credit at 'BB+'
SHREE VAISHNAV ISPAT: CRISIL Rates Rs.150.0MM Cash Credit at 'BB+'

SHREE VAISHNAV: CRISIL Rates Rs.45.0 Mil. Long Term Loan at 'BB+'


J A P A N

ANABUKI CONSTRUCTION: JCR Lowers Rating Senior Debts at 'BB+'
FORD MOTOR: Seeks to Extricate Itself From Rivals' Woes
FORD MOTOR: September 30 Balance Sheet Upside-Down by US$2 Billion
FORD MOTOR: Names Jost Capito as Global Performance Director
NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'B'

NOMURA HOLDINGS: Plans Further Job Cuts in Asia
SANYO ELECTRIC: Asked to File JPY27.8 Bil. in Damages Suit
SONY CORP: To Slash 8,000 Jobs Worldwide, Shuts Mfg. Sites
* JAPAN: Bankruptcies Rise 5.27% in November, Survey Says
* S&P Puts Ratings on 40 Japanese CDO Tranches on Negative Watch


N E W  Z E A L A N D

ASSET KITCHENS: Fixes December 22 as Last Day to File Claims
ATG PACIFIC: Fixes December 17 as Last Day to File Claims
BIG SKY: Court Hears Wind-up Petition
CHEZ & CO: Creditors' Proofs of Debt Due on December 12
FISIIPEAU LTD: Court to Hear Wind-Up Petition on December 15

REAL GROOVY: Back from Receivership
HANOVER FINANCE: Investors Approve Restructuring Plan
HAZ HAULAGE: Wind-Up Petition Hearing Set for December 17
KAHO CONSTRUCTION ET AL: Creditors' Proofs of Debt Due on Dec. 12
LA VISTA: Court to Hear Wind-Up Petition on December 17

LFS NO2: Appoints Madsen-Ries and Levin as Liquidators
SOLID SLATE: Fixes December 15 as Last Day to File Claims
TRADES R US: Court to Hear Wind-Up Petition on December 15
TRIUMPH GROUP: Creditors' Proofs of Debt Due on December 15
WHITBY VILLAGE: Court Hears Wind-Up Petition

WINSELL SERVICES: Court Hears Wind-Up Petition


P H I L I P P I N E S

BENPRES HOLDINGS: Signs Voting Trust Agreement with Lopez Inc.
FORD MOTOR: Trims Down Philippine Staff by 15%, SunStar Says
PHILIPPINE COUNTRYSIDE: Declares Bank Holiday


T H A I L A N D

KRUNG THAI: Moody's Changes Outlook on 'D-' BFSR to Negative


V I E T N A M

* VIETNAM: ADB Provides US$25 Mil. Loan To Help Tackle Poverty


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ANDERSEN SCOTT: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of Andersen Scott Fagg Pty Ltd met on Sept. 29, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Gerald Collins
          PKF
          AMP Place, Level 6
          10 Eagle Street
          Brisbane QLD 4000


BEWICK HOLDINGS: Declares Second and Final Dividend
---------------------------------------------------
Bewick Holdings Pty Ltd declared the second and final dividend on
November 13, 2008.

Only creditors who were able to file their proofs of debt by
October 30, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          K. E. Judge
          Judge Constable
          67 Burswood Road
          Burswood WA 6100
          Telephone:(08) 9470 4100


BRANDT ENGINEERING: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Brandt Engineering Pty Ltd met on
Nov. 18, 2008, and heard the liquidator's report on the company's
wind-up proceedings and property disposal.

Kim Wallman is the company's liquidator.


COVE TUNNEL: Moody's Downgrades Senior Secured Rating to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has downgraded the underlying senior
secured rating of Lane Cove Tunnel Finance Company to Ca from
Caa1.  Outlook on the rating is negative.

The wrapped rating on the senior bonds is Baa1, outlook on the
rating is developing, reflecting the claims paying ability of MBIA
Insurance Corporation (MBIA; rated Baa1, outlook developing).

"The downgrade of the underlying rating to Ca reflects increased
concerns that the company is likely to be in default in the short
term due to the continued significant shortfall in traffic numbers
relative to what is needed to service debt", says Ian ChanChong,
lead analyst for the company.

"The Ca rating reflects some prospects of recovery of principal
and interest", ChanChong says, adding "however, the outlook on the
rating is negative, reflecting the risk that recovery prospects
could worsen if traffic numbers deteriorate in the next 12
months".

Debt service reserves have been frozen pursuant to the terms of
the Third Standstill Agreement with MBIA, resulting in the company
being reliant on MBIA to partially meet its debt service
commitments.  The Third Standstill Agreement with MBIA wil expire
on 30 June 2009 however, MBIA may terminate the agreement and
therefore accelerate payment of the debt with 10 days notice.

The Lane Cove Tunnel Finance Company is the finance company for
the Connector Motorways Group, the owner of the Lane Cove Tunnel
and the Falcon Street Gateway, situated in the lower Northern
suburbs of Sydney.

The last rating action was on October 8, 2008, when the ratings of
Lane Cove Tunnel Finance Company were lowered to Caa1, outlook
negative.


COVENANT SECURITIES: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on September 11, 2008,
the members of Covenant Securities Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          K. A. Strickland
          WA Insolvency Solutions Pty Ltd
          40 St Georges Terrace, Level 12
          Perth WA 6000


DEREK HECK: Commences Liquidation Proceedings
---------------------------------------------
The members of Derek Heck Investments Pty Ltd met on Sept. 15,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Kerry Raby
          c/o Rawsons Chartered Accountants
          GPO Box 2773
          Brisbane QLD 4000
          Telephone:(07) 3839 3666


FORTESCUE METALS: Suspends Long-Term CFR Shipping Contracts
-----------------------------------------------------------
Fortescue Metals Group said it has exercised suspension of all of
its long term CFR (cost including freight) shipping Contracts of
Affreightment and Consecutive Voyage Contracts on the basis of
unforeseen circumstances.

In a statement to the Australian Securities Exchange, Fortescue
said the changed arrangements as a result of the suspensions,
should not affect Fortescue's marketing program in regards to
volumes of product shipped, just the split between CFR and FOB
sales terms.

To date, approximately 2/3rd of Fortescue's sales have been on CFR
terms but this is likely to reduce to around 1/3rd of sales.  CFR
sales are where Fortescue supplies the product on a landed basis
into China whereas FOB sales are where the customer arranges it
own freight from Port Hedland to China.

The changed arrangements are in direct response to market
conditions demanding greater FOB sales, the company said.

                      About Fortescue Metals

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

                         *     *     *

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


FREE TO RIDE: Declares Dividend for Unsecured Creditors
-------------------------------------------------------
Free to Ride Byron Pty Ltd declared final dividend for its
unsecured creditors on December 7, 2008.

Only creditors who were able to file their proofs of debt by
Oct. 31, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

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


G & H DESIGNS: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of G & H Designs Pty Ltd met on Nov. 4,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          G. D. Trinick
          c/o Glenn Trinick
          6 Harvest Road
          North Fremantle WA 6159
          Telephone:(08) 9433 3606
          Facsimile:(08) 9431 7828


HERRINGBONE: Goes Into Voluntary Administration
-----------------------------------------------
Herringbone has gone into voluntary administration.  Martin Green
of BRI Ferrier has been appointed as administrator to the company.

Fashion Review relates that Herringbone has recorded a 23 percent
decline in sales over the past two months compared to the same
period last year.

"The administrator is in discussions with Herringbone's bankers,
and is seeking their support to continue the business," Fashion
Review quoted BRI Ferrier administrator as saying.

"Expressions of interest are being sought from interested parties
either to purchase the Herringbone business as a going concern or
to recapitalize the existing business."

Herringbone creditors' first meeting is scheduled for December 17.

Herringbone -- http://www.herringbone.com/-- operates 13 boutique
stores throughout QLD, ACT, NSW and Victoria.


MAINZEN PTY: Members and Creditors Hear Wind-Up Report
------------------------------------------------------
The members and creditors of Mainzen Pty Ltd met on Nov. 18, 2008,
and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

Kim Wallman is the company's liquidator.


MINTECH GROUP: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------
The members and creditors of Mintech Group Pty Ltd met on Nov. 18,
2008, and heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Cronin
          McGrathNicol
          Level 14, 145 Eagle Street
          Brisbane QLD 4000
          Telephone:(07) 3333 9800
          Website: http://www.mcgrathnicol.com


OZ MINERALS: Chinese Metal Companies Eye Investing in Aussie Miner
------------------------------------------------------------------
OZ Minerals Limited has attracted the attention of several Chinese
metals companies including Citic Resources and state-owned
Minmetals and Chinalco, Reuters reported, citing three people with
direct knowledge of the matter.

Reuters' sources said it is not clear which Oz Minerals assets, if
any, a Chinese company would want to buy or invest in.

When asked by Reuters for comments, Oz Minerals declined,
Minmetals' public relations official, Gao Peijun, said he was
unaware of any offer for Oz Minerals, and Chinalco did not return
a call.

Meanwhile, Citic Resources spokeswoman, Mianco Wong, wrote in an
e-mail message to Reuters the company "is not involved in the
acquisition of Oz Minerals for the time being" adding it will keep
reviewing its strategy "according to the best interests of the
shareholders."

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
3, 2008, the Herald Sun said OZ Minerals took the extraordinary
step of suspending trading in its shares until December 29 as it
scrambles to refinance some of its debt.

In a regulatory filing to the Australian Securities Exchange, OZ
Minerals disclosed it has not been able to extend the time by
which it is required to refinance facilities in the amount of
US$560 million to January 31, 2009, as it was seeking to do.

The company said it has accepted an offer from its lenders to
extend the date by which it is required to refinance these
facilities to December 29, 2008, with an option, subject to
certain conditions being satisfied, for the extension to run until
December 29, 2008, but given continuing volatility in commodity
markets and state of global crisis market, believes there is a
risk it may have to exercise the option to extend the refinancing
date to January 31, 2009.

The company added that it requires time to continue negotiations
with the counter-parties to the refinancing and believes that
these negotiations may be jeopardized if they took place during a
period of potentially extreme share price volatility.

According to the Herald, banks on the syndicate include ANZ, BOS
International, NAB, Royal Bank of Scotland, Commonwealth Bank and
Societe Generale.

Citing sources close to the talks with the syndicate, the Herald
said BOS International was presenting the biggest obstacle to the
refinancing of the facility.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.


PACIFIC BRANDS: Cuts First-Half Dividend to Repay Debt
------------------------------------------------------
Pacific Brands disclosed capital management initiatives it
believes are a prudent response to the continuing deterioration in
economic and retail conditions.

In a statement to the Australian Stock Exchange today, Pacific
Brands says that maintaining a dividend of 17 cents per share is
not appropriate in the current environment.

"Given increased uncertainty, the Board has determined that it is
in the best interests of shareholders to preserve capital and
repay debt," the company says.

Pacific Brands' Board has determined:

   -- to pay a dividend of 3 cents per share for the half
      year ending December 31, 2008.  The Board expects to
      pay a dividend of a similar amount in respect of the
      full-year ending June 30, 2009.

   -- to underwrite the Dividend Reinvestment Plan (DRP)
      for at least the next two dividends.

   -- to continue driving the restructure of the company's
      operations, improving the efficiency of the business.

Pacific Brands Chief Executive Officer, Sue Morphet said "The
Board's decision to make changes to our dividend policy and
introducing an underwriting of our DRP is a prudent and pragmatic
response to the continuing decline in market conditions."

Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/--  is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.


SELEKT PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on October 1, 2008, the members of
Selekt Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

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


SMARTSTONE MODULAR: Members and Creditors Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Smartstone Modular Building Systems
Pty Ltd met on Nov. 11, 2008, and heard the liquidator's report on
the company's wind-up proceedings and property disposal.

Kim Wallman is the company's liquidator.


STARJADE NOMINEES: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on September 30, 2008, the members
of Starjade Nominees Pty Ltd resolved to voluntarily liquidate the
company's business.


THE CONCEPT: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 30, 2008, the members
of The Concept Store Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          David Michael Stimpson
          Paul Desmond Sweeney
          c/o SV Partners
          Web site: http://www.svpartners.com.au


THE ORCHID: Commences Liquidation Proceedings
---------------------------------------------
The members of The Orchid Equity Pty Ltd met on Sept. 26, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

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


THE SOUTH AFRICA: To Declare Dividend on December 15
----------------------------------------------------
The South Africa Club of W.A. Inc, which is in liquidation, will
declare first and final dividend on December 15, 2008.

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

The company's liquidator is:

          Dougal Mclay
          PO Box 1595
          Booragoon WA 6954
          Telephone: (08) 9330 4658
          Facsimile: 08) 9330 9028



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

AMOI ELECTRONICS: May Face Delisting Due to Losses
--------------------------------------------------
Amoi Electronics Co. Ltd. will probably be delisted next year as
it is expected to continue losing money in 2008, the third year of
losses, Zhu Shenshen at Shanghai Daily reports.

Citing Amoi's statement to the Shanghai Stock Exchange, the report
relates that even if the company has narrowed its loss in the
second half of this year, the company is still going to post a
loss for full year 2008.

Amoi, the report notes, posted a loss of CNY811.12 million in
2007.

"The company is insolvent now and investors should pay attention
to the risk," the company said in the statement as cited by the
Daily.

According to the report, Chinese stock market regulations say any
firm which has posted losses for three consecutive years will be
delisted.

Amoi Electronics Co. Ltd (SHA:600057) -- http://www.amoi.com.cn--
is principally engaged in the development, manufacture and sale of
telecommunications terminal products and consumer electronic
products.  During the year ended December 31, 2007, the company
obtained approximately 68% and 17% of its total revenue from its
mobile phones and household electronic products, respectively.  As
of December 31, 2007, the company had four wholly owned
subsidiaries, four partially owned subsidiaries and four
associates.  The company distributes its products in China's
domestic and overseas markets under the brand name of Amoi.


CHAODA MODERN: Moody's Changes Outlook on 'Ba2' Rating to Negative
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for Chaoda Modern Agriculture Ltd's Ba2 corporate family
rating and its foreign currency debt rating.

"Chaoda is now showing limited financial flexibility in relation
to the servicing of its upcoming debt obligation," says Ken Chan,
a Moody's Vice President, adding "The company's entire outstanding
debt will be maturing as two bullet repayments totaling RMB2.9
billion over the next 15 months."

"Refinancing alternatives from the banking and international
capital markets are currently limited , so it has to rely solely
on accumulating operating cash flow of around RMB800 - 900 million
per quarter for debt servicing and its cash on hand of RMB1.3
billion as of June 2008," said Chan, adding "But, despite such
major debt-servicing requirements, it maintains an aggressive
capex plan of RMB2.5-2.8 billion per annum, therefore pressuring
cash flow."

The company's operating performance has been within Moody's
expectation.  Although Chaoda's business model is resilient to
shocks from economic conditions and the growth trajectory for cash
flow remains strong, there are uncontrollable exogenous factors
that could negatively impact earnings, such as the snowstorms of
1Q08.

Upward rating pressure is limited in the near term, given the
current negative outlook.  However, the establishment of an
adequate refinancing plan, or a slowdown in capex spending to
preserve cash for debt servicing could change the outlook back to
stable.

On the other hand, downward rating pressure would emerge if 1) its
liquidity profile weakens, such that there is little or no buffer
against its debt repayment obligation, while no appropriate
refinancing plan is put in place; 2) there is evidence of cash
leakage to fund related companies; and/or 3) it pursues a more
aggressive debt-funded expansion plan or invests in non-core
businesses.

The last rating action with respect to Chaoda was on December 4,
2007 when its outlook was changed to stable from negative.
Chaoda's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Chaoda's core industry and Chaoda's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically
integrated agricultural company.  It produces and distributes
fruit and vegetables in China.  It is also involved in livestock
breeding and sales.


CHINA DIGITAL: Posts US$6.6MM Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
Ng Chi Shing, chief executive officer and chief financial officer
of China Digital Media Corporation, disclosed in a regulatory
filing with the Securities and Exchange Commission, that the
company's balance sheet as of September 30, 2008, showed total
assets of US$23,773,425 and total stockholders' equity of
US$10,662,414.

"On September 30, 2008, we had cash of US$171,595 and a working
capital deficit of US$8,132,202.  This compares with cash of
US$334,410 and a working capital deficit of US$8,114,014 at
December 31, 2007. The decrease in cash was mainly due to the
increase in purchases of set-top-boxes (STBs) for the Nanhai
project as compared with the same period of last year," Ng Chi
Shing relates.  The company had entered into an agreement with
Nanhai Network Company to assist its subscribers on the conversion
of television signals from analog into digital by providing set-
top-box and smart cards to the subscribers in Nanhai City on a
lease basis.

The company posted a net loss after tax of US$6,610,165 for the
quarter ended September 30, 2008, and US$7,134,182 for the nine
months ended September 30, 2008, compared to a net loss of
US$738,866 and US$1,771,305 respectively for the same period ended
September 30, 2007.  "The increase in net loss was because of the
increase in provision of doubtful debt on the long-term portion of
account receivable over the increased uncertainty on the future
financial strength of Nanhai Network Company under the current
global financial crisis."

The company has an accumulated deficit of US$8,104,886 as of
September 30, 2008.  The company's total current liabilities
exceed its total current assets by US$8,132,202.  "These factors
raise substantial doubt about its ability to continue as a going
concern," Ng Chi Shing relates.

"Management has taken . . . steps to revise its operating and
financial requirements, which it believes are sufficient to
provide the company with the ability to continue as a going
concern.  The company is actively pursuing additional funding and
potential merger or acquisition candidates and strategic partners.
Management believes that the[se] actions will allow the company to
continue operations through the next fiscal year."

A full-text copy of the company's Quarterly Report is available
for free at: http://researcharchives.com/t/s?35ed

                       About China Digital

China Digital Media Corporation was previously known as HairMax
International, Inc., a Nevada corporation incorporated in 1987.
Arcotect Digital Technology Limited, a corporation organized under
the laws of Hong Kong, consummated a reverse merger with Hairmax
in March, 2005, and Hairmax subsequently changed its name to China
Digital Media Corporation.  With the termination of the original
businesses of Hairmax, all of China Digital Media Corporation's
businesses are now located in the People's Republic of China.
Arcotect Digital Technology Limited has changed its name to China
Digimedia Holdings Limited, and is a wholly-owned subsidiary of
CDMC.

The company is engaged in the business of providing services to
the television broadcasting and media industry in China through
operations, partnerships and investments. The two main businesses
of CDMC are:

   -- Through a subsidiary, Arcotect (Guangzhou) Limited,
      converting digital cable television subscribers to digital
      television and providing various value added and broadband
      services to the digital subscribers; and

   -- Television advertising sales.

The company's business plan is to strengthen its branding and to
enlarge its presence and involvement in the media industry.  The
company will continue to focus its resources toward replicating
its successful migration model to other cities of China, while
seeking opportunities to alliance with strong strategic partners.


LIGHTPATH TECH: Posts US$1,024,000 Net Loss in Qtr. Ended Sept. 30
------------------------------------------------------------------
Lightpath Technologies, Inc.'s balance sheet as of September 30,
2008, showed total assets of US$6,603,473 and total stockholders'
equity of US$2,802,008.

J. James Gaynor, president and chief executive officer, and
Dorothy M. Cipolla, chief financial officer, relate that net loss
was approximately US$1,024,000 during the first quarter of fiscal
2009, compared with the first quarter of fiscal 2008, in which the
company reported a net loss of US$1.5 million.  "This represents
an US$479,000 decrease in net loss.  Weighted-average shares
outstanding increased in the first quarter of fiscal 2009 compared
to the first quarter in fiscal 2008 primarily due to the issuance
of shares related to the convertible debentures issued in the
first quarter of fiscal 2009."

"Because of recurring operating losses during 2008 and 2007 of
US$5.5 million and US$2.6 million, respectively, and cash used in
operations during 2008 and 2007 of US$3.6 million and US$1.9
million, respectively, there is substantial doubt about our
ability to continue as a going concern.  Our continuation as a
going concern is dependent on attaining profitable operations
through achieving revenue growth targets," Mr. Gaynor and Ms.
Cipolla note.

"We have instituted a cost reduction program and have reduced
headcount in Orlando and costs for medical insurance for our
employees.  In addition, we have redesigned certain product lines,
increased sales prices on certain items, obtained more favorable
material costs, and have instituted more efficient management
techniques.  We believe these factors will contribute towards
achieving profitability assuming we meet out sales targets."

Mr. Gaynor and Ms. Cipolla disclose that on October 3, 2008, the
company received a notification from The NASDAQ Listing
Qualifications of The NASDAQ Stock Market, LLC that the company
does not comply with Marketplace Rule 4310(c)(3), which requires
the company to have a minimum of US$2,500,000 in stockholders'
equity or US$35,000,000 market value of listed securities or
US$500,000 of net income from continuing operations for the most
recently completed fiscal year or two of the three most recently
completed fiscal years.

In the notification letter from NASDAQ, Staff noted:

   (i) based on the company's Annual Report on Form 10-K for the
       fiscal year ended June 30, 2008, the company's
       stockholders' equity was US$2,159,761;

  (ii) as of October 2, 2008, NASDAQ Staff determined that the
       market value of the company's listed securities was
       US$7,357,696; and

(iii) the company has reported net losses from continuing
       operations of US$5,467,769, US$2,614,629 and US$3,368,881,
       in its annual filings for the fiscal years ended June 30,
       2008, 2007 and 2006, respectively.

"Based on these circumstances, Staff is reviewing the company's
eligibility for continued listing on The Nasdaq Capital Market. On
October 24, 2008, the company submitted a specific plan to achieve
stockholders' equity in excess of US$2,500,000 and, thereby,
regaining compliance with Marketplace Rule 4310(c)(3)."

A full-text copy of the company's Quarterly Report is available
for free at: http://researcharchives.com/t/s?35f0

                         About LightPath

LightPath Technologies, Inc., was incorporated in Delaware in 1992
to pursue a strategy of supplying hardware to the
telecommunications industry.  In April 2000, the company acquired
Horizon Photonics, Inc., and in September 2000 the company
acquired Geltech, Inc.  During fiscal 2003, in response to sales
declines in the telecommunications industry, the operations of
Horizon in California and LightPath in New Mexico were
consolidated into the former Geltech facility in Orlando, Florida.
In November 2005, the company announced the formation of LightPath
Optical Instrumentation (Shanghai) Co., Ltd, a wholly owned
manufacturing subsidiary located in Jiading, People's Republic of
China.  The manufacturing operations are housed in a 17,000-square
foot facility located in the Jiading Industrial Zone near
Shanghai.  This plant has increased overall production capacity
and enabled LightPath to compete for larger production volumes of
optical components and assemblies, and strengthened partnerships
within the Asia/Pacific region. It also provides a launching point
to drive the company's sales expansion in Asia/Pacific. Over 90%
of the first quarter's precision molded lenses were manufactured
in LPOI's Shanghai facility.

The company is engaged in the production of precision molded
aspherical lenses, GRADIUM(R) glass lenses, collimators and
isolator optics used in various markets, including industrial,
medical, defense, test & measurement and telecommunications.


SHANGHAI AIRLINES: Denies Reports on Government Bailout
-------------------------------------------------------
Shanghai Airlines's shares surged 7.26 percent on Monday, Dec. 8,
on news of possible cash injection by the local government,
People's Daily Online reports citing China Daily.

However, Shanghai Daily relates, the airline denied the reports
saying it is not conducting any discussions or negotiating with
other investors that might affect the company's share price.

According to the Daily Online, media reports had earlier said
smaller carriers, like Shanghai Airlines, would be bailed out by
their majority shareholders, the local governments.

Meanwhile, the Daily Online says, Hainan Airlines has suspended
trading in its shares, on Monday, Dec. 8, to clarify media reports
that it expected to get a cash injection from the Hainan
provincial government.

Hainan Airlines reported a loss of CNY260 million in the third
quarter, while Shanghai Airlines posted a net loss of CNY437.44
million yuan, the Daily Online notes.

The Chinese government, Shanghai Daily discloses, will offer
financial aid worth CNY54.78 billion to companies directly
controlled by the central government to help them counter the
global economic recession.

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


TEKNI-PLEX INC: Internal Investigation Cues Delay in 10-Q Filing
----------------------------------------------------------------
Tekni-Plex, Inc., disclosed in a regulatory filing with the
Securities and Exchange Commission that it will not be able to
file its financial report for period ended Sept. 26, 2008, by the
prescribed due date.  The board of directors is still in the
process of conducting their internal investigation on the
company's financial records.

On June 27, 2008, Tekni-Plex disclosed that it had initiated an
internal investigation regarding the company's financial records.
The company's board of directors relates that the investigation is
not yet complete and the company cannot predict whether the
investigation will conclude that adjustments to financial
statements for any period covered by the report are necessary.  To
the extent that these adjustments are determined to be necessary,
the adjustments could be material.

The company intends to file the Form 10-Q soon as reasonably
practicable after the board's investigation of the relevant issues
has concluded.

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.


TEKNI-PLEX INC: Gets Lenders' Funding Commitment on Business Plans
------------------------------------------------------------------
Tekni-Plex, Inc., entered into a series of agreements that
management believes will provide the company with sufficient
liquidity to execute its business plan for the fiscal year 2009.

On Nov. 14, 2008, the company entered into a second amendment and
restatement of its Credit Agreement, dated as of June 10, 2005,
among the company, the lenders and issuers party thereto, Citicorp
USA, Inc., as Administrative Agent, and General Electric Capital
Corporation, as Syndication Agent.  The Second Amended and
Restated Credit Agreement is an asset based, revolving credit
facility in the maximum amount of US$110 million.

The amendment also, among other things,

  i) extends the scheduled maturity date by two years to
     February 2012;

ii) for fiscal year 2008 and fiscal year 2009, allows the
     company until Dec. 31, 2009, to deliver audited financial
     statements for those fiscal year ends;

iii) permits the company and its subsidiaries to enter into
     affiliate transactions and incur additional indebtedness;

iv)  modifies the borrowing base to provide for increased
      availability;

  v) modifies the pricing of the facility;

vi) permits unlimited intercompany loans by foreign subsidiaries
     to loan parties; and

vii) modifies the covenant requiring the company to maintain a
      minimum level of EBITDA.  Except the ones mentioned, the
      material terms of the facility are substantially unchanged.

The company also entered into on Nov. 14, 2008, a Junior Lien
Credit Agreement with OCM Tekni-Plex Holdings II, L.P., an
affiliate of OCM Tekni-Plex Holdings, L.P., the largest holder of
the company's common stock.

The Junior Lien Credit Agreement provides for a five year term
loan in the amount of US$15,000,000, which is guaranteed by the
company's domestic subsidiaries and secured, on a junior basis, by
the collateral pledged in connection with the Second Amended and
Restated Credit Agreement.  The obligations outstanding are
repayable at maturity and interest accrues at a rate of 15%
payable quarterly in arrears, with 10.0% payable in cash and the
remaining 5% payable-in-kind.  The Junior Lien Credit Agreement,
and the rights and obligations thereunder, are subject to an
Intercreditor Agreement, dated as of Nov. 14, 2008, among the
company, the Senior Administrative Agent and OCM Tekni-Plex
Holdings II, L.P.

On Nov. 14, 2008, Tekni-Plex Europe NV, an indirect subsidiary of
the company incorporated under the laws of Belgium, entered into a
Term Loan Agreement with OCM Luxembourg Tekni-Plex Holdings
S.a.r.l.  The TPE Loan Agreement provides for a five year
unsecured term loan in the amount of EUR26,361,347.18 repayable at
maturity, with interest accrued on a semi-annual basis at a rate
of 15%. The TPE Loan Agreement was entered into to, among other
things, refinance outstanding indebtedness and the remaining
proceeds have been lent to the company pursuant to an intercompany
loan to be used by the company to pay expenses in connection with
this transaction and for working capital and general corporate
purposes.

              Accounting Errors and Irregularities

In June 2008, the company disclosed that its board of directors
initiated an internal investigation into allegations by a current
employee that, for the fiscal years ending 2000 to 2006, the
company may have incorrectly recorded certain inventory and
accounts receivables in the Colorite Plastics Company, a division
of the company.  The board subsequently expanded the scope of the
investigation beyond the Colorite division to determine whether
any improper accounting practices occurred in other divisions of
the company.  Information gathered to date in the course of the
investigation indicates that the company's issued financial
statements for the fiscal years ending 2000-2007 contain certain
accounting errors and irregularities.  Although not all relevant
facts are known at this time and the investigation is continuing,
and although the company cannot estimate at this time when the
investigation will conclude, after reviewing the information
gathered in the investigation to date, the board determined on
Nov. 10, 2008, that the financial statements issued or filed by
the company relating to the mentioned prior fiscal periods, and
relating to the fiscal periods ending on Sept. 28, 2007, Dec. 28,
2007, and March 28, 2008, to the extent they rely on financial
statements for prior periods, must not be relied upon.  The board
has discussed these matters with BDO Seidman, LLP, the company's
independent registered public accounting firm.

OCM Tekni-Plex Holdings II, L.P. and OCM Luxembourg Tekni-Plex
Holdings S.a.r.l. are investment funds managed by Oaktree Capital
Management, LP.

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-
plex.com/ -- manufactures packaging, packaging products and
materials as well as tubing products.  The company primarily
serves the food, healthcare and consumer markets.  It has built
leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.



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

B+B NOMINEES: Placed Under Voluntary Liquidation
------------------------------------------------
The sole shareholder of B+B Nominees Limited passed a resolution
to voluntarily liquidate the company's business.

The company's liquidators are:

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


BRUTUS FASHIONS ET AL: Seng and Lo Cease to Act as Liquidators
--------------------------------------------------------------
On November 22, 2008, Natalia K M Seng and Susan Y H Lo ceased to
act as liquidators of:

   -- Brutus Fashions Limited; and
   -- Gatx Capital (Hong Kong) Limited

The company's former Liquidators can be reached at:

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


CHINESE COMPOSITION ET AL: Appoints Danvil as Liquidator
--------------------------------------------------------
On November 26, 2008, Chan Kin Hang, Danvil was appointed
liquidator of these companies:

   -- Chinese Composition Restaurant Limited;
   -- Masaka Japanese Restaurant Limited;
   -- Meguro Sushi Limited; and
   -- Stage Cafe Limited.

The Liquidator can be reached at:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei
          Kowloon, Hong Kong


KIN CHING: Placed Under Voluntary Liquidation
---------------------------------------------
Kin Ching China Limited commenced liquidation proceedings on
Nov. 28, 2008.

The company's liquidators are:

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


THE TRAVEL: Placed Under Voluntary Liquidation
----------------------------------------------
The members of The Travel and Tourism Education Programme (H.K.)
Limited met on November 26, 2008, and resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

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



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

GENERAL MOTORS: Gov't & UAW May Get Stake in Firm
-------------------------------------------------
Corey Boles and John D. Stoll at The Wall Street Journal report
that the U.S. government and the United Auto Workers union might
get a stake in General Motors Corp.

WSJ reports that the draft for a US$15 billion loan package for
Chrysler LLC, Ford Motor Co., and General Motors Corp. was already
sent to the White House for consideration.  Dow Jones states that
the US$15 billion loan package that would deliver help by Dec. 15
would be less than the US$34 billion the automakers requested, but
would come before year-end.

                   The Bailout Plan Draft

According to WSJ, a legislative draft for financial assistance to
GM, Ford Motor Co., and Chrysler LLC states that the government
would get equity warrants equal to 20% of the US$15 billion in
emergency loans.  The draft was already sent to the White House,
says WSJ.  The draft indicated that the provision would allow
taxpayers to benefit if shares in the three companies were to
appreciate, serving as protection of public funds being used to
help out the companies, WSJ relates.  The taxpayer, states the
report, would be repaid first once the companies' financial
fortunes turn around.

WSJ relates that the loans would come from a US$25 billion program
that the Congress created in 2007 to lend money to the car makers
to let them invest in cleaner technology.

According to WSJ, the White House would appoint a "car czar" -- an
individual with executive experience -- to oversee the loan
program.  That officer, says the report, would monitor executive
compensation.  The report states that under the proposed loan
program, these could be taken out:

    -- bonuses to the top 25 senior workers at each of the
       companies,

    -- golden parachutes for senior employees leaving the
       companies, and

    -- dividends for investors in the three companies while
       money is owed to the taxpayer.

WSJ relates that the loans would mature in seven years, with a 5%
interest rate charged for the first five years, and 9% charged
thereafter.

The president could also appoint additional advisers, who would
establish appropriate procedures to guarantee that the plans
submitted to Congress by Ford Motor, GM, and Chrysler form a
viable long-term restructuring plan, WSJ reports.  Progress of the
restructuring would be reviewed within 45 days and the three
automakers must have a long-term restructuring program by the end
of the first quarter of 2009.

Citing a White House official, WSJ reports that the George W. Bush
administration had concerns with aspects of the draft for the
bailout.

Corey Boles at WSJ reports that additional oversight of GM, Ford
Motor, and Chrysler would be undertaken by the General
Accountability Office, the Congress' investigative arm.  The
report says that the three automakers would be required to open
their books to the GAO and any other information that the agency
required, and a special inspector general would be appointed to
conduct more supervision of the companies.

According to WSJ, the car czar would review any investment
decisions that exceed US$25 million.  The companies, says WSJ,
would
have to withdraw from participation in lawsuits challenging
proposed state laws on emissions standards.  Ford Motor, Chrysler,
and GM are involved in those legal challenges, the report states.

WSJ says that GM, Ford Motor, and Chrysler would be compelled to
divest any corporate aircraft they own or lease.  WSJ relates that
the companies must conduct a study on using any excess capacity at
their factories to make vehicles to sell to public transit
authorities.

Some lawmakers suggested over the weekend that the CEOs of the
three automakers resign, but that wasn't mentioned in the draft
legislation, WSJ reports.

According to WSJ, Sen. Robert Corker opposed the bill, claiming
that it lacked "teeth," while other senators including Rep. Barney
Frank, the lead negotiator for House Democrats on the bill, said
he was confident a final agreement could be reached.

                 UAW Wants Seat on GM's Board

WSJ relates that Marc McQuillen, president of UAW Local 2404 in
Charlotte, said that the union wants an equity stake in at least
GM and likely a seat on the company's board, in return for
modifying terms of a health-care agreement and suspending the Jobs
Bank to help the automakers secure loans from the government.
Changes to the UAW contract would have to take place by March 31,
2009, says the report.

UAW's top GM bargaining official, Cal Rapson, told leaders earlier
this month that a Special Attrition Package program would be
offered next year, WSJ states, citing Mr. McQuillen.  According to
the report, that program would be implemented if the government
approves some of the bailout money for buying workers out.

                   Democrats Propose Car Czar

Bankruptcy Law360 reports that Democrats in Congress sent a draft
proposal of a US$15 billion bridge loan for General Motors Corp.,
Ford Motor Co. and Chrysler LLP to the White House for review
Monday.  The proposal, the report says, includes the appointment
of a "car czar" to oversee restructuring of the auto industry.

American Bankruptcy Institute says a comprehensive bailout for the
Detroit 3 could cost as much as US$125 billion, and even the
companies themselves are hard pressed to dispute that figure.

ABI also relates that a GM Restructuring is likely to be painful
even if it receives a federal bailout.  According to ABI, the
federal oversight likely to be implemented will hit its investors,
creditors, dealers and workers almost as hard as if GM had filed
for bankruptcy protection.

                      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.

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India.  GM India has 95 sales points and over 110 service centers.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: International Operations Still Profitable
---------------------------------------------------------
Ken Bensinger at The Los Angeles Times reports that while General
Motors Corp.'s revenue in the U.S. has declined 24% in the last
three full years and has forced the company to seek for a
government financial aid, the company's international operations
remains profitable.

"Those overseas businesses over the last several years almost
uniformly have been quite profitable, and they have, in almost
every case, been able to send dividends back to help us address
funding issues in the U.S," the LA Times quoted GM Chairperson and
CEO Rick Wagoner as saying.

According to the LA Times, GM has a bigger presence abroad than in
the U.S., and has more workers in those countries than nationally.
GM can boast a 28% increase in revenue in its international
operation, the report says.

The LA Times quoted Kimberly Rodriguez, a partner at Grant
Thornton, as saying, "A major argument for keeping GM out of
bankruptcy is the strength of its foreign footprint."  Ms.
Rodriguez admitted that if GM's U.S. operations fail, "there will
certainly be problems for the company worldwide," due to the
deeply intertwined nature of GM's global operations, according to
the report.

The LA Times relates that GM's foreign units are separate
corporate entities, and would be shielded from a U.S. Chapter 11
filing.  They could continue operations without concerns of a U.S.
court seizing their assets, says the LA Times.

GM, according to the LA Times, said that if it doesn't get
financial support, its U.S. operations would collapse and this
could set off a chain reaction that would put U.S. parts suppliers
out of business, throw off production schedules overseas, and
freeze up GM's foreign plants.

The U.S. is GM's largest single market in terms of revenue, with
US$115 billion in sales in 2007, says the LA Times.

        Obama Says Auto Industry Collapse Unacceptable

Nadine Elsibai at Bloomberg News reports that President-elect
Barack Obama said that allowing the U.S. auto industry to collapse
would be "unacceptable."  Reports say that GM, Ford Motor Corp.,
and Chrysler LLC have submitted turnaround plans to the Congress
as a requirement for the government financial aid they are
seeking.

"I have said repeatedly that to allow the auto industry in the
United States to collapse precisely at a time that we are seeing
record joblessness is unacceptable.  What I've also said is that
it makes no sense for us to shovel more money into the problem if
you have not seen an auto industry that is committed to
restructuring," Bloomberg quoted Mr. Obama as saying.

The Congress is doing the right thing by asking for changes in the
auto industry as a condition for a bailout, The Associated Press
relates, citing Mr. Obama.

According to Bankruptcy Law360, lawyers say a bankruptcy by GM
could top the US$1 billion in legal fees generated by the Enron
collapse.  Bankruptcy Law360 also notes that two law professors
who specialize in researching attorneys' fees in bankruptcy
proceedings, said court-awarded fees could reach as high as
US$800 million for GM alone.

Bankruptcy Law360 relates that the costs of bankruptcy for GM,
Ford Motor, and Chrysler have been the subject of speculation
since the companies began making their cases for federal
assistance to avoid seeking Chapter 11.

American Bankruptcy Institute on Friday said the CEOs of GM, Ford
Motor, and Chrysler returned to Capitol Hill Thursday to find
themselves confronting considerable frustration from lawmakers and
the realization that even their strongest supporters might not be
able to muster the votes for a bailout package.

                      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.

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India.  GM India has 95 sales points and over 110 service centers.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

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

                          *     *     *

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

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

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

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


SHAH PULP: CRISIL Rates Rs.90.0 Mil. Cash Credit at 'BB+'
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Shah Pulp & Paper Mills Ltd (SPPML).

   Rs.90.0 Million Cash Credit         BB+/Stable (Assigned)

   Rs.10.0 Million Standby Line        BB+/Stable (Assigned)
                   of Credit

   Rs 50.6 Million Term Loan           BB+/Stable (Assigned)

   Rs.90.0 Million Letter of Credit    P4 (Assigned)

   Rs.13.5 Million Bank Guarantee      P4 (Assigned)

   Rs.10.0 Million Standby Letter      P4 (Assigned)
                    of Credit

The ratings reflect SPPML's operational advantages arising from
regular plant modernization, and its established position in the
newsprint industry.  These strengths are partially offset by the
company's poor financial flexibility because of its small scale of
operations, and by the company's large debt-funded capital
expenditure (capex).

Outlook: Stable

CRISIL believes that SPPML will maintain its credit profile
supported by its established client base and long presence in the
newsprint industry.  The outlook may be revised to 'Positive' in
case of a greater-than-expected increase in operating margins, and
prudent funding of future capex with limited use of debt.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes greater-than-expected levels of debt-funded
capex or acquisitions, or is unable to sustain its operating
margins at current levels.

                         About SPPML

Shah Pulp & Paper Mills Ltd (SPPML) was incorporated in 1996 with
an initial capacity of 16,500 tonnes per annum (tpa) of Grade B
newsprint.  Over the years, the Vapi-based company has expanded
its capacity to 35,000 tpa.  Its associate company, Shah Paper
Mills Ltd (SPML), incorporated in 1990, manufactures higher-
quality Grade A newsprint, kraft paper, and writing and printing
paper.  SPML has three waste-paper-based manufacturing facilities,
at Vapi, with an aggregate capacity of 120,000 tpa.

For 2007-08 (refers to financial year, April 1 to March 31), SPPML
reported a profit after tax (PAT) of Rs.25.56 million on net sales
of Rs.742.73 million, as against a PAT of Rs.22.96 million on net
sales of Rs.715.64 million for 2006-07.


SHREE VAISHNAV: CRISIL Rates Rs.150.0 Mil. Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to Shree Vaishnav
Alloys Pvt Ltd's (SVA's) bank facility.

   Rs.150.0 Million Cash Credit    BB+/Stable (Assigned)

The rating reflects SVA's exposure to risks related to volatile
raw material prices and high concentration in the infrastructure
and allied sectors, which are, in turn influenced by economic
cycles.  These weaknesses are partially offset by its established
presence in the steel industry, supported by a strong brand equity
and market position.

For arriving at the rating, CRISIL has combined the business and
financial profiles of SVA with those of its associates, Shree
Vaishnav Ispat, and Shree Vaishnav Industries as all three
companies have the common product and end-user profiles,
significant inter-company transactions, common promoters, and
cross guarantees to bankers for the credit facilities.

Outlook: Stable

CRISIL expects SVA's business risk profile to remain stable backed
by steady operating cash flows.  The outlook may be revised to
'Positive' if the company's capital structure improves, either by
way of infusion of additional equity, or conversion of unsecured
loans to equity.  Conversely, the outlook may be revised to
'Negative' in the event of a slowdown in the off-take,
deterioration in operating margins, or significant investment in
the proposed project at Nashik.

                          About SVA

SVA, promoted by the Agarwal family, manufactures thermo-
mechanically treated (TMT) bars.  The company has its
manufacturing facility at Wada with a capacity of 60,000 tonnes
per annum (tpa).  The company's brand 'Vaishnav' holds high
visibility in the market.  In 2007-08 (refers to financial year,
April 1 to March 31), SVA, on a standalone basis, reported a
profit after tax (PAT) of Rs.24 million on net sales of Rs.1350
million, as against a PAT of Rs.18 million on net sales of Rs.1200
million for 2006-07.


SHREE VAISHNAV ISPAT: CRISIL Rates Rs.150.0MM Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to Shree Vaishnav
Ispat Pvt Ltd's (Shree Vaishnav's) bank facility.

   Rs.150.0 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects Shree Vaishnav's exposure to risks related to
volatile raw material prices and high concentration in the
infrastructure and allied sectors, which are, in turn, influenced
by economic cycles.  These weaknesses are partially mitigated by
Shree Vaishnav's established presence in the steel industry,
supported by a strong brand equity and market position.

For arriving at the rating, CRISIL has combined the business and
financial profiles of Shree Vaishnav, with those of its
associates, Shree Vaishnav Alloys and Shree Vaishnav Industries,
as all the three companies have common product and end-user
profiles, significant inter-company transactions, common
promoters, and cross guarantees to bankers for the credit
facilities.

Outlook: Stable

CRISIL expects Shree Vaishnav's business risk profile to remain
stable backed by steady operating cash flows.  The outlook may be
revised to 'Positive' if the company's capital structure improves,
either by way of infusion of additional equity, or conversion of
unsecured loans to equity.  Conversely, the outlook may be revised
to 'Negative' in the event of a slowdown in the off-take,
deterioration in operating margins, or significant investment in
the proposed project at Nashik.

                      About Shree Vaishnav

Shree Vaishnav manufactures thermo-mechanically treated (TMT)
bars.  The company has its manufacturing facility at Wada with a
capacity of 66,000 tonnes per annum (TPA).  The company's brand
'Vaishnav' holds high visibility in the market.  In 2007-08
(refers to financial year, April 1 to March 31), the company, on a
standalone basis, reported a profit after tax (PAT) of Rs.15
million on net sales of Rs.955 million, as against a PAT of Rs.15
million on net sales of Rs.1090 million in 2006-07.


SHREE VAISHNAV: CRISIL Rates Rs.45.0 Mil. Long Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable/P4' to the various
bank facilities of Shree Vaishnav Industries Pvt Ltd (SVIPL).

   Rs.45.0 Million Long Term Loan    BB+/Stable (Assigned)
   Rs.100.0 Million Cash Credit      BB+/Stable (Assigned)
   Rs.20.0 Million Bank Guarantee    P4(Assigned)

The ratings reflect the company's exposure to risks related to
volatile raw material prices and high concentration in the
infrastructure and allied sectors, which are, in turn, influenced
by economic cycles.  These weaknesses are partially offset by its
established presence in the steel industry, supported by a strong
brand equity and market position.

For arriving at the rating, CRISIL has combined the business and
financial profiles of SVIPL with those of its associates, Shree
Vaishnav Ispat Pvt Ltd and Shree Vaishnav Alloys Pvt Ltd as all
the three companies have common product and end-user profiles,
significant inter-company transactions, common promoter background
and cross guarantees to bankers for the credit facilities.

Outlook: Stable

CRISIL expects SVIPL's business risk profile to remain stable
backed by steady operating cash flows.  The outlook may be revised
to 'Positive' if the company's capital structure improves, either
by way of infusion of additional equity, or conversion of
unsecured loans to equity.  Conversely, the outlook may be revised
to 'Negative' in the event of a slowdown in the off-take,
deterioration in operating margins, or significant investment in
the proposed project at Nashik.

                          About SVIPL

SVIPL, promoted by the Agarwal family, manufactures structural
steels. The company has its manufacturing facility at Wada with a
capacity of 48,000 tonnes per annum tpa).  The company's brand
'Vaishnav' holds high visibility in the market.  For 2007-08
(refers to financial year, April 1 to March 31), the company, on a
standalone basis, reported a profit after tax (PAT) of Rs.11
million on net sales of Rs.968 million, as against a PAT of Rs.4
million on net sales of Rs.423 million in 2006-07.



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

ANABUKI CONSTRUCTION: JCR Lowers Rating Senior Debts at 'BB+'
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
senior debts and CP program of Anabuki Construction Inc. to
BB+/Stable and J-3 from BBB-/Stable and J-2, respectively.  The
maximum issue amount of the commercial paper was decreased to JPY5
billion from JPY10 billion.

Senior debts: BB+/Stable
CP: J-3
Maximum: JPY5 billion (decreased from JPY10 billion)
Backup Line: 0%

Anabuki Construction sells its own condominium brand "Surpass"
nationwide.  It ranked No.1 position in the number of condominiums
sold for 2007 nationwide.  The business environment surrounding
the condominium sales has deteriorated significantly.  People will
be increasingly hold off on their purchases of condominiums.
Therefore, severe business environment will continue.  Because the
company has established a business model, which differentiates
itself from peer companies, it seems that the company can ensure
the competitive advantage over them.

However, it dropped the ordinary profit for the past two years in
a row and the profit in and after FY2008 ending March 31, 2009
will drop significantly below the level JCR has projected to date.
The continued deterioration in business environment heightened
deterioration risk of its holding assets.  With the low level of
the capital, it does not have a sufficient risk tolerance relative
to the increased inventory in recent years.

JCR considered that the company should strengthen the financial
base.  However, it will be difficult for the company to improve
the financial base significantly in the current external
environment where asset turnover is slowing down.  Given the
weakness of the financial base, JCR evaluated that it is not
appropriate for the company to have the same rating as before.
The company maintains a stability in the cash management.  It is
less likely that the cash management will deteriorate
significantly in the short run in consideration of the sales
contracts for condominiums and the relationships with the
financial institutions.


FORD MOTOR: Seeks to Extricate Itself From Rivals' Woes
-------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that Ford Motor Co.
is making efforts to differentiate itself from General Motors
Corp. and Chrysler LLC, as the U.S. automakers seek government
financial assistance.

According to Dow Jones, Ford Motor said that it has sufficient
cash to survive an economic downturn that made it hard for
companies to access credit and led to declines in auto sales.  The
report says that Ford Motor is asking for a US$9 billion backup
line of credit in case conditions deteriorate even more than
anticipated.

Dow Jones quoted Ford Motor spokesperson Mark Truby as saying, "We
think it's important for people to understand that the Ford story
is different -- in terms of liquidity, in terms of the quality,
safety and fuel economy of our vehicles and the progress we have
made reducing our brands and merging our global operations.  The
Detroit Three are not one company."

Dow Jones relates that Sen. Christopher Dodd said in CBS's Face
the Nation program on Sunday, "Ford is fairly healthy, so we don't
want to brand all of these companies exactly the same way."

Sen. Dodd suggested that GM CEO Rick Wagoner "move on," says Dow
Jones.  The senator, according to the report, also supported a
merger of GM and Chrysler.

Dow Jones states that the US$15 billion loan package that would
deliver help by Dec. 15 would be less than the US$34 billion the
automakers requested, but would come before year-end.

                   The Bailout Plan Draft

According to WSJ, a legislative draft for financial assistance to
GM, Ford Motor Co., and Chrysler LLC states that the government
would get equity warrants equal to 20% of the US$15 billion
emergency loans.  The draft was already sent to the White House,
says WSJ.  The draft indicated that the provision would allow
taxpayers to benefit if shares in the three companies were to
appreciate, serving as protection of public funds being used to
help out the companies, WSJ relates.  The taxpayer, states the
report, would be repaid first once the companies' financial
fortunes turn around.

WSJ relates that the loans would come from a US$25 billion program
that the Congress created in 2007 to lend money to the car makers
to let them invest in cleaner technology.

According to WSJ, the White House would appoint a "car czar" -- an
individual with executive experience -- to oversee the loan
program.  That officer, says the report, would monitor executive
compensation.  The report states that under the proposed loan
program, these could be taken out:

    -- bonuses to the top 25 senior workers at each of the
       companies,

    -- golden parachutes for senior employees leaving the
       companies, and

    -- dividends for investors in the three companies while
       money is owed to the taxpayer.

WSJ relates that the loans would mature in seven years, with a 5%
interest rate charged for the first five years, and 9% charged
thereafter.

The president could also appoint additional advisers, who would
establish appropriate procedures to guarantee that the plans
submitted to Congress by Ford Motor, GM, and Chrysler form a
viable long-term restructuring plan, WSJ reports.  Progress of the
restructuring would be reviewed within 45 days and the three
automakers must have a long-term restructuring program by the end
of the first quarter of 2009.

Citing a White House official, WSJ reports that the George W. Bush
administration had concerns with aspects of the draft for the
bailout.

Corey Boles at WSJ reports that additional oversight of GM, Ford
Motor, and Chrysler would be undertaken by the General
Accountability Office, the Congress' investigative arm.  The
report says that the three automakers would be required to open
their books to the GAO and any other information that the agency
required, and a special inspector general would be appointed to
conduct more supervision of the companies.

According to WSJ, the car czar would review any investment
decisions that exceed US$25 million.  The companies, says WSJ,
would
have to withdraw from participation in lawsuits challenging
proposed state laws on emissions standards.  Ford Motor, Chrysler,
and GM are involved in those legal challenges, the report states.

WSJ says that GM, Ford Motor, and Chrysler would be compelled to
divest any corporate aircraft they own or lease.  WSJ relates that
the companies must conduct a study on using any excess capacity at
their factories to make vehicles to sell to public transit
authorities.

Some lawmakers suggested over the weekend that the CEOs of the
three automakers resign, but that wasn't mentioned in the draft
legislation, WSJ reports.

According to WSJ, Sen. Robert Corker opposed the bill, claiming
that it lacked "teeth," while other senators including Rep. Barney
Frank, the lead negotiator for House Democrats on the bill, said
he was confident a final agreement could be reached.

                 UAW Wants Seat on GM's Board

WSJ relates that Marc McQuillen, president of UAW Local 2404 in
Charlotte, said that the union wants an equity stake in at least
GM and likely a seat on the company's board, in return for
modifying terms of a health-care agreement and suspending the Jobs
Bank to help the automakers secure loans from the government.
Changes to the UAW contract would have to take place by March 31,
2009, says the report.

UAW's top GM bargaining official, Cal Rapson, told leaders earlier
this month that a Special Attrition Package program would be
offered next year, WSJ states, citing Mr. McQuillen.  According to
the report, that program would be implemented if the government
approves some of the bailout money for buying workers out.

                   Democrats Propose Car Czar

Bankruptcy Law360 reports that Democrats in Congress sent a draft
proposal of a US$15 billion bridge loan for General Motors Corp.,
Ford Motor Co. and Chrysler LLP to the White House for review
Monday.  The proposal, the report says, includes the appointment
of a "car czar" to oversee restructuring of the auto industry.

American Bankruptcy Institute says a comprehensive bailout for the
Detroit 3 could cost as much as US$125 billion, and even the
companies themselves are hard pressed to dispute that figure.

ABI also relates that a GM Restructuring is likely to be painful
even if it receives a federal bailout.  According to ABI, the
federal oversight likely to be implemented will hit its investors,
creditors, dealers and workers almost as hard as if GM had filed
for bankruptcy protection.

                     About Ford Motor Co.

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

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

                     *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: September 30 Balance Sheet Upside-Down by US$2 Billion
------------------------------------------------------------------
Ford Motor Company's balance sheet data at Sept. 30, 2008, showed
total assets of US$242.0 billion and total liabilities of
US$244.0 billion and a stockholders' deficit of about US$2
billion.

Ford Motor reported net loss of US$129 million for the third
quarter of 2008 compared to net loss of US$380 for the third
quarter of 2007.

Ford Motor's third quarter pre-tax operating loss from continuing
operations, excluding special items, was US$2.7 billion, down from
a US$194 million profit a year ago.

Ford Motor's third quarter revenue was US$32.1 billion, down from
US$41.1 billion a year ago.  The decline reflects lower volume,
the sale of Jaguar Land Rover, changing product mix and lower net
pricing, partly offset by favorable changes in currency exchange
rates.

For the nine months ended Sept. 30, 2008, the company reported net
loss of US$8.6 billion compared with net income of US$88 million
for the same period in the previous year.

               Liquidity and Capital Resources

Debt and Net Cash

At Sept. 30, 2008, the company's Automotive sector had total debt
of US$26.1 billion, compared with US$27 billion at Dec. 31, 2007.
At Sept. 30, 2008, its Automotive sector had negative net cash of
about US$7.2 billion, compared with positive net cash of US$7.6
billion at the end of 2007.  The US$14.8 billion reduction in net
cash reflects a US$15.7 billion reduction in gross cash, offset
partially by about US$900 million in lower debt.

Credit Facilities

At Sept. 30, 2008, the company has US$12.3 billion of
contractually-committed credit facilities with financial
institutions, including US$11.5 billion pursuant to a senior
secured credit facility established in December 2006 and about
US$800 million of Automotive unsecured credit facilities.

Automotive gross cash, including cash and cash equivalents, net
marketable securities and loaned securities, was US$18.9 billion
on Sept. 30, down from US$26.6 billion at the end of the second
quarter.  The decrease reflects Automotive pre-tax operating
losses, changes in working capital and other timing differences,
and upfront subvention payments to Ford Credit.

Ford Motor's Automotive cash flow during the third quarter was
significantly affected by a number of unique factors during the
quarter, including the decision to reduce truck production to
allow for an orderly sell-down of dealer inventories to make way
for new models.  Overall, Ford Motor's third quarter production
levels were more than 100,000 units below retail sales and nearly
500,000 units below the second quarter levels.  This had a
substantial impact on profits, and the decline in production
resulted in about a US$3 billion reduction in payables during the
quarter.

The company also disclosed additional actions to reduce costs and
improve Automotive gross cash to enable Ford Motor to continue to
implement its product-led transformation plan despite the
continued weakness in the worldwide automotive market and economic
environment.

Improvement actions include: an additional 10% reduction in North
American salaried personnel-related costs; a reduction in capital
spending enabled by efficiencies in Ford Motor's worldwide
engineering and product development; a reduction in manufacturing,
information technology, and advertising costs due to the company's
"One Ford" worldwide operations; and a reduction of inventories.
Ford also said it would continue to explore divestitures of non-
core assets and utilize equity-for-debt swaps and other
incremental sources of financing to strengthen the company's
balance sheet.

At the same time, Ford reiterated its continued investment in the
smaller, more fuel-efficient, high-quality products that will
result in a more balanced portfolio.  Ford Motor confirmed that
nearly all planned product programs remain on track and on time --
aside from a few select vehicles that will be deferred until
industry volumes recover.  Ford Motor will, however, reduce
spending for large vehicles in declining segments.

In addition, Ford Motor said it will continue working with a
number of governments around the world to maximize the
availability of funding to provide further protection against the
uncertain economic environment that the entire automotive industry
is facing.

A full-text copy of the 10-Q filing is available for free at
http://ResearchArchives.com/t/s?35dd

                      About Ford Motor Co.

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

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

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: Names Jost Capito as Global Performance Director
------------------------------------------------------------
Ford Motor Company has appointed Jost Capito to the newly-created
position of Global Performance Vehicles and Motorsport Business
Development Director.  Mr. Capito will take up his new position in
January 2009.

In his new role, Mr. Capito will be responsible for the global
development of Ford Motor's performance vehicles business.  The
North American SVT and European TeamRS performance vehicle
organizations will come together, both reporting to Mr. Capito, to
focus on the development of global performance vehicles, and the
implementation of consistent vehicle attributes and DNA in future
Ford Motor performance models.

Additionally, Mr. Capito will assume responsibility for global
motorsport business strategy and aligning Ford Motor's global
motorsport plans and programs.  He will lead the development of
motorsport opportunities for Ford's future global car products
around the world, advising and working closely with the company's
regional Motorsports directors.

Mr. Capito joined Ford of Europe in October 2001 as director of
Special Vehicle Engineering. Between 2003 and 2007, he assumed
responsibility for Ford of Europe's motorsport and performance
vehicle programs, leading the company's successful World Rally
Championship efforts and winning Manufacturers' Championship
titles for the BP Ford Abu Dhabi World Rally team in 2006 and
2007.  In November 2007, Capito was appointed Vehicle Line
Director for Ford of Europe's Performance Vehicles, and since then
has led the development of the eagerly-awaited new Focus RS road
car which will be launched in Europe in the first quarter of 2009.
He was also responsible for European Fiesta ST and Focus ST
performance models.

Mr. Capito is 50 years old, and currently lives with his family in
the U.K.  In his new position, he will relocate to Ford Motor's
World Headquarters in Dearborn, Michigan.

"Performance vehicles and motorsport have been important to Ford
since the company was founded more than a century ago. With Jost's
immense experience in both areas, performance vehicles and
motorsport, we expect that tradition to continue and be
strengthened within our One Ford strategy," said Hermann
Salenbauch, Director of Advanced Product Creation and Performance
Vehicles, Ford Motor Company.

        Obama Says Auto Industry Collapse Unacceptable

Nadine Elsibai at Bloomberg News reports that President-elect
Barack Obama said that allowing the U.S. auto industry to collapse
would be "unacceptable."  Reports say that General Motors Corp.,
Ford Motor, and Chrysler have submitted turnaround plans to the
Congress as a requirement for the government financial aid they
are seeking.

"I have said repeatedly that to allow the auto industry in the
United States to collapse precisely at a time that we are seeing
record joblessness is unacceptable.  What I've also said is that
it makes no sense for us to shovel more money into the problem if
you have not seen an auto industry that is committed to
restructuring," Bloomberg quoted Mr. Obama as saying.

The Congress is doing the right thing by asking for changes in the
auto industry as a condition for a bailout, The Associated Press
relates, citing Mr. Obama.

According to Bankruptcy Law360, lawyers say a bankruptcy by GM
could top the US$1 billion in legal fees generated by the Enron
collapse.  Bankruptcy Law360 also notes that two law professors
who specialize in researching attorneys' fees in bankruptcy
proceedings, said court-awarded fees could reach as high as
US$800 million for GM alone.

Bankruptcy Law360 relates that the costs of bankruptcy for GM,
Ford Motor, and Chrysler have been the subject of speculation
since the companies began making their cases for federal
assistance to avoid seeking Chapter 11.

American Bankruptcy Institute on Friday said the CEOs of General
Motors, Ford and Chrysler returned to Capitol Hill Thursday to
find themselves confronting considerable frustration from
lawmakers and the realization that even their strongest supporters
might not be able to muster the votes for a bailout package.

                      About Ford Motor Co.

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

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

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on NIS Group Co. Ltd. by one notch to
'B' from 'B+', and its long-term senior unsecured debt rating on
the company by two notches to 'B-' from 'B+'.  Both ratings remain
on CreditWatch with negative implications, where they were placed
on Oct. 10, 2008, when the company was previously downgraded.

The downgrade reflects NIS Group's deteriorating profitability and
capitalization due to the ongoing financial market turmoil, as
well as the stagnant real estate market and increasingly severe
financing environment.  The long-term senior unsecured debt rating
is now one notch lower than the counterparty credit rating,
reflecting a recent increase in the percentage of pledged assets
to total assets, leading to a higher level of structural
subordination.

NIS Group recorded JPY30.9 billion in net losses in the first half
of fiscal 2008 (period ended Sept. 30, 2008), which was mainly
attributable to impairment losses on its real estate and
marketable securities portfolio as well as additional provisions
for losses on its real estate-backed loan receivables.
Consequently, the company's capital ratio declined to 14.9% in
September 2008 from 20.1% in March 2008.  Furthermore, the
occurrence of a trigger event in November has enabled TPG Capital
L.P., NIS Group's largest shareholder, to exercise its conversion
rights and acquire full ownership of Nissin Leasing (China) Co.
Ltd., in which NIS Group and TPG each hold a 50% share.  NIS Group
announced that it will record about JPY9.5 billion in reserves for
losses in the third quarter of fiscal 2008 on TPG's expected move
to exercise its conversion rights, which will likely weaken NIS
Group's capitalization further.  In addition, decreasing liquidity
in the real estate market and an increase in bankruptcies among
small and midsize real estate operators may pressure the quality
of NIS Group's loan assets.  There is also risk of the company
accruing additional losses on its marketable securities holdings.

NIS Group's financing environment is becoming increasingly severe
and its financial flexibility is declining, reflected by
violations of financial covenants on some of its borrowings and
the fact that assets pledged as collateral have accounted for an
increasingly larger portion of total assets since mid-2008.  If
these circumstances are prolonged, NIS Group may be forced to
downsize its operations and its profitability may suffer further.
Although the company is reinforcing its credit guarantee business
with affiliated financial institutions as well as its fee
businesses, earnings contributions from such efforts remain
limited.

In resolving the CreditWatch placement, S&P will examine the
financing environment, NIS Group's measures to improve its
performance, and TPG's intention to support the company.  The
ratings may be lowered if NIS Group cannot develop effective
measures, causing its capital base to worsen, or if the financing
environment deteriorates.  Conversely, the ratings could be
affirmed or revised upward if prospects improve for stable funding
and a recovery in performance.


NOMURA HOLDINGS: Plans Further Job Cuts in Asia
-----------------------------------------------
Nomura Holdings Inc is stepping up job cuts in Japan and plans to
eliminate more than 100 positions in Asia, Bloomberg News reports
citing two people familiar with the situation.

Bloomberg News' sources said the firm is eliminating at least 100
jobs in Tokyo, mainly among former Lehman Brothers Holdings Inc.
employees, and will cut positions in Hong Kong, Singapore and
other Asian countries as early as this year.

As reported in the Troubled Company Reporter-Europe on Dec. 5,
2008, Reuters said Nomura will cut up to 1,000 or about 22 percent
of its London staff after an internal review following its
purchase of Lehman's Asian, European and Middle Eastern
operations.  According to Agence France-Presse, Nomura has a total
of 4,500 employees in the British capital.

In a TCR-AP report on Dec. 3, 2008, Bloomberg News said Nomura
repeated a target of reaching a JPY500 billion (US$5.3 billion)
pretax profit for the year that
ends in March 2011.

However, Bloomberg News said the plan came as Goldman Sachs Group
Inc. cut a forecast for Nomura's fiscal 2011 pretax profit by 20
percent to JPY250 billion.  Goldman said Nomura's acquisition of
parts of Lehman Brothers may force it to raise more capital.

According to Bloomberg News, Nomura reported three straight
quarterly losses as global markets declined and flagged US$2
billion in costs stemming from the purchase of parts of Lehman
Brothers.  The company had a pretax loss of JPY64.6 billion for
the year ended March 31 while global investment banking profit was
JPY22.8 billion.  Nomura had about JPY430.9 billion of cash as of
Sept. 30.

Bloomberg News said the brokerage posted a wider-than-expected
JPY72.9 billion second-quarter loss, putting it on course for a
record full-year deficit.  The firm's first-half shortfall of
JPY149.5 billion was more than double its record JPY67.8 billion
annual loss last year, prompting Standard & Poor's and Moody's
Investors Service to say they may cut the firm's credit ratings,
Bloomberg News noted.

                      About Nomura Holdings

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- is a global securities and investment
banking firm.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others. As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.  Effective
October 1, 2008, Nomura Holdings Inc. acquired Lehman Brothers
Holdings Inc.'s European equities and investment-banking business,
and decided not to take on the fixed-income unit.


SANYO ELECTRIC: Asked to File JPY27.8 Bil. in Damages Suit
----------------------------------------------------------
Sanyo Electric Co. Ltd. has received a letter from a shareholder
asking the company to sue 18 former managers relating to past
falsification of earnings result, Japan Today reports citing a
lawyer for the shareholder.

The shareholder, Japan Today relates, is also asking Sanyo to seek
JPY27.8 billion in damages.

According to the report, lawyer Masaro Kato said the shareholder
considers 13 former members of the Sanyo board and five former
auditors liable because they authorized the payment of dividends
even though the company did not make the necessary profits.

If Sanyo does not file a lawsuit against its 18 former managers
within 60 days under the corporate law, the shareholder will file
a lawsuit against them on behalf of Sanyo, the report says citing
Mr. Kato.

As reported in the Troubled Company Reporter-Asia Pacific on
January 2, 2008, Jiji Press said Sanyo acknowledged that it made
illegal dividend payments worth about JPY28 billion in five six-
month terms in the past amid a lack of resources.

It was learned by Jiji Press that Sanyo paid JPY3 per share for
the April-September period of fiscal 2002, 2003, and 2004 and
the October-March period of fiscal 2002 and 2003.

Jiji Press related that according to its sources, Sanyo should
have seen profits in those terms decline sharply and should have
been unable to pay the dividends if it did not defer necessary
accounting steps like the booking of losses on subsidiaries.

                           About Sanyo

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

                          *     *     *

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

On November 12, 2008, the TCR-AP reported that Standard & Poor's
Ratings Services placed its 'BB' long-term corporate credit and
'BB+' long-term unsecured debt ratings on Sanyo Electric Co. Ltd.
on CreditWatch with positive implications.


SONY CORP: To Slash 8,000 Jobs Worldwide, Shuts Mfg. Sites
----------------------------------------------------------
Sony Corporation said it has embarked on a series of measures to
strengthen its corporate structure and bolster profitability
across the Sony Group.

In a statement, Sony said these initiatives are in response to the
sudden and rapid changes in the global economic environment.
Particularly within its electronics business, where Sony has been
most affected by the acute downturn in the economic climate, the
company has already undertaken certain short-term measures,
including adjusting production, lowering inventory levels, and
reducing operational expenses.

Going forward, Sony intends to adjust product pricing to mitigate
the impact of the appreciation of the yen, curtail or delay part
of its investment plans, and downsize or withdraw from
unprofitable or non-core businesses.  Furthermore, Sony plans to
realign domestic and overseas manufacturing sites, reallocate its
workforce and reduce headcount.

Through these measures, Sony will aim to establish a corporate
structure capable of delivering estimated total annual cost
savings of more than JPY100 billion by the end of the fiscal year
ending March 31, 2010.

Details of the initiatives to be implemented within the
electronics business at this time are:

1. Review of investment plan

Sony said it has carefully reviewed the investment plan outlined
in its Mid-Term Corporate Strategy Update, with the aim of
sharpening its focus consistent with Sony's growth strategy, and
is reducing or postponing planned investment as appropriate.
Specifically, within the semiconductor business, Sony intends to
cut investment expenditures this fiscal year by outsourcing a
portion of its planned increase in manufacturing of CMOS image
sensors for use in mobile phones to third parties.

In addition, following the rapid demand slowdown in television
markets, Sony has decided to postpone recently considered plans to
invest in production expansion at the Nitra plant in Slovakia,
which is one of Sony's sites assembling LCD televisions for the
European market.

Based on such measures, Sony is planning to reduce investment in
the electronics business by approximately 30% in the fiscal year
ending March 31, 2010, compared to its mid-term plan.

2. Realignment of manufacturing sites

By the end of the current fiscal year, Sony plans to cease
production at two overseas manufacturing sites, including Sony Dax
Technology Center in France, which manufactures tape and other
recording media.  By further advancing initiatives including
rationalizing its manufacturing operations, shifting and
aggregating manufacturing to low-cost areas, and utilizing OEM and
ODM partners, Sony plans to reduce the total number of
manufacturing sites by approximately 10%, from the current total
of 57, by March 31, 2010.

3. Workforce reallocation and headcount reduction

Through measures including the realignment of its manufacturing
sites, a review of its development and design structure, and the
streamlining of its sales and administrative functions, Sony will
implement a company-wide (including Headquarters) rationalization.
Sony intends to reallocate and optimize its workforce through
programs including work reassignments and outplacements.

As a result of these measures, by March 31, 2010, Sony plans to
reduce headcount in the electronics business worldwide by
approximately 8,000, out of approximately 160,000 as of September
30, 2008.  At the same time, Sony plans to reduce headcount in its
seasonal and temporary workforces.

In addition to these measures, Sony will continue to implement
measures as required to help assure both short and longer-term
profitability and growth.

Sony plans to outline the anticipated impact of these measures,
including anticipated expenses related to their implementation, in
Sony's updated forecast of financial results for the current
fiscal year to be included in its third quarter earnings
announcement, scheduled for January 2009.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.  It has five
segments: Electronics, Games, Pictures, Financial Services and All
Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.


* JAPAN: Bankruptcies Rise 5.27% in November, Survey Says
---------------------------------------------------------
The number of corporate bankruptcies in November rose 5.27 percent
from a year earlier to 1,277, marking the sixth consecutive
monthly rise as an increasing number of firms went under due to
operating fund shortages, Kyodo News reports citing a survey
conducted by a private credit research agency.

According to Tokyo Shoko Research, Kyodo News relates, corporate
failures amounted to 14,284 between January and November, making
it certain that the annual figure will rise for the third straight
year.

Kyodo News says of the 10 industrial sectors surveyed, seven
sectors, including transportation, financial services,
telecommunications and manufacturers, saw higher numbers of
corporate failures.

The real estate, services and construction sectors meanwhile
registered fewer bankruptcies, the report notes.

The Tokyo Shoko Research figures cover bankrupt companies with
debts of JPY10 million or more.


* S&P Puts Ratings on 40 Japanese CDO Tranches on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 40
Japanese synthetic CDO tranches relating to 34 Japanese synthetic
CDO transactions on CreditWatch with negative implications.  At
the same time, Standard & Poor's affirmed its ratings on six
Japanese synthetic CDO tranches relating to five Japanese
synthetic CDO transactions and removed the ratings from
CreditWatch with negative implications.

The 40 tranches that have been placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during S&P's monthly run on Nov. 30.
The ratings on the other six tranches have been affirmed and
removed from CreditWatch with negative implications because their
SROC levels have recovered to 100% or above during S&P's monthly
run on Nov. 30.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, will be taken
to committee in the middle of this month for further rating
actions.

                           Ratings List

                           Andante Ltd.
               Credit-linked secured notes series 3

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           A-1     CCC/Watch Neg   CCC     JPY700.0 mil.
           A-2     CCC/Watch Neg   CCC     JPY300.0 mil.

              Credit linked secured notes series 4

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           F       CCC/Watch Neg   CCC    JPY300.0 mil.

                   Corsair (Jersey) No. 2 Ltd.
   Fixed rate secured portfolio credit-linked loan series 45

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY3.0 bil.

     Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY1.0 bil.

           Floating-rate credit-linked notes series 56

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY2.2 bil.

              Fixed rate credit-linked loan series 58

               To              From   Issue Amount
               --              ----   ------------
               A+/Watch Neg    A+     JPY3.0 bil.

             Fixed rate credit-linked notes series 64

               To              From   Issue Amount
               --              ----   ------------
               BB-/Watch Neg   BB-    $50.0 mil.

  Floating-rate secured portfolio credit-linked notes series 76

               To    From            Issue Amount
               --    ----            ------------
               BB-   BB-/Watch Neg   $20.0 mil.

                         Eirles Two Ltd.
        Portfolio credit linked secured notes series 310

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           A       BBB+/Watch Neg  BBB+   JPY5.0 bil.

                             ELM B.V.
       Elysium class B secured credit linked notes series 97

               To     From             Issue Amount
               --     ----             ------------
               CCC+   CCC+/Watch Neg   $20.0 mil.

                Ethical CDO I (Jersey No. 1) Ltd.
Floating-rate extendible maturity secured portfolio credit-linked
                         notes series 2

               To              From   Issue Amount
               --              ----   ------------
               B-/Watch Neg    B-     AU$50.0 mil.

                        Helium Capital Ltd.
      Series 49 limited recourse secured synthetic CDO notes

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    $40.0 mil.

Asset backed securities and collateralized debt obligation limited
                 credit linked notes series 51

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY1.0 bil.

     Corporate basket credit-linked note series 60 (Esperance)

               To              From   Issue Amount
               --              ----   ------------
               BB-/Watch Neg   BB-    AU$85.0 mil.

     Corporate basket limited recourse secured credit-linked
                        extendable notes
                     (Scarborough) series 64

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    AU$100.0 mil.

   Limited recourse secured floating rate credit-linked notes
                            series 65

               To              From   Issue Amount
               --              ----   ------------
               B/Watch Neg     B      JPY2.0 bil.

         Series 79 limited recourse secured floating rate
                       credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               CCC+   CCC+/Watch Neg   $20.0 mil.

                       J-Bear Funding Ltd.
         Limited recourse secured floating rate portfolio
                 credit-linked notes (Series 31)

               To     From             Issue Amount
               --     ----             ------------
               BBB-   BBB-/Watch Neg   JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
OPALE floating and fixed-rate credit linked notes series 2006-12

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           AF      BBB-/Watch Neg  BBB-   JPY1.0 bil.
           AX      BBB-/Watch Neg  BBB-   JPY600.0 mil.

     OPALE 2 floating rate credit-linked notes series 2006-15

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC   $20.0 mil.

        Floating-rate credit-linked notes series 2006-20

              To               From   Issue Amount
              --               ----   ------------
              CCC+/Watch Neg   CCC+   JPY1.0 bil.

            SONATA 4 floating rate notes series 2006-21

              To               From   Issue Amount
              --               ----   ------------
              CCC+/Watch Neg   CCC+   $20.0 mil.

            SONATA 5 floating rate notes series 2006-22

               To              From   Issue Amount
               --              ----   ------------
               B/Watch Neg     B      $10.0 mil.

                     Morgan Stanley ACES SPC
             Secured floating-rate notes series 2004-5

               To              From   Issue Amount
               --              ----   ------------
               AA/Watch Neg    AA     $10.0 mil.

                           Octagon Ltd.
  Secured floating rate credit-link notes series 2005-1 (Aska V)

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           B       AAA/Watch Neg   AAA    JPY1.5 bil.

                   Omega Capital Investments PLC
               Series 10 secured floating rate notes

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           A        BBB-   BBB-/Watch Neg   JPY2.0 bil.
           B        BBB-   BBB-/Watch Neg   JPY3.1 bil.

                Secured multi rate notes series 32

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           A1      BB-/Watch Neg   BB-    JPY500.0 mil.
           A2      BB-/Watch Neg   BB-    JPY300.0 mil.

                    Series 48 secured notes

           Class   To              From    Issue Amount
           -----   --              ----    ------------
           5Y-A1   BB/Watch Neg   BB     JPY1.3 bil.
           5Y-A2   BB/Watch Neg   BB     JPY1.2 bil.
           5Y-B    B-/Watch Neg   B-     JPY1.0 bil.
           7Y-B1   B/Watch Neg    B      JPY300.0 mil.

                      Signum Vanguard Ltd.
    Series 2005-10 secured floating rate credit-linked notes

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    JPY2.0 bil.

     Secured floating rate credit-linked notes series 2006-02

               To              From   Issue Amount
               --              ----   ------------
               BBB-/Watch Neg  BBB-   JPY2.0 bil.

     Series 2006-05 secured floating rate credit-linked notes

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY600.0 mil.

      Series 2006-07 secured fixed rate credit-linked notes

               To              From   Issue Amount
               --              ----   ------------
               B/Watch Neg     B      JPY500.0 mil.

     Secured floating rate credit-linked notes series 2006-08

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    JPY1.0 bil.

     Secured floating rate credit-linked notes series 2006-10

               To              From   Issue Amount
               --              ----   ------------
               B+/Watch Neg    B+     JPY300.0 mil.

     Series 2007-01 secured floating rate credit-linked notes

               To              From   Issue Amount
               --              ----   ------------
               CCC+/Watch Neg  CCC+   JPY500.0 mil.

                      Silk Road Plus PLC
     Limited recourse secured fixed-rate credit-linked notes
                      series 3 class C2-J

               To              From   Issue Amount
               --              ----   ------------
               A-/Watch Neg    A-     JPY2.0 bil.

    Limited recourse secured floating-rate credit-linked notes
                      series 5 class C1-J

               To              From   Issue Amount
               --              ----   ------------
               A-/Watch Neg    A-     JPY1.0 bil.

    Limited recourse secured floating rate credit-linked notes
                      series 7 class A1-U

               To              From   Issue Amount
               --              ----   ------------
               AA+/Watch Neg   AA+    $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                      series 10 class A1-E

               To              From   Issue Amount
               --              ----   ------------
               AA+/Watch Neg   AA+    EUR10.0 mil.


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

ASSET KITCHENS: Fixes December 22 as Last Day to File Claims
------------------------------------------------------------
The creditors of Asset Kitchens & Joinery Ltd. are required to
file their proofs of debt by December 22, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 7, 2008.

The company's liquidator is:

          Peri Finnigan
          McDonald Vague, PO Box 6092
          Wellesley Street, Auckland 1141
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


ATG PACIFIC: Fixes December 17 as Last Day to File Claims
---------------------------------------------------------
The creditors of ATG Pacific Ltd. are required to file their
proofs of debt by December 17, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Private Bag 47927, Ponsonby
          Auckland
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


BIG SKY: Court Hears Wind-up Petition
-------------------------------------
On December 1, 2008, the High Court at Christchurch heard a
petition to have Big Sky Developments Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 9, 2008.


CHEZ & CO: Creditors' Proofs of Debt Due on December 12
-------------------------------------------------------
The creditors of Chez & Co Ltd. are required to file their proofs
of debt by December 12, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Henry David Levin
          David Stuart Vance
          c/o Clarinda Bonilla
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street
          Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


FISIIPEAU LTD: Court to Hear Wind-Up Petition on December 15
------------------------------------------------------------
The High Court at Auckland will hear on December 15, 2008, at
11:45 a.m., a petition to have Fisiipeau Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on October 9, 2008.

The CIR's solicitor is:

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


REAL GROOVY: Back from Receivership
-----------------------------------
New Zealand music retailer Real Groovy Records Ltd has been
rescued from receivership after its directors Chris Hart and
Martin O'Donnell last week bought back the assets from the
company's receiver through their newly established company
Fonografo, John Ferguson at Billboard.biz reported.

On October 15, 2008, Westpac NZ Ltd appointed John Cregten and
Andrew Mckay of Corporate Finance Ltd as receivers to the company.

According to Billboard.biz, Mr. Cregten confirmed that there will
be no money for unsecured creditors of the old Real Groovy
operation.

Real Groovy Records Ltd -- http://www.realgroovy.co.nz/-- retails
new and used music, books, games and DVDs.  It has four outlets
located in Auckland, Wellington, Christchurch and Dunedin.


HANOVER FINANCE: Investors Approve Restructuring Plan
-----------------------------------------------------
Hanover Finance Limited' investors have voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.

In a statement posted on its website, Hanover said that by value,
over 70 per cent of each class of investor voted.  All of the
extraordinary resolutions, each of which required 75 per cent
approval, were passed.

The results of the extraordinary resolutions, as a percentage of
votes cast, were:

   * Hanover Finance secured depositors - 92.97 per cent in favor

   * United Finance secured stockholders- 94.15 per cent in favor

   * Hanover Finance subordinated noteholders - 75.76 per cent
      in favor

   * Hanover Capital bondholders - 93.23 per cent in favor

Hanover said it will now commence implementation of the plan.

Hanover chairman Greg Muir said "investors have clearly understood
the real issues triggering the restructuring proposal, and have
demonstrated confidence in the board, management, shareholders and
trustees to work through this difficult period in property and
finance markets."

"Hanover is confident that the plan has every prospect of
delivering on the repayment schedule endorsed by investors. We
will be focused on achieving at least that outcome within the
five-year term of the plan."

Secured depositors and stockholders will receive a first repayment
of capital on March 15, 2009, with further payments quarterly from
the end of June 2009 through to December 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008,  Hanover Finance disclosed details of its Debt
Restructure Proposal, which includes the injection by shareholders
Mark Hotchin and Eric Watson of up to NZ$96 million of cash and
property assets.

Under the Proposal, Hanover said it aims to:

   -- Repay all principal to secured deposit investors
      (being Hanover Finance Limited (HFL) Secured
      Depositors and United Finance Limited (UFL)
      Secured Stockholders) over five years through
      quarterly payments commencing in March 2009;

   -- Repay HFL Subordinated Noteholders (who are
      currently fully subordinated to the HFL Secured
      Depositors) 50 cents for each dollar of principal
      after all HFL Secured Depositors have been repaid
      their principal amounts;

   -- Repay Hanover Capital Limited Bondholders (who
      are currently structurally subordinated to both
      the HFL Secured Depositors and HFL Subordinated
      Noteholders) 50 cents for each dollar of principal
      after all HFL Secured Depositors and HFL Subordinated
      Noteholders have been repaid their principal amounts;
      and

   -- Retain Hanover management's significant expertise
      in property and property financing.

                           About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZD796 million at 31 December 2007.  The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn
the ratings of Hanover Finance Limited's Long-term and Short-term
foreign currency Issuer Default Ratings of 'D', Individual rating
of 'F', Support rating of '5' and the Support Rating Floor of
'NF'.

A Long-term foreign currency IDR of 'D' indicates that HFL has
defaulted on its financial obligations.

The withdrawal of the ratings recognizes that HFL is no longer
accepting new debentures and is seeking to implement a debt
restructure plan for existing debenture holders.  As a result,
Fitch said it will no longer provide analytical coverage.


HAZ HAULAGE: Wind-Up Petition Hearing Set for December 17
---------------------------------------------------------
The High Court at Auckland will hear on December 17, 2008, at
10:00 a.m., a petition to have Haz Haulage Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition against the
company on August 11, 2008.

The CIR's solicitor is:

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


KAHO CONSTRUCTION ET AL: Creditors' Proofs of Debt Due on Dec. 12
-----------------------------------------------------------------
Vivien Judith Madsen-Ries fixed December 12, 2008, as the last day
to file proofs of debt for the creditors of:

   -- Kaho Construction Ltd;
   -- Hamilton S.A.O.G Contracting Enterprises Limited;
   -- Southland Stone and Marble Co Limited;
   -- Carrera Developments Limited;
   -- Candy Builders Limited;
   -- Rhubarb Limited; and
   -- Castor Bay Developments Limited

The Liquidator can be reached at:

          Vivien Judith Madsen-Ries
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street, Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


LA VISTA: Court to Hear Wind-Up Petition on December 17
-------------------------------------------------------
The High Court at Auckland will hear on December 17, 2008, at
10:45 a.m., a petition to have La Vista Cafe Restaurant Co Ltd.'s
operations wound up.

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

The CIR's solicitor is:

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


LFS NO2: Appoints Madsen-Ries and Levin as Liquidators
------------------------------------------------------
On October 31, 2008, Vivien Judith Madsen-Ries and Henry David
Levin were appointed as liquidators of LFS No2 Ltd.

Only creditors who were able to file their proofs of debt by
Dec. 5, 2008, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Vivien Judith Madsen-Ries
          Henry David Levin
          c/o Kamna Jagdale
          Deloitte
          Deloitte House, Level 8
          8 Nelson Street
          Auckland 1010
          Telephone:(09) 309 4944
          Facsimile:(09) 309 4947


SOLID SLATE: Fixes December 15 as Last Day to File Claims
---------------------------------------------------------
The creditors of Solid Slate Ltd. are required to file their
proofs of debt by December 15, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


TRADES R US: Court to Hear Wind-Up Petition on December 15
----------------------------------------------------------
The High Court at Auckland will hear on December 15, 2008, at
10:45 a.m., a petition to have Trades R Us Ltd.'s operations wound
up.

Sullivan and Armstrong Building Supplies Limited filed the
petition against the company on September 30, 2008.

The Petitioner's solicitor is:

          Mark Andrew Edward Sullivan
          Jackson Russell
          9 Princes Street, 3rd Floor
          Auckland


TRIUMPH GROUP: Creditors' Proofs of Debt Due on December 15
-----------------------------------------------------------
The creditors of Triumph Group Holdings 2003 Ltd. are required to
file their proofs of debt by December 15, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


WHITBY VILLAGE: Court Hears Wind-Up Petition
--------------------------------------------
On December 5, 2008, the High Court at Auckland heard a petition
to have Whitby Village Holdings Ltd.'s operations wound up.

Knowles Consulting Group Limited filed the petition against the
company on July 31, 2008.

The Petitioner's solicitor is:

          Alfred David Harford
          Malloy Goodwin Harford
          5 Broadway, Level 1
          Newmarket, Auckland


WINSELL SERVICES: Court Hears Wind-Up Petition
----------------------------------------------
On December 1, 2008, the High Court at Wellington heard a petition
to have Winsell Services Ltd.'s operations wound up.

The petition against the company was filed by the Commissioner of
Inland Revenue on October 31, 2008.

The CIR's solicitor is:

          Deanne Myree Clark
          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          PO Box 1462, Wellington
          Telephone:(04) 890 0415
          Facsimile:(04) 890 0009



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

BENPRES HOLDINGS: Signs Voting Trust Agreement with Lopez Inc.
--------------------------------------------------------------
Benpres Holdings Corp. has signed a voting trust agreement (VTA)
with Lopez Inc. covering the former's 254.12 million shares in
First Philippine Holdings Corp. (FPHC), philstar.com reports.

"Benpres deems it beneficial to appoint Lopez Inc. as its voting
trustee with respect to its FPHC shares to protect legitimate
creditors and shareholders of Benpres and FPHC against groups with
hostile or inimical interests that would act against creating or
furthering shareholder values," Benpres said in a disclosure to
the Philippine Stock Exchange obtained by philstar.com.

Benpres owns 46 percent of First Philippine Holdings Corp. while
Lopez Inc. holds a 54.61 percent stake in Benpres.

                         About FPHC

First Philippine Holdings Corporation (FPHC) is a holding company.
The company's principal activity is holdings in subsidiaries and
associates.  The subsidiaries and associates are engaged in power
generation and power distribution, roads and tollways operations,
pipeline services, real estate development, manufacturing,
construction, securities transfer services and financing.  FPHC is
43.15% owned by Benpres Holdings Corporation.  The company's
subsidiaries include Philippine Electric Corporation (Philec),
First Electro Dynamics Corporation (Fedcor), First Sumiden
Circuits Inc. (FSCI) and First Sumiden Realty Inc.  FPHC holds a
70% stake in First Philippine Industrial Park (FPIP), with the
remaining 30% owned by Sumitomo Corporation.

                         About Benpres

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                         *     *     *

Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2007, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan.  This
condition indicates the existence of a material uncertainty,
which may cast significant doubt about the company's ability to
continue operating as a going concern.  Manila Electric Company,
an associate of First Philippine Holdings Corporation, has
pending real property tax assessments and cases.  The Toll
Regulatory Board directed Manila North Tollways Corporation MNTC
(a subsidiary of First Philippine Infrastructure, Inc.(an
associate of the company accounted for under the equity method)
to defer the imposition of Value Added Tax on toll fees.  Thus,
MNTC deferred and continues to defer the imposition of VAT from
the motoring public.  MNTC, together with other toll road
operators, is in discussion with the concerned government
agencies on the issue of VAT.  The ultimate outcome of these
matters cannot presently be determined, and no provision for any
additional liability that may result from additional cases in
the event of an adverse decision on these cases has been made in
the financial statements of MERALCO.

As of December 31, 2007, the company recorded total assets of
PHP48.33 billion while total stockholders' equity at year-end
stood at PHP16.13 billion.


FORD MOTOR: Trims Down Philippine Staff by 15%, SunStar Says
------------------------------------------------------------
Ford Motor Co has cut its office staff in the Philippines by 15
percent in a restructuring program, SunStar newspaper reported,
citing a company official.

According to the report, Ford Philippines vice president for human
resources Emmanuel dela Paz said some 29 employees, including six
managers, out of the 200 office-based staff, accepted separation
packages under a redundancy program that took effect last November
30.

Mr. Dela Paz, as cited by the report, noted the restructuring was
not linked to the slowdown in the United States, rather, was in
line with a region-wide directive to cut operating costs and make
operations more efficient.  In the Philippines, he said, the goal
is to bring down fixed costs by 20 percent.

Ford Philippines employs 700 people, including office-based
employees and 500 plant workers.  Only office-based staffers were
included in the redundancy program, SunStar said.

                     About Ford Motor Co.

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


PHILIPPINE COUNTRYSIDE: Declares Bank Holiday
---------------------------------------------
Philippine Countryside Rural Bank in Cebu, Philippines, has
declared a "bank holiday," leaving hundreds of depositors off-
guard, CebuOnlineNews reports.

According to the report, a bank official said the temporary
closure was due to the ruling of the Supreme Court ruled last week
that the financial institution had an "undercapitalization."

However, the report relates, the bank official eased the fear of
depositors by saying they are working hard to immediately reopen
their four branches in Cebu.



===============
T H A I L A N D
===============

KRUNG THAI: Moody's Changes Outlook on 'D-' BFSR to Negative
------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Krung Thai Bank's D- bank financial strength rating,
A3/Prime-1 local currency deposit ratings and the Baa3 rating for
its preferred stock.  The bank's Prime-2 short-term foreign
currency deposit rating was unaffected.

"The rating action was prompted by concerns over the direction of
asset quality at the bank in light of the deteriorating economic
and political environment in Thailand," says Karolyn Seet, a
Moody's AVP/Analyst.

"We also caution that the economic downturn, which is already well
underway, is now likely to be worse than anticipated, and greater
asset quality problems will gradually emerge," says Seet.

"Additional concerns relate to the bank's high single-borrower
concentration and low capitalization," says Seet, adding, "From an
economic solvency point of view, after adjusting for possible
additional loan losses, Moody's estimate that KTB will report the
lowest economic capital ratios compared to other Moody's-rated
Thai banks."

"Accordingly, more capital will be needed to counter the
deterioration in asset quality expected over the medium term,"
says Seet.

Moody's further notes that, like all other Thai banks, KTB has
exposure to the real estate and construction, and tourism sectors.
Moody's expects that these sectors are likely to be adversely
affected by the ongoing economic slowdown and political turmoil.
The negative rating outlook reflects the fact that the bank is now
placed at the lower end of its BFSR category in a weaker economic
environment.

At the same time, KTB's liquidity position is satisfactory with a
98% loan-to-deposit ratio, while its deposit base is large and
accounted for nearly 90% of its funding at end-September 2008.
Finally, the rating agency cautions that a downgrade of KTB's BFSR
and deposit ratings could be prompted by a further weakening in
its asset quality, or a tightening in its liquidity profile, given
the challenging nature of conditions prevailing in the Thai
banking sector.

The last rating action for KTB was taken on December 5, 2008, when
the outlooks for its foreign currency long-term deposit rating and
foreign currency certificate of deposit program rating of Baa1
were changed to negative from stable.

Headquartered in Bangkok, Thailand, KTB reported consolidated
assets of Bt1,312 billion (US$38 billion) at end-September, 2008.



=============
V I E T N A M
=============

* VIETNAM: ADB Provides US$25 Mil. Loan To Help Tackle Poverty
--------------------------------------------------------------
The Asian Development Bank (ADB) said it is providing a US$25
million loan to help Viet Nam carry out policy reforms for its
poverty reduction program in cooperation with a number of other
development partners.

The loan, ADB notes, will support the implementation of Viet Nam's
poverty reduction program embedded in the Socioeconomic
Development Plan (SEDP) 2006–2010.  To this end, the loan provides
parallel financing with the World Bank's Poverty Reduction Support
Credit (PRSC) 7, within the framework of the PRSC process.

The PRSC process is made up of several closely-related activities
jointly undertaken annually by participating development agencies
to help Viet Nam carry out policy reforms needed for the
successful implementation of its poverty reduction strategy.  The
World Bank coordinates PRSC activities for participating
development agencies.

ADB joined the PRSC process in 2003.  In 2004-2007, ADB approved
four loans to support, through the PRSC process, the
implementation of the Government's poverty reduction programs.

A wide range of policy reforms in the areas of business
development, social inclusion, natural resource management, and
governance will be supported by the loan.

"The policy reforms will yield considerable economic benefits to
Viet Nam. They will raise the living standards of the Vietnamese
people and reduce poverty by fostering environmentally sustainable
and socially inclusive economic growth," said Bahodir Ganiev,
Country Economist of ADB's Viet Nam Resident Mission.

Viet Nam's economy has been one of the fastest growing in Asia in
the last two decades, with gross domestic product growth rate
averaging 8.1% annually from 2003 to 2007.  The country has
brought down the poverty rate to 16% in 2006 from 58.1% in 1993.

Despite such progress, ADB said challenges still remain.  In 2007,
3.4 million people survived on less than US$1 a day and 28.1
million on less than US$2 a day.  The incidence of poverty is
still relatively high in rural areas and among ethnic minorities.
High inflation in the first half of 2008 had an adverse impact on
living standards, especially those of the urban poor.



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

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

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
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Risks,
     Latest Decisions
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     Code
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           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\u2014the 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\u2019s 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.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 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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