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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 22, 2008, Vol. 11, No. 253

                            Headlines

A U S T R A L I A

C E TRANSPORT: Placed Under Voluntary Liquidation
DELELO PTY: Commences Liquidation Proceedings
FARM FRESH: Enters Liquidation Proceedings
FORTESCUE METALS: Seeks US$130 Million Over Canceled Contracts
FRANKIE'S AUSTRALIA: Placed Under Voluntary Liquidation

FRED ROSE: Commences Liquidation Proceedings
KLAUS MAERTIN: Declares Second and Final Dividend
KORGITTA & HENNINGS: Declares First and Final Dividend
LECKBAN PTY: Declares First and Final Dividend
MNS CONSTRUCTION: Court Enters Wind-Up Order

NEO QUEST: Appoints Burness and Jess as Liquidators
NOMOS EFTPOS: Commences Liquidation Proceedings
OZ MINERALS: Suspends Avebury Operations, 189 Jobs Affected
PAPERLINX LIMITED: Breaches Loan Covenant
ROBERT MULLER: Placed Under Voluntary Liquidation

T-WAY ART: Commences Liquidation Proceedings
WORLDWIDE FACTORING: Declares First and Final Dividend
UNITED PLASTERWORKS ET AL: Placed Under Voluntary Liquidation


H O N G K O N G

ASCALADE ASSETS: Derek and Haughey Cease to Act as Liquidators
DE SEDE: Creditors' Proofs of Debt Due on January 9
HIU KEE: Placed Under Voluntary Liquidation
HOMEWELL ENTERPRISES: Creditors' Proofs of Debt Due on January 31
HONG KONG CHINA: Members' Final Meeting Set for January 16

KWUN TONG: Creditors' Proofs of Debt Due on January 16
MAGNECOMP TECHNOLOGY: Appoints Seng and Lo as Liquidators
RAJAN TRADING: Final General Meeting Set for January 13
RITCHIE CAPITAL: Placed Under Voluntary Liquidation
SOFTEC MICROSYSTEMS: Court to Hear Wind-Up Petition on Jan. 14

SPEED HONGKONG: Medina and Flores Cease to Act as Liquidators


I N D I A

FAIZPUR JANATA: Insolvency Prompts RBI to Cancel License
HYUNDAI MOTOR: Cuts Temporary Workers in India Amid Slowing Demand
JASUBHAI JEWELLERS: CARE Assigns 'BB+' Bank Loan Rating
SOMA TEXTILES: CARE Assigns 'CARE D' Rating to LT Bank Facilities
TATA MOTORS: In Talks with UK Gov't Over Jaguar State Aid

TATA STEEL: Corus UK Staff to Lose Anti-Social Shift Premiums
* INDIA: Gov't. Deficits Set to Stage a Comeback, CRISIL Says
* Shipping Ministry Seeks Stimulus Package To Develop Major Ports


J A P A N

ANDANTE LTD: S&P Downgrades Ratings on Three Classes to 'D'
DELPHI CORP: To Sell Global Exhaust Business to Bienes for US$17MM
FORD MOTOR: Will Extend Plant Shutdown to January 12
JLOC XXXIII: S&P Downgrades Ratings on Class D Certs. to 'B-'
MARUDAI FOOD: Moody's Withdraws 'Ba1' Issuer Rating

ORSO FUNDING: S&P Downgrades Ratings on Class E Certs. to 'BB-'
SANYO: Major Shareholders Agree to Sell Stake to Panasonic
TOKYO STEEL: Moody's Withdraws Issuer Rating for Business Reasons
YKK AP: Cuts 1,000 Temporary Workers


K O R E A

HYNIX SEMICONDUCTOR: Cleared From Anti-Trust Probe
HYNIX SEMICONDUCTOR: Selling U.S. Plant
* KOREA: To Raise US$15 Billion to Boost Bank Capital


N E W  Z E A L A N D

ACE HARVEST: Court Hears Wind-Up Petition
ANTIOCH COMPANY: Wants to Access US$4 Million BoA DIP Facility
HALLIWELL & ROBINSON: Appoints Shephard and Dunphy as Liquidators
LEGGE CONTRACTING: Appoints Crichton and Horne as Liquidators
MARIO SELLS: Court Hears Wind-Up Petition

OPI NEW ZEALAND: Commences Liquidation Proceedings
QUALITY LABOUR: Court Hears Wind-Up Petition
RAVITA INVESTMENTS: Court Hears Wind-Up Petition
RAYDA LTD: Court Hears Wind-Up Petition
REID WRAY: Appoints Crichton and Horne as Liquidators

RICHARD ORMAN: Court to Hear Wind-Up Petition on January 28
RURAL FENCING: Court Hears Wind-Up Petition
STRATEGIC FINANCE: Investors Approve Moratorium Proposal
SUN VALLEY: Court Hears Wind-Up Petition
SUPERIOR PANELBEATING: Court Hears Wind-Up Petition

TRAMCO PROPERTIES: Placed Under Voluntary Liquidation
XLR 8 ET AL: Commence Liquidation Proceedings


P H I L I P P I N E S

* PHILIPPINES: Central Bank Cuts Key Interest Rates to 5.5%


X X X X X X X X

* Car Czar May Force Bankruptcy Filing for GM & Chrysler


                         - - - - -


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


C E TRANSPORT: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on October 7, 2008, the members of
C E Transport & Cartage Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          15 Queen Street, Level 5
          Melbourne VIC 3000
          Telephone:(03) 9613 5517
          Facsimile:(03) 9614 3233
          Website: http://www.worrells.net.au


DELELO PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on June 12, 2008, the members of
Delelo Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Len Hattersley
          16 Victoria Street
          Greenwich NSW 2065


FARM FRESH: Enters Liquidation Proceedings
------------------------------------------
The members of Farm Fresh Distribution Pty. Ltd. met on Oct. 6,
2008, and resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Michael W. Mccann
          Bedfords Corporate Recovery & Advisory
          695 Burke Road, Level 3
          Camberwell VIC 3124
          Telephone:(03) 9804 0211
          Facsimile:(03) 9804 0311


FORTESCUE METALS: Seeks US$130 Million Over Canceled Contracts
--------------------------------------------------------------
A major Greek shipping company is suing Fortescue Metals Group for
US$130 million for suspending long-term shipping contracts, The
Australian reports citing Dow Jones Newswires.

According to the report, Splendour Special Maritime Enterprise, a
subsidiary of Angelicoussis Group, said Fortescue canceled a five-
year charter and refused to take delivery of Anangel Splendour on
December 8.  The ship was contracted in July.

Citing a person familiar with the situation, the report relates
the US$130 million ($185 million) case will go to arbitration in
London and "if agreement is not reached the Greeks will file a
lawsuit."

In addition, the Australian says, Bulk carrier Armada (Singapore)
has also filed a complaint against Fortescue seeking AU$2.5
million in damages for one contract it claims was breached in the
fourth quarter.

                        Fortescue Responds

In a letter to the Australian Securities Exchange, Fortescue said
the company maintains its legitimate legal entitlement to suspend
the contracts, nevertheless some ship owners are disputing
Fortescue's right to take such action and they are seeking to
publicise the situation with a view to furthering their cause.
These disputes have led to a number of claims being lodged in the
UK arbitration system (being the legal domicile for maritime
disputes pursuant to the relevant contracts).  The arbitration
process for these claims is currently underway in London and
Fortescue has engaged specialist UK maritime legal advisers.
The referral to arbitration of Fortescue's suspension of the
contracts was expected by the company and the continuing
operations of the business are not affected.  The
alleged face value of claims that have been suggested in recent
press articles are considered by Fortescue to be ambit claims.
Furthermore, any ultimate contract liability would need to have
regard to a number of factors including the ship owner's
obligation to mitigate losses and would likely be substantially
less than the contract's alleged face value.  One important
element in the determination of mitigation is the difference
between the volatile spot shipping rate and the contracted rates
and this will change over time.

Accordingly any estimate of potential liability, if any, at this
stage is not considered to be appropriate, Fortescue said.

Fortescue stated that it is also aware that parallel claims have
been lodged in courts within the US whereby orders have been
granted that enable the court to impose a freeze on US denominated
amounts that flow through US accounts.  These funds are frozen as
potential security for any payments that may be determined
following the arbitration of claims currently ongoing in the UK
and is a normal part of the process for claims of this nature.
Fortescue advises that to date, less than US$1.5 million has been
frozen and Fortescue does not anticipate that the total value of
funds frozen in this manner will be material.

As reported by The Troubled Company Reporter-Asia Pacific on
December 10, 2008, Fortescue 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.

                      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.


FRANKIE'S AUSTRALIA: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on October 2, 2008, the
members of Frankie's Australia Pty Ltd resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Christopher Fawcett
          WHK Armitage Downie
          31 Grey Street, Traralgon
          Victoria


FRED ROSE: Commences Liquidation Proceedings
--------------------------------------------
During a general meeting held on October 6, 2008, the members of
Fred Rose Holdings Pty Limited resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          P. Ngan
          Ngan & Co Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


KLAUS MAERTIN: Declares Second and Final Dividend
-------------------------------------------------
Klaus Maertin Pty Limited, which is in liquidation, declared the
second and final dividend on November 21, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Michael G. Jones
          c/o Jones Partners
          Insolvency & Business Recovery
          Telephone:(02) 9251 5222


KORGITTA & HENNINGS: Declares First and Final Dividend
------------------------------------------------------
Korgitta & Hennings Pty Ltd Pty Ltd, which is in liquidation
declared the first and final dividend on November 27, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland Chartered Accountants
          PO Box 573
          Wollongong NSW 2500


LECKBAN PTY: Declares First and Final Dividend
----------------------------------------------
Leckban Pty Ltd, which is in liquidation declared the first and
final dividend on November 27, 2008.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Danny Vrkic
          Jirsch Sutherland Chartered Accountants
          PO Box 573
          Wollongong NSW 2500


MNS CONSTRUCTION: Court Enters Wind-Up Order
--------------------------------------------
On October 2, 2008, the Supreme Court of New South Wales entered
an order to have MNS Construction and Formwork Pty Limited's
operations wound up.

The company's liquidator is:

          Christopher J. Palmer
          O'Brien Palmer
          23 Hunter Street, Level 4
          Sydney NSW 2000


NEO QUEST: Appoints Burness and Jess as Liquidators
---------------------------------------------------
During a general meeting held on October 6, 2008, the members of
Neo Quest Pty Ltd appointed Paul Burness and Matthew Jess as  the
company's liquidators.

The Liquidators can be reached at:

          Paul Burness
          Matthew Jess
          Worrells Solvency & Forensic Accountants
          15 Queen Street, Level 5
          Melbourne VIC 3000
          Telephone: (03) 9613 5500
          Facsimile: (03) 9614 3233
          Website: http://www.worrells.net.au


NOMOS EFTPOS: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on Oct. 3, 2008, the members of
Nomos Eftpos Services Pty Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Simon J. Cathro
          Vaughan N. Strawbridge
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000


OZ MINERALS: Suspends Avebury Operations, 189 Jobs Affected
-----------------------------------------------------------
OZ Minerals Limited has decided to put its Avebury nickel mine on
care and maintenance, resulting in the loss of 189 jobs from the
operation.

In a press statement, CEO Andrew Michelmore said the Avebury
operation was just not profitable.

"In nine months we've seen the nickel price drop by 68 per cent –
an unprecedented fall in such a valuable commodity.  This has
severely tested the economics of many nickel projects worldwide,
and Avebury is no exception.  At these prices, it is simply more
economical to keep this metal in the ground and resume production
when prices improve," Mr. Michelmore said.

OZ Minerals currently has 64 employees at Avebury and also
utilizes the services of 125 mostly Barminco contractors.

OZ Minerals said it will work with its employees where possible to
identify alternate roles within the OZ Minerals group and will
provide outplacement assistance and counselling services to any
employees for whom there are no suitable alternative roles.

Nickel sulphide concentrate sales from Avebury are contracted to
the Jinchuan Group, a Chinese non-ferrous metallurgical and
chemical engineering company.

The company is discussing the impacts with Jinchuan and expects
mine supply agreements will continue when production resumes.

                           Asset Sale

In a separate statement, OZ Minerals said it is examining
expressions of interest for a number of its assets, and Gryphon
Partners is assisting in the process.

"OZ Minerals has resolved to expedite all avenues available to
address its short term liquidity position, and as such will
consider approaches in respect of the acquisition of interests
(including controlling interests) in any of its assets, or
approaches from parties wishing to acquire some or all of the
company's shares," OZ Minerals chairman Barry Cusack said.

"We are also examining all options available for the issuance of
new equity."

Goldman Sachs JBWere is advising OZ Minerals in relation to its
present position and the development of options for the company
going forward.

                       Board Resignation

OZ Minerals also disclosed that in line with its intention to
reduce the size of the Board from 11 to 8, Messrs. Peter Cassidy,
Owen Hegarty and Richard Knight would resign from the Board of OZ
Minerals prior to the company's next Annual General Meeting.

The company has received letters of resignation from the
Directors.  Mr. Hegarty's resignation will be effective from
December 19, 2008.  Mr. Knight's resignation will be effective
from December 31, 2008.  Dr. Cassidy's resignation will be
effective from January 30, 2009.

OZ Minerals has been granted a voluntary suspension of its
shares until December 29 in order to progress negotiations with
the banks on the refinancing of its debt facilities.

                       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.

                          *     *     *

As reported by The Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PAPERLINX LIMITED: Breaches Loan Covenant
-----------------------------------------
PaperlinX Limited said a delay in asset sales has resulted to a
breach in a loan covenant.

In a statement to the stock exchange, PaperlinX said the key
European asset sales planned for completion by December 31, 2008,
are now expected to complete early in the New Year.  The absence
of the anticipated profit contribution from these sales will
result in PaperlinX breaching previously agreed lending covenants
for the period ending December 31, 2008.

PaperlinX said it is in discussions with financiers to address
this issue.  Earnings for the period are now expected to be more
than 15% below the prior corresponding period.

The sale program of pan-European properties announced in February
2008 has continued, with approximately AU$90 million cash received
from this program through to the end of November, with additional
transactions recently completed in the UK, Netherlands and the
Czech Republic.

Lending covenants have come under pressure during the current half
year as a result of the investment on the recently completed
Maryvale Mill pulp upgrade with minimal related earnings
contribution.

In the second half earnings will benefit from increased
incremental benefits from the Maryvale Mill pulp upgrade along
with recent increases to Australian dollar pricing, translation of
overseas earnings, and improved receipts from the sale of
Australian exports.

Volatility and deterioration in general external conditions could
also negatively impact earnings, while factors specific to the
global paper market, currency movements and company initiatives
including the previously announced profit protection plans could
also impact outcomes, PaperlinX said.

PaperlinX Limited -- http://www.paperlinx.com.au/ -- is an
Australia-based company.  The company's segments comprise Paper
Merchanting, Paper Manufacturing and Corporate.  Paper Merchanting
is engaged in international paper merchant and paper trader
supplying the printing and publishing industry and office
supplies.  Paper Manufacturing is engaged in the manufacture of
communication papers, including office papers, graphic papers,
converting papers and other specialty and coated papers.  Paper
Manufacturing is also engaged in the manufacture of packaging
papers and industrial papers.


ROBERT MULLER: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on October 1, 2008, the
members of Robert Muller Pty Ltd resolved to voluntarily liquidate
the company's business.

The company's liquidator is:

          Gerry Farlanga
          c/o Arnold Stevens Finlay Chartered Accountants
          410 Church Street, Level 6
          North Parramatta NSW 2151
          Telephone:(02) 9890 2555


T-WAY ART: Commences Liquidation Proceedings
--------------------------------------------
During a general meeting held on September 30, 2008, the members
of T-Way Art Pty Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Michael G. Jones
          c/o Jones Partners
          Insolvency & Business Recovery
          Telephone:(02) 9251 5222


WORLDWIDE FACTORING: Declares First and Final Dividend
------------------------------------------------------
Worldwide Factoring Pty Ltd, which is in liquidation, declared the
first and final dividend on November 26, 2008.

Only creditors who were able to file their proofs of debt by Nov.
8, 2008, were included in the company's dividend distribution.

The company's liquidator is:

          Gideon Rathner
          Lowe Lippmann Chartered Accountants
          5 St Kilda Road
          St Kilda VIC 3182
          e-mail: grathner@lowelippmann.com.au


UNITED PLASTERWORKS ET AL: Placed Under Voluntary Liquidation
-------------------------------------------------------------
At an extraordinary general meeting held on October 3, 2008, the
members resolved to voluntarily liquidate the business of:

   -- United Plasterworks Australia Pty Ltd; and
   -- North Hume Pty Ltd.

The company's liquidators are:

          Wayne Benton
          Robert Ditrich
          PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne VIC 3000


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


ASCALADE ASSETS: Derek and Haughey Cease to Act as Liquidators
--------------------------------------------------------------
On December 15, 2008, Lai Kay Yan (Derek) and Darach E, Haughey
cease to act as liquidators of Ascalade Assets Limited.

The company's former Liquidators can be reached at:

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


DE SEDE: Creditors' Proofs of Debt Due on January 9
---------------------------------------------------
The creditors of De Sede Hong Kong Limited are required to file
their proofs of debt by January 9, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 8, 2008.

The company's liquidators are:

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


HIU KEE: Placed Under Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting held on December 9, 2008, the
members of Hiu Kee Engineering Co. Limited resolved to voluntarily
liquidate the company's business.

The company's liquidators are:

          Wong Sun Keung
          Tsui Mei Yuk Janice
          Far East Consortium Building
          Unit 4, 20th Floor
          121 Des Voeux Road Central
          Hong Kong


HOMEWELL ENTERPRISES: Creditors' Proofs of Debt Due on January 31
-----------------------------------------------------------------
The creditors of Homewell Enterprises Limited are required to file
their proofs of debt by January 31, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Sze Sau Wan
          447 Lockhart Road, Room 602
          H.K.


HONG KONG CHINA: Members' Final Meeting Set for January 16
----------------------------------------------------------
The members of Hong Kong China Jiu-Jitsu Association Limited will
hold their final general meeting on January 16, 2009, at
11:00 a.m., at Flat A, 2nd Floor of 13 Nanking Street, Kowloon.

At the meeting, Shiu Wai Fong Fanny, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KWUN TONG: Creditors' Proofs of Debt Due on January 16
------------------------------------------------------
The creditors of Kwun Tong Community Development Association
Limited are required to file their proofs of debt by January 16,
2009, to be included in the company's dividend distribution.

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

The company's liquidator is:

          Wong Chor Tung
          Tai Yau Building
          Rooms 825-806, 8th Floor
          181 Johnston Road
          Wanchai, Hong Kong


MAGNECOMP TECHNOLOGY: Appoints Seng and Lo as Liquidators
---------------------------------------------------------
On December 5, 2008, Natalia K M Seng and Susan Y H Lo were
appointed as liquidators of Magnecomp Technology Limited.

The 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


RAJAN TRADING: Final General Meeting Set for January 13
-------------------------------------------------------
The members of Rajan Trading Company (Hong Kong) Limited will hold
their final general meeting on January 13, 2009, at 2:30 p.m., at
Room  101, 1st Floor of Hong Kong Trade Centre, in Nos. 161-167
Des Voeux Road Central, Hong Kong.

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


RITCHIE CAPITAL: Placed Under Voluntary Liquidation
---------------------------------------------------
On December 5, 2008, the sole member of Ritchie Capital Management
(Hong Kong) Limited passed a resolution that voluntarily
liquidates the company's business.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


SOFTEC MICROSYSTEMS: Court to Hear Wind-Up Petition on Jan. 14
--------------------------------------------------------------
A petition to have Softec Microsystems Asia Limited's operations
wound up will be heard before the High Court of Hong Kong Jan. 14,
2008, at 9:30 a.m.

Chow Tak Kei filed the petition against the company on Nov. 17,
2008.


SPEED HONGKONG: Medina and Flores Cease to Act as Liquidators
-------------------------------------------------------------
On December 8, 2008, Voltaire B. Medina and Gary C. Flores cease
to act as liquidators of Speed Hongkong Limited.

The company's former Liquidators can be reached at:

          Voltaire B. Medina
          Gary C. Flores
          Worldwide House, Shop 114, 1st Floor
          19 Des Voeux Road
          Central, Hong Kong


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


FAIZPUR JANATA: Insolvency Prompts RBI to Cancel License
--------------------------------------------------------
The Reserve Bank of India, on Dec. 16, 2008, ordered the
cancellation of Faizpur Janata Sahakari Bank Ltd.'s
license after examining all options for the bank's revival.

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

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

According to RBI, the Bank's financial statements as of
March 31, 2006, revealed that the bank's financial position was
impaired.  The Bank's financial accounts as of March 31, 2007 also
revealed that the bank's financial position deteriorated further,
and it was issued directions under Section 35 A of the Banking
Regulation Act, 1949 (As applicable to Co-operative Societies)
from the close of business of Feb. 8, 2008, restricting its
operations, including placing a ceiling on withdrawal of deposits
at Rs. 1000/-.

RBI had issued a show cause notice to the bank on Feb. 26, 2008,
asking it to show cause as to why the license granted to it to
conduct banking business should not be canceled.  As the Bank did
not have a viable plan of action for its revival and the chances
of its revival were remote, RBI canceled the Bank's license in
the interest of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors was set in motion subject to the terms and conditions
of the Deposit Insurance Scheme.


HYUNDAI MOTOR: Cuts Temporary Workers in India Amid Slowing Demand
------------------------------------------------------------------
Vipin V. Nair and Seonjin Cha at Bloomberg News reported that
Hyundai Motor Co. will cut some temporary workers in India as the
global recession reduces demand for exports from the country and
local consumers put off car purchases.

Rajiv Mitra, a spokesman of the Indian unit, told Bloomberg News
the company may also cut production in India and exports could
decline 25 percent in the first half of 2009.

Citing Business Standard Daily, Bloomberg News relates, Hyundai
will cut 2,000 temporary workers in India, about 25 percent of its
total workforce in the country.

However, Bloomberg News says, Mr. Mitra declined to say how many
people will be laid off.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
U.S. since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the steep drop of the United States dollar, high oil prices and
union demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.


JASUBHAI JEWELLERS: CARE Assigns 'BB+' Bank Loan Rating
-------------------------------------------------------
Credit Analysis and Research Ltd. assigned 'CARE BB+' (Double B
Plus) rating to the sanctioned term loan of Rs.7.25 cr and CARE
BB+/PR4 rating to the working capital facilities of Rs. 45 cr
aggregating to Rs.52.25 cr. of Jasubhai Jewellers Private Ltd.
(JJPL)

Facilities with BB rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  Facilities with PR4 rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such Facilities are
susceptible to default.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

The ratings take into account experienced management and track
record of operations. The rating is constrained by weak financial
profile as reflected by low margins, low interest coverage & high
debt to GCA (Gross Cash Accruals), intense competition within
industry and working capital intensive nature of operations.

Ahmedabad based, Jasubahi Jewellers Private Limited (JJPL) was
incorporated on July 22, 2002 as C.G.  Jewellers Private Limited
after retirement of Mr. Jasubhai Soni from the partnership firm,
M/s Soni Chunilal Govindbhai. JJPL is engaged in manufacturing,
retail trading and wholesale business of diamond and Silver & Gold
bars & its jewellery.  Shri Jasubhai V. Soni, Director, is having
more than 40 years of experience in the filed of gems and
jewellery.  For FY08, JJPL reported a profit after tax (PAT) of
Rs.0.95 crore on total income of Rs.382.91crore as against a PAT
of Rs.0.40 crore on total income of Rs. 122.26 crore for FY07.


SOMA TEXTILES: CARE Assigns 'CARE D' Rating to LT Bank Facilities
-----------------------------------------------------------------
CARE assigned 'CARE D' rating to the long-term bank
loan/facilities and 'PR 5' rating to the short-term bank
loan/facilities of Soma Textiles & Industries Ltd. (STIL) for
aggregate amount of Rs.171.39 crore.

The ratings primarily take into account STIL's default on its
outstanding debt/bank facilities and approach to banks for
Corporate Debt Restructuring (CDR).  The ratings also take into
account weak financials of STIL as indicated by stressed liquidity
position of the company due to operating losses and adverse
industry scenario.  Lenders' decision on company's request for CDR
and STIL's subsequent adherence to revised terms of debt
servicing are key rating sensitivities.

Soma Textiles & Industries Ltd. (STIL), incorporated in 1940 as R.
B. Rodda & Co. Ltd., took over the assets of New Commercial Mills
Company Limited at Ahmedabad, a textile mill under liquidation and
started its textile manufacturing activity.  The name of the
company was changed to STIL in October, 1994.  In FY07, STIL set
up 100% subsidiary Soma Textile FZE (STFZE), Dubai for textile
trading.

STIL is into manufacturing of denim fabric & readymade garments
(RMG), cotton and synthetic yarn and non-denim fabric.  The growth
in income of STIL on consolidated basis during FY08 owes to the
trading operations of STFZE only.  On account of stressed
liquidity position and high raw material prices the company has
scaled down its manufacturing operations.  Its Baramati unit which
manufactures cotton yarn has been closed down since September
2008.  The company had planned capex of Rs. 82.56 crore
to be funded largely through debt with project debt equity ratio
of 3.7 times.  The debt portion of Rs. 65 crore was sanctioned by
Axis Bank.  However, the company has scaled down its capex plans.

For FY08, STIL (standalone) had a total income of Rs.197 crore
with PBILDT and PAT margin of 5.75% and negative 8.95%.  The
company's liquidity position in the last three months from June to
August 2008 remained highly stressed leading it to default on all
dues to banks.


TATA MOTORS: In Talks with UK Gov't Over Jaguar State Aid
---------------------------------------------------------
BBC News reports that Business Secretary Lord Mandelson confirmed
that the UK government has held talks with Jaguar Land Rover over
the possibility of state aid for the carmaker.

He, however, noted no decision had yet been made, and there was
not "an open chequebook", the report relates.

"We are analyzing very carefully what is going on in the [car]
sector, and we will make good judgments in good time if it is
appropriate for the government to take any action or if it is
possible for us to do so," Lord Mandelson was quoted by the report
as saying.  "I have had discussions with the owners and management
of Jaguar Land Rover in particular, because they argue that they
are under particular strain."

He stressed Tata, owner of Jaguar Land Rover, had first and
primary responsibility for the carmaker's financial requirements,
the report recounts.

Tata Motors Ltd, which bought Jaguar Land Rover from Ford Motor Co
in June for GBP1.7 billion, declined to comment on talks with the
government, the report adds.

On Dec. 3, 2008, the TCR-Europe reported that according to
BreakingNews.ie Jaguar Land Rover will slash half of its workforce
by  the end of the year amid severe global car market conditions.

BreakingNews.ie disclosed the company will lay off around 850 IT
and engineering staff at plants in Castle Bromwich, Solihull,
Whitley, and Gaydon, all in the West Midlands of England.

The company, BreakingNews.ie revealed, employs about 16,000 staff
at plants in the West Midlands and at Halewood, Merseyside.

As reported in the TCR-Europe on Nov. 11, 2008, in the first nine
months of the year combined sales by the two brands fell by 4.7
per cent to 214,480 vehicles.  Jaguar sales grew by 12.9 per cent
but Land Rover lost 9.7 per cent, the report stated.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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

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

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


TATA STEEL: Corus UK Staff to Lose Anti-Social Shift Premiums
-------------------------------------------------------------
BBC News reports that staff at the Scunthorpe and Teeside plants
of Corus, part of Tata Steel, agreed to a reduction in shift
premiums.

According to the report, 1,400 staff at the two plants will lose
some of the premiums paid for anti-social shifts such as working
overnight after Corus decided to cut production due to falling
steel sales.

The staff will see their pay cut by as much 11.5% as a result of
the reduction in shift premiums, the report states.

Last week, unions at Corus rejected a UK-wide 10% cut in wages,
the report recounts.

Citing a Corus spokesman, the report discloses the company will be
introducing new shift patterns for about a fifth of the workforce
at Scunthorpe from the middle of January.

"Some Scunthorpe employees who receive a shift premium for working
anti-social hours will receive less of a shift premium from
January," the spokesman was quoted by the report as saying.

He, however, noted the pay cut is a temporary measure, the report
relates.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                        *     *     *

Tata Steel Limited continues to carry a "BB" Standard & Poor's
rating on its of US$750 million and US$500 million senior
unsecured bank loans.

As reported in the Troubled Company Reporter-Asia Pacific on
October 24, 2008, Moody's Investors Service changed Tata Steel
Ltd's outlook on its Ba1 corporate family rating to negative from
stable.  This reflects the change in outlook for Tata Steel UK's
rating (formerly Corus) from stable to negative and the close
linkages between the credit profiles of the two entities.

"The change in outlook reflects the more challenging operating
conditions now facing Tata Steel UK as a result of the likely
deterioration in demand in Europe and the UK in the next 18
months, with declining steel prices and reduced production
volumes," said Ivan Palacios, a Moody's AVP Analyst and lead
analyst for Tata Steel.


* INDIA: Gov't. Deficits Set to Stage a Comeback, CRISIL Says
-------------------------------------------------------------
After a four-year period of an improving trajectory of state
government finances, CRISIL said it expects state
governments' key fiscal indicators—revenue deficit and gross
fiscal deficit—to start deteriorating from 2009.  The improvement
in the fiscal profile of state governments is reflected in India's
28 states reporting an aggregate revenue surplus of Rs.225 billion
in 2007-08 (refers to financial year, April 1 to March 31), from a
deficit of Rs.634 billion in 2003-04.  This is now set to change,
as the growth in state governments' own tax revenues, as well as
in devolution of taxes from the Centre, is expected to
slow down.  The adverse effect of lower revenue growth will be
accentuated by higher development and non-development expenditure.
The general elections, and elections in some major states, will
create pressure to increase populist expenditure, subsidies, and
tax waivers and concessions.

Says Ms. Roopa Kudva, Managing Director & CEO, CRISIL, "A
shortfall of even 4 per cent in aggregate budgeted revenues for
2008-09 can wipe out the state governments' entire revenue
surplus and push them back into revenue deficits.  While the
impact will begin to be felt in 2008-09, the full effect of these
trends will manifest in 2009-10 and thereafter.  CRISIL expects
that many states will borrow beyond the Fiscal Responsibility and
Budget Management (FRBM) Act targets, resulting in higher debt
levels."  The deterioration in fiscal indicators would adversely
impact the states' debt protection measures and overall credit
risk profiles.

Says Akash Deep Jyoti, Head, Corporate & Government Ratings,
CRISIL, "The improvement in state finances between 2003-04 and
2007-08 was underpinned by strong annualised growth of 18
per cent in value-added tax (VAT) collections, 16 per cent in
state excise duty, 23 per cent in stamp duty and registration
charges, and 22 per cent in devolution of central taxes, over this
period.  All four are now expected to show lower growth."

Revenue from VAT, contributing 42 per cent of tax receipts, is
expected to slow down because of slower economic growth and
deceleration in consumption demand.  Growth in state excise
revenue is expected to decelerate because of the decline in
industrial growth; excise contributes 8 per cent of tax
receipts.  Revenue from stamp duty and registration charges,
comprising 9 per cent of states' revenues, will suffer from the
real estate slowdown, which has affected both the volume and value
of property transactions. The slowdown in this sector would also
reduce government revenue from sale and lease of land.  Finally,
slower growth in the Centre's income tax and excise duty
collections will affect the devolution of central taxes, which
contribute 31 per cent of states' revenue receipts.

On the other hand, expenditure will continue to grow.  The
expected increase in non-development expenditure will be
accentuated by higher establishment expenditure because of
implementation of Pay Commission recommendations.  The commitments
on these expenditures were made in anticipation of continued
revenue buoyancy, and may not be rolled back now even though
revenue expectations have been revised downwards.  Similarly, high
levels of infrastructure spending will drive an increase in
development expenditure.


* Shipping Ministry Seeks Stimulus Package To Develop Major Ports
-----------------------------------------------------------------
Ministry of Shipping has demanded a 'moon like stimulus package'
to fight out recession in shipping sector and timely execute 9
major ports through PPP model in which over Rs.1 lakh crores of
investment is estimated, The Associated Chambers of Commerce and
Industry of India (ASSOCHAM) reported citing Secretary, Mr.
A.P.V.N. Sarma.

Disclosing this at ASSOCHAM organized Conference on Building
Logistics for Competitive Business here on Thursday, Mr. Sarma
said, "we have asked for the special package for the first time in
view of ongoing meltdown to meet dredging operations for 9 major
ports as also sought relaxation on taxation as shipping industry
is highly taxed."

"The coastal areas states do not have funds for necessary dredging
operations which according to Ministry of Shipping should be
allocated to them as part of proposed stimulus package which can
be granted any day", said Mr. Sarma.

The Secretary Shipping did not give the size of the package saying
that it has to be decided at the highest levels but hoped that the
package would be sufficient to prop up to develop 9 major ports
that would be built on PPP model with approximate investments of
over Rs.1,00,000 crore.

"Of the proposed 9 projects, 2 have already been cleared by PP
Advisory Committee for which financial bidding would commence
shortly as all major known players are competing.  The Ministry of
Shipping, Road Transport and Highways would shortly seek
clearances for 3 more ports through PP Advisory Committee in
current fiscal itself and remaining 4 would be referred to it for
necessary approvals in next few months", said the Secretary.

He also emphasized the need for introduction of transparency in
shipping sector so that logistics and freight cost is reduced and
end users is optimally benefited.  With reduced prices of steel,
cement and relaxation in fuel costs, the shipping mode of
transport is catching up.

The Ministry efforts henceforth would be to create deep draft
terminals so that large vessels especially from Brazil and other
countries are able to ferry iron ore and other raw materials at
much reduced costs with higher speed, said Mr. Sarma.

He also disclosed that with the establishment of Indian Maritime
University, the workforce for shipping industry would be made
easily available since currently shipping industry has been facing
crunch of qualified staff as India is the country which has the
largest seafarer.

Speaking on the occasion, ASSOCHAM relates, Mr. B N Puri, Senior
Consultant (Transport & Tourism), Planning Commission said that
logistics cost in India is around 14% as against 8% and 11% of USA
and Europe.  Sufficient attention is being drawn of the policy
makers towards putting in place an effective multimodal transport
system so that goods are ferried with speed at bare minimum costs.

The Planning Commission is also persuading states to remove local
levies and taxes on goods movements at their various check ports
as it is these points which cause maximum delays on smooth
movement of transportation, said Mr. Puri.

Among others who spoke on the occasion demanding placement of
sound logistic systems in India through public private initiatives
included Chairman ASSOCHAM Committee on Shipping and Logistics,
Mr. K C Mehra, pointing out that with the expansion of
globalization, Indian firms are new logistics capabilities and
more complex solutions from their 3PL partners.  Greater
acceptance of demand driven logistics practices introduces
complexities into the supply chain and generate the need for
contract logistics providers to deliver more expertise services.
More companies are turning towards 3PL to help them in successful
management of supply chain processes.

ASSOCHAM Secretary General, Mr. D S Rawat who also spoke on the
occasion said that consolidation can attract many companies under
the umbrella of 3PL value added services are currently the most
driving factor which hopes to increases in future.

KPMG ED and Head of Advisory Services,  Mr. Arvind Mahajan  said
that the Indian 3PL market is likely to expand in coming years due
to the demand growth from and user industries.


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


ANDANTE LTD: S&P Downgrades Ratings on Three Classes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its ratings on
the class A-1, A-2, and G credit-linked secured notes issued under
the Andante Ltd. series 4 transaction.  At the same time, Standard
& Poor's lowered to 'CCC-' from 'CCC' its rating on one other
class of notes issued under the same transaction, and removed the
ratings from CreditWatch with negative implications.  On Oct. 30,
S&P had lowered the ratings on the class A-1, A-2, and G notes and
kept them on CreditWatch with negative implications.  On Dec. 8,
S&P had placed the rating on the class F notes on CreditWatch with
negative implications.

The transaction is an arbitrage synthetic collateral debt
obligation transaction, initially referencing 150 global names.
S&P lowered the ratings on the class A-1, A-2, and G notes
following the receipt of a cash settlement notice and confirmation
that the amount of accumulated losses has exceeded the loss
threshold amount.

On the other hand, the accumulated losses have not exceeded the
loss threshold amount for the class F notes of this transaction.

             Ratings Lowered, Off Creditwatch Negative

                           Andante Ltd.
               Credit-linked secured notes series 4

           Class   To     From             Issue Amount
           -----   --     ----             ------------
           A-1     D      CCC-/Watch Neg   JPY4,100 mil.
           A-2     D      CCC-/Watch Neg   JPY500 mil.
           F       CCC-   CCC/Watch Neg    JPY300 mil.
           G       D      CCC-/Watch Neg   JPY1,200 mil.


DELPHI CORP: To Sell Global Exhaust Business to Bienes for US$17MM
------------------------------------------------------------------
Delphi Corporation said it received approval from the U.S.
Bankruptcy Court for the Southern District of New York for the
sale of assets related to the company's global exhaust business to
Bienes Turgon for US$17 million, subject to adjustments.

"Delphi's sale of its global exhaust business is a significant,
meaningful step as the company progresses with ongoing corporate
and divisional transformation plans,"  said Ron Pirtle, president,
Delphi Powertrain Systems.  "This move further refines our
powertrain product portfolio to feature core, differentiated
technologies in which Delphi possesses competitive advantages and
for which customers are calling."

Delphi selected Bienes Turgon as the lead bidder and received
court approval to proceed with the sale process for the global
exhaust business.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, suppliers, employees, unions and other stakeholders.

The transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close during the first half of 2009.

Although the company is divesting its exhaust business, Delphi
Powertrain continues to provide full engine management systems
-- including air and fuel management, combustion and valvetrain
technology -- through its gas EMS product business unit.

                    About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.


FORD MOTOR: Will Extend Plant Shutdown to January 12
----------------------------------------------------
Ford Motor Co. decided to extend the shutdown of some of 10 of its
assembly plants for an extra week in January, citing slow sales,
The Associated Press reports.

The AP relates that Ford Motor spokesperson Angie Kozleski said
that the normal two-week holiday shutdown will be extended to Jan.
12, 2009, at all operating assembly plants except the plant in
Claycomo and the Dearborn truck plant, which will both resume
operations on Jan. 5, 2009.  The two plants, says The AP, make the
F-150 pickup truck.  Claycomo also makes the Ford Escape and
Mercury Mariner, the report states.

According to The AP, Ford Motor will also extend the shutdown at
some engine, transmission and parts stamping plants, or shut
portions of them.

        Ford Not in Loan Pact Talks With Credit Unions

Sharon Terlep at The Wall Street Journal reports that while
General Motors Corp. and Chrysler LLC have entered into loan
agreements with credit unions, Ford Motor isn't in talks on a
similar deal, as it believes its finance arm, Ford Financial, can
meet buyers' needs.

                      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-'.


JLOC XXXIII: S&P Downgrades Ratings on Class D Certs. to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'BB' its
rating on JLOC XXXIII's class D trust certificates, issued in
November 2006, and removed the rating from CreditWatch with
negative implications.  At the same time, Standard & Poor's
affirmed its ratings on the class A, B, C, and X trust
certificates.

The rating on the class D trust certificates was initially placed
on CreditWatch with negative implications on Sept. 26, 2008.  On
Oct. 24, Standard & Poor's lowered the rating to 'BB' from 'BBB'
and kept it on CreditWatch with negative implications.

The downgrade of class D is based on these factors:

  -- Principal repayments on one of the underlying TMK bonds have
     not met Standard & Poor's expectations due to a delay in the
     sale of collateral properties.

  -- The likelihood that repayment of the aforementioned TMK bond
     can be made by its final maturity is now extremely slim.

  -- Uncertainty has grown over the likelihood of collections from
     the properties that back the TMK bond, given the recent
     deterioration in Japan's real estate market.

The affirmations of the ratings on the class A, B, C and X trust
certificates at this point reflect the prospects of collections
from the underlying properties, as well as credit support provided
for the senior tranches by the class D notes through the
senior/subordinate transaction structure.

S&P removed the rating on class D from CreditWatch with negative
implications as S&P sees little likelihood that uncertainty over
collections from the properties will increase over the next three
months or so.  Nevertheless, there is a possibility that the
transaction's credit quality will decline over the medium term as
the recovery prospects of the underlying properties decrease.

S&P will continue to closely monitor the likelihood of repayment
on other receivables (TMK bonds/loans), as well as the likely
collection amount from the properties backing the aforementioned
TMK bond.

The certificates are ultimately secured by a pool that originally
comprised a total of five TMK bonds and five nonrecourse loans.
The loans are backed by 110 real estate properties in Japan or by
property trust beneficiary interests owned by nine obligors.  This
commercial mortgage-backed securities transaction was arranged by
Morgan Stanley Japan Securities Co. Ltd.  ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

            Rating Lowered, Off Creditwatch Negative

                          JLOC XXXIII
          JPY67.8 billion trust certificates due July 2013
                     issued on Nov. 16, 2006

  Class   To   From           Current Balance   Initial Issue
                                                Amount
  -----   --   ----         ---------------     ------------------
  D       B-   BB/Watch Neg   JPY6,699,921,975    JPY7.5 bil.

                        Ratings Affirmed

     Class   Rating   Current Balance    Initial Issue Amount
     -----   ------   ---------------    --------------------
     A       AAA      JPY31,561,177,875    JPY43.7 bil.
     B       AA       JPY7,397,361,896     JPY8.6 bil.
     C       A        JPY7,299,914,960     JPY8.0 bil.
     X       AAA      JPY52,958,376,706*   JPY67.8 bil.**

* Notional balance
** Notional amount


MARUDAI FOOD: Moody's Withdraws 'Ba1' Issuer Rating
---------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 issuer rating of
Marudai Food Co., Ltd.

This issuer has no rated debt outstanding.  Moody's has withdrawn
this rating for business reasons, but this action does not reflect
a change in Marudai's creditworthiness.

Moody's last rating action with respect to Marudai was taken on
July 02, 2003, when the rating outlook was changed to stable from
negative.

Marudai Co., Ltd., headquartered in Osaka, is one of Japan's
processed food companies.


ORSO FUNDING: S&P Downgrades Ratings on Class E Certs. to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its
rating on Orso Funding CMBS 5 Trust's class E trust certificates,
and the rating on the class F trust certificates to 'B' from
'BB-'.  At the same time, Standard & Poor's removed the ratings on
classes E and F from CreditWatch with negative implications, where
they were placed on Sept. 26, and affirmed the ratings on the
class A to D and X trust certificates.

The downgrades reflect downward pressure on the lower tranches'
credit quality due to an extremely low likelihood of repayment on
one of the underlying loans.  There is also growing uncertainty
over repayment on another underlying loan by its maturity date.
In addition, recent deterioration in Japan's real estate market
conditions has cast doubt over the likely collection amount from
collateral properties backing the loans, causing stress on the
transaction's credit quality.  Standard & Poor's affirmed the
ratings on the class A to D and X trust certificates, taking into
consideration the estimated collection amount from the sale of
collateral properties, as well as credit support provided by the
senior/subordinated structure of the certificates.

Standard & Poor's removed the ratings on classes E and F from
CreditWatch with negative implications because S&P predicts that
the recovery prospects of the collateral properties are unlikely
to decline further in the next three months.  Over the medium
term, however, there is a possibility that the aforementioned
recovery prospects will decrease further, causing the
transaction's credit quality to weaken.  Standard & Poor's intends
to continue to closely monitor the progress in loan repayments and
the likely collection amount from the properties backing the
loans.

This is a commercial mortgage-backed securities transaction with
trust certificates backed by an initial number of seven
nonrecourse loans, which are ultimately secured by 43 real estate
properties.  This transaction was arranged by Bear Stearns (Japan)
Ltd. Tokyo Branch.  Premier Asset Management Co. acts as the
servicer for this transaction.

            Ratings Lowered, Off Creditwatch Negative

                    Orso Funding CMBS 5 Trust
         JPY33.25 billion commercial real estate-backed
              trust certificates due February 2013

   Class   To    From            Current Balance   Initial Issue
                                                   Amount
   -----   --    ----            ---------------   -------------
   E       BB-   BB/Watch Neg    JPY3,108,703,000    JPY3.7 bil.
   F       B     BB-/Watch Neg   JPY210,044,000      JPY0.25 bil.

                           Ratings Affirmed

Class  Rating  Current Balance                Initial Issue
                                               Amount
-----  ------  ---------------                -------------
A      AAA     JPY14,806,581,000              JPY17.7 bil.
B      AA      JPY3,276,741,000               JPY3.9 bil.
C      A       JPY3,192,722,000               JPY3.8 bil.
D      BBB     JPY3,276,741,000               JPY3.9 bil.
X      AAA     JPY27,871,532,000              JPY33,250,000,000*
                (notional balance)
* Notional principal

The issue date was Aug. 21, 2006.


SANYO: Major Shareholders Agree to Sell Stake to Panasonic
----------------------------------------------------------
Sanyo Electric Co.'s three major shareholders agreed to sell their
stakes in the company to Panasonic Corp., Atsuko Fukase at The
Wall Street Journal reports citing people familiar with the
matter.

According to WSJ's sources, Panasonic will buy 70% stake in Sanyo
from Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp. and
Daiwa Securities SMBC Co. for JPY131 (US$1.48) a share, one yen
more than its previous offer.

The deal, WSJ relates, values Sanyo at about JPY800 billion
(US$9.01 billion), bringing the value of stakes held by Sanyo's
three largest shareholders to more than JPY560 billion.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 25, 2008, Bloomberg News said Panasonic Corp. may buy all
Sanyo Electric Co. common and preferred shares in a deal worth
about JPY1 trillion (US$10.4 billion).  Panasonic, Bloomberg
related, is planning an offer for Sanyo at a price less than
JPY300 a share.

Meanwhile, citing Kyodo News, The Japan Times reported that
Goldman Sachs hopes to sell its holdings of Sanyo's preferred
shares for about JPY250 per share as part of an acquisition
process of the company by Panasonic Corp.

Japan Times recounted Goldman Sachs and two other financial firms
bought Sanyo's preferred shares for a total of JPY300 billion in
2006 to help out the struggling Osaka-based electric maker.

Reuters related that to acquire Sanyo, Panasonic has to buy out
its top three shareholders, Goldman Sachs, Daiwa Securities SMBC,
and Sumitomo Mitsui Banking.

The three firms, Reuters said, hold almost 430 million preferred
shares in Sanyo, each of which can be exchanged for 10 common
shares.  If converted, they would hold a combined 70 percent
stake, Reuters noted.

                         About Panasonic

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

                           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.


TOKYO STEEL: Moody's Withdraws Issuer Rating for Business Reasons
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Baa3 issuer rating of
Tokyo Steel Manufacturing Co., Ltd. for business reasons.  The
company has no rated debt outstanding.

Moody's last rating action with respect to Tokyo Steel was taken
on October 26, 2006, when the rating was upgraded to Baa3 from
Ba1.

Tokyo Steel Manufacturing Co., Ltd. is headquartered in Tokyo and
is a leading electric-arc furnace steel producer in Japan.


YKK AP: Cuts 1,000 Temporary Workers
------------------------------------
YKK AP Inc. will lay off 1,000 temporary and other non-regular
workers, or 20% of its workforce, by next spring, Japan Today
reports citing company officials.

Japan Today says that the company is also planning to shut up to
10 of its 34 factories in Japan by March 2013.

The company, Japan Today relates, said stricter regulations on the
construction of earthquake-resistant houses and the recession have
hit the company's business badly.

Founded in 1957, YKK AP Inc. manufactures aluminum building
components such as doors and sashes.


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


HYNIX SEMICONDUCTOR: Cleared From Anti-Trust Probe
--------------------------------------------------
Hynix Semiconductor Inc. said that the U.S. Department of Justice
and the E.U. Commission have both notified Hynix Semiconductor
America and Hynix Semiconductor Inc. that they have closed their
respective investigations into possible antitrust violations
regarding static random access memory (SRAM).

Hynix said it fully cooperated with the investigations, which
began in October of 2006, and maintained throughout that it had
committed no wrongdoing.  The investigations are now closed, and
no charges have been brought against any Hynix entity.

Mr. M G Choi, Hynix Senior Vice President of Corporate Strategy
said the company will now focus its attention on dismissing the
U.S. class action lawsuits which were filed immediately after the
investigations were made public.

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

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on Nov. 3,
2008, Standard & Poor's Ratings Services revised to negative from
stable the outlook on its long-term corporate credit rating on
Korea-based Hynix Semiconductor Inc.,  reflecting the current
challenging market situation and increasing uncertainty in the
memory semiconductor market.  At the same time, S&P affirmed its
'BB-' long-term corporate credit rating and long-term senior
unsecured debt ratings on the company.

On November 5, 2008, Moody's Investors Service downgraded to Ba3
from Ba2 Hynix Semiconductor, Inc.'s corporate family rating and
senior unsecured bond rating.  The outlook for the ratings remains
negative.


HYNIX SEMICONDUCTOR: Selling U.S. Plant
---------------------------------------
Hynix Semiconductor Inc. is negotiating to sell its only U.S.
factory by the end of the year in an effort to raise cash, Trading
Markets reports citing Hynix CEO Kim Jong-kap.

Trading Markets quoted CEO Kim Jong-kap as saying "We are in
negotiations with the potential buyer over the facility in Eugene,
Oregon, and we are expecting the results soon."

"Along with this, we are planning to raise the company's liquidity
to KRW1 trillion (US$772,798,000) by selling idle properties and
curtailing expenses."

According to the report, the possible buyer of the factory is
reportedly a U.S. company focused on information technology.
Analysts expect the sales price to be around KRW400 billion, the
report says.

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

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on Nov. 3,
2008, Standard & Poor's Ratings Services revised to negative from
stable the outlook on its long-term corporate credit rating on
Korea-based Hynix Semiconductor Inc.,  reflecting the current
challenging market situation and increasing uncertainty in the
memory semiconductor market.  At the same time, S&P affirmed its
'BB-' long-term corporate credit rating and long-term senior
unsecured debt ratings on the company.

On November 5, 2008, Moody's Investors Service downgraded to Ba3
from Ba2 Hynix Semiconductor, Inc.'s corporate family rating and
senior unsecured bond rating.  The outlook for the ratings remains
negative.


* KOREA: To Raise US$15 Billion to Boost Bank Capital
-----------------------------------------------------
South Korea plans to raise KRW20 trillion (US$15 billion) next
month from the central bank and investors to boost bank capital,
Bloomberg News reports.

The report relates the Financial Services Commission said Korea
Development Bank will provide KRW2 trillion, and the remaining
KRW8 trillion will come from individual and institutional
investors.

Meanwhile, the Bank of Korea said in a statement obtained by
Bloomberg News it will decide whether to contribute KRW10 trillion
to the fund at its policy board meeting.

According to the report, rising bad loans are eroding South Korean
banks' capital as the nation edges closer to its first recession
in a decade.

Additionally, Bloomberg News says Moody's Investors Service has
maintained its negative outlook on the financial strength ratings
of seven South Korean banks citing the weakening economy and the
global credit crisis.

The seven banks are:

       Kookmin Bank,
       Woori Bank,
       Shinhan Bank,
       Hana Bank,
       Korea Exchange Bank,
       Pusan Bank, and
       Daegu Bank.

However, the report notes, the chief executive officers of banks
in South Korea said the fund, which will run at least until the
end of 2009, is a "back-up facility in bracing for an emergency,
not because banks' operations have worsened."


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


ACE HARVEST: Court Hears Wind-Up Petition
-----------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Ace Harvest Contractors Ltd.'s operations wound up.

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


ANTIOCH COMPANY: Wants to Access US$4 Million BoA DIP Facility
--------------------------------------------------------------
The Antioch Company and its debtor-affiliates obtained permission
from the United States Bankruptcy Court for the Southern District
of Ohio to obtain $4 million in postpetition financing from a
group of financial institutions led by Bank of America N.A., as
agent.

The three DIP Lenders have committed to fund these amounts:

     Lender                      Commitment
     -------                     ----------
     Bank of America, N.A.       $1,428,571
     Fifth Third Bank            $1,428,571
     National City Bank          $1,142,857

The Debtors also seek the Court's consent to use cash collateral
securing repayment of loan to their prepetition lenders.

The DIP Loan will bear interest at Prime Rate plus 3%.  In the
event of default, the facility will incur interest at Prime Rate
plus 5%.  Interest will be computed on the basis of actual days
elapsed and a 365-day year in all cases and will be payable
monthly in arrears in cash.

According to the Debtors, proceeds of the facility and cash
collateral will be used to fund general corporate needs including
working capital, and pay fees and expenses related to the
financing and the Chapter 11 cases.

The Debtors will grant the DIP Lenders first priority senior
priming security interests and liens on all of their assets.  The
DIP Lenders claims' will have priority over and any and all
administrative expenses.

The DIP facility is subject to a $250,000 carve-out for payment of
fees and expenses incurred by professionals of the Debtors or any
statutory committee.  The DIP agent will be paid $40,000 in
closing fee in cash for the benefit of the lenders and a $25,000
in arrangement fee on closing.

The DIP facility contains customary and appropriate events of
default.

The hearing to consider approval of the DIP facility has been
postponed to an unset date.  It was originally set for Dec. 18,
2009.

Michael J. Kaczka, Esq., at McDonald Hopkins LLC, relates the
Debtors, the Official Committee of Unsecured Creditors and the
Debtors' secured lenders have reached an agreement in principle
resolving certain objections to the DIP request raised by the
Committee.  The Debtors, Mr. Kaczka notes, have submitted a
proposed final order to the Court.

A full-text copy of the Debtor-in-Possession Agreement is
available for free at http://ResearchArchives.com/t/s?3675

A full-text copy of the Cash Collateral Budget is available for
free at http://ResearchArchives.com/t/s?3676

                        About Antioch Co.

The Antioch Co. -- http://www.antiochcompany.com/-- owns St.
Cloud-based Creative Memories.  The company was founded in 1926.
It consists of operating and business units located in Ohio,
Minnesota, Nevada, and Virginia.  The direct-selling division
encompasses the U.S. and Puerto Rico, Canada, Australia, New
Zealand, Germany, Japan and the United Kingdom, with expansion
planned in other European countries.  The Antioch employs more
than 1,090 people and manufactures, packages and markets more than
3,000 products to tens of thousands of independent sales
consultants and retail dealers.  As reported in the Troubled
Company Reporter on Nov. 17, 2008, The Antioch reached an
agreement with lenders to restructure its debt.  To facilitate
this agreement, Antioch and six of its subsidiaries filed
voluntary petitions for Chapter 11 protection on Nov. 13, 2008
(Bankr. S.D. Ohio Lead Case No. 08-35741).  McDonald Hopkins LLC
represents the Debtors in their restructuring efforts.  The United
States Trustee for Region 9 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  In their summary of
schedules, the Debtors listed US$66,388,321 in total assets and
US$141,142,236 in total liabilities.


HALLIWELL & ROBINSON: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------------
On November 17, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Halliwell & Robinson
Building Ltd.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


LEGGE CONTRACTING: Appoints Crichton and Horne as Liquidators
-------------------------------------------------------------
On November 12, 2008, the High Court appointed David Donald
Crichton and Keiran Anne Horne as the liquidators of Legge
Contracting Ltd.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2008, were included in the company's dividend
distribution.

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


MARIO SELLS: Court Hears Wind-Up Petition
-----------------------------------------
On December 15, 2008, the High Court at Hamilton heard a petition
to have Mario Sells Homes Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on October 15, 2008.


OPI NEW ZEALAND: Commences Liquidation Proceedings
--------------------------------------------------
OPI New Zealand Ltd. commenced liquidation proceedings on Nov. 14,
2008.

Only creditors who were able to file their proofs of debt by
December 15, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Andrew John McKay
          John Joseph Cregten
          AMP Centre, Level 15
          29 Customs Street West
          PO Box 532, Auckland
          Telephone:(09) 358 1230
          Facsimile:(09) 358 3646


QUALITY LABOUR: Court Hears Wind-Up Petition
--------------------------------------------
On December 11, 2008, the High Court at Napier heard a petition to
have Quality Labour Services Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 6, 2008.


RAVITA INVESTMENTS: Court Hears Wind-Up Petition
------------------------------------------------
On December 15, 2008, the High Court at Auckland heard a petition
to have Ravita Investments Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on September 30, 2008.


RAYDA LTD: Court Hears Wind-Up Petition
---------------------------------------
On December 8, 2008, the High Court at Palmerston North heard a
petition to have Rayda Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 6, 2008.


REID WRAY: Appoints Crichton and Horne as Liquidators
-----------------------------------------------------
On November 17, 2008, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Reid Wray & Associates Ltd.

The Liquidators fixed today, Dec. 22, 2008, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

          David Donald Crichton
          Keiran Anne Horne
          c/o Marie Inch at HFK Limited
          567 Wairakei Road
          PO Box 39100, Christchurch
          Telephone:(03) 352 9189


RICHARD ORMAN: Court to Hear Wind-Up Petition on January 28
-----------------------------------------------------------
A petition to have Richard Orman Builders Ltd.'s operations wound
up will be heard before the High Court of Rotorua on Jan. 28,
2009, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on October 20, 2008.

The CIR's solicitor is:

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


RURAL FENCING: Court Hears Wind-Up Petition
-------------------------------------------
On December 10, 2008, the High Court at Wanganui heard a petition
to have Rural Fencing NZ Ltd.'s operations wound up.

Moanaroa Farming Company Limited filed the petition against the
company on September 30, 2008.


STRATEGIC FINANCE: Investors Approve Moratorium Proposal
--------------------------------------------------------
Strategic Finance Limited disclosed that the Moratorium Proposal
put to Debenture Stockholders, Depositors and Noteholders has been
approved by an majority of investors who voted on the Proposal at
the meeting held in Wellington earlier today, Dec. 22, 2008.

The company said 98.56% of Debenture Stockholders, 100% of
Depositors and 98.88% of Noteholders voted in favor of the
resolution.

Strategic will now commence implementation of the Moratorium.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

The TCR-AP reported on October 17, 2008, that Strategic Finance
intends to present to Perpetual Trust Limited of New Zealand, the
trustee under SFL's Debenture Trust Deed, a new capital
restructure proposal for SFL, which will endeavor to set out the
best course of action for SFL and its debenture investors, and all
stakeholders after a proposal by a management-led consortium to
buy Strategic Finance Limited's parent, Strategic Investment Group
Limited, from Allco HIT, fell through.


SUN VALLEY: Court Hears Wind-Up Petition
-----------------------------------------
On December 15, 2008, the High Court at Wellington heard a
petition to have Sun Valley Developments Ltd.'s operations wound
up.

Body Corporate 341454 filed the petition against the company on
November 10, 2008.


SUPERIOR PANELBEATING: Court Hears Wind-Up Petition
---------------------------------------------------
On December 8, 2008, the High Court at Dunedin heard a petition to
have Superior Panelbeating & Car Painting Ltd.'s operations wound
up.

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


TRAMCO PROPERTIES: Placed Under Voluntary Liquidation
-----------------------------------------------------
The shareholders of Tramco Properties Ltd. met on Nov. 20, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Rowan Kingstone
          KDB Chartered Accountants Limited
          123 Carlton Road, Level 2
          Newmarket, Auckland
          Telephone:(09) 524 0791
          Facsimile:(09) 524 0271


XLR 8 ET AL: Commence Liquidation Proceedings
---------------------------------------------
On November 20, 2008, the shareholders resolved to voluntarily
liquidate the business of:

   -- XLR 8 NZ Ltd.; and
   -- XLR 8 Events Limited.

The companies' creditors also met on December 8, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

Only creditors who were able to file their proofs of debt by
Dec. 19, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

          Gareth Russel Hoole
          Kevin David Pitfield
          Staples Rodway Limited
          Chartered Accountants
          PO Box 3899, Auckland
          Telephone:(09) 309 0463


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


* PHILIPPINES: Central Bank Cuts Key Interest Rates to 5.5%
-----------------------------------------------------------
The Monetary Board has decided to reduce the Bangko Sentral ng
Pilipinas key policy interest rates to 5.5 percent for the
overnight borrowing or reverse repurchase (RRP) facility and 7.5
percent for the overnight lending or repurchase (RP) facility.
The interest rates on term RRPs, RPs, and special deposit accounts
(SDAs) were also adjusted accordingly.

The Monetary Board based its decision on the latest baseline
forecasts which reflect a decelerating inflation path over the
policy horizon, with inflation falling within target by 2010,
partly due to the sharp fall in November inflation which came
earlier than expected.  This outlook is supported by the downward
shift in the balance of risks, following the easing of commodity
prices, the moderation in inflation expectations, and the expected
slowdown in economic activity.  As commodity prices stabilize,
cost and wage pressures are also expected to moderate, reducing
the risks of second-round effects.  However, the Monetary Board
continues to recognize the remaining upside risks to inflation,
including the tight demand-supply conditions in the global
commodities market, the pass-through effect of the weaker peso on
retail prices, and the still elevated core inflation.

In its overall assessment, the Monetary Board believes that with
inflation pressures continuing to recede, there is therefore
greater latitude to ease policy rates.  Given the uncertainty
about the duration and the depth of the global downturn, a
reduction in policy rates would help avoid credit tightness. Such
action is expected to reduce domestic borrowing costs, which could
stimulate consumer spending and assist sectors such as
manufacturing, construction, and small and medium enterprises.

Monetary policy will continue to focus on achieving price
stability while allowing room for the economy to grow.  The BSP
will also continuously watch evolving financial market conditions
to ensure the efficient functioning of the credit market.


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


* Car Czar May Force Bankruptcy Filing for GM & Chrysler
--------------------------------------------------------
Citing Senator Carl Levin, John Hughes at Bloomberg reports that
the U.S. Treasury may adopt a plan that would let a car czar or
the Treasury secretary force General Motors Corp. and Chrysler LLC
into bankruptcy if the two companies fail to prove that they can
survive without government financial assistance.

Bloomberg relates that the Treasury plan would resemble a measure
that the Congress passed last week that was rejected by the
Senate.  According to the report, Sen. Levin said that GM and
Chrysler would be required to submit viability plans by March 31,
2009, or lose any government support.  The report quoted Senator
Levin as saying, "The power rests in the hands of either the czar
or the Secretary of the Treasury to force bankruptcy by
March 31."

Sen. Levin, states Bloomberg, said that Treasury Secretary Henry
Paulson and his successor would "in effect" be the car czar
because the Treasury Department would supervise the financial
assistance program.  The administration was moving with
"deliberative speed" in considering possible financing for U.S.
automakers, the report says, citing Mr. Paulson.

According to Bloomberg, White House spokesperson Tony Fratto said,
"There will be conditions to any taxpayer financing.  There will
be rigorous oversight to make sure that these companies are doing
what they promised to do, and we want to make sure that everyone
is making the concessions that they're going to have to commit to
make."

              GM-Chrysler Merger Talks Resume

General Motors Corp. has resumed talks with Chrysler LLC on a
possible merger, after Cerberus Capital Management LP said that it
is willing to sell part of its stake in Chrysler, The Wall Street
Journal reports, citing people familiar with the matter.

According to WSJ, Cerberus Capital restarted the talks as cash in
GM and Chrysler become scarce.

Sources said that GM and Chrysler ended the negotiations in early
November, Naoko Fujimura and Dave McCombs at Bloomberg News
relate.

Shawn Langlois at MarketWatch reports that GM spokesperson Tony
Cervone denied the merger negotiations, saying, "We are not in
merger talks with Chrysler.  We stated in November that any talks
related to a potential merger were tabled so we could focus on our
liquidity situation.  That remains the case."  MarketWatch states
that Chrysler spokesperson Shawn Morgan also dismissed the reports
as rumor.

                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

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

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





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