TCRAP_Public/080407.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, April 7, 2008, Vol. 11, No. 68

                             Headlines

A U S T R A L I A

ALLCO FINANCE: NAB Extends Rubicon's AU$60 Million Loan Facility
ALTHEA INVESTMENTS: Members to Hear Wind-Up Report on April 10
CAMPBELLFIELD TRUCK: To Declare Dividend on April 16
CENTRO PROPERTIES: Receives Six Bids From Potential Investors
ITW SUPERANNUATION: To Declare Dividend on April 23

MARKET ST PTY: Placed Under Voluntary Liquidation
MERINO PTY: Undergoes Liquidation Proceedings
OPES PRIME: ASIC Secures Travel Ban on Three Directors
OPES PRIME: Receivers Find AU$400 Million Worth of Assets
OPES PRIME: Witness Reveals Emini "Manipulated" Key Accounts

PRYDA (INDONESIA): To Declare Dividend on April 23
REID CONSTRUCTION: To Declare Dividend on April 23
RUBIKCON PTY: Joint Meeting Slated for April 16
SEMAJ NELG: To Declare Dividend on April 23
SHANE HOULAHAN: To Declare Final Dividend on April 15

TDA MANAGEMENT: Members and Creditors to Meet on April 8


C H I N A   &   H O N G  K O N G   &   T A I W A N

AL TRAVESQUE: Court to Hear Wind-Up Proceedings on April 23
ARTCRAFT V INC: Auditor Raises Going Concern Doubt
CHINA DITIGAL: Kabani & Company Raises Going Concern Doubt
CHINA EASTERN: Pilots Face Investigation for Mid-air Strike
CHINA ENTERTAINMENT: Auditor Raises Going Concern Doubt

CHINA EVERBRIGHT: May Launch Initial Public Offering in August
CHINESE PETROLEUM: Posts US$660 Million Loss; Seeks Gov't. Help
FAR EASTERN: Kinmen Kaoliang Seeks to Buy 40% Stake
FIAT SPA: Shareholders Approve Financial Statements & Dividend
FIAT SPA: Releases Details of Shares Purchase Program

GOLAN LIMITED: Creditors' Proofs of Debt Due on April 10
GRAND TOYS INT'L: Regains Nasdaq Compliance
KING INTERIOR: Court to Hear Wind-Up Proceedings on April 16
NCL CORP: Moody's Reviews Ratings for Possible Downgrade
SHEENY DRAGON: Appoints Wardell and Dune as New Liquidators

SHENZHEN DEV'T: Moody's Reviews Ba3 Rating for Likely Upgrade
STAR CRUISES: Moody's Reviews B1 Rating for Possible Downgrade
SOUTHERN MATERIALS: Appoints Arboit and Blade as New Liquidators
SPIRIT OF AMERICA: Court to Hear Wind-Up Proceedings on April 23
SUN MOTOR: Court to Hear Wind-Up Proceedings on April 16

TODAYTECH ASIA: Appoints Maund and Gaspar as New Liquidators
TOM GROUP: Posts First Annual Loss in Five Years
* Investment Losses at Taiwanese Financial Firms Increase 26%
* Rising Costs and High Yuan Shakes Chinese Textile Industry


I N D I A

BHARTI AIRTEL: Remains Interested in Overseas Acquisitions
DECCAN: To Transfer Some IPO Proceeds for General Corporate Use
ICICI BANK: Repurchases US$50 Mil. of US$2 Bil. 6.625% Bonds
PETROLEOS DE VENEZUELA: Debt Up 449% to US$13 Billion in 2007
STATE BANK OF INDIA: Amar Pal Leaves Director Post

STATE BANK OF INDIA: To Raise JPY12 Billion From Bond Issue
TATA MOTORS: Gets Thailand's Approval to Make "Green Cars"


I N D O N E S I A

MEDIA NUSANTRA: Closes Purchase of 51% Stake in Linktone
PERUSAHAAN LISTRIK: Inks Final Gas Sales Deal With Premier Oil
SEMEN GRESIK: To Withdraw US$320 Million Offer for Pati Plant


J A P A N

ALITALIA SPA: Group Net Debt at EUR1.3 Billion at February 29
MAZDA MOTOR: To Integrate 9 Parts Sales Companies Into New Firm
NIPPON PAPER: Yoshio Haga to Replace Masamoto Nakamura


K O R E A

LG TELECOM: Launches Oz Internet Services
LG TELECOM: To Offer 3G Service on Google Platform


M A L A Y S I A

MALAYSIAN AIRLINE: Earns MYR242.25 Mil. in Qtr. Ended Dec. 31
MEGAN MEDIA: Chairman & Director Resigns
PROTON HOLDINGS: Recalls 34,000 Units of Savvy Model
SHAW GROUP: To Hold 2Q 2008 Earnings Conference Call on April 9
TENGGARA OIL: Owes Lenders MYR21.06 Mil. as of March 31


N E W  Z E A L A N D

AUSTRAL PACIFIC: Auditor Raises Going Concern Doubt
BLUE SKY: Creditors Receive Wind-Up Report
DENBY LIMITED: Liquidator Presents Wind-Up Report
JOIN RADIUS: Court to Hear Wind-Up Petition on April 11
MATAMATA SADDLERY: Placed Under Voluntary Liquidation

QED. LTD.: Creditors' Proofs of Debt Due April 18
REAL WORLD: Fixes March 31 as Last Day to File Claims
RPM DIRECT: Court to Hear Wind-Up Petition on April 9
SDS INVESTMENTS: Taps Brown and Rodewald as Liquidators
TE KOROWAI: Appoints Brown and Rodewald as Liquidators

UNITEKNIC CONSULTING: Fixes April 18 as Last Day to File Claims


P H I L I P P I N E S

FEDDERS CORP: Court Extends Plan-Filing Period to April 14
LAND BANK: Moody's Ups BFSR to D- and Holds Deposit Ratings
PRC LLC: Court Okays Regis McElhatton as Chief Executive Officer
PRC LLC: U.S. Trustee Amends Creditors Committee Composition


S I N G A P O R E

CLARION ASIA: Requires Creditors to File Claims by April 25
EC-ASIA INTERNATIONAL: To Pay Dividend on April 14
HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by $1.3BB
INDECO M & E: Creditors' Proofs of Debt Due April 28
LAWSONS DELIVERY: Court Enters Wind-Up Order

MARINETEX PTE: Court to Hear Wind-Up Petition on April 11
OCCIDENT VENTURE: Creditors' Proofs of Debt Due April 28
PERFECT ENGINEERING: Pays Preferential Dividend to Creditors
SIMPLEX FIRE: Requires Creditors to File Claims by April 28
SPECTRUM BRANDS: Fitch Holds 'CCC' Issuer Default Rating

SPECTRUM INTERNATIONAL: Proofs of Debt Due April 12


* Fitch Issues Second Report on Asia Pacific Structured Finance


                          - - - - -


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

ALLCO FINANCE: NAB Extends Rubicon's AU$60 Million Loan Facility
----------------------------------------------------------------
The National Australia Bank has agreed to extend the AU$60
million revolving loan facility of Rubicon Japan Trust, but
under strict terms, writes Katherine Jimenez of The Australian.

Rubicon Japan Trust is owned by Allco Finance Group Ltd.

Rubicon is also awaiting a response from Shinsei Bank and Credit
Suisse on a separate extension request over the debt repayment
of about JPY5.5 billion, relates The Australian.

According to the report, Rubicon disclosed that if the deadline
to repay Credit Suisse JPY700 million due on May 1 and Shinsei
JPY4.9 billion due on May 6 is not extended, "this would lead to
an event of default."

                     About Allco Finance

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

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

    -- Meeting a fast-approaching deadline to refinance at least
       US$250 million in debt.

    -- Ensuring there is enough cash to cover its continuing,
       and much larger, loan commitments.

    -- Renegotiating or pulling out of a recently announced
       joint venture deal to buy US$1.7 billion of US power
       stations, of which Allco would fund half by debt and
       equity.

    -- Signing the company's accounts, for which they will be
       personally liable, that would allow the suspension on
       Allco's beleaguered shares to be lifted.


ALTHEA INVESTMENTS: Members to Hear Wind-Up Report on April 10
--------------------------------------------------------------
M. J. Fitzpatrick, Althea Investments Pty. Ltd.'s estate
liquidator, will meet with the company's members on April 10,
2008, at 10:00 a.m., to provide them with property disposal and
winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on September 10, 2007.

The liquidator can be reached at:

           M. J. Fitzpatrick
           KPMG
           Riparian Plaza, Level 16
           71 Eagle Street
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3233 3111

                      About Althea Investments

Althea Investments Pty. Ltd. provides engineering services.  The
company is located at Brisbane, in Queensland, Australia.


CAMPBELLFIELD TRUCK: To Declare Dividend on April 16
----------------------------------------------------
Campbellfield Truck Electrics Pty. Ltd., which is in
liquidation, will declare a dividend on April 16, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on December 8, 2006.

The company's liquidator is:

           Barry Keith Taylor
           B. K. Taylor & Co
           8/608 St. Kilda Road
           Melbourne, Victoria 3004
           Australia

                     About Campbellfield Truck

Campbellfield Truck Electrics Pty. Ltd. operates automotive
repair shops.  The company is located at Campbellfield, in
Victoria, Australia.


CENTRO PROPERTIES: Receives Six Bids From Potential Investors
-------------------------------------------------------------
Centro Properties Group received six bids from potential
investors to buy a stake at more than triple the share price on
April 2 or 90 Australian cents a share, Laura Cochrane of
Bloomberg News reports, citing the Australian Financial Review.

According to Bloomberg, the price values the company at about
AU$426 million.

Ms. Cochrane relates the Review indicated that the attempt to
sell shares to help pay down debt may fail because that price is
too low for Centro's lenders.

Centro, in response to the Australian Securities Exchange's
query on changes to the stock price, reiterated that it is in
discussion with a number of parties and lender groups in
relation to the recapitalization process.  "Those discussions
remain incomplete.  At this time, there is no certainty or
assurance that these discussions will lead to a transaction,
what form such transaction may take, or what value might arise
out of a transaction, if any," Centro added.

The Review, relates Bloomberg, reported that among those who may
have submitted offers are: Blackstone Group LP, Citadel
Investment Group LLC, Macquarie Group Ltd, and HFA Holdings
Ltd.'s Lighthouse Partners.

Robert White, a Brisbane-based company secretary at HFA is
quoted by Bloomberg saying that Lighthouse has "made no formal
offer for Centro of any description."

                     About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended June 30,
2007, the Company acquired New Plan Excel Realty Trust, Heritage
Property Investment Trust and Galileo Funds Management, as well
as assumed full ownership of its United States management
operations.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


ITW SUPERANNUATION: To Declare Dividend on April 23
---------------------------------------------------
ITW Superannuation Fund 2 Pty. Ltd., which is in liquidation,
will declare a dividend on April 23, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on February 8, 2008.

The company's liquidator is:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria 3000
           Australia

                      About ITW Superannuation

Located at Croydon North, in Victoria, Australia, ITW
Superannuation Fund 2 Pty. Ltd. is an investor relation company.


MARKET ST PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
Market St. Pty. Ltd.'s members agreed on Feb. 19, 2008, to
voluntarily liquidate the company's business.  The company has
appointed  Michael Walter Hackett to facilitate the sale of its
assets.

The liquidator can be reached at:

           Michael Walter Hackett
           549 Queen Street, Level 3
           Brisbane, Queensland 4000
           Australia

                          About Market St.

Market St. Pty. Ltd. operates holding companies.  The company is
located at Brisbane, in Queensland, Australia.


MERINO PTY: Undergoes Liquidation Proceedings
---------------------------------------------
Merino Pty. Ltd.'s members agreed on Feb. 22, 2008, to
voluntarily liquidate the company's business.  The company has
appointed J. P. Cronin to facilitate the sale of its assets.

The liquidator can be reached at:

           J. P. Cronin
           McGrathNicol
           145 Eagle Street, Level 14
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3333 9807
           Web site: http://www.mcgrathnicol.com

                          About Merino Pty.

Merino Pty. Ltd. is a distributor of sanitary paper products.
The company is located at Crestmead, in Queensland, Australia.


OPES PRIME: ASIC Secures Travel Ban on Three Directors
------------------------------------------------------
Australian Securities and Investment Commission was successful
in preventing three directors of Opes Prime Stockbroking Limited
from leaving the country.

In the Federal Court in Melbourne, ASIC obtained orders by
consent preventing Lirim (Laurie) Emini from leaving Australia.
The court also ordered that Mr. Emini provide 48 hours' notice
to ASIC of his intention to request the return of his passports,
which he had given to ASIC voluntarily.

In addition, Anthony Blumberg and Julian Smith have agreed with
ASIC to surrender their passports to their legal advisers and
give the regulator seven days' notice of any intention to
travel.

The orders will remain in effect until October 3, 2008.

ASIC had filed with the court an affidavit with evidence of
trading irregularities within Opes Prime that was derived from a
witness interview.  ASIC requested the court to suppress some of
that information so as not to compromise its ongoing
investigations.  The court ordered that all client identities be
suppressed from the affidavit presented by ASIC as well as the
witness identity.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services.  In Singapore, the
      firm operates through Opes Prime Group's wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-
      line non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPES PRIME: Receivers Find AU$400 Million Worth of Assets
---------------------------------------------------------
Receivers of Opes Prime Group Ltd. have discovered up to
AU$400 million worth of unexpected assets through account
irregularities in the main operation and in the books of the
connected investment company, Hawkswood Investments, used by the
company's directors, Scot Murdoch writes for The Australian.

According to the report, Deloitte partner Sal Algeri revealed
that while working their way through Opes Prime's intricate
internal financial records, they found AU$200-300 million (at
book value) in the "irregular" account of some Opes Prime
customers.

Mr. Murdoch relates that the discovery came on top of
AU$130-140 million (book value) worth of assets held in
Hawkswood that consisted mainly of shares in listed and unlisted
companies, which is believed to be made up of luxury cars and
property that had been funded through loans given by Hawkswood.

The Australian quotes Mr. Algeri as saying, "These assets are
available in the pool and the issue is how much can be received
for them."

Hawkswood, which is a connected company of Opes Prime, had been
established by three directors of the company: Laurie Emini,
Julian Smith and Anthony Blumberg, The Australian notes.

The assets in Hawkswood are believed to have been funded through
lending to buy shares, and the property is understood to involve
residential and commercial sites, The Australian states.

According to the report, Mr. Algeri said that for creditors, the
situation was improving but it was still uncertain whether all
of the losses would be recouped.  "The difficulty that we have
is determining what all the assets are worth.  It is difficult
to relay that back as to whether there will be substantial or
negligible returns.  The difficulty is to predict the exact
amount of the dividend and when it will be made," The Australian
quotes Mr. Algeri.

The Australian adds that Mr. Algeri would not give further
details on the nature of the irregularities in the accounts,
which are believed to be connected to direct customers of Opes
Prime.

                          About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services.  In Singapore, the
      firm operates through Opes Prime Group's wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-
      line non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPES PRIME: Witness Reveals Emini "Manipulated" Key Accounts
------------------------------------------------------------
A key witness cooperating with the Australian Securities and
Investments Commission's investigation on Opes Prime Group Ltd.
has revealed that he received verbal and e-mailed instructions
from chief executive Laurie Emini to manipulate key client
accounts so they could avoid margin calls, Richard Gluyas writes
for The Australian.

The unnamed witness, conveys Mr. Gluyas, said that a client code
named "D" suffered a big drop in the price of Challenger shares
around December 18, triggering a margin-call alert.

The report relates that on March 18, the margin-call balance on
all D-related accounts was AU$16.2 million.  According to the
witness, on the same day, he attended a morning meeting at Opes
where it was discussed that a number of stocks were sitting in
accounts where they did not belong, Mr. Gluyas reports.

The Australian relates that the witness testified that Opes
directors Julian Smith and Anthony Blumberg decided that those
securities should be "reversed out."  An affidavit sworn by
senior ASIC investigator Richard Vandeloo discloses that the net
effect of reversing all stock and cash entries on the D accounts
was an increase in the margin call to AU$146.4 million, the
report adds.

Mr. Vandaloo, states The Australian, says the witness had
received instructions from Mr. Emini in relation to stock and
cash movements.  Each transaction had a documentary trail,
including an e-mail initiating the transaction, such as a
request from Mr. Emini, as well as a "stock transfer out," a
"stock transfer in" and internal reconciliations performed by
the "operations department," relates The Australian.

                          About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services.  In Singapore, the
      firm operates through Opes Prime Group's wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-
      line non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


PRYDA (INDONESIA): To Declare Dividend on April 23
--------------------------------------------------
Pryda (Indonesia) Pty. Ltd., which is in liquidation, will
declare a dividend on April 23, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on February 8, 2008.

The company's liquidator is:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria 3000
           Australia

                       About Pryda (Indonesia)

Pryda (Indonesia) Pty. Ltd. is a distributor of structural wood
members.  The company is located at Dandenong, in Victoria,
Australia.


REID CONSTRUCTION: To Declare Dividend on April 23
--------------------------------------------------
Reid Construction Systems Pty. Ltd., which is in liquidation,
will declare a dividend on April 23, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on February 8, 2008.

The company's liquidator is:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria 3000
           Australia

                        About Reid Construction

Reid Construction Systems Pty. Ltd. is a distributor of
construction materials.  The company is located at Mooroolbark,
in Victoria, Australia.


RUBIKCON PTY: Joint Meeting Slated for April 16
-----------------------------------------------
Rubikcon Pty. Ltd. will hold a joint meeting for its members
and creditors at 10:00 a.m. on April 16, 2008.  At the meeting,
the company's liquidator, Ray Richards at SimsPartners, will
provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

           Ray Richards
           SimsPartners
           167 Eagle Street, Level 3
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3831 2700

                        About Rubikcon Pty.

Rubikcon Pty. Ltd. operates industrial buildings and warehouses.
The company is located at Robina, in Queensland, Australia.


SEMAJ NELG: To Declare Dividend on April 23
-------------------------------------------
Semaj Nelg Pty. Ltd., which is in liquidation, will declare a
dividend on April 23, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on February 8, 2008.

The company's liquidator is:

           Leanne Chesser
           KordaMentha
           333 Collins Street, Level 24
           Melbourne, Victoria 3000
           Australia

                         About Semaj Nelg

Semaj Nelg Pty. Ltd. operates a hardware store.  The company is
located at Lidcombe, in New South Wales, Australia.


SHANE HOULAHAN: To Declare Final Dividend on April 15
-----------------------------------------------------
Shane Houlahan Pty. Ltd., which is in liquidation, will declare
a final dividend on April 15, 2008.

Only creditors who were able to file their proofs of debt by
April 4, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

           S. J. Michell
           HLB Mann Judd Chartered Accountants
           160 Queen Street, Level 1
           Melbourne, Victoria 3000
           Australia

                        About Shane Houlahan

Shane Houlahan Pty. Ltd. is involved with heavy construction.
The company is located at Bendigo, in Victoria, Australia.


TDA MANAGEMENT: Members and Creditors to Meet on April 8
--------------------------------------------------------
TDA Management Pty. Ltd. will hold a final meeting for its
members and creditors at 11:00 a.m. on April 8, 2008.  At the
meeting, the company's liquidator, Leonard A. Milner at Venn
Milner & Co Chartered Accountants, will provide the attendees
with property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on May 18, 2007.

The liquidator can be reached at:

           Leonard A. Milner
           Venn Milner & Co Chartered Accountants
           43 Railway Road, Suite 1
           Blackburn, Victoria 3130
           Australia

                       About TDA Management

TDA Management Pty. Ltd. operates manufacturing industries.  The
company is located at Surrey Hills, in Victoria, Australia.




==================================================
C H I N A   &   H O N G  K O N G   &   T A I W A N
==================================================

AL TRAVESQUE: Court to Hear Wind-Up Proceedings on April 23
-----------------------------------------------------------
On March 3, 2008, Lok Kam Sang filed a petition to have Al
Travesque Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Chong Yan-tung Chris
           Revenue Tower, 30th Floor
           5 Gloucester Road
           Wanchai, Hong Kong


ARTCRAFT V INC: Auditor Raises Going Concern Doubt
--------------------------------------------------
Kabani & Company, Inc., the auditor of Artcraft V Inc. and
subsidiaries, expressed substantial doubt about the company's
ability to continue as a going concern after auditing financial
statements for the year ended December 31, 2007.

The auditor pointed to the company's accumulated deficit of
US$313,965 at December 31, 2007, including a net loss of
$218,495 during the year ended December 31, 2007.  The auditor
notes that the company's operations are carried out in the
People's Republic of China.  "Accordingly, the Company's
business, financial condition and results of operations may be
influenced by the political, economic and legal environments in
the PRC, by the general state of the PRC's economy.  The
Company's business may be influenced by changes in governmental
policies with respect to laws and regulations, anti-inflationary
measures, currency conversion and remittance abroad, and rates
and methods of taxation, among other things."

The company's consolidated balance sheet as of December 31,
2007, showed strained liquidity with total current assets of
US$47,595 and total current liabilities of US$305,176.

Headquartered in Shenzhen City, China and incorporated in 2004
under the laws of the State of Delaware, Artcraft V Inc.
operates through its wholly owned subsidiary, Top Interest
International Limited, which operates its "188Info" service.
188Info provides a number of services including information
search engine, online web application and image designing,
digital network service, online market research, online
promotion and advertising services, and query searches for both
individuals and businesses.


CHINA DITIGAL: Kabani & Company Raises Going Concern Doubt
----------------------------------------------------------
Kabani & Company, Inc., the auditor of China Digital
Communication Group and Subsidiaries Inc., raised substantial
doubt about the company's ability to continue as a going concern
after auditing the company's financial statements for the years
ended December 31, 2007, and 2006.

The auditor pointed to company's accumulated deficit of
US$12,078,964 at December 31, 2007, including a net loss of
US$11,525,851 and US$1,254,370 for the years ended December 31,
2007 and 2006.

As of December 31, 2007, China Digital's balance sheet showed
total assets of US$7,067,800 and total current liabilities of
US$1,174,133.  Based on a regulatory filing with U.S. Securities
and Exchange Commission, the company does not have any long-term
debt.

The Troubled Company Reporter reported on Dec. 11, 2007, that
China Digital Communication group has sustained net losses since
its inception, and the company's current operations do not
generate sufficient cash to cover its operating costs.

Headquartered in Shenzhen, China, China Digital Communication
Group -- http://www.chinadigitalgroup.com/operates its business
through its two wholly owned subsidiaries: Billion Electronic
Co., Ltd. (Billion) and Galaxy View International Ltd. (Galaxy
View). On June 29, 2006, CHID acquired Galaxy View and its
wholly owned operating subsidiary Sono Digital Electronic
Technologies Co., Ltd. (Sono). Through Sono, the Company
specialized in the mobile communication equipment industry and
supply third-generation (3G) communications technology and
equipment in China. In April 2007, the Company announced the
sale of its subsidiary, Galaxy View, International. Pursuant to
the Company's disposal of the Sono segment in June 2007, the
battery components manufacturer remains its only reportable
segment.  The company's chief executive officer is Xu Zhongnan
while Wu Jiangcheng is the chief financial officer.


CHINA EASTERN: Pilots Face Investigation for Mid-air Strike
-----------------------------------------------------------
Pilots of 14 China Eastern Airlines' flights refused to land at
their destinations and instead returned to their departure point
on March 31, Shanghai Daily reports.  About 1,000 passengers
were stranded at Kunming Airport in the southern China,
according to Guangzhou Daily newspaper report, Shanghai Daily
relates.

According to the report, the Civil Aviation Administration of
China is now investigating the pilots' strike of major domestic
airlines after that incident.

China Eastern blamed bad weather for the chaos, Shanghai Daily
reports.

However, according to Guangzhou Daily, the China Eastern pilots
circulated an an open letter at pilots' dormitories, expressing
their "dissatisfaction over the current work situation,"
Shanghai Daily notes.

In a telephone interview with Shanghai Daily, a China Eastern
spokesman denied media reports that the authority would ban
those pilots from flying, but said it was investigating the
incident.

Shanghai Daily notes that the disputes between domestic carriers
and pilots have come under the spotlight recently after several
incidents last month and last year.  Guangzhou Daily said the
repeated conflicts were partly a result of a policy to introduce
private capital funds into the aviation industry in 2004,
Shanghai Daily relates.

                        About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


CHINA ENTERTAINMENT: Auditor Raises Going Concern Doubt
-------------------------------------------------------
In a report dated March 11, 2008, HLB Hodgson Impey Cheng, the
indepedent auditor of China Entertainment Group, Inc., and its
subsidiaries, raised substantial doubt about the company's
ability to continue as a going concern.

China Entertainment Group disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that effective
December 31, 2007, the major stockholder of the Company approved
the disposal of 100% of total issued and paid up capital of MPL,
a wholly owned subsidiary, to Imperial International Limited, an
intermediate holding company at a consideration of $1 and the
accounts of MPL and its subsidiaries have been deconsolidated
from the Group effectively from the effective date of the
Disposal.  Subsequent to the Disposal, the Company has no active
operation as the only operation of the Group, which was the
provision of artist management services, was disposed to
Imperial.  The Company is searching for a new business
opportunity.

"This matter raises substantial doubt about the Company's
ability to continue as a going concern," HLB Hodgson said.  "The
future of the Company is dependent upon its ability to obtain
financing and upon future profitable operations derived from the
development of new business opportunity.  The financial
statements have been prepared on a going concern basis as the
stockholders agreed to provide continuing financial supporting
to the Company to enable it to continue as a going concern and
to settle its liabilities as and when they fall due.  The
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts
or any other adjustment that might be necessary should the
Company be unable to continue as a going concern."

As reported by the Troubled Company Reporter-Asia Pacific on
March 24, 2008, China Entertainment Group, Inc., reported
US$2,319,756 in total assets and US$1,081,335 in total
liabilities, resulting to US$1,329,060 in shareholder deficit
for the year ended Dec. 31, 2006.

China Entertainment Group, Inc. is a Nevada corporation that
serves as an investment holding company.  The Company, through
its wholly owned subsidiaries, was engaged in the provision of
artist management services, primarily in Hong Kong and China,
through December 31, 2007.


CHINA EVERBRIGHT: May Launch Initial Public Offering in August
--------------------------------------------------------------
China Everbright Bank told China Knowledge that it is eyeing an
initial public offering in Shanghai by early August.

China Everbright will list about 10% of its enlarged capital
base in a bid to narrow the gap with domestic counterparts,
China Knowledge reports.  Additionally, the bank has postponed
its plan to introduce strategic investors ahead of the IPO as
the U.S. subprime mortgage crisis make it difficult to assess
the financial health of potential partners, the report adds.

Everbright Bank appointed China International Capital Corp Ltd,
China Jianyin Investment Securities and Shenyin & Wanguo
Securities as underwriters for its Shanghai IPO, China Knowledge
says.

According to the report, the bank also plans to issue as much as
RMB8 billion subordinated bonds by the end of April to replenish
additional capital.

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China approved China Everbright Bank's plan for
financial restructuring, paving the way for a capital injection
and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.  The bank has planned an IPO later this year to improve
its capital.  Despite receiving CNY20 billion of fresh capital
from China's central bank, Everbright's capital is still lower
than the regulatory minimum of 8% for domestic listing.


CHINESE PETROLEUM: Posts US$660 Million Loss; Seeks Gov't. Help
---------------------------------------------------------------
CPC Corp., also known as Chinese Petroleum Corp, has lost an
estimated US$660 million refining in the first quarter due to
high crude prices, Chen Aizhu of Reuters reports.  CPC Vice
President S.H. Chu told Reuters that his company is "desperate
for a government fuel price hike soon" to stem the loss.

According to Mr. Chu, Reuters relates, CPC's three refineries
operate at only 65% of capacity, and without an increase in the
regulated prices it charges for its refined fuels, the loss
could balloon to US$3.3 billion for 2008.

"The fuel price has to be raised or we can't survive as a
company," Mr. Chu told Reuters, adding that he hopes to see
Taiwan raise fuel prices in May or June.  "We are losing almost
NT$7.5 billion a month."

Reuters relates that CPC, which supplies 80% of the domestic
fuel market, operates three plants across the island -- the
220,000 barrels per day (bpd) Kaohsiung, 300,000-bpd Talin and
200,000-bpd Taoyuan plant.  According to the report, most of the
reductions in refining rates are due to the outage at the
Kaohsiung plant, which has yet to restart a 100,000-bpd crude
unit after a fire in late October.

CPC Corp. is awaiting government's approval on the restart date,
Mr. Zhu told Reuters.

An industry source disclosed to Reuters that this could mean
that the other two plants are running at just above 70%
capacity, versus normal rates of around 80%.

The report adds that CPC's first-quarter refining losses hit
NT$20 billion (US$662 million), though the company has yet to
officially announce the quarterly earnings, and losses could hit
five times the amount for the whole of 2008.  Losses were
inevitable, as CPC kept pump prices unchanged since November in
line with a government policy to fight inflation, Reuters
reports.

Chinese Petroleum Corporation -- http://www.cpc.com.tw/-- is
engaged in the exploration, production, refining, storage,
transportation, and the sale of petroleum products in Taiwan.

The state-owned monopoly has stakes in oil and gas exploration
ventures in the Americas, Indonesia, Taiwan, and the United Arab
Emirates, and has estimated reserves of 4 million barrels of oil
and 2.7 trillion cu. ft. of gas.  It also produces natural gas,
kerosene, fuel oil, ethylene, propylene, and other refined
products, CPC owns and operates 630 gas stations, as well as
boat and aviation refueling stations.  The Taiwanese government
has CPC on track for privatization.

Standard & Poor's on June 28, 2006, placed the Company's
long-term corporate credit rating of A+ on credit watch with
negative implications.

Citing a Taipei Times report, the Troubled Company Reporter-Asia
Pacific related on July 5, 2006, that CPC was losing as much as
NT$2 billion a month from its natural gas sales because of
government price controls and soaring import costs.


FAR EASTERN: Kinmen Kaoliang Seeks to Buy 40% Stake
---------------------------------------------------
Kinmen Kaoliang Liquor, Inc., a Kinmen County-run company, has
decided to appropriate NT$2.2 billion to buy a 40% stake in Far
Eastern Air Transport Corp., the China Post reports.

According to the report, the decision was made at the
shareholders' meeting.  Chairperson Joanna Lei has promised that
the investment fund won't be appropriated from the welfare funds
set by Kinmen Kaoliang for Kinmen County residents in Taiwan,
the China Post relates.  It will be up to the Kinmen County
Council to determine whether to allow the investment project to
be put into practice, the China Post notes.

Some county councilors are not happy with the decision.  The
China Post relates that councilman Lee Ou-tu expressed his worry
about the project, saying that "it might be a bottomless hole,
and may result in the KKL keeping funneling funds to revive the
financially-stranded airline firm."

As a county government-run enterprise, Kinmen Kaoliang has had
the majority of its earnings shared by residents, the China Post
relates.  On average, the report notes, the company's net
earnings reach NT$3.5 billion per year, and as much as NT$3
billion of which is used by the county government to:

    -- pay pensions to the elderly,
    -- cover salary to civil servants, and
    -- finance local construction projects.

Of the remaining NT$500 million, up to NT$450 million is
distributed to shareholders and NT$50 million is used by Kinmen
Kaoliang itself, the report relates.

According to China Post, Kinmen Kaoliang will submit the
investment case to the Kinmen County Council soon for
deliberation and final ratification.

                  About Far Eastern Air Transport

Headquartered in Taiwan, Far Eastern Air Transport Corporation
is an airline company that provides both domestic and
international passenger flight services.  The Company also
provides both domestic and international chartered flight
services, freight and postal delivery services and aircraft
maintenance services.  During the year ended Dec. 31, 2006,
domestic passenger flight service, international passenger
flight service and chartered flight service accounted for
approximately 53%, 18% and 18% of its total revenue,
respectively.

As reported on Feb. 19, 2008, Far Eastern sought bankruptcy
protection from the Taipei District Court to stop creditors from
seizing the company's assets.  The bankruptcy court's protection
would allow the airline to continue operating and serve its
customers while it seeks for ways to find funding to pay debts.
Radio Taiwan International said that its liabilities amounted to
NT$9.99 billion (US$315 million) at Sept. 30, 2007.  Other
reports said the airline's bank debts have now reached more than
US$5 billion.


FIAT SPA: Shareholders Approve Financial Statements & Dividend
--------------------------------------------------------------
Fiat S.p.A. disclosed that at the Annual General Meeting held
last March 31, 2008, shareholders approved the 2007 Financial
Statements and distribution of a gross dividend of:

     -- EUR0.40 per ordinary share,
     -- EUR0.40 per preference share and
     -- EUR0.555 per savings share,

to be paid April 24 (ex-dividend date April 21).

                        Board Appointment

Shareholders also confirmed the appointment of Rene Carron to
the Board of Directors, who was co-opted on July 24, 2007.  Mr.
Carron will serve for the remainder of the Board's current term
of office, which expires on the date of the 2009 Annual General
Meeting called to approve the 2008 Financial Statements.

            Authorisation to Purchase and Dispose Shares

The authorisation to purchase and dispose of own shares, either
directly or through Group subsidiaries, was also renewed and, to
the extent not yet exercised, the previous authorisation given
by Shareholders on April 5, 2007 was revoked.

Under the new authorisation, an aggregate total of shares, for
all three classes combined, representing a maximum of 10% of
share capital or a purchase value of EUR1.8 billion - including
the EUR0.6 billion of Fiat shares held by the Company - may be
purchased.  Such purchases must take place within the next
eighteen months, conform to applicable laws and regulations and
the purchase price may not be a maximum of 10% higher or lower
than the previous day's official market price.

                          Incentive Plan

Finally, Shareholders approved the incentive plan passed by the
Board of Directors on Feb. 26 which allows the periodic granting
of up to a maximum of 4 million stock options or stock
appreciation rights.  As already announced, in terms of
performance criteria, vesting period and exercise period (from
2011 to 2014), the structure of this plan is similar to the
stock option plan approved Nov. 3, 2006.

The strike price shall be equivalent to the arithmetic average
of the official daily market price published by Borsa Italiana
S.p.A. for the month preceding the grant date.

Participants in the plan are those executives that hold a key
role having a significant impact on business results and who
have been recruited or promoted since the Nov. 3, 2006 stock
option assignment or executives who have taken on increased
responsibilities since that date or who may particularly warrant
additional recognition.  The Chief Executive Officer and other
members of the Board of Directors are excluded from the plan.
Turin, March 31, 2008.

                         Financial Results

The company also disclosed in its Web site that for the year
2007, the Group regained market shares in all sectors and
exceeded its 2007 full-year targets.

For 2007, the company reported net income EUR2.054 billion on
revenues of EUR58.529 billion compared to net income of
EUR1.151 billion on revenues of EUR51.832 for 2006.

Trading profits also increased to EUR3.233 billion in 2007 from
EUR1.951 billion in 2006.

Fiat Group also said that it extinguished its net industrial
debt in 2007 and closed the year with EUR355 million net cash.
For 2006, the company had EUR1.773 billion in debt.

With these, Fiat CEO Sergio Marchionne said that the company "is
now ready to enter the next level that will transform it into a
major global company."

For 2008, the company expects:

     -- revenues to exceed EUR60 billion,
     -- trading profit between EUR3.4 and EUR3.6 billion,
     -- net income between EUR2.4 and EUR2.6 billion euros, and
     -- net cash on hand of at least EUR1.5 billion.

In 2007, trading profit totaled 3.2 billion euros, revenues
reached 58.5 billion euros, while net industrial debt was
extinguished (Dec. 31, 2006: negative by 1.8 billion euros).  At
Dec. 31, 2007, the Group had a net industrial cash position of
355 million euros.

The targets, according to the company, are based on the
conviction that the current turbulence in financial markets will
have a limited impact on the real economy and, in the worst
case, will be confined to the United States.

                            About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carried
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


FIAT SPA: Releases Details of Shares Purchase Program
-----------------------------------------------------
Fiat S.p.A. disclosed the details of the relevant Purchase
Program following the authorization given by Shareholders to
purchase its own shares at the Annual General Meeting.

The Program, aimed at the investment of liquidity and at
servicing incentive plans, allows for the purchase of a total
number of shares, for all three classes combined, not to exceed
10% of share capital and a total purchase value of
EUR1.8 billion, which is to include EUR0.6 billion related to
the Fiat shares already held by the company, and will be carried
out on the regulated market as:

    -- it will end on Sept. 30, 2009 or once the maximum purchase
       value of EUR1.8 billion (including EUR0.6 billion related
       to Fiat shares already held by the Company) or a number of
       shares equivalent to 10% of share capital is reached;

    -- the maximum purchase price may not be a maximum of 10%
       higher than the previous day's official market price;

    -- the maximum number of shares purchased daily shall not
       exceed 20% of the total daily trading volume for each
       class of shares.

Should purchases be carried out, Fiat will daily communicate to
the market and competent authorities the transactions it has
executed, specifying the number of shares purchased, the average
price, the total number of purchased shares as of the date of
the communication and the total invested amount as of such date.
As of March 31, 2008, Fiat owns 32,877,458 ordinary shares
equivalent to 2.75% of the capital having voting rights.

The shareholders' authorization does not compel the company to
make purchases and may be therefore executed only in part.  The
company will therefore be guided by the principle that it will
only repurchase its shares if such repurchase is value accretive
to the shareholders of Fiat, and subject to any negative
repercussions a given repurchase may have on its credit ratings.

                            About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                         *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carried
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


GOLAN LIMITED: Creditors' Proofs of Debt Due on April 10
--------------------------------------------------------
Creditors of Golan Limited are required to file their proofs of
debt by April 10, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Ho Shan Chun Rita
          Queensway, 10th Floor
          Government Offices
          66 Queensway
          Hong Kong


GRAND TOYS INT'L: Regains Nasdaq Compliance
-------------------------------------------
On March 3, 2008, Grand Toys International Limited disclosed
that it received notice from the Nasdaq Stock Market that the
Company has regained compliance with Marketplace Rules
4310(c)(4) and 4310(c)(7), relating to the maintenance of a
minimum $1.00 bid price and $1,000,000 minimum market value
requirements, respectively.

Nasdaq previously notified the Company that its common stock had
failed to maintain a minimum bid price of at least $1.00 per
share and a minimum market value of publicly held shares of
$1,000,000 over 30 consecutive trading days as required by
Nasdaq and that the Company had 180 days to regain compliance
with the bid price requirement and 90 days to regain compliance
with the market value requirement.  As the closing bid price of
the Company's common stock has recently closed at $1.00 per
share or greater and the market value has been $1,000,000 or
greater for a period of at least 10 consecutive trading days,
Grand Toys has regained compliance with the minimum bid price
and minimum market value requirements.

On February 29, 2008, the closing price of the Company's common
stock was $1.65 per share.

Headquartered in Hong Kong, Grand Toys International Limited --
http://www.grand.com/-- licenses and distributes toys for
various toy makers through a number of subsidiaries.  In
addition, the company's Hua Yang subsidiary manufactures pop-up,
novelty, and board books.  Through its Kord brand, the company
makes party and paper products such as party hats, banners,
paper plates, and costumes.  The company is undergoing a
restructuring to focus on its most profitable units.

                     Going Concern Doubt

After auditing Grand Toys International Limited's annual report
for the period ended Dec. 31, 2006, its independent auditor, BDO
McCabe Lo Limited, raised substantial doubt on the company's
ability to continue as a going concern, citing its loss from
operations for the year and substantial cumulative losses and
working capital deficiency.

In a reported dated October 12, 2007, the auditor noted that the
company incurred recurring losses since 2004.  The company's net
loss from continuing operations (as restated) for the years
ended December 31, 2006, and 2005 amounted to $11.3 million and
$0.9 million, respectively.  The company's cumulative losses as
of December 31, 2006, and 2005 were $48.0 million and $25.5
million, respectively.  Further, the company's working capital
deficiency amounted to $9.3 million as of December 31, 2006.


KING INTERIOR: Court to Hear Wind-Up Proceedings on April 16
------------------------------------------------------------
On February 18, 2008, Hong Kong Enterprises Consultants filed a
petition to have King Interior Design Limited's operations wound
up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           LI & Partners
           World Wide House, Rooms 2201-03, 22nd Floor
           19 Des Voeux Road Central
           Hong Kong


NCL CORP: Moody's Reviews Ratings for Possible Downgrade
--------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating and B3 senior unsecured bond rating of NCL Corporation
Limited, which Star Cruises Limited has a 50% interest, on
review for possible downgrade.

This action follows Moody's decision to put SCL's rating on
review for possible downgrade in response to its announcement
that it had entered into a heads of agreement with Alliance
Global Group, Inc to acquire from it a 50% interest in
Travellers International Hotel Group Inc for US$355 million.
Furthermore, the two will jointly develop and operate hotel and
casino complexes in the Philippines.

"Although NCL is not directly involved in the transaction, its
ratings have factored in support from SCL.  A potential
weakening in SCL's financial profile could affect its ability to
provide support to NCL," says Kaven Tsang, Moody's lead analyst
for NCL.

In its review, Moody's will assess SCL's development and funding
plans for its new investment, and evaluate the associated impact
on the company's debt services and liquidity positions, as well
as its ability to provide on-going support to NCL.

NCL Corporation Ltd, headquartered in Miami, is 50%-owned by SCL
and operates 12 ships with 25,360 lower berths.  It offers
itineraries in North and South America as well as Europe under 2
brands: Norwegian Cruise Line and NCL America.

SCL is publicly listed in Hong Kong.


SHEENY DRAGON: Appoints Wardell and Dune as New Liquidators
-----------------------------------------------------------
Members of Sheeny Dragon (Holdings) Limited appointed James
Wardell and Chan Wai Dune as the company's liquidators.

The liquidators can be reached at:

           James Wardell
           Chan Wai Dune
           One Hysan Avenue, Room 1601-1602, 16th Floor
           Causeway Bay
           Hong Kong


SHENZHEN DEV'T: Moody's Reviews Ba3 Rating for Likely Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade Shenzhen Development Bank's bank financial strength
rating of E+ and long-term foreign currency deposit rating of
Ba3.  This change does not affect SZDB's Not-Prime short-term
foreign currency deposit rating.

"This rating action reflects the bank's steady progress on
restructuring its non-performing assets and its recent raising
of sufficient capital to meet the regulatory minimum ratios,"
says Richard Lung, a Moody's VP/Senior Analyst, adding, "These
trends coupled with improvements in the bank's governance and
risk management have contributed to a stronger credit profile."

The review will focus on the SZDB's ability to sustain its asset
quality in light of current global and domestic economic
conditions, especially given its high exposure to small and
medium-sized enterprises and real estate loans.  It will
additionally consider whether the bank can raise additional
capital to provide a better buffer for adverse shocks, and the
bank's liquidity risk relative to the tight monetary conditions
in China.

Shenzhen Development Bank is one of 14 nationally licensed
joint-stock banks in China.  SZDB's primary activities include
deposits and lending, domestic and international settlements,
bills discounting, foreign exchange dealing, trade financing and
fixed income securities trading.  These products and services
are provided through a network of over 250 outlets located
across 18 cities in China.  As of year-end 2007, SZDB had total
assets of RMB 353 billion (US$45 billion).


STAR CRUISES: Moody's Reviews B1 Rating for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating of Star Cruises Limited on review for possible downgrade.

The review follows SCL's announcement that it had entered into a
heads of agreement with Alliance Global Group, Inc to acquire
from it a 50% interest in Travellers International Hotel Group
Inc for US$355 million.  Furthermore, the two will jointly
develop and operate hotel and casino complexes in the
Philippines.

Moody's notes that the completion of this transaction is subject
to certain condition precedents, including Travellers
successfully obtaining a provisional gaming license.

"The potential US$355 million investment and future development
capex associated with the Newport City Project and Pagcor City
Project will increase SCL's debt financing requirements and
leverage in the near and medium term," says lead analyst Kaven
Tsang.

"As a result, key credit metrics, including adjusted
debt/EBITDA, could potentially weaken to a level that may not
support the current B1 rating," says Tsang.

"At the same time, these new projects, in addition to its
existing project in Macau, would further increase SCL's exposure
to development and execution risks, although such investments
could also broaden the company's business and geographic
presence in the region over the long term," adds Tsang.

In its review, Moody's will assess the structure and risks
associated with the investment and hotel/casino development
projects.  In addition, it will review SCL's funding plans, and
evaluate the associated impact on the company's debt services
and liquidity positions.

Star Cruises Limited, publicly listed in Hong Kong, is 19.3%
owned by Resorts World Bhd, which is, in turn, 48.5% owned by
Genting Berhad.


SOUTHERN MATERIALS: Appoints Arboit and Blade as New Liquidators
----------------------------------------------------------------
Members of Southern Materials Holdings (H.K.) Company Limited
appointed Bruno Arboit and Simon Richard Blade as the company's
liquidators.

The liquidators can be reached at:

           Bruno Arboit
           Simon Richard Blad
           China Merchants Tower, 12th Floor
           Shun Tak Centre
           168-200 Connaught Road
           Central, Hong Kong


SPIRIT OF AMERICA: Court to Hear Wind-Up Proceedings on April 23
----------------------------------------------------------------
On March 3, 2008, Chung Hing Fai filed a petition to have Spirit
of America Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Chong Yan-tung Chris
           Revenue Tower, 30th Floor
           5 Gloucester Road
           Wanchai, Hong Kong


SUN MOTOR: Court to Hear Wind-Up Proceedings on April 16
--------------------------------------------------------
On February 26, 2008, Tai-I Copper (Guangzhou) Company Limited
filed a petition to have Sun Motor industrial Company Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Lovells
           One Pacific Place, 11th Floor
           88 Queensway, Hong Kong


TODAYTECH ASIA: Appoints Maund and Gaspar as New Liquidators
------------------------------------------------------------
Members of TodayTech Asia Limited appointed David Giles Maund
and Fernanado L. Gaspar as the company's liquidators.

The liquidators can be reached at:

           David Giles Maund
           Fernanado L. Gaspar
           MassMutual Tower, Rooms 1101-1103, 11th Floor
           Gloucester Road
           Wanchai, Hong Kong


TOM GROUP: Posts First Annual Loss in Five Years
------------------------------------------------
TOM Group Ltd. posted its first annual loss in five years after
sales to Chinese customers fell, Shanghai Daily reports.  Tommei
Tong, the company's chief executive, also resigned.

According to the report, net loss was HK$297 million (US$38
million), compared with a profit of HK$32 million a year
earlier.  Sales fell to HK$2.68 billion from HK$2.8 billion.

Shanghai Daily relates that the company's shares have declined
71% since Ms. Tong was appointed chief executive in 2006 as
mobile operators China Mobile Ltd. and China Unicom Ltd.
tightened access to their customers.  The Chinese government has
recently asked the wireless operators to review ways of reducing
unwanted advertisements to phones, according to Bloomberg News.

"Tom Online's wireless business was seriously impacted by the
changes in regulatory and related mobile-operator policies," Tom
Group told Shanghai Daily.

Citing a company statement, Shanghai Daily relates that Ms. Tong
resigned as chief executive officer for personal reasons and
will remain with the company as non-executive director.  She
quit to "spend more time at home to take care of her family,"
the report relates.

Ms. Tong will be replaced by Ken Yeung, 43, who joined Tom Group
this year as COO, Shanghai Daily says.  Separately, Tom Online
executive Wang Leilei has been appointed Tom Group's deputy
chairman.

The paper notes that Tom Group's Internet revenue, mainly sales
of mobile-phone related content, fell 21% to HK$1.1 billion last
year.  The company, which also operates publishing and outdoor
units on the Chinese mainland and Taiwan, and runs a Chinese
television venture with Time Warner Inc., derived almost half of
its 2006 revenue from Internet businesses including Tom Online.

                          About TOM Group

TOM Group Limited is an investment holding company, which has
five business segments: Internet group, publishing group,
outdoor media group, sports group, and television and
entertainment group.  On October 1, 2006 and November 1, 2006,
Tom acquired equity interest of 51% in TOM Ray Advertising
Company Limited and Shanghai TOM Haosheng Advertising Company
Limited.  In September 2007, TOM completed acquisition of TOM
Online Inc.

As reported on March 4, 2008, by the Troubled Company Reporter
Asia-Pacific,  Standard & Poor's Ratings Services said that the
TOM Group Ltd.'s ratings will remain on CreditWatch with
negative implications as the company has yet to provide the
information needed to resolve the CreditWatch placement.  S&P
placed its 'BB+' corporate credit rating on TOM and the 'BB+'
issue rating on US$150 million convertible bonds due 2008 issued
by its subsidiary TOM Holdings Ltd. on CreditWatch with negative
implications on Oct. 22, 2007.


* Investment Losses at Taiwanese Financial Firms Increase 26%
-------------------------------------------------------------
Citing the Taipei Times, James Peng of Bloomberg News reports
that investment losses at Taiwanese financial institutions from
U.S. subprime and structured investment-vehicle assets increased
26% in February.  The losses rose to NT$31.3 billion (US$1.03
billion) from January's NT$24.9 billion.

In the same report by the Taipei Times, Susan Chang of the
Financial Supervisory Commission revealed that exposure to
subprime investments and SIV assets declined to NT$71.2 billion
and NT$19.3 billion in February, from NT$75 billion and NT$21.2
billion the previous month, Bloomberg relates.

According to Bloomberg, banks and hedge funds set up SIVs to
issue short-term debt and invest in longer-term assets like bank
loans and mortgage-backed securities, which have dropped amid
the subprime crisis and may prompt investors to post losses.


* Rising Costs and High Yuan Shakes Chinese Textile Industry
------------------------------------------------------------
A survey conducted by China Cotton Textile Association reveals
that rising costs and an appreciation of the yuan are squeezing
Chinese cotton textile companies, causing nearly half of them to
want to quit, Shanghai Daily reports.

The industry survey covered cotton textile firms in 17
provinces, Shanghai Daily says.  In total, 49.2% of the
companies surveyed said they wanted to quit and restart in other
businesses, the report adds.




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

BHARTI AIRTEL: Remains Interested in Overseas Acquisitions
----------------------------------------------------------
Bharti Airtel Ltd. continues to be interested in global
acquisitions.  According to Reuters, Bharti Airtel Chairman
Sunil Mittal said the company continues to be on the lookout for
mobile opportunities in emerging markets but pointed that it
currently is not in talks with any parties.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                         *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


DECCAN: To Transfer Some IPO Proceeds for General Corporate Use
---------------------------------------------------------------
Deccan Aviation Ltd. will use the unutilized proceeds from its
Initial Public Offering for general corporate purposes, a filing
with the Bombay Stock Exchange says.  At a meeting on March 18,
2008, the company's board of directors agreed to the proposed
transfer of use of the funds.

The company's IPO prospectus listed how the company will use the
funds raised:

1. Setting up a training centre
    Estimated Funds Requirement: INR656.69 million

2. Setting up a hangar facility for basic and medium level
    maintenance checks at Chennai
    Estimated Funds Requirement: INR400.20 million

3. Setting up Infrastructure at airports
    Estimated Funds Requirement: INR170.83 million

4. Market Development Initiatives
    Estimated Funds Requirement: INR458.20 million

5. Debt repayment
    Estimated Funds Requirement: INR1327.50 million

6. General Corporate Purposes
    Estimated Funds Requirement: INR419.53 million

7. Issue Expenses
    Estimated Funds Requirement: INR205.86 million

The prospectus provides that the estimations for the deployment
of the proceeds for each object were arrived at, based on
internal management estimates, at the time of the IPO.  It is
also set forth in the prospectus that, the balance amount of the
issue proceeds available after meeting the funds requirements
for items (1) to (5), and the issue expenses, would be deployed
for general corporate purposes.

Owing to the dynamic state of the aviation industry and the
circumstances of the company, there have been savings in the
estimated costs relating to the stated purposes, as also non
utilization of funds outlay in respect of certain stated
purposes, the company disclosed.

According to the BSE filing, out of the balance of IPO proceeds,
INR13,142 lakh would be transferred to the head "General
Corporate Purposes" for the Quarter ended March 31, 2008, from
out of savings or non utilisation in respect of:

    Setting up a training centre :   INR6567.00 lakhs

    Setting up a hangar facility
    for basic and medium level
    maintenance checks at Chennai:   INR2856.00 lakhs

    Setting up infrastructure
    at airports :                    INR883.00 lakhs

    Market Development Initiatives:  INR750.00 lakhs

    Debt Repayment:                  INR2086.00 lakhs

Accordingly, the funds utilized under the heading General
Corporate purposes as of March 31, 2008, would be
INR22,439 lakhs as against the estimated INR4,195.30 lakhs
stated in the Prospectus.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


ICICI BANK: Repurchases US$50 Mil. of US$2 Bil. 6.625% Bonds
------------------------------------------------------------
ICICI Bank Ltd. on Thursday informed the Bombay Stock Exchange
that it repurchased and subsequently extinguished bonds
aggregating to the face value US$50 million out of the
US$2 billion 6.625% bonds.  The bonds, due on 2012, were issued
from its Bahrain Branch on October 3, 2007 on a stand-alone
basis.

The repurchase is carried out through open market purchases by a
dealer acting on behalf of the bank, ICICI relates.

As previously reported in the Troubled Company Reporter-Asia
Pacific, the bank, last month, repurchased and subsequently
extinguished bonds aggregating to the face value of
US$100 billion:

    -- US$50 million out of the US$750 million 5.75% bonds due
       2012, issued from its Bahrain Branch on Jan. 12, 2007; and

    -- US$50 million out of the US$2 billion 6.625% bonds due on
       2012, issued from its Bahrain Branch on Oct. 3, 2007.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                         *     *     *

Fitch Ratings on Feb. 5, 2007, gave ICICI Bank's Subordinated
Debt a BB rating.  The bank currently carries Moody's Investors
Service's Ba2 Foreign Long Term Bank Deposits rating, which was
places on Feb. 5, 2003.


PETROLEOS DE VENEZUELA: Debt Up 449% to US$13 Billion in 2007
-------------------------------------------------------------
El Universal relates that Petroleos de Venezuela SA's debt
increased 449% to US$13.09 billion in 2007.

According to El Universal, Petroleos de Venezuela's "sharpening
indebtedness over the last 12 months drastically changed the
company's accounts to the extent that its debt to net worth
ratio at the end of 2007 was 28.5%, the highest in the last
decade."

El Universal notes that Petroleos de Venezuela's consolidated
debt was US$16 billion last year, comprising:

           -- US$13.12 billion in long-term debt, and
           -- US$2.87 billion in current debt.

The report says that most of the long-term debt "was contracted"
by Petroleos de Venezuela in Venezuela, where it issued
US$7.5 billion in debt bonds in April 2007.

Petroleos de Venezuela's President and Venezuelan Oil Minister
Rafael Ramirez emphasized that the firm's net worth increased
5.5% to US$56.06 billion in 2007, compared to US$53.10 billion
in 2006.  However, the increase was "significantly below the
expansion of debt in the same period," El Universal states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


STATE BANK OF INDIA: Amar Pal Leaves Director Post
--------------------------------------------------
State Bank of India informed the Bombay Stock Exchange that Amar
Pal has ceased to be a director on the bank's central board
consequent to his superannuation.

Amar Pal ceased to be a director effective April 1, 2008.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: To Raise JPY12 Billion From Bond Issue
-----------------------------------------------------------
State Bank of India said in a regulatory filing with the Bombay
Stock Exchange that it has finalized the issue of Fixed Rate
Bonds to raise JPY12 billion.  The bonds, which will be issued
on April 8, 2008, has a tenor of five years at a coupon of
3.36%.

In an earlier BSE filing, the bank disclosed issuance on
March 31 of MYR500 million Fixed Rate Bonds that will mature in
five years at a coupon of 4.90%.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA MOTORS: Gets Thailand's Approval to Make "Green Cars"
----------------------------------------------------------
The Thailand government has granted Tata Motors Limited the go
signal to set up a plant in the country to manufacture "eco
cars," the Press Trust of India reports.

Thailand invited investment from car makers for manufacturing
environment-friendly cars, the report relates.  Thailand
reportedly intends to give certain tax incentives to investors.

PTI says Tata Motors' greenfield facility will need an
investment of around INR760-1,015 crore.

According to PTI, conditions required for setting up those green
car-making facilities include:

    -- the vehicle should be with less than 1.4 litre engine;

    -- four out of the five engine components would have to be
       made indigenously there; and

    -- company must manufacture one lakh units in five years.

                        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.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.




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

MEDIA NUSANTRA: Closes Purchase of 51% Stake in Linktone
--------------------------------------------------------
PT Media Nusantara Citra has completed its 51% stake acquisition
in Linktone Limited.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2007, Media Nusantara agreed to acquire a minimum
of 51% in Linktone's outstanding shares through a combination of
a tender offer for existing shares and subscription for newly
issued shares.

Following the successful acquisition of 6,000,000 ADSs (treating
each tendered ordinary share as one-tenth of an ADS for such
purposes) in the tender offer process, MNC subscribed for
180,000,000 newly issued ordinary shares of Linktone at a
purchase price of US$0.38 per ordinary share.  After giving
effect to the subscription and the acquisition of ADSs and
ordinary shares in the tender offer, MNC holds approximately
57.1% of Linktone's total outstanding ordinary shares.

In connection with this strategic investment, as previously
approved by Linktone's shareholders at the extraordinary general
meeting held on January 30, 2008, MNC's nominees were elected to
Linktone's board of directors.  Accordingly, Linktone's board of
directors is now comprised of:

    -- Hary Tanoesoedibjo,
    -- Elaine La Roche,
    -- Felix Ali Chendra,
    -- Sutanto Hartono,
    -- Thomas Hubbs,
    -- Allan Kwan,
    -- Michael Li,
    -- Agus Mulyanto,
    -- Colin Sung, and
    -- Jun Wu.

However, Colin Sung has informed Linktone of his intention to
resign from the board of directors immediately for personal
reasons.

Mr. Li, Linktone's chief executive officer, commented, "The
completion of the MNC investment and the increase in our cash
balance by US$68.4 million will enable us to aggressively
implement our cross media strategy in China and other Southeast
Asian markets.  We anticipate a very strong and mutually
beneficial relationship that helps to enhance our value to
shareholders."

                       About Linktone Ltd.

Linktone Ltd. is one of the leading providers of wireless
interactive entertainment services to consumers and advertising
services to enterprises in China.  Linktone provides a diverse
portfolio of services to wireless consumers and corporate
customers, with a particular focus on media, entertainment and
communications.  These services are promoted through the
Company's and our partners' cross-media platform which merges
traditional and new media marketing channels, and through the
networks of the mobile operators in China.  Through in-house
development and alliances with international and local branded
content partners, the Company develops, aggregates, and
distributes innovative and engaging products to maximize the
breadth, quality and diversity of its offerings.

                       About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter-Asia Pacific reported on Oct. 24,
2007, Standard & Poor's Ratings Services affirmed its 'B+'
long-term local and foreign currency corporate credit rating on
Indonesia's integrated media company, PT Media Nusantara Citra.
The outlook has been revised to positive from stable.

On Sept. 19, 2006, Moody's Investors Service affirmed its B1
rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's affirmed its B1 corporate family rating for
MNC.  Both ratings have been removed from their provisional
status.  Moody's said the ratings outlook is stable.


PERUSAHAAN LISTRIK: Inks Final Gas Sales Deal With Premier Oil
--------------------------------------------------------------
PT Perusahaan Listrik Negara will sign a final gas sales deal
with U.K. oil explorer Premier Oil Plc this month, Reuters
reports citing Edi Purwanto, deputy chief of the energy watchdog
(BPMIGAS).

According to the report, Premier signed a head of agreement in
December 2007 to supply 149 trillion British thermal units (BTU)
of gas to PLN over a 15-year period, starting 2010.

Edi Purwanto told the news agency that the company wants some of
the gas from Premier for domestic use and then some of them can
be exported.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


SEMEN GRESIK: To Withdraw US$320 Million Offer for Pati Plant
-------------------------------------------------------------
PT Semen Gresik Tbk plans to withdraw its US$320 million
investment in a cement plant due to tough land acquisition
regulations, The Jakarta Post reports citing Saifuddin Zuhri,
the company's communications chief.

According to the report, Mr. Zuhri said the plant, located near
Kendeng Mountain in Pati regency, Central Java, was expected to
produce 2.5 million tons of cement annually.

But Mr. Zuhri told the news agency that if the company can't
reach deal with the local residents by the end of April, they
will divert their investment to Rembang regency in Central Java
or one of three other regencies in West Java.

Mr. Zuhri, the report relates, said they only need 1,432
hectares, from the 2,000 hectares granted by the Indonesian
government, to build the plant.  Most of the land is owned by
1,771 residents in eight villages, he added, The Post relates.

According to The Post,  Semen Gresik offered IDR10,000 per
square meter for dried farmland and IDR15,000 for farmland based
on the Taxable Value of Property and the latest real land
transaction value in Pati.  The taxable value in the district is
around IDR2,000 to IDR4,000 per square meter.  But local people
asked for IDR35,000 per square meter for dried farmland, and
IDR100,000 to IDR150,000 for farmland, The Post says.

Pati was chosen as the the plant's location because of its many
advantages, including easy entry and distribution access, the
report adds.

                         About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.




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

ALITALIA SPA: Group Net Debt at EUR1.3 Billion at February 29
-------------------------------------------------------------
The Alitalia Group's net debt as of Feb. 29, 2008, amounted to
EUR1.368 billion, showing an increase in net indebtedness of
EUR88 million, compared to the situation on Jan. 31, 2008.  This
trend is due to the typical seasonality of this month's proceeds
and payments.

The net debt of the parent company Alitalia S.p. A. including
short-term financial credits for subsidiaries on Feb. 29, 2008,
including short-term financial credits of subsidiaries, amounted
to EUR1.357 billion showing an increase of EUR92 million
compared to net debt as of Jan. 31, 2008.

The Group's cash-to-hand and short-term financial credits as of
Feb. 29, 2008, at the Group level and for Alitalia, amounted to
EUR180 million and EUR191 million respectively.

It should be noted that as of Feb. 29, 2008, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR81 million -- whose capital share, including
lease closure value, amounted to EUR93 million, of which
EUR12 million represent the current capital share falling due
within 12 months of the reference date, with EUR10 millionheld
by the parent company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During February 2008, repayments were made of medium/long-term
financing amounting to about EUR14 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Feb. 29, 2008, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

     * an injunction related to supposed different pricing
       policies, issued by a carrier for EUR6 million(two
       decrees);

     * an injunction issued by a supplier of on-board movies for
       EUR1.2 million (two decrees);

     * an injunction has been issued by an IT services supplier
       for EUR812,000;

     * an injunction has been issued by an Italian subsidiary of
       an air carrier bankruptcy for EUR288,000;

     * another injunction issued by a maintenance services
       supplier for EUR492,000;

     * an injunction has been issued by the special manager of a
       firm for presumed debts relating to air ticket sales, for
       EUR3.2 million;

     * one injunction issued by a fuel supplier for about
       EUR1 million;

     * an injunction issued by an airport management company for
       limited failure to pay handling fees about EUR375,000; and

     * an injunction issued by four suppliers, for EUR188,000.

There are no other executive actions undertaken by creditors
notified as of Feb. 29, 2008, nor are there any threats by
suppliers to suspend operations.

It should be pointed out that, as part of ordinary management
practices, the Company is committed to maintaining commercial
relations with its customers and suppliers who guarantee - in
the absence of critical situations or operational emergencies
- the necessary financial flexibility in support of cash-to-
hand requirements.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


MAZDA MOTOR: To Integrate 9 Parts Sales Companies Into New Firm
---------------------------------------------------------------
Effective July 1, 2008, Mazda Motor Corporation plans to
integrate nine affiliated parts sales companies, selected from
13 parts companies which currently service the Japanese market.
The plan for the newly formed company, Mazda Parts Company
Limited, is part of sales enhancement measures for the Japanese
market that were set out in Mazda's mid-term plan, the Mazda
Advancement Plan.

The nine sales companies to be integrated into the new company
are:

    -- Mazda Parts Sales Hokkaido Co., Ltd.,
    -- Mazda Parts Sales Tohoku Co., Ltd.,
    -- Mazda Parts Kanto Co., Ltd.,
    -- Mazda Parts Sales Nagano Co., Ltd.,
    -- Mazda Parts Sales Niigata Co., Ltd.,
    -- Mazda Parts Kinki Co., Ltd.,
    -- Mazda Parts Sales Higashi-Chugoku Co., Ltd.,
    -- Mazda Parts Sales Nishi-Shikoku Co., Ltd., and
    -- Mazda Parts Kyushu Co., Ltd.

Kozo Kawakami, executive officer and general manager of Mazda's
Customer Service Division, said: "By establishing Mazda Parts
Co., Ltd., we intend to build a better parts supply structure
with optimized operations for the entire Mazda group.  The new
company will enable meticulous and faster responses to customers
for improved customer service."

                        About Mazda Motor

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

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.


NIPPON PAPER: Yoshio Haga to Replace Masamoto Nakamura
------------------------------------------------------
Nippon Paper Group Inc. Director Yoshio Haga will replace
President Masamoto Nakamura who said he will step down to take
responsibility for the sales of recycled products containing
less-than-claimed amounts of used paper, Kyodo News reports.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2008 that Mr. Nakamura said he is prepared to resign.

Mr. Haga's appointment is set for approval at the firm's
shareholders' meeting and a subsequent board meeting scheduled
for late June, Kyodo News relates.

Mr. Haga, states Kyodo News, will also replace Mr. Nakamura as
president of the group's core unit, Nippon Paper Industries Co.

Kyodo News adds that Mr. Nakamura, will become chairman without
representative rights.

The report notes that the key task of the Nippon Paper's
management will be to improve its legal compliance practices to
regain consumer trust in its products.

                      About Nippon Paper

Nippon Paper Group, Inc. -- http://www.np-g.com/-- is a
Japan-based holding company mainly engaged in the paper
manufacturing business.  The Company is active in four business
segments.  Its Paper and Pulp segment manufactures and sells
foreign paper, paperboards and paper pulp, as well as paper for
household, newspaper and phone directory use.  This segment is
also involved in the import sale and overseas sale of paper
products.  The Paper-related segment offers processed paper
products, such as paper containers and adhesive-related
products, in addition to cardboards, chemical products and
others.  Its Wooden Material, Construction Material and Civil
Engineering-related segment is engaged in the purchase and sale
of wooden materials, the purchase, manufacture and sale of
construction materials and the civil engineering-related
business.  The Others segment is involved in the distribution
business, the manufacture and sale of soft drinks, the supply of
electrical power and the leisure business, among others.

The Troubled Company Reporter Asia-Pacific reported on March 28,
2008 that Standard & Poor's Rating Agency affirmed its BB+
long-term corporate credit rating with a positive outlook on
Nippon Paper Group Inc. and its major subsidiary, Nippon Paper
Industries Co. Ltd.  At the same time, Standard & Poor's
affirmed its 'BB+' long-term corporate credit ratings on Nippon
Paper Group and Nippon Paper Industries.




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

LG TELECOM: Launches Oz Internet Services
-----------------------------------------
LG Telecom Limited launched its Oz Internet Services, the
cheapest data service option for mobile phone users in Korea,
The Korean Times reports.

According to the report, the firm hopes that this aggressive
Internet pricing policy will distinguish itself in tight market
competition with its two bigger rivals -- SK Telecom and KTF.

Company CEO Jung Il-jae told the news agency that before Oz,
phone users had to visit firms' portal sites to gain access to
the mobile Internet, and they had to pay for information that
was free on ordinary Web sites for PCs, with Oz, they will
develop an open Internet world for mobile phones where everyone
can enjoy the Internet.

Cho Jin-seo of The Times writes that the company first
introduced two premium handsets from LG Electronics and Japan's
Casio for the launch of the OZ service but it will sell more
than 10 models this year, including cheaper ones.

                       About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of Internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  Moody' said the outlook
on the rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'


LG TELECOM: To Offer 3G Service on Google Platform
--------------------------------------------------
LG Telecom Co Limited may offer its third-generation service on
phones using Google's mobile software platform, Reuters reports
citing CEO Jung Il-jae.

The company, the report relates, said in February it would start
selling a model running on Google's Android mobile phone
operating system in late 2008 or early 2009.

Rhee So-eui of Reuters writes that LG hopes to win users for its
3G services through easy-to-use and cheaper full Internet
browsing service, which allows direct access to the Internet
just like fixed-line platforms.

                         About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  Moody' said the outlook
on the rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'




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

MALAYSIAN AIRLINE: Earns MYR242.25 Mil. in Qtr. Ended Dec. 31
-------------------------------------------------------------
Malaysian Airline System Berhad posted a net profit of
MYR242.25 million in the fourth quarter ended December 31, 2007,
as compared to a net profit of MYR122.04 million in the same
quarter of 2006.

The Group recorded a higher operating profit of MYR260.8 million
for the fourth quarter ended December 31, 2007, as compared to
MYR148.6 million operating profit for the same quarter of 2006,
due to higher operating revenue and improved yields.

Operating revenue for the quarter increased to MYR4 billion from
MYR3.78 billion in the preceding quarter.  Operating profit for
the quarter decreased from MYR376.4 million to MYR260.8 million
and profit after tax for the quarter decreased from
MYR364.6 million to MYR242.3 million, against the preceding
quarter.

In addition, preceding quarter results recorded RM220.6 million
residual value sharing on sale of aircraft by Penerbangan
Malaysia Berhad and MYR51.7 million gains on sale of properties.

As of December 31, 2007, the company's balance sheet revealed
current assets of MYR7.43 billion available to pay current
liabilities of MYR5.25 billion coming due within the next twelve
months.

                      Current Year Prospects

The outlook for the aviation industry in 2008 will be more
difficult than 2007 in view of the high and volatile of oil
price, slower global economic growth, possible US recession,
environmental concerns, greater liberalisation as well as excess
capacity.  Thus, IATA has forecasted a slow down in
international passenger growth in 2008 to 5.4% whereas freight
will be slightly higher at 5% compared to last year for the next
quarter, demand is projected to be weaker due to the low season
in Europe, US, North Asia and Middle East except for the Chinese
markets during the Lunar New Year.  Competition in Malaysian
markets is keener with increased frequencies and capacity being
offered by our competitors on both domestic and Asean routes.
In addition, key long haul trunk routes will also face intense
competition with additional A380s being delivered during the
year.

In order to meet the new challenges this year and beyond,
Malaysian Airlines has introduced the new Business
Transformation Plan, which serves as a continuation to the
Business Turnaround Plan implemented in 2006 and lays out the
strategies it will take and is currently taking in becoming a
Five Star Value Carrier, an airline that provides 5-star
products and services at affordable prices.  In line with the
MAS BTP 2, management will continue to intensify efforts to
generate and sustain its profitability.  Project Delta has been
introduced to radically cut costs in the Operations and
Engineering & Maintenance areas without in anyway compromising
on safety and security standards.  In addition, further
structural cost savings are expected through initiatives in the
procurement, distribution and electronic-ticketing areas.  With
these initiatives, Malaysian Airlines will be in a better
position to offer competitive fares, reinforce improvements in
revenue and yield management to sustain the improvements seen in
2006 and 2007.  More importantly, the company will strive to
maintain its highest quality of products and services to retain
its 5-Star airline ranking and continue to be the airline of
choice for its customers.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


MEGAN MEDIA: Chairman & Director Resigns
----------------------------------------
Dato Dr, Hj Mohd Adam bin Che Harun resigned as Megan Media
Holdings Berhad's Chairman & Director.  He was a former Deputy
President of Malay Chamberand Industry of Malaysia for three
years.

Moreover, Wong Ai Leng also resigned as the company's secretary.

Megan Media Holdings Berhad's principal activities are
manufacturing and trading data storage media products like
Computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on
June 11, 2007, that the Rating Agency Malaysia downgraded the
long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai
Bithaman Ajil Islamic Debt Securities (2005/2012) ("BaIDS"),
from C3 (with a negative outlook) to D.  The BaIDS carries a
corporate guarantee from MTSB's holding company, Megan Media
Holdings Berhad.

Concurrently, RAM has lifted the Rating Watch (with a negative
outlook) that had been placed on MTSB on May 9, 2007, following
the failure of MTSB and MJC (Singapore) Pte Ltd, another wholly
owned subsidiary of Megan Media, to repay their trade facilities
amounting to MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


PROTON HOLDINGS: Recalls 34,000 Units of Savvy Model
----------------------------------------------------
Proton Holdings Bhd has recalled 34,000 units of its Savvy model
to address a potential default, manufacturing.net reports.

According to the company's statement, Proton said there was a
possibility of water entry into the rear wheel bearing that
could lead to a malfunction of affected components.

Proton's Managing Director Syed Zainal Abidin Syed Mohamed Tahir
said that the recall was a standard precautionary exercise in
line with industry practices.  "Customer safety cannot be
compromised," Mr. Syed told The Edge in a phone interview.

Azharuddin Nordin, AmResearch Sdn Bhd's executive director said
that the company might not bear the full cost of the recall
entirely on its own, as parts suppliers could have been the ones
at fault, the Edge notes.

Moreover, the Edge relates, Mr. Nordin added the the Savvy is
low volume in terms of overall sales, accounting for only about
3% of Proton cars sold making it highly unlikely to impact the
company negatively.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.


SHAW GROUP: To Hold 2Q 2008 Earnings Conference Call on April 9
---------------------------------------------------------------
The Shaw Group Inc. will hold a conference call on Wednesday,
April 9, 2008, at 9:30 a.m. EDT (8:30 a.m. CDT) to discuss the
company's financial results for the second quarter of fiscal
2008. Shaw expects to release the financial results prior to
8:00 a.m. EDT on the same day.

A slide presentation outlining the second quarter financial
results will be posted on the Investor Relations page of Shaw's
Web site at http://www.shawgrp.comapproximately one hour prior
to the conference call.

Interested parties may dial 800-954-0696 to listen live to the
conference call or access a live audio webcast of the call on
the Investor Relations page of Shaw's Web site.

A replay of the conference call will be available by telephone,
as well as on the company's Web site, approximately one hour
after the conclusion of the call.  To listen to a replay of the
conference call by telephone, dial 800-633-8284 and use
reservation number 2138-0274.

                         About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.  In addition,
'BB' senior secured debt rating was affirmed after the US$100
million increase to the company's revolving credit facility.


TENGGARA OIL: Owes Lenders MYR21.06 Mil. as of March 31
-------------------------------------------------------
In a regulatory filing with the Bursa Malaysia Stock Exchange,
Tenggara Oil Berhad disclosed that as of March 31, 2008, the
company and its subsidiary, Tenggara Concrete Sdn. Bhd., still
need to settle MYR21,061,001.35 of credit facilities:

   Lender                         Borrower     Amount Due
   ------                         --------     ----------
   CIMB Bank Bhd                    TOB        MYR6,020,801.40
   (Southern Bank Berhad)

   CIMB Bnk Bhd                     TOB           1,246,976.39
   (Bumiputra-Commerce Bank Bhd)

    Malayan Banking Bhd             TCSB         13,793,223.56
                                                 -------------
                                         Total:  21,061,001.35

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.




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

AUSTRAL PACIFIC: Auditor Raises Going Concern Doubt
---------------------------------------------------
In a report dated March 28, 2008, KMPG in Wellington, New
Zealand, Austral Pacific Energy Ltd.'s auditor, noted that for
the year ended December 31, 2007:

    -- the company had a net loss of $22,030,249 and accumulated
       deficit of $63,118,912;

    -- the company had a working capital deficit of $29,982,748
       and a shareholders' deficit of $3,290,102 as at
       December 31, 2007;

    -- the company has been unable to generate net cash from
       operating activities for each of the years in the three
       year period ended December 31, 2007;

    -- the company's cash balances and working capital are not
       sufficient to fund all of its obligations with respect to
       its ongoing work program requirements related to certain
       exploration permits; and

    -- the company is in breach of several covenants relating to
       its Investec Bank (Australia) Ltd loan facility following
       delays in completing a project in accordance with
       established timelines. Accordingly the loan facility and
       hedging arrangements have been disclosed as current
       liabilities.

These factors raise substantial doubt about the company's
ability to continue as a going concern for a reasonable period
of time, KMPG said.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Austral Pacific Energy's management said its plans
for securing sufficient sources of liquidity include:

    (1) Issuance of additional common shares in a private
        placement in order to raise $15,000,000.  The Company
        completed this private placement on February 28, 2008. As
        at February 29, 2008, the unaudited equity position is
        approximately $7.3 million;

    (2) The conditional sale of the Company's interests in the
        PNG Stanley and PRL 5 assets for US$3.5 million;

    (3) Rectifying the covenant breaches relating to its loan
        facility with Investec.  A key to rectifying the breach
        is the drilling of at least two further wells to satisfy
        the "completion test" under the facility.  The
        "completion test" requires certain proven and probable
        reserves and associated production rates to be achieved,
        together with certain related forward looking financial
        ratios; and

    (4) A mix of further capital raising and sales of joint
        venture interests.

The Company has prepared a cash flow forecast which leads
management to conclude that the Company can continue to meet its
ongoing obligations for a reasonable period of time.

The Company and Investec have agreed to restructure the
facility, with the key financial terms requiring payments at
certain dates.  The interest rate margin will increase by an
additional 2% on the total principal outstanding for the period
January 31 to June 30, 2008, inclusive.  In addition Investec
will be issued with shares to the value of US$750,000 based on
the Austral share price at March 19, 2008.

Austral Pacific Energy Ltd is a limited liability company
incorporated in British Columbia under the Business Corporations
Act (British Columbia).  The Company domiciles in New Zealand.
The Company is primarily engaged in the acquisition,
exploration, appraisal and development of oil and gas properties
in New Zealand and Papua New Guinea.


BLUE SKY: Creditors Receive Wind-Up Report
------------------------------------------
Creditors of Blue Sky Holdings Limited met on March 26, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           L. J. Hayward
           c/o Meltzer Mason Heath
           Chartered Accountants
           PO Box 6302, Wellesley Street
           Auckland 1141
           New Zealand
           Telephone:(09) 357 6150
           Facsimile:(09) 357 6152


DENBY LIMITED: Liquidator Presents Wind-Up Report
-------------------------------------------------
Creditors of Denby Limited met on March 26, 2008, and received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

           L. J. Hayward
           c/o Meltzer Mason Heath
           Chartered Accountants
           PO Box 6302, Wellesley Street
           Auckland 1141
           New Zealand
           Telephone:(09) 357 6150
           Facsimile:(09) 357 6152


JOIN RADIUS: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
A petition to have Join Radius Security Ltd.'s operations wound
up will be heard before the High Court of Auckland on April 11,
2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Dec. 3,
2007.

The CIR's solicitor is:

           Kay S. Morgan
           c/o Inland Revenue Department
           Legal and Technical Services
           1 Bryce Street
           PO Box 432, Hamilton
           New Zealand
           Telephone:(07) 959 0373
           Facsimile:(07) 959 7614


MATAMATA SADDLERY: Placed Under Voluntary Liquidation
-----------------------------------------------------
Members of Matamata Saddlery 2006 Ltd. met on March 6, 2008, and
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by April 18,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Kim S. Thompson
           PO Box 1027, Hamilton
           New Zealand
           Telephone:(07) 834 6813
           Facsimile:(07) 834 6104


QED. LTD.: Creditors' Proofs of Debt Due April 18
-------------------------------------------------
QED. Ltd. requires its creditors to file their proofs of debt by
April 18, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Grant Barry Meikle
          c/o KPMG on Cranmer
          34-36 Cranmer Square, 5th Floor
          PO Box 274, Christchurch
          New Zealand
          Telephone:(03) 363 5764
          Facsimile:(09) 363 5765


REAL WORLD: Fixes March 31 as Last Day to File Claims
-----------------------------------------------------
Real World Ltd. requires its creditors to file their proofs of
debt by March 31, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 10, 2008.

The company's liquidators are:

           Stephen John Tubbs
           Colin Anthony Gower
           BDO Spicers
           Spicer House, Level 6
           148 Victoria Street
           Christchurch
           New Zealand
           Telephone:(03) 379 5155
           Facsimile:(03) 353 5526
           e-mail: diana.hore@chc.bdospicers.com


RPM DIRECT: Court to Hear Wind-Up Petition on April 9
-----------------------------------------------------
A petition to have RPM Direct Ltd.'s operations wound up will be
heard before the High Court of Auckland on April 9, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
November 23, 2007.

The CIR's solicitor is:

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


SDS INVESTMENTS: Taps Brown and Rodewald as Liquidators
-------------------------------------------------------
On March 10, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of SDS Investments Limited.

The liquidators can be reached at:

           Kenneth Peter Brown
           Thomas Lee Rodewald
           c/o Rodewald Hart Brown Limited
           127 Durham Street
           PO Box 13380, Tauranga
           New Zealand
           Telephone:(07) 571 6280
           Web site: http://www.rhb.co.nz


TE KOROWAI: Appoints Brown and Rodewald as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Te Korowai o Te Arohanoa Incorporated on
March 10, 2008.

The liquidators can be reached at:

           Kenneth Peter Brown
           Thomas Lee Rodewald
           c/o Rodewald Hart Brown Limited
           127 Durham Street
           PO Box 13380, Tauranga
           New Zealand
           Telephone:(07) 571 6280
           Web site: http://www.rhb.co.nz


UNITEKNIC CONSULTING: Fixes April 18 as Last Day to File Claims
---------------------------------------------------------------
Creditors of Uniteknic Consulting Ltd. are required to file
their proofs of debt by April 18, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

           Terence Charles Webb Bastion
           c/o KBC House
           272 Karori Road, Karori
           Wellington
           New Zealand
           Telephone:(04) 476 5775
           Facsimile:(04) 476 5778




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

FEDDERS CORP: Court Extends Plan-Filing Period to April 14
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended, until April 14, 2008, the exclusive period wherein
Fedders Corp. and its debtor-affiliates can file a plan of
reorganization.

In addition, the Court set June 13, 2008 as the deadline for the
Debtors to solicit acceptances of that plan.

As reported in the Troubled Company Reporter on March 4, 2008,
the Debtors told the Court that they need sufficient time to
negotiate an acceptable plan with their creditors and to prepare
adequate financial and non-financial information concerning the
ramifications of any proposed plan for disclosure to creditors.

The Debtors said that they have made substantial progress in
their cases, and have devoted most of their time marketing their
assets and negotiating with potential purchasers.

                    About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/ -- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.


LAND BANK: Moody's Ups BFSR to D- and Holds Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of the Land Bank of the Philippines to D- from
E+.  This action does not affect the bank's local currency
deposit ratings which remain at A3/P-2 nor its foreign currency
deposit rating of B1/NP.  The outlook on LBP's BFSR and local
currency deposit ratings is stable.

The rating action concludes the review for possible upgrade
initiated on January 31, 2008.

The upgrade reflects the steady improvement in LBP's asset
quality and capital, which places it in a better position to
weather this year's less benign operating environment.  The
bank's plans to issue Us$100 million in hybrid tier 1 capital in
the first half of 2008 -- for which it gained the necessary
regulatory approvals in mid-March 2008 -- should help to further
provide for a more supportive capital cushion.

In response to government policy directives, LBP has
additionally increased the range of financial services it
provides to overseas Filipino workers.  The most significant of
these new products launched in 2008 being the planned issuance
of PHP5 billion in long-term negotiable certificates of deposits
(LTNCDs).

While these LTNCDs are designed to carry a higher than market
interest rate, their impact on the bank's interest margins
should be manageable.  Additionally, they will help to diversify
the bank's funding sources and lengthen the maturity structure
of its liabilities.

The outlook on LBP's D- BFSR and local currency deposit ratings
is stable reflecting the challenges the bank will face this year
in light of more adverse global economic conditions and rising
domestic inflation.  The outlook on its foreign currency deposit
rating remains positive in line with the positive outlook on the
Philippines' sovereign debt rating.

The Land Bank of the Philippines is the fourth largest
commercial bank in the country and had assets of PHP381.8
billion as of end-2007.


PRC LLC: Court Okays Regis McElhatton as Chief Executive Officer
----------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Regis McElhatton as their chief executive officer
effective as of the date of bankruptcy.

The Debtors asserted that Mr. McElhatton's employment is
critical to their efforts to effectively reorganize and emerge
from bankruptcy.  As reported in the Troubled Company Reporter
on March 18, 2008, the Debtors told the Court that Mr.
McElhatton brings a 40-year background in banking and financial
services to the Debtors.

The Debtors and Mr. McElhatton entered into an employment
agreement on Jan. 23, 2008.  The Employment Agreement provides,
among other things, that:

    (1) Mr. McElhatton will serve as chief executive officer of
        PRC from Jan. 23, 2008, through Jan. 23, 2009;

    (2) Mr. McElhatton is entitled to avail of the benefits
        provided under PRC's employee benefit plans or programs
        for its senior executives;

    (3) Mr. McElhatton is not entitled to any fee for serving in
        Panther/DCP Holdings' Board of Managers;

    (4) PRC has the right to terminate the employment upon 30
        days' notice; and

    (5) Mr. McElhatton may terminate his employment for good
        reason within 30 days after the occurrence of a change of
        control, consummation of a Chapter 11 plan, a material
        breach of the employment agreement by PRC, among others.

In exchange for his services, Mr. McElhatton will be entitled
for receive a US$75,000 monthly salary and will be reimbursed
for the expenses he may incur in discharging his duties.

Mr. McElhatton will also be entitled to a bonus of between:

    (i) 0% to 125% of a target Client Retention Incentive Bonus
        of US$100,000;

   (ii) 0% to 110% of a target Exit Incentive Bonus of $100,000;
        and

(iii) 0% to 100% of a target  Restructuring Incentive Bonus of
        US$100,000.

Moreover, PRC agrees to indemnify Mr. McElhatton under the terms
of the company's operating agreement and directors and senior
officers' liability insurance.

A full-text copy of the McElhatton Employment Agreement is
available for free at:

               http://researcharchives.com/t/s?2934

                           About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor- in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of $354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: U.S. Trustee Amends Creditors Committee Composition
------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, amended the
membership of the Official Committee of Unsecured Creditors of
the Chapter 11 cases of PRC LLC, and its debtor-affiliates.

The Creditors Committee comprises:

     1. Verizon Communications Inc.
        Attention: William Vermette
        Asst. General Counsel
        1133 19th Street, N.W.
        Washington, DC 20026
        Tel No. :(703) 886-3301

     2. IAC/InterActiveCorp.
        Attention: Gregg Winarski
        Associate General Counsel
        555 West 18th Street
        New York, New York 10011
        Tel No.: (212) 314-7376

     3. SER Solutions, Inc.
        Attention: Jamie Oliver
        45925 Horseshoe Drive,
        No. 150 Dulles, VA 20147
        Tel No.: (703) 948-5645

     4. TMP Worldwide Advertising & Communications, LLC
        Attention: Emerson Moore
        General Counsel
        205 Hudson Street, 5th Floor
        New York, New York 10013
        Tel No.: (646) 613-2060

     5. NICE Systems Inc.
        Attention: David Ottensoser
        General Counsel
        301 Route 17 North, 10th Floor
        Rutherford, NJ 07070
        Tel No.: (201) 964-2772

Excel Marketing Solutions, Inc., and iEnergizer (USA) Inc., are
no longer part of the Committee.

                           About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
-- http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor- in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of $354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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

CLARION ASIA: Requires Creditors to File Claims by April 25
-----------------------------------------------------------
Clarion Asia Pte. Ltd., which is in voluntary liquidation,
requires its creditors to file their proofs of debt by April 25,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Chua Keng Khng
           89 Short Street
           #08-11 Golden Wall Centre
           Singapore 188216


EC-ASIA INTERNATIONAL: To Pay Dividend on April 14
--------------------------------------------------
EC-Asia International Ltd., which is in liquidation, will pay a
dividend to its creditors on April 14, 2008.

The company will pay 100% to all received claims.

The company's liquidator is:

          Neo Ban Chuan
          c/o BC Neo Business Advisory Pte Ltd
          151 Chin Swee Road
          #14-04 Manhattan House
          Singapore 169876


HEXION SPECIALTY: Dec. 31 Balance Sheet Upside-Down by $1.3BB
-------------------------------------------------------------
Hexion Specialty Chemicals Inc.'s balance sheet at Dec. 31,
2007, showed total assets of US$4.006 billion and total
liabilities of US$5.392 billion, resulting to total
shareholder's deficit of US$1.386 billion.

The company incurred a US$63 million net loss for the fourth
quarter ended Dec. 31, 2007, versus US$55 million net loss in
the fourth quarter of 2006.

The company posted a net loss of US$65 million in 2007 compared
to a net loss of US$109 million in fiscal year 2006.  Fiscal
year 2007 results included US$98 million in higher interest and
tax expenses compared to the prior year period.  Fiscal year
2006 results included a US$121 million loss on the
extinguishment of debt and a US$39 million net gain from the
sale of businesses.

                   Liquidity and Capital Resources

At Dec. 31, 2007, the company has US$3.720 billion debt,
including US$85 of short-term debt and capital lease maturities.
In addition, it has US$199 million cash and cash equivalents.

At Dec. 31, 2007, the company has additional borrowing capacity
under its senior secured revolving credit facilities of
US$215 million.  The company has additional credit facilities at
certain domestic and international subsidiaries with various
expiration dates through 2008.

As of Dec. 31, 2007, it has US$71 available for borrowing under
these facilities.

                         Transaction Update

Hexion and Huntsman Corporation have agreed to allow additional
time for the Federal Trade Commission to review the proposed
merger of the two companies.  As a result, the merger is not
expected to be completed before May 3.  To accommodate the
extension, Hexion has also given notice to Huntsman that on
April 5, it will exercise its option to extend the Termination
Date under the Merger Agreement for 90 days, and thus, if the
conditions to Hexion's extension right are met on April 5, the
termination date under the Merger Agreement will be extended
until July 4, 2008.

"We are fully cooperating with regulatory agencies and will
continue to work closely with Huntsman and the agencies in order
to obtain the regulatory approvals required to complete the
merger," Mr. Morrison said.

Hexion disclosed on July 12, 2007, that it had entered into a
definitive agreement to acquire Huntsman Corporation in an all-
cash transaction valued at approximately $10.6 billion,
including the assumption of debt.  Under the terms of the Merger
Agreement, the cash price per share to be paid by Hexion will
increase each day beginning on April 5, 2008, through
consummation of the merger at the equivalent of approximately 8%
per annum, less any dividends or distributions declared or made.

The transaction was approved by Huntsman shareholders on Oct.
16, 2007, and is subject to customary closing conditions,
including regulatory approval in the U.S. and several other
countries.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.  Hexion had 2006 sales of US$5.2
billion and employs more than 7,000 associates.

                          *      *      *

Moody's Investors Service placed Hexion Specialty Chemicals
Inc.'s senior secured debt rating at 'B3', long term corporate
family and probability of default ratings at 'B2' in July 2007.
The ratings still hold to date.


INDECO M & E: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
Creditors of Indeco M & E Engineering Pte. Ltd. are required to
file their proofs of debt by April 28, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


LAWSONS DELIVERY: Court Enters Wind-Up Order
--------------------------------------------
On March 14, 2008, the High Court of Singapore entered an order
to have Lawsons Delivery Services (S) Pte. Ltd.'s operations
wound up.

David Chang filed the petition against the company.

Lawsons Delivery's liquidator is:

           Moey Weng Foo
           Official Receiver
           Insolvency & Public Trustee's Office
           The URA Centre (East Wing)
           45 Maxwell Road #06-11
           Singapore 069118


MARINETEX PTE: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------
A petition to have Marinetex Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on April 11,
2008, at 10:00 a.m.

Joint Operating Company Vietgazprom filed the petition on
March 19, 2008.

Joint Operating's solicitors are:

          Kelvin Chia Partnership
          6 Temasek Boulevard
          Suntec Tower Four, 29th Floor
          Singapore 0389860


OCCIDENT VENTURE: Creditors' Proofs of Debt Due April 28
--------------------------------------------------------
Creditors of Occident Venture Pte. Ltd. are required to file
their proofs of debt by April 28, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

           Yeap Lam Kheng
           Bob Yap Cheng Ghee
           c/o 16 Raffles Quay
           #22-00 Hong Leong Building
           Singapore 048581


PERFECT ENGINEERING: Pays Preferential Dividend to Creditors
------------------------------------------------------------
Perfect Engineering Pte Ltd. paid a preferential dividend to its
creditors on March 20, 2008.

The company paid 53.95% to all received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SIMPLEX FIRE: Requires Creditors to File Claims by April 28
-----------------------------------------------------------
Creditors of Simplex Fire & Security Systems Pte. Ltd. are
required to file their proofs of debt by April 28, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


SPECTRUM BRANDS: Fitch Holds 'CCC' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Spectrum Brands, Inc.'s ratings as:

   -- Issuer default rating 'CCC';

   -- US$1 billion term loan B maturing March 30, 2013 'B/RR1';

   -- US$225 million ABL maturing Sept. 28, 2011 'B/RR1';

   -- Eur262 million term loan maturing March 30, 2013 'B/RR1';

   -- US$700 million 7.375% senior sub note maturing Feb. 1, 2015
      'CCC-/RR5';

   -- US$2.9 million 8.5% senior sub note, maturing Oct. 1, 2013
      'CCC-/RR5';

   -- US$347 million 11.25% variable-rate toggle senior sub note,
      maturing Oct. 2, 2013 'CCC-/RR5'.

The Rating Outlook remains Negative.

The ratings reflect SPC's high leverage and relatively low
liquidity.  On a pro-forma basis for the last 12 months ended
Dec. 30, 2007, total debt/EBITDA was 9 times and EBITDA/Cash
Interest 1.3x. The metrics are on a pro-forma basis to include
the EBITDA and interest allocation of the Lawn & Garden
operation which is accounted for as a discontinued operation.
The rating also reflects stability and some improvement in
operations as exemplified by three straight quarters of EBITDA
improvement.  At Dec. 30, 2007 SPC had $166.4 million in cash
and availability under the ABL.  With this level of liquidity,
Fitch expects that the company should be able to finance peak
working capital requirements during its second quarter.

The Negative Outlook encompasses the deterioration in financial
and credit protection measures since 2005 as well an uncertain
business profile given that parts of the company are up for
sale.   However, if SPC can continue to demonstrate continued
improvement in its operations over the next two to three
quarters, the Outlook may be reviewed with a view toward
stabilization.  Any change in the company due to a material sale
of a business segment will prompt a review of the Outlook and
rating at that time.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.


SPECTRUM INTERNATIONAL: Proofs of Debt Due April 12
---------------------------------------------------
Spectrum International (S) Pte. Ltd., which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by April 12, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

           Lim Yeong Seng
           c/o Kong, Lim & Partners
           13A Mackenzie Road
           Singapore 228676




* Fitch Issues Second Report on Asia Pacific Structured Finance
---------------------------------------------------------------
Fitch Ratings said in its second Asia Pacific Structured Finance
newsletter that despite a dramatic slowdown of securitisation
activity across the region, some asset classes have proven
resilient while others provide market participants with new
opportunities.

In Japan, limited-asset CMBS deals that do not require time
consuming due diligence on a large portfolio of assets should
lead to a revival of investor appetite amongst cash-rich
Japanese investors.  There is indication of a healthy pipeline
of transactions in Japan and although execution, for now,
remains thin Fitch expects the markets to return to healthy
issuance levels towards the end of the first quarter of the new
financial year in Japan.

Elsewhere, market activity has picked up but remains clustered
around asset classes and territories.  Korean ABS should hold up
and India should continue to see healthy domestic securitisation
growth.  The agency also assigned its first batch of
international ratings to Indian ABS transactions.  Holders of
non-traditional assets will also likely provide opportunities
for securitisation, evidenced by increasing enquiries from the
market on more esoteric assets and transaction structures.

An exception is likely to be the Australian RMBS market, which
is most affected by the recent spate of rating downgrades taken
on the mortgage insurance providers.  Fitch also expects a
modest increase in delinquencies in the first half of 2008,
largely caused by interest rate rises.  However, while the
Australian RMBS market has all but dried up for now, a number of
RMBS deals are put together to serve as repo eligible collateral
for the Reserve Bank.

The newsletter sees Fitch's Asia Pacific structured finance team
discuss topical credit issues and developments in the region's
securitisation markets.  Topics covered in this issue include
analysis of the sensitivity of Australian RMBS ratings to
Lenders Mortgage Insurance downgrades, an assessment of India's
draft regulations for REITs, as well as the quest for diversity
by Japanese servicers.  Analysts also discuss rating issues for
covered bonds in Asia and describe the main parameters of
Fitch's proposed rating methodology for corporate CDOs.



                          *********

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.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Frauline
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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