TCRAP_Public/080408.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

             Tuesday, April 8, 2008, Vol. 11, No. 69

                             Headlines

A U S T R A L I A

ABC LEARNING: Closer to Selling U.S. Assets, Report Says
ASCOT EQUIPMENT: Declares Final Dividend
BALDONAR PTY: Declares Final Dividend
BENDIGO & ADELAIDE: Moody's Rates Bank Financial Strength at C
CHRYSLER LLC: Agrees to Extend Plastech Supply Deal to April 30

CO-ORD TRANSPORT: Declares Final Dividend
CONSTELLATION: Posts US$610MM Net Loss in Year Ended Feb. 29
FORTESCUE METALS: Transports 1st Ore Train Load From Pilbara
JAMES HARDIE: Trial Date Delayed Due to ASIC's Late Filing
OPES PRIME: Creditors May Lose Up to Half of Investment

PROTEL COMMUNICATIONS: Members Receive Wind-Up Report
REDLEDGE PTY: Commences Liquidation Proceedings
SCA 246D PTY: Members' Final Meeting Set for April 16
SCW040 PTY: Liquidator to Present Wind-Up Report on April 16
SCW357 PTY: Members to Hear Wind-Up Report on April 16

SRP500 PTY: Members to Receive Wind-Up Report on April 16
SUNSTATE PIPELINES: Placed Under Voluntary Liquidation
WESTPOINT GROUP: Investor Wins Case Against Adviser Brannelly


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

AGRICULTURAL BANK: Strengthens Partnership With Diebold
BEIJING SHOUGANG: Inks Contracts Worth US$11 Mil. With Liaoning
BRUTUS FASHIONS: Commences Liquidation Proceedings
CHINA EASTERN: Regulator Investigating Pilots' Protest
CHINA HERITAGE: Members' Meeting Set for May 7

CHINASAILS DEV'T: Creditors' Proofs of Debt Due April 30
CHINA TOP: Commences Liquidation Proceedings
COMFORT DEVELOPMENT: Creditors' Proofs of Debt Due April 11
COTTEEN INVESTMENT: Creditors' Proofs of Debt Due April 21
EASTERN HARBOUR: Commences Liquidation Proceedings

FORDKING DEVELOPMENT: Commences Liquidation Proceedings
HUA XIA: Shareholders Approve Private Share Placement Plan
JABIL CIRCUIT: S&P Downgrades Senior Unsecured Ratings to 'BB+'
MORNING SIGNAL: Members' Meeting Set for April 30
NETTEST (HONG KONG): Liquidator Quits Post

PANDOL INTERNATIONAL: Creditors' Proofs of Debt Due May 5
PETROLEOS DE VENEZUELA: May Fail to Maintain Oil Shipments
PETROLEOS DE VENEZUELA: Production Costs Increase 21.7% in 2007
PRIME SKILL: Members' Meeting Set for April 30
PROMITEX LIMITED: Commences Liquidation Proceedings

ROYAL CARIBBEAN: Fleet Expansion Prompts S&P's Rating Cut to BB+
THE SHOP OF GREEN AND FOUND: Liquidator Quits Post
TRANSWORLD PRODUCE: Creditors' Proofs of Debt Due May 5


I N D I A

ANDREW YULE: Expects to Complete Rehabilitation by FY2008-2009
ANDREW YULE: Books INR132 Mil. Net Loss in Qtr. Ended Dec. 31
AXIS BANK: Board to Consider Annual and Q4 Results on April 21
QUEBECOR WORLD: Loses Catalog Deal; May Lose Parent Business
QUEBECOR: 517,184 Preferred Shares for Conversion on June 1

TATA MOTORS: S&P Lowers Corporate Credit Ratings to 'BB'
TATA MOTORS: Hitachi JV to Acquire 60% of Comoplesa Lebrero


I N D O N E S I A

ALCATEL-LUCENT: Moody's Holds Ratings; Outlook Revised to Neg.
BANK PERMATA: Partners With Astra Credit to Expand Services
EXCELCOMINDO PRATAMA: To Delay or Cancel Share Offer
INDAH KIAT: To Increase Annual Pulp Production by 600,000 Tons
INDAH KIAT: Sees 10% to 20% Increase in 2008 Revenue

LIPPO KARAWACI: To Start US$1.2 Billion Jakarta Project
LIPPO KARAWACI: Won't Pay FY-2007 Dividend
MEDCO ENERGI: 2007 Net Profit Drops 82.9% to US$6.5 Million
TELKOM INDONESIA: Opens Up Domestic Long Distance Call Service


J A P A N

DELPHI CORP: Investors Refuse to Participate in Plan Closing
JAPAN AIRLINES: Merrill Lynch Cuts Stock Ratings to "Sell"
MITSUBISHI MOTORS: U.S. March Vehicle Sales Decrease by 7.7%


K O R E A

DURA AUTOMOTIVE: Court Approves Revised Disclosure Statement
DURA AUTOMOTIVE: Court Sets Plan Confirmation Hearing for May 13
HYUNDAI MOTOR: Business Conditions for U.S. Market "Difficult"


M A L A Y S I A

GOLD BRIDGE: Auditor Ernst & Young Raises Going Concern Doubt
MEGAN MEDIA: Two Directors Resign From Posts
PROTON HOLDINGS: Mohammad Zainal Bin Shaari Resigns
TAP RESOURCES: Inks MOU to Acquire Lianbang Ventures
TENGGARA OIL: Court Grants Restraining Order Until July 1


N E W  Z E A L A N D

AHCHAIL MULTICULTURAL: Names Brown and Rodewald as Liquidators
CGC ENGINEERING: Court to Hear Wind-Up Petition on April 9
HIGHCLERE DEVELOPMENTS: Taps Brown and Rodewald as Liquidators
ILMINSTER LIMITED: Creditors Receive Wind-Up Report
J.C.M DEVELOPMENTS: Fixes April 17 as Last Day to File Claims

JOHN PLOWMAN: Commences Liquidation Proceedings
KINGSLEY LIMITED: Liquidator Presents Wind-Up Report
LANARK LIMITED: Creditors Receive Wind-Up Report
LTS LIMITED: Liquidator Presents Wind-Up Report
PENDALE LIMITED: Creditors Receive Wind-Up Report

STROWAN LIMITED: Liquidator Gives Wind-Up Report
SWADE GENERAL: Fixes April 18 as Last Day to File Claims


P H I L I P P I N E S

CHIQUITA BRANDS: Board Appoints William H. Camp as Director
CHIQUITA: Completes Refinancing With US$350MM Credit Facility
IPVG CORP: Turns Around With Consolidated Net Income of PHP159MM


S I N G A P O R E

COMCREATION PTE: Court to Hear Wind-Up Petition on April 18
GOH HUP HENG: Creditors' Proofs of Debt Due by April 18
GUAN GUAN: To Pay Preferential Dividend on April 16
REGIONAL (FAR EAST): Pays Preferential Dividend
RINOL ASIA: Creditors' Meeting Set for Today

X-RITE: Pact Violations Cue S&P's Negative Watch on B+ Rating


* BOND PRICING: For the Week 07 April to 11 April 2008


                          - - - - -


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

ABC LEARNING: Closer to Selling U.S. Assets, Report Says
--------------------------------------------------------
ABC Learning Centres Ltd. may finalize a deal with Morgan
Stanley on the sale of its U.S. assets by the end of this year,
a person familiar with the situation told Dow Jones Newswires,
relates The Australian.

Dow Jones quotes the source as saying, "They're hopeful of
finalizing things in a matter of days rather than weeks."

According to the report, Morgan Stanley's exclusive due
diligence period expired two weeks ago but talks between the
two parties continue.

ABC, notes The Australian, signed an agreement with Morgan
Stanley on March 5 to sell a 60% stake in its U.S. business to
raise about AU$750 million to reduce debt.

                        About ABC Learning

A.B.C. Learning Centres Limited provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  Consequently, stock trading was halted as the
company entered talks on "indications of interest" for parts of
its business.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.


ASCOT EQUIPMENT: Declares Final Dividend
----------------------------------------
Ascot Equipment Pty. Ltd., which is in liquidation, declared its
final dividend on April 3, 2008.

Only creditors who were able to file their proofs of debt by
April 2, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Anthony Stevens Smith
          Ernst & Young
          121 King William Street, Level 12
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8417 1600

                       About Ascot Equipment

Ascot Equipment Pty. Ltd. is in the business of local trucking,
without storage.  The company is located at Shepparton, in
Victoria, Australia.


BALDONAR PTY: Declares Final Dividend
-------------------------------------
Baldonar Pty. Ltd., which is in liquidation, declared its final
dividend on April 3, 2008.

Only creditors who were able to file their proofs of debt by
April 2, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Anthony Stevens Smith
          Ernst & Young
          121 King William Street, Level 12
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8417 1600

                        About Baldonar Pty.

Baldonar Pty. Ltd. is an operator of non-residential buildings.
The company is located at Mount Gambier, in South Australia,
Australia.


BENDIGO & ADELAIDE: Moody's Rates Bank Financial Strength at C
--------------------------------------------------------------
Moody's Investors Service has assigned A2/Prime-1 deposit and
debt ratings to Bendigo and Adelaide Bank Limited, and a bank
financial strength rating of C.  The outlook for all the ratings
is stable.

"The ratings reflect the new bank's diversified business profile
and stable retail franchise, which includes an important retail
deposit base," says Marina Ip, a Moody's Analyst, "However, it
is constrained by an increased exposure to the wholesale markets
through its consolidated entity Adelaide Bank."

Bendigo and Adelaide Bank Limited is the result of the merger on
November 30, 2007, between two regional banks -- Bendigo Bank
Limited and Adelaide Bank Limited.

The merger was effected through a scheme of arrangement, whereby
Adelaide Bank shares were exchanged for Bendigo Bank shares.
However, Adelaide Bank will remain a wholly owned subsidiary of
Bendigo Bank until a "transfer of business" is completed.  As
such, the two banks remain separate trading entities with their
own Authorized Deposit-Taking Institution banking licences.

"Compared with their stand-alone pre-merger characteristics, the
combined Bendigo and Adelaide Bank Limited demonstrates greater
geographic and product diversification," says Ip.

"However, challenges are also evident, including that of
managing a substantially higher level of wholesale funding on
Bendigo Bank's historically retail-funded balance sheet due to
the consolidation of Adelaide's debt stock," says Ip.

Bendigo and Adelaide Bank Limited's long-term global local
currency deposit and debt ratings of A2 are based on the
moderate probability of systemic support, in case of need.  This
results in a 1-notch lift above the A3 baseline credit
assessment, which encapsulates the bank's stand-alone credit
profile.  The short-term GLC deposit rating is Prime-1, and is
also lifted one notch by systemic support considerations above
its baseline credit assessment of Prime-2.

"In terms of the positives, the maintenance of separate brands
will help with customer retention, while the new entity will now
also possess a slightly larger branch network, helping it
further source retail deposits," says Ip.

The new bank's strong retail division -- inherited from Bendigo
Bank -- will focus on attracting retail deposits, which are
particularly valuable in the current period of wholesale market
turmoil. Its retail strategy will be driven through its expanded
branch network.

As a newly combined regional bank, it should also benefit from
its larger size in competing against its peers.  Moreover, the
merger is expected to bring cost efficiencies in the medium
term, with the chance for cross-selling opportunities to an
enlarged customer base.

"Moreover, Adelaide's main wholesale business lines will face
slower growth due to rising funding costs, while margin lending
volumes are likely to be affected by the dramatically falling
share market of recent months," says Ip.

"An additional factor is the rapid relative decline in the
importance of its residential mortgage manufacturing business
due to margin pressures."

Moody's has also downgraded to C- from C the BFSR of Adelaide
Bank -- as indicated, still a separate entity -- and which
translates into a baseline credit assessment of Baa1 / Prime-2.
The outlook is stable.

The BFSR was downgraded to reflect the still separate credit
profiles of Adelaide Bank and its parent: the two banks have not
merged into one trading entity with a single ADI banking licence
within the timeframe Moody's initially envisaged.

Adelaide's long-term global local currency deposit rating
remains unchanged at A2 and is based on the very high level of
support from its parent Bendigo and Adelaide Bank Limited and
the low probability of systemic support (Moody's joint default
analysis categorization), in case of need, which results in a 2-
notch lift from the Baa1 baseline credit assessment.  The short-
term GLC deposit rating is Prime-1, which is a one-notch lift
from the baseline credit assessment of Prime-2.

Bendigo and Adelaide Bank Limited, is headquartered in Bendigo,
Victoria, and is the result of a merger between two of
Australia's regional banks -- Bendigo and Adelaide.  It reported
assets of AU$49.4 billion (approximately US$43.2 billion) at
December 31, 2007.


CHRYSLER LLC: Agrees to Extend Plastech Supply Deal to April 30
---------------------------------------------------------------
Plastech Engineered Products Inc., its debtor-affiliates, and
Chrysler LLC have agreed to extend their supply agreement until
April 30, the Associated Press reports, citing a Chrysler
representative's statement.

This is the fifth interim supply agreement wherein Plastech will
supply parts for Chrysler while the companies continue to
squabble over their disputed tooling equipment before the U.S.
Bankruptcy Court for the Eastern District of Michigan.

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
--http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.   Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                        About Chrysler LLC

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

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


CO-ORD TRANSPORT: Declares Final Dividend
-----------------------------------------
Co-Ord Transport Pty. Ltd., which is in liquidation, declared
its final dividend on April 3, 2008.

Only creditors who were able to file their proofs of debt by
April 2, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Anthony Stevens Smith
          Ernst & Young
          121 King William Street, Level 12
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8417 1600

                      About Co-Ord Transport

Co-Ord Transport Pty. Ltd. is involved with local trucking
without storage.  The company is located at Alice Springs, in
NT, Australia.


CONSTELLATION: Posts US$610MM Net Loss in Year Ended Feb. 29
------------------------------------------------------------
Constellation Brands Inc. incurred a net loss of US$610 million
for the fiscal year ended Feb. 29, 2008, compared to net income
of US$332 million for the prior year.  The net loss was driven
by an estimated US$822 million of impairment charges primarily
related to goodwill and intangible assets associated with the
company's Australia and U.K. businesses and a US$52 million
deferred tax asset valuation allowance.

"These are non-cash, non-recurring charges to earnings and do
not impact the company's free cash flow, debt covenants or
future operations," said Robert Ryder, Constellation Brands
chief financial officer.

"For fiscal 2008, we achieved our strategic initiatives and
exceeded our key financial goals," stated Robert Sands,
Constellation Brands president and chief executive officer.
"These include the premiumization of brand portfolios, including
the acquisition of SVEDKA Vodka and the Fortune Brands U.S.
premium wine portfolio and the sale of the Almaden and Inglenook
value wine brands, successful implementation of the Crown
Imports transition, reduction of U.S. distributor wine inventory
and creation of a strategic joint venture for the company's U.K.
wholesale business.

"We exceeded our comparable earnings per share estimate for the
year and generated record free cash flow of US$376 million,
which also exceeded our forecast," added Mr. Sands.  "I am
confident in our ability to continue to execute our strategy,
profitably grow our business and generate strong cash flow."

                  Fiscal 2008 Net Sales Commentary

The reported consolidated net sales decrease of 28% primarily
reflects the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method
and U.S. distributor wine inventory reduction, partially offset
by the benefits of the Vincor, SVEDKA and Fortune Brands U.S.
premium wine business acquisitions and favorable foreign
currency.  Organic net sales increased 1% on a constant currency
basis.

Branded wine net sales decreased 2% on an organic constant
currency basis.  For North America, branded wine net sales
decreased 3% on an organic constant currency basis, reflecting
solid growth in Canada, which was more than offset by the
company's initiative to reduce U.S. wine distributor inventory
levels during the first half of fiscal 2008.

"The North American wine market remains healthy, with consumers
continuing the trend of trading up to premium wines such as Clos
du Bois and Wild Horse, which we added to our leading premium
portfolio that includes consumer favorites such as Simi,
Ravenswood, Blackstone, Kim Crawford, and Toasted Head in the
U.S., and Jackson-Triggs and Inniskillin in Canada," explained
Mr. Sands. "These brands all delivered positive sales and
marketplace growth for the year."

Organic net sales for branded wine in Europe increased 4% on a
constant currency basis, primarily due to higher sales of
popular priced wine in mainland Europe and a slight increase in
net sales for the U.K. On a constant currency basis, net sales
for Australia/New Zealand branded wine decreased 2%.

Total spirits net sales increased 26%, primarily due to the
March 2007 acquisition of SVEDKA and 9% growth in organic net
sales reflecting higher average selling prices and an increase
in production services.

"SVEDKA continues delivering phenomenal sales performance and
remains the fastest growing major imported premium vodka brand
in the U.S.," said Mr. Sands. "We are also very pleased with the
marketplace growth generated by other premium spirits in our
portfolio, including Effen Vodka, the 99 Schnapps line,
Ridgemont Reserve 1792 bourbon and Black Velvet Canadian
Whisky."

The decrease in comparable operating income and the increase in
equity earnings for fiscal 2008 were primarily due to the impact
of reporting US$255 million of equity earnings from the Crown
Imports joint venture under the equity method for the entire 12
months in fiscal 2008, compared to US$39 million in equity
earnings for the two months of Crown Imports operations in
fiscal 2007.

"The U.K. is one of the world's largest import wine markets and
wine consumption trends remain robust, while Australia is one of
the largest and most progressive producers and exporters of high
quality New World Wines," stated Mr. Sands.  "We believe in the
long-term value of both of these businesses, and are confident
we are taking the right measures to improve operating
efficiencies and our competitive position in these strategically
important markets. We plan to improve operating results in
fiscal 2009 and beyond."

The company generated record free cash flow of $376 million
versus US$121 million in the prior year.  The increase in free
cash flow was primarily driven by reduced working capital
investment, including reduced tax payments, and lower capital
spending. The company expects the strong free cash flow
generation to continue and is targeting free cash flow in the
range of US$310 million to US$340 million for fiscal 2009.
"Fiscal 2008 demonstrated our increased focus on free cash flow
management and we expect another strong year of cash generation
in fiscal 2009," said Mr. Ryder.

          Fourth Quarter Fiscal 2008 Net Sales Commentary

For the fourth quarter ended Feb. 29, 2008, the company incurred
a net loss of US$831.9 million on net sales of US$884.4 million,
as compared with a net income of US$70.2 million on net sales of
US$1.1 billion for the fourth quarter ended Feb. 28, 2007.

The reported consolidated net sales decrease of 23% primarily
reflects the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method.
The impact of the joint venture reporting was partially offset
by the benefits of favorable foreign currency and the SVEDKA and
Fortune Brands U.S. wine business acquisitions.

Branded wine net sales decreased 2% on an organic constant
currency basis.  For North America, branded wine net sales
decreased 5% on an organic constant currency basis, as the
completion of the reduction in U.S. wine distributor inventories
earlier in the year resulted in a timing shift for the company's
U.S. wine sales.  Under new shipment patterns, and after the
peak holiday selling period in the third quarter, the company
returned to the lower distributor inventory levels achieved at
the end of the second quarter, which negatively impacted growth
in the fourth quarter.

Branded wine organic net sales on a constant currency basis for
Europe increased 4% and Australia/New Zealand by 8%.

Total spirits net sales increased 31% for the quarter, primarily
due to the SVEDKA acquisition and 10% growth in organic net
sales.

                              Outlook

The table below sets forth management's current diluted earnings
per share expectations for fiscal year 2009 compared to fiscal
year 2008 actual results, both on a reported basis and a
comparable basis.

"The expected improvement in comparable earnings for fiscal 2009
includes solid underlying growth of our North America branded
wine business and the Crown Imports joint venture, the benefit
of completing the reduction in U.S. distributor inventories
during fiscal 2008 and anticipated performance improvement for
the company's U.K. and Australia branded wine businesses," said
Mr. Sands.

As of Feb. 29, 2008, the company's balance sheet showed total
assets of $10.0 billion, total liabilities of $7.2 billion, and
stockholders' equity of $2.8 billion.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has a market presence in
the U.K., Australia, Canada, New Zealand, and Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: $500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


FORTESCUE METALS: Transports 1st Ore Train Load From Pilbara
------------------------------------------------------------
The rolling of Fortescue Metal Group's first train load of iron
out of the Pilbara and its automated unloading in the now
commissioning new port, named the Fortescue Herb Elliott Port,
has made Pilbara and Australian resources industry history.

The event marks the completion of Fortescue's first major stage
of wet commissioning of its new infrastructure and iron ore
production facilities.  It included a loaded Fortescue iron ore
train leaving the company's Hunter Siding, near Cloudbreak,
travelling to the Fortescue Herb Elliott Port.

Fortescue Chief Executive Officer Andrew Forrest said the
loading of ore at Hunter Siding was highly significant.  It is
the planned access point for other users as an Open Access
Siding (185 kilometers from the port), and the point where the
proposed spur line out to Fortescue's large Solomon deposit will
branch off its main line.

It coincided with the week that the connection of the entire
rail track between Cloudbreak and the Port will be achieved.

The train was fully and automatically unloaded then stacked into
stockpile areas by the Port's new train unloading conveyor
systems to the iron ore stacking circuits.

Known as FOOT (first ore on train) FMG has now fully tested the
integrity of Fortescue's railway, rolling stock, train
unloading, conveyor and port iron ore stacker systems.

Mr. Forrest said the event was a major breakthrough for the
company, proving the capacity and capability of Fortescue to
quickly design and implement large rail and port infrastructure
facilities in the Pilbara.

"This historic event represents the fulfilment of the dreams of
few, that was then shared by the thousands who built it," Mr.
Forrest said.  "It will change the face of the Pilbara and the
Australian economy forever.

"Through this event, we as a nation take a step to a larger more
competitive economy and exporter.

"This is the first and vital step to commissioning the entire
operation.  It is the major step towards achieving First Ore on
Ship (FOOS), production ramp-up and overall project completion.

"It will be followed by prompt expansion as our product is in
very strong demand.

"The operational commencement of FMG's rail and port heralds the
opening up of Australia's, and one of the world's, richest
mineral provinces and is a milestone achievement for the Pilbara
and Australia.

"Today's achievement will multiply far beyond Fortescue and
other new Pilbara resource companies, leaving behind the
previous stranglehold of Rio Tinto and BHP Billiton.  The event
will herald a new confidence in the permanence and future of the
Pilbara.

"In so doing it will assist the growth of the Chinese, Indian
and broader Asian regions' economies through their critical
steel industries."

Mr. Forrest congratulated the designers, engineers, suppliers
and thousands of people in the construction workforce who were
critical teammates in building the heaviest haul railway line
and port in the world.

First Ore On Ship remains set for mid-May, once commissioning of
the port is completed.

                  The Alannah Mactiernan Express

The first Fortescue train to carry ore was named the Alannah
MacTiernan Express, after the Western Australian Planning and
Infrastructure Minister, Alannah MacTiernan.

Minister MacTiernan launched the rail construction just over one
year ago, on February 8, 2007.  Exactly one year before that on
February 8, 2006, Minister MacTiernan also launched the
construction of the Port.

It was the construction of the Port and the Fortescue/Western
Australian Government State Agreement that heralded the largest
Greenfield bond project financing in history, the financing that
underpinned the project.

                     About Fortescue Metals

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

                           *     *     *

Fortescue reported a net loss for the past three fiscal years.
Net loss for the year ended June 30, 2007, was AU$68.43 million,
while net losses for FY2006 was AU$2.15 million and for FY2005
was AU$4.52 million.


JAMES HARDIE: Trial Date Delayed Due to ASIC's Late Filing
----------------------------------------------------------
Ean Higgins of The Australian reports that Justice Peter Young
in the New South Wales Supreme Court granted procedural
extensions relating to the trial of 10 former directors and
executives of James Hardie Industries Ltd. because the
Australian Securities & Investments Commission has not finished
preparing its evidence.  Mr. Higgins relates that the ASIC was
supposed to file its evidence, witness statements and other
documentation early last month.

According to the report, the next procedural hearing is set down
for April 24.

The ASIC brought actions against:

    * Former chief executive officer Peter Macdonald;
    * Former general counsel Peter Shafron;
    * Former chief financial officer Phillip Morley;
    * Chairman Meredith Hellicar;
    * Director Michael Brown;
    * Director Michael Gillfillan;
    * Board Member Peter Willcox;
    * Board Member Martin Koffel;
    * Board Member Greg Terry; and
    * Dan O'Brien.

The Australian relates that the ASIC claims statements prepared
by executives and approved by directors in 2001 were false when
James Hardie said that an independent compensation trust it
established to cover future asbestos disease claims would be
"fully funded" with AU$293 million.

Former James Hardie officers have denied any wrongdoing, states
The Australian.

Justice Young has named Ian Gzell as his preferred trial judge.
If the parties finds his nominee unacceptable, Justice Young
said he might get a judge from New Zealand, relates The
Australian.  Justice Young selected Justice Gzell partly because
he had "computer skills," the report relates.

According to The Australian, the choice of judge has proved
problematic because many senior lawyers from a variety of firms
will be called as witnesses, as will prominent individuals with
whom many judges have had connections.  Justice Young
acknowledged that Justice Gzell did know one of the key players
-- Sir Llew Edwards, chairman of the asbestos compensation
trust, the Medical Research & Compensation Foundation, adds The
Australian.

                         About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.

The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

As reported by Asbestos Litigation on Feb. 16, 2007, the
Australian Securities & Investments Commission has sued
James Hardie Industries NV, claiming the Company misled
investors over the cost of compensating people sickened by
asbestos. The ASIC said that Chairman Meredith Hellicar, former
Chief Executive Officer Peter MacDonald and eight other
officials face bans from running a public company and fines of
more than AU$200,000 or US$160,000.

The suit centers on a Feb. 16, 2001, press release when the
Company said a newly created AUD293 million fund was
"sufficient" to compensate victims of asbestos poisoning. A
government inquiry later found the fund would have run out of
money in three years and the Company was forced to set up a new
AU$1.6 billion compensation fund.


OPES PRIME: Creditors May Lose Up to Half of Investment
-------------------------------------------------------
Receivers of Opes Prime Group Ltd. says that unsecured creditors
could lose up to half of their investment, Ben Sharples and
James McCullough write for The Sunday Mail.

The advice, reports The Sunday Mail, comes as the Opes Prime
fallout continues to unsettle a fragile stock market and more
clients seek legal action to prevent the sale of their shares.

One of the receivers, Chris Campbell of Deloitte Corporate
Reorganisation Group, told Sky News Business, "The unsecured
creditors will be lucky to get all their money back, very lucky.
Losing half their money -- that might be the case, but at this
stage it is too early to call."

The report relates that Mr. Campbell said the critical factor in
working out how much would be returned to unsecured creditors
was the money that could be recovered from the irregular
accounts within Opes Prime Stockbroking, and a group of assets
outside the stockbroking group.

The Troubled Company Reporter-Asia Pacific reported on April 7,
2008 that receivers of Opes Prime 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.

The Sunday Mail notes that these assets include property, loans
against properties, motor vehicles, loans to other corporates
and some hedge fund investments.

Mr. Campbell is quoted by The Sunday Mail as saying, "We've been
approached by a number of other parties that are indicating to
us that they will be seeking injunctions.  I think at the last
count there was something between 26 and 30 legal firms coming
at us on behalf of clients, that was across Australia so there
is quite a bit of activity there."

The Sunday Mail adds that the accounts of up to 1,200 unsecured
Opes clients have been frozen.

                          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.


PROTEL COMMUNICATIONS: Members Receive Wind-Up Report
-----------------------------------------------------
Protel Communications International Pty. Ltd.'s estate
liquidator met with the company's members on April 7, 2008, and
provided them with property disposal and winding-up reports.

The company's liquidator is:

           Craig Lehmann Farrow
           Brentnalls SA Chartered Accountants
           255 Port Road
           Hindmarsh, South Australia 5007
           Australia

                    About Protel Communications

Protel Communications International Pty. Ltd. provides
communications services.  The company is located at Doonan, in
Queensland, Australia.


REDLEDGE PTY: Commences Liquidation Proceedings
-----------------------------------------------
Redledge Pty. Ltd.'s members agreed on Feb. 27, 2008, to
voluntarily liquidate the company's business.  The company
appointed Christopher Michael Williamson and Kimberley Andrew
Strickland to facilitate the sale of its assets.

The liquidators can be reached at:

           Christopher Michael Williamson
           Kimberley Andrew Strickland
           c/o SimsPartners
           40 St George's Terrace, Level 12
           Perth, Western Australia 6000
           Australia

                       About Redledge Pty.

Redledge Pty. Ltd. is a distributor of construction and mining
machineries.  The company is located at Boulder, in Western
Australia, Australia.


SCA 246D PTY: Members' Final Meeting Set for April 16
-----------------------------------------------------
R. A. Ferguson, SCA 246D Pty. Ltd.'s estate liquidator will meet
with the company's members on April 16, 2008, at 10:00 a.m. to
provide them with property disposal and winding-up reports.

The company's liquidator is:

           R. A. Ferguson
           c/o Fergusons Chartered Accountants
           115 Grenfell Street, Level 8
           Adelaide, South Australia 5000
           Australia

                           About SCA 246D

SCA 246D Pty. Ltd. is a distributor of industrial supplies.  The
company is located at Wetherill Park, in New South Wales,
Australia.


SCW040 PTY: Liquidator to Present Wind-Up Report on April 16
------------------------------------------------------------
SCW040 Pty. Ltd.'s estate liquidator will meet with the
company's members on April 16, 2008, at 10:00 a.m. to provide
them with property disposal and winding-up reports.

The company's liquidator is:

           R. A. Ferguson
           c/o Fergusons Chartered Accountants
           115 Grenfell Street, Level 8
           Adelaide, South Australia 5000
           Australia

                         About SCW040 Pty.

SCW040 Pty. Ltd. is a distributor of wines, brandy, and brandy
spirits.  The company is located at Adelaide, in South
Australia, Australia.


SCW357 PTY: Members to Hear Wind-Up Report on April 16
------------------------------------------------------
SCW357 Pty. Ltd.'s estate liquidator will meet with the
company's members on April 16, 2008, at 10:00 a.m. to provide
them with property disposal and winding-up reports.

The company's liquidator is:

           R. A. Ferguson
           c/o Fergusons Chartered Accountants
           115 Grenfell Street, Level 8
           Adelaide, South Australia 5000
           Australia

                          About SCW357 Pty.

SCW357 Pty. Ltd. operates liquor stores.  The company is located
at Adelaide, in South Australia, Australia.


SRP500 PTY: Members to Receive Wind-Up Report on April 16
---------------------------------------------------------
SRP500 Pty. Ltd.'s estate liquidator will meet with the
company's members on April 16, 2008, at 10:00 a.m. to provide
them with property disposal and winding-up reports.

The company's liquidator is:

           R. A. Ferguson
           c/o Fergusons Chartered Accountants
           115 Grenfell Street, Level 8
           Adelaide, South Australia 5000
           Australia

                          About SRP500 Pty.

Located at Adelaide, in South Australia, Australia, SRP500 Pty.
Ltd. is an investor relation company.


SUNSTATE PIPELINES: Placed Under Voluntary Liquidation
------------------------------------------------------
Sunstate Pipelines Pty. Ltd.'s members agreed on Feb. 24, 2008,
to voluntarily liquidate the company's business.  The company
has appointed M. C. Woolcock to facilitate the sale of its
assets.

The liquidator can be reached at:

           M. C. Woolcock
           Woolcock & Associates
           6/61 Burnett Street
           Buderim, Queensland 4556
           Australia

                      About Sunstate Pipelines

Sunstate Pipelines Pty. Ltd. is in the business of water, sewer,
and utility lines.  The company is located at Maroochydore, in
Queensland, Australia.


WESTPOINT GROUP: Investor Wins Case Against Adviser Brannelly
-------------------------------------------------------------
The Queensland Court of Appeal dismissed an appeal by financial
adviser Paul Brannelly on a decision by District Court Judge
Michael Forde in August that favors investor James Delmenico,
reports the Australian Associated Press.

The report relates that in 2005, James Delmenico invested
AU$100,000 in Bayshore Mezzanine.  Bayshore (Port Melbourne Pty.
Ltd.) is a Westpoint entity under external administration.
According to the AAP, Mr. Brannelly wrote to Mr. Delmenico
stating that one of the "highlights" of the investment was the
guarantee provided by Westpoint.

Administrators were appointed to Bayshore on December 6, 2005,
and Mr. Delmenico was left out of pocket, notes the AAP.  Mr.
Delmenico took court action under the ASIC Act, claiming
misleading or deceptive conduct by Brannelly Financial, and
alternatively, negligence.  Judge Forde ruled in favor of Mr.
Delmenico for AU$114,736, together with costs of the action.

According to the report, Mr. Brannelly appealed the decision,
claiming Mr. Delmenico had acted, not on the advice or
information of Brannelly Financial, but "upon an erroneous
understanding of the structure of the investment for which he
alone was responsible".  His lawyers also argued it was not open
for the judge to find negligence, states the AAP.

The court dismissed Mr. Brannelly's appeal saying, "There can be
no real doubt that the respondent (Mr. Delmenico) was misled by
the appellants as to the structure of the investment and the
security of the investment.  The appeal should be dismissed,"
relates the AAP.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties

with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.




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

AGRICULTURAL BANK: Strengthens Partnership With Diebold
-------------------------------------------------------
With a solution powered by Diebold, Incorporated, customers of
the Agricultural Bank of China can now interact effortlessly
with their financial institution through an expanded self-
service network that includes an additional 1,400 Opteva
automated teller machines and Bulk Cash Recyclers.  This
relationship with Diebold provides Agricultural Bank a greater
reach into its widespread customer base, which will benefit from
the many new banking services and enhanced accessibility the
Opteva 328 ATM offers.

"Agricultural Bank of China's partnership with Diebold also
furthers the financial institution's efforts to grow its self-
service network, assisting in accelerating branch transformation
and strengthening market share," said Daniel Hu, Diebold's vice
president and managing director, North Asia and China.  "Diebold
prides itself on offering innovative solutions that will
position financial institutions with the necessary resources to
meet any end- user need."

The launch of the new Diebold Opteva ATM fleet will enable
customers to make hassle-free deposits without the need for a
banking card.  This allows farmers and other agricultural
workers to transfer funds without a card to their families, who
traditionally live in remote rural areas, for easy withdrawal
from Agricultural Bank of China's branches using an ATM card.
Diebold's innovative solution will streamline these customers'
transactions, improving the nature of banking for China's
agriculture industry.

Agricultural Bank is among the four largest state-owned
commercial banks in China, with more than 31,000 branches and
banking offices across the country.  Its focus has been on
improving productivity and reducing costs while better serving
its growing customer base.  Abroad, Agricultural Bank is listed
as one of the World's Top 500
companies by Fortune.

Diebold's well-tailored strategy has assisted the bank in
implementing a self-service solution that offers its customers
the advanced functionality they require. This partnership also
will help the bank build stronger, more lasting relationships
with customers, which aligns well with its strategy to improve
efficiencies while facilitating growth.

"An additional benefit for the financial institution is
Diebold's unparalleled service offerings," Mr. Hu said.  "These
services will provide the support necessary to simplify
Agricultural Bank of China's transition to a larger self-service
network and will allow the financial institution to optimize its
long-term strategy through enhanced accessibility, improved
uptime and increased profits."

                          About Diebold

Diebold, Incorporated is a global leader in providing integrated
self-service delivery and security systems and services. Diebold
employs more than 17,000 associates with representation in
nearly 90 countries worldwide and is headquartered in Canton,
Ohio, USA. Diebold reported revenue of US$2.9 billion in 2006
and is publicly traded on the New York Stock Exchange under the
symbol 'DBD.'

                     About Agricultural Bank

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BEIJING SHOUGANG: Inks Contracts Worth US$11 Mil. With Liaoning
---------------------------------------------------------------
A-Power Energy Generation Systems, Ltd., said its acquisition
candidate, Liaoning International Construction & Engineering
Group, has signed two phase 1 construction contracts with
Beijing Shougang Co., Ltd., worth a total of US$11 million.

Beijing Shougang, founded in 1919, is the fourth largest steel
producer in China and is working closely with the People's
Republic of China government to relocate all of its heavy
polluting steel factories out of Beijing into neighboring
provinces prior to the Olympic Games.

Mr. Jinxiang Lu, A-Power's Chairman and CEO, commented, "We are
looking forward to completing the acquisition of Liaoning
International Construction & Engineering Group.  The acquisition
of LICEG will be a strategic addition and extension of our
design, construction, installation and project management
capabilities and will expand our business domestically while
simultaneously accelerating our entry into the international
markets.  LICEG reported 2007 revenue of US$93 million
(unaudited) and net income of approximately Us$3 million
(unaudited).  By grafting our processes and control systems onto
their contracts we expect to be able to bring their profit
margins up to ours over time.

"Following the acquisition of LICEG and through its initial
contracts with Beijing Shougang, we believe that we will be the
only non state-owned company involved in the relocation of large
factories from Beijing to neighboring provinces.  With the
upcoming Olympic Games and the new Clean Air Act, many
companies, including Beijing Shougang, are receiving government
support to close down and relocate to areas outside of Beijing.
We expect these initial contracts to be the beginning of our co-
operation with Beijing Shougang and its massive $5 billion
relocation process."

A-Power Energy Generation Systems, Ltd., formerly Chardan South
China Acquisition Corp., through its PRC operating subsidiary,
Liaoning GaoKe Energy Group Co., Ltd., is the largest provider
of distributed power generation systems in China and will enter
into China's wind energy market in 2008.  The company is also
focused on developing and commercializing additional renewable
energy technologies and has strategic relationships with both
Tsinghua University and the China Sciences Academy in Guangzhou.

                       About Beijing Shougang

Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in
the iron and steel industry.  The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag.  The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries.  As of Dec. 31,
2005, the company had three major subsidiaries and three major
associates.

The company has been widely accused of being one of Beijing's
major polluters.  Beijing Shougang carries Xinhua Far East China
Ratings BB+ issuer credit rating.


BRUTUS FASHIONS: Commences Liquidation Proceedings
--------------------------------------------------
Brutus Fashions Limited's members agreed on March 14, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Natalia K M Seng and Susan Y H Lo to facilitate the
sale of its assets.

The liquidators can be reached at:

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


CHINA EASTERN: Regulator Investigating Pilots' Protest
------------------------------------------------------
The Civil Aviation Administration of China said that the pilots
of China Eastern Airlines Corp. who cancelled flights will be
punished if they deliberately violated flight schedules, Irene
Shen of Bloomberg News reports.  China's aviation regulator
began an investigation over reports that the pilots had
disrupted flights in a protest over pay and conditions, the
report relates.

According to Bloomberg, citing Xinhua News Agency, a total of 18
China Eastern flights from southwestern Yunnan province turned
back midway on March 31, stranding more than 1,000 passengers.
China Eastern explained last week that the pilots returned due
to poor weather.

Chinese newspapers including Guangzhou Daily have said that the
pilots disrupted the flights to seek higher salaries and better
working conditions, Bloomberg notes.

Ms. Shen says China Eastern spokesman Li Jiang didn't return her
calls for comment.

                         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 HERITAGE: Members' Meeting Set for May 7
----------------------------------------------
Members of China Heritage Arts Foundation Limited will have
their final general meeting on May 7, 2008, on the 4th Floor and
5th Floor of Central Tower at 28 Queen's Road Central in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

          Angus Hamish Forsyth
          Central Tower, 4th Floor & 5th Floor
          28 Queen's Road Central, Hong Kong


CHINASAILS DEV'T: Creditors' Proofs of Debt Due April 30
--------------------------------------------------------
Creditors of Chinasails Development Limited are required to file
their proofs of debt by April 30, 2008, to be included in the
company's dividend distribution.

Te company commenced liquidation proceedings on March 28, 2008.

The company's liquidator is:

          Fan Wai Yuen
          Two Grand Tower, 1404
          625 Nathan Road
          Mongkok, Kowloon


CHINA TOP: Commences Liquidation Proceedings
--------------------------------------------
China Top Trading Limited's members agreed on March 26, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Chok-Man Yik to facilitate the sale of its assets.

The liquidator can be reached at:

           Chok-Man Yik
           Manulife Tower, 15th Floor
           169 Electric Road
           North Point, Hong Kong


COMFORT DEVELOPMENT: Creditors' Proofs of Debt Due April 11
-----------------------------------------------------------
Creditors of Comfort Development Limited are required to file
their proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Paul Jeremy Brough
          Edward Simon Middleton
          Alexandra House, 17th Floor
          18 Charter Road
          Central, Hong Kong


COTTEEN INVESTMENT: Creditors' Proofs of Debt Due April 21
----------------------------------------------------------
Creditors of Cotteen Investment Limited are required to file
their proofs of debt by April 21, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 20, 2008.


The company's liquidator is:

          Yan Tai Wah
          Dah Sing Life Building
          99-105 Des Vouex Road
          Central, Hong Kong


EASTERN HARBOUR: Commences Liquidation Proceedings
--------------------------------------------------
Eastern Harbour Crossing Company Limited's members agreed on
March 14, 2008, to voluntarily liquidate the company's business.
The company has appointed Paul Jeremy Brough and Patrick Cowley
to facilitate the sale of its assets.

The liquidators can be reached at:

           Paul Jeremy Brough
           Patrick Cowley
           KPMG
           Prince's Building, 8th Floor
           10 Charter Road
           Central, Hong Kong


FORDKING DEVELOPMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Fordking Development Limited's members agreed on March 20, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Cheung Fong Ming to facilitate the sale of its
assets.

The liquidator can be reached at:

           Cheung Fong Ming
           Two International Finance Centre
           8 Finance Street, 72-76th Floor
           Central, Hong Kong


HUA XIA: Shareholders Approve Private Share Placement Plan
----------------------------------------------------------
Shareholders of Hua Xia Bank has approved of the private share
placement plan, according to SinoCast, allowing the bank to
issue certain common shares to three current shareholders,
Shougang Group, State Grid Corporation and Deutsche Bank.

According to SinoCast, "Shougang Group plans to subscribe for
CNY3.94 billion worth of shares, State Grid Corporation CNY3.7
billion shares and the strategic investor of Hua Xia Bank CNY3.9
billion shares."

The size of the share placement will be the total sum of the
shares that the three have agreed to buy, SinoCast reports
citing Hua Xia Bank.  The new shares will be priced at 90% of
the average in the 20 trading days prior to the base date for
pricing, the report adds.

Hua Xia Bank will collect CNY11.5 billion from the private share
placement, which will be used to replenish its core capital
after excluding placement fees, the report relates.

                         About Hua Xia Bank

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.  According to Fitch, Hua
Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


JABIL CIRCUIT: S&P Downgrades Senior Unsecured Ratings to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on St. Petersburg, Florida-based
Jabil Circuit Inc. to 'BB+' from 'BBB-', following the company's
revised outlook for the balance of fiscal 2008.  The outlook is
stable.

At the same time, S&P assigned a '4' recovery rating to the
company's $250 million 8.25% notes due 2018 and its $300 million
5.875% notes due 2010, indicating that lenders can expect an
average recovery (30% to 50%) in the event of payment default.

Jabil lowered its revenue and earnings expectations for the next
two quarters, reflecting near-term decreased demand from
previously estimated levels, principally in the
telecommunications and television display sectors it serves.
Prospects for improvement in leverage, currently high for the
rating at 2.7x, have been delayed.  In addition, the company's
exposure to consumer end markets, about 32% of trailing-12-month
revenues as of Feb. 29, 2008, could remain under pressure and
dampen operating trends.

"The rating reflects highly competitive, relatively low-margin
industry characteristics, modest customer concentration, and
variable profitability metrics, said Standard & Poor's credit
analyst Lucy Patricola.  "These factors are offset by good
liquidity and leverage that is consistent with the rating."

Jabil is a leading provider of electronics manufacturing
services to such leading original equipment manufacturers as
Koninklijke Philips Electronics N.V., Nokia Corp., Cisco Systems
Inc., and Hewlett-Packard Co.  Jabil had about $1.6 billion in
total debt outstanding, including operating leases, pension
adjustments, and securitizations, as of Feb. 29, 2008.

                    About Jabil Circuit

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is
an electronic product solutions company providing comprehensive
electronics design, manufacturing and product management
services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20
countries, including Brazil, Mexico, Austria, and China.


MORNING SIGNAL: Members' Meeting Set for April 30
-------------------------------------------------
Members of Morning Signal Development Limited will have their
final general meeting on April 30, 2008, at Flat A, 2nd Floor,
Tung Tai Building, Nos. 118-124, Main Street East, Shaukiwan, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator can be reached at:

          Wong Tak Shing
          Tung Tai Building, Flat A, 2nd Floor
          Nos. 118-124, Main Street East
          Shaukiwan, Hong Kong


NETTEST (HONG KONG): Liquidator Quits Post
------------------------------------------
On March 27, 2008, Yau Tsz Sang stepped down as liquidator for
Nettest (Hong Kong) Limited, which is undergoing liquidation.


PANDOL INTERNATIONAL: Creditors' Proofs of Debt Due May 5
---------------------------------------------------------
Creditors of Pandol International Limited are required to file
their proofs of debt by May 5, 2008, to be included in the
company's dividend distribution.

Te company commenced liquidation proceedings on February 18,
2008.

The company's liquidators is:

          Lucy T. Pandol
          Road 192, Country Line Road
          Delano, California 93215
          United States


PETROLEOS DE VENEZUELA: May Fail to Maintain Oil Shipments
----------------------------------------------------------
The Economist relates that Petroleos Venezuela SA may not be
able to maintain oil shipments "indefinitely" to nations "lining
up" for Venezuela's attendants.

According to The Economist, Petroleos de Venezuela's output is
decreasing, while domestic oil consumption is increasing.

The Economist notes that Petroleos de Venezuela exports
one million barrels per day of oil to the U.S. and has to pay
full-price sales for its imports.

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.


PETROLEOS DE VENEZUELA: Production Costs Increase 21.7% in 2007
---------------------------------------------------------------
Petroleos de Venezuela SA's production costs, excluding
operational accords, increased 21.7% to US$4.88 per barrel in
2007, compared to US$4.01 per barrel in 2006, Marianna Parraga
at El Universal reports.

El Universal relates that oil production costs per barrel rose
13.6% to US$4.93 in 2007, from 2006, the highest oil production
cost per barrel over the last five years.

According to El Universal, Petroleos de Venezuela's' financial
statements indicate that the consolidated operational expenses
rose to US$14.95 billion in 2007, from US$14.77 billion in 2006.
Exploration costs increased to US$154 million in 2007, compared
to US$100 million in 2006.

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.


PRIME SKILL: Members' Meeting Set for April 30
----------------------------------------------
Members of Prime Skill Limited will have their final general
meeting on April 30, 2008, at Flat A, 2nd Floor, Tung Tai
Building, Nos. 118-124, Main Street East, Shaukiwan, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

          Wong Tak Shing
          Flat A, 2nd Floor
          Tung Tai Building
          Nos. 118-124, Main Street East
          Shaukiwan, Hong Kong


PROMITEX LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Promitex Limited's members agreed on March 17, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Luk Wing Hay to facilitate the sale of its assets.

The liquidator can be reached at:

           Luk Wing Hay
           Surson Commercial Building, 9th Floor
           140-142, Austin Road
           Tsimshatsui, Kowloon


ROYAL CARIBBEAN: Fleet Expansion Prompts S&P's Rating Cut to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on Miami, Florida-based Royal Caribbean Cruises Ltd. to
'BB+' from 'BBB-'.  The rating outlook is stable.

"The downgrade reflects our assessment that given its
aggressive, partially debt-financed fleet expansion strategy,
RCL will not generate sufficient growth in EBITDA to drive its
credit metrics to levels we have outlined as consistent with an
investment-grade rating over the intermediate term," explained
Standard & Poor's credit analyst Ben Bubeck.

More specifically, the previous rating incorporated the
expectation that leverage, adjusted for operating leases and
port commitment fees, would trend to less than 4x.  Despite
EBITDA growth of 8% in 2007, leverage remains in the mid-4x
area, and S&P does not expect RCL to meet the 4x target until at
least 2010, primarily due to fleet-related investments.

Capital expenditures associated with RCL's fleet expansion are
expected to substantially exceed the company's operating cash
flow generation over the next few years, precluding the
company's ability to drive improvement to its credit metrics via
debt repayment.  Finally, while cruise industry performance has
thus far fared well despite the slowing U.S. economy, economic
factors, including rising fuel costs, weigh into S&P's forward
view of RCL's performance, though the company affirmed its full-
year guidance in its 10-K filed on Feb. 19, 2008.

The rating on RCL reflects an aggressive financial risk profile,
the capital-intensive nature of the cruise industry, and the
sensitivity of the travel and leisure sector to economic cycles.
These factors are somewhat offset by RCL's solid brands, a
relatively young and high-quality fleet of ships, high barriers
to entry in the cruise industry, and an experienced management
team.

The issue-level rating RCL's senior notes and debentures also
was lowered to 'BB+' (at the same level as the corporate credit
rating on the company) from 'BBB-'.  A recovery rating of '3'
was assigned to this debt, indicating that lenders can expect
meaningful (50% to 70%) recovery in the event of a payment
default.  Although S&P's analysis indicates recovery in the 90%
to 100% range, the recovery rating has been capped at '3' due to
the possibility that RCL may incur additional and potentially
secured debt as its credit profile weakens, material enough to
reduce S&P's recovery estimate.  Typically, as a company with a
high-speculative-grade rating transitions down the rating scale,
which is the case under S&P's simulated default scenario,
incremental debt, often secured, is added to the capital
structure.  It should be noted, however, that RCL does not
currently have any secured debt in its capital structure, and
the terms of its existing unsecured facilities limit the amount
of secured debt that the company can take on.

Based in Miami, Florida, Royal Caribbean Cruises Ltd. --
http://www.royalcaribbean.com/-- operates a cruise line with
more than 170 destinations worldwide including China, Vietnam,
Australia, and an array of shore excursions and cruise tour
options.  The company's ships offer itineraries, activities and
amenities designed to appeal to every taste, energy level and
age group giving guests the opportunity to create their own
adventure.


THE SHOP OF GREEN AND FOUND: Liquidator Quits Post
--------------------------------------------------
On March 20, 2008, Au Yan Alfred stepped down as liquidator for
The Shop of Green and Found Limited, which is undergoing
liquidation.


TRANSWORLD PRODUCE: Creditors' Proofs of Debt Due May 5
-------------------------------------------------------
Creditors of Transworld Produce Limited are required to file
their proofs of debt by May 5, 2008, to be included in the
company's dividend distribution.

Te company commenced liquidation proceedings on February 18,
2008.

The company's liquidator is:

          Lucy T. Pandol
          Road 192, Country Line Road
          Delano, California 93215
          United States




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

ANDREW YULE: Expects to Complete Rehabilitation by FY2008-2009
--------------------------------------------------------------
The restructuring and rehabilitation exercise of Andrew Yule &
Company Ltd is expected to be completed by the end of 2008-09
and is set to earn profit this year, Ambar Singh Roy of Business
Line reports.

Andrew Yule had been referred to Bureau of Industrial and
Financial Reconstruction under Registered Case No. 501/2003.
The BIFR, in its order dated Oct. 5, 2004, declared the company
sick and appointed IDBI as Operating Agency for finalization of
the Draft Rehabilitation Scheme.  The BIFR approved the
company's rehabilitation scheme on Oct. 30, 2007.

As part of the BIFR-approved revival package, Andrew Yule would
spin off its electrical and engineering businesses into separate
companies, while its tea business would be retained under its
own banner, Chairman & Managing Director Kallol Datta told
Business Line.  The company would also unlock its investments
and bond issues in other companies with a view to generating the
cash funding that is required under the revival package, Mr.
Datta added, the report relates.

Andrew Yule intends to divest its equity holdings in associate
companies including Phoenix Yule, Tide Water Oil Co (I) Ltd and
DPSC Ltd, Business Line said.  The company has tapped
PricewaterhouseCoopers Ltd to fix the value of its 26% stake in
Phoenix Yule, which holding is expected to be offloaded in
favour of Phoenix, which has the first right of refusal, the
news agency noted.

According to a company filing with the Bombay Stock Exchange,
the Rehabilitation Scheme provides that in order to reduce the
company's accumulated loss, the face value of its equity shares
is to be reduced from existing INR10 to INR2.  The company's
board of directors fixed April 4, 2008, as the Record Date for
the capital reduction.  As of March 31, 2007, the company had an
accumulated loss of INR410 crore, Business Line noted.

Headquartered in Kolkata, India, Andrew Yule & Co. Ltd.
manufactures and distributes machinery including industrial fans
and blowers, air pollution control systems and tea processing
machinery.

Andrew Yule had been referred to Bureau of Industrial and
Financial Reconstruction under Registered Case No. 501/2003.
The BIFR, in its order dated Oct. 5, 2004, declared the company
sick and appointed IDBI as Operating Agency for finalization of
the Draft Rehabilitation Scheme.  The BIFR approved the
company's rehabilitation scheme on Oct. 30, 2007.


ANDREW YULE: Books INR132 Mil. Net Loss in Qtr. Ended Dec. 31
-------------------------------------------------------------
Andrew Yule & Co. Ltd. reported a net loss of INR132.23 million
in the three months ended Dec. 31, 2007, an improvement compared
to the INR162.81 million loss incurred in the same three-month
period in 2006.

Total revenues increased from INR423.97 million in the quarter
ended Dec. 31, 2006, to INR566.47 million in 2007.  With
operating expenditures of INR623.53 million, Andrew Yule booked
an operating loss of INR57.06 million in the quarter ended
Dec. 31, 2007.

In Oct.-Dec. 2007, the company also recorded interest charges
totaling INR64.02 million, depreciation of INR10.36 million and
INR780,000 in taxes.

Headquartered in Kolkata, India, Andrew Yule & Co. Ltd.
manufactures and distributes machinery including industrial fans
and blowers, air pollution control systems and tea processing
machinery.

Andrew Yule had been referred to Bureau of Industrial and
Financial Reconstruction under Registered Case No. 501/2003.
The BIFR, in its order dated Oct. 5, 2004, declared the company
sick and appointed IDBI as Operating Agency for finalization of
the Draft Rehabilitation Scheme.  The BIFR approved the
company's rehabilitation scheme on Oct. 30, 2007.


AXIS BANK: Board to Consider Annual and Q4 Results on April 21
--------------------------------------------------------------
AXIS Bank Ltd. informed the Bombay Stock Exchange that its
board of directors will hold a meeting on April 21, 2008, inter
alia, to consider and take on record the company's audited
annual and unaudited quarterly financial results for the period
ended March 31, 2008.

The board may also consider declaring a dividend for the
financial year 2007-08, if any.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations.  The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

The bank currently holds Moody's Investors Service's Ba2 rating
that was placed on July 1, 2005.


QUEBECOR WORLD: Loses Catalog Deal; May Lose Parent Business
------------------------------------------------------------
Quebecor World, Inc., lost its contract with Canadian Tire Corp.
when the company decided to switch from print paper catalogs to
an online version, the Canadian Press reported.

According to Lisa Gibson, spokesperson for Canadian Tire,
company research on customer shopping habit found that customers
are spending a lot more time online, The Canadian Press said.

                       Quebecor Inc. Business

Globe and Mail reported that Quebecor World Inc. is now facing
the possibility that its parent, Quebecor Inc., will switch to
another printer to handle some of its magazine titles.

According to Globe and Mail, a Quebecor spokeman said
Publications TVA Inc., Quebec's largest consumer magazine
publisher, is considering entering into printing agreements with
rivals of Quebecor World for a handful of publications.

"Publications TVA is assessing the possibility of letting a
minority percentage [of its magazines] go to other printing
companies, for practical and logistical reasons," Luc Lavoie
told Globe and Mail.

The report relates that no final decision has been made yet.
Mr. Lavoie told Globe and Mail that Quebecor World will continue
to print the "vast majority" of the 50 or so magazines in the
TVA stable.

                        About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related $600 million super priority senior secured term loan was
rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR: 517,184 Preferred Shares for Conversion on June 1
-----------------------------------------------------------
Quebecor World Inc. said that, on or prior to March 27, 2008, it
received notices in respect of 517,184 of its remaining
3,024,337 issued and outstanding Series 5 Cumulative Redeemable
First Preferred Shares (TSX: IQW.PR.C) requesting conversion
into the Company's Subordinate Voting Shares (TSX: IQW).

In accordance with the provisions governing the Series 5
Preferred Shares, registered holders of the shares are entitled
to convert all or any number of their Series 5 Preferred Shares
into a number of Subordinate Voting Shares effective as of
June 1, 2008, provided holders gave notice of their intention to
convert at least 65 days prior to the Conversion Date.  The
Series 5 Preferred Shares are convertible into that number of
the Company's Subordinate Voting Shares determined by dividing
CA$25.00 together with all accrued and unpaid dividends on such
shares up to May 31, 2008 by the greater of (i) CA$2.00 and (ii)
95% of the weighted average trading price of the Series 5
Preferred Shares on the Toronto Stock Exchange during the period
of 20 trading days ending on May 28, 2008.

The next conversion date on which registered holders of the
Series 5 Preferred Shares will be entitled to convert all or any
number of such shares into Subordinate Voting Shares is Sept. 1,
2008, and notices of conversion must be deposited with the
company's transfer agent, Computershare Investor Services Inc.,
on or before June 27, 2008.

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 11; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related $600 million super priority senior secured term loan was
rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


TATA MOTORS: S&P Lowers Corporate Credit Ratings to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on India's Tata Motors Ltd. to 'BB' from 'BB+'.  At the
same time, Standard & Poor's lowered to 'BB' from 'BB+' the
ratings on all Tata Motors' rated debt.  These ratings
remain on CreditWatch with negative implications.

This rating action comes after Tata Motors' recent announcement
on its agreement with Ford Motor Co. for the purchase of Jaguar
and Land Rover, comprising brands, plants, and intellectual
property rights.  The transfer of ownership to Tata Motors, as
announced, is expected to close by the end of the
second quarter of 2008, subject to applicable regulatory
approvals.  Tata Motors will pay a total of approximately US$2.3
billion in cash for Jaguar and Land Rover, out of which Ford
will then contribute up to US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

"The rating action reflects Tata Motors' heightened financial
leverage, resulting from the US$3 billion bridge loan mobilized
to fund this transaction," said Standard & Poor's credit analyst
Anshukant Taneja.  "It also reflects a more challenging business
environment, both for the company's domestic passenger and
commercial vehicle segments in India and for the high-end luxury
car segments in the key markets for Jaguar and Land Rover."

Tata Motors intends to fund the acquisition with new equity of
up to US$1 billion.  While the company has demonstrated adequate
financial flexibility and benefits from its parentage, Standard
& Poor's would factor in the impact of such equity inflows only
when they are successfully concluded.

While JLR has recently demonstrated some improvement in its
profits and cash flows, this trend remains susceptible to
changing demand and rising operating costs, both of which are
currently vulnerable in prevailing macroeconomic conditions.  In
this backdrop, Tata Motors also intends to continue with its
relatively aggressive capital spending plans for its existing
Indian operations as well as the newly acquired JLR operations.

"This could result in still higher leverage and a potentially
protracted improvement in its credit metrics," Mr. Taneja said.
"Nonetheless, the increase in Tata Motors' geographic diversity
and presence in uncorrelated business segments, which may add to
revenue stability, has been factored in the current ratings."

The CreditWatch negative position reflects concerns related more
to Tata Motors' long-term financing arrangements for replacing
the existing bridge facility and limited details on its plans
for the transition of JLR operations.  A greater level of
certainty addressing these issues would be required for the
CreditWatch resolution. Overall, the likelihood of a further
lowering of the ratings is relatively low assuming:

   (1) the bridge facility refinancing risks are addressed,

   (2) Tata Motors' capital commitments to its domestic
       operations and to JLR remain broadly at the levels given
       by the company, and

   (3) the transition of the JLR assets from Ford proceeds as
       expected.

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.


TATA MOTORS: Hitachi JV to Acquire 60% of Comoplesa Lebrero
-----------------------------------------------------------
Telco Construction Equipment Company Limited, a 60:40 joint
venture between Tata Motors Ltd. and Japan's Hitachi
Construction Machinery Co. Ltd., has signed an agreement with
the existing shareholders of Comoplesa Lebrero S.A., Spain, for
acquisition of their 60% stake in the company.  The balance will
be retained by the existing shareholders who will continue to be
associated with the venture.

Speaking on the occasion of signing the agreement, Ranaveer
Sinha, Managing Director of Telcon, said, "This acquisition
helps Telcon enhance product offerings in the road and general
construction value chain.  Telcon, Hitachi and Lebrero will work
together to identify opportunities and leverage their presence
in the global market."

Over the past four years, Lebrero was sourcing components from
Telcon for its product.  Telcon's acquisition of a stake in
Lebrero will strengthen the association further.

                            About Telcon

Telcon is the largest manufacturer of construction equipment in
India.  Telcon was set up in 1999 as a wholly-owned subsidiary
of Tata Motors by the spin-off of the Construction Equipment
Business Unit of Tata Motors.  Subsequently, in 2000, Tata
Motors inducted Japan's Hitachi Construction Machinery Co. Ltd.
into Telcon by divesting 20% of its shareholding; in 2005, HCMC
increased its shareholding to 40%.  Telcon is in the business of
designing, manufacturing, assembling, selling, distributing and
dealing in all services related to earth moving machinery and
construction equipment with manufacturing facilities at
Jamshedpur and Dharwad and a marketing and service network
across India.  It has formed a joint venture, Telcon Ecoroad
Resurfaces Pvt. Ltd., with HCM, GreenArm Japan, and IVRCL India
to promote environment-friendly road resurfacing technology in
India.  Telcon has also acquired a 79% stake in Serviplem S.A.
of Spain, which ranks amongst global top six in transit mixers,
dry bulk tankers and pumps.

                    About Comoplesa Lebrero S.A

Comoplesa Lebrero S.A. is the market leader in Spain with its
Lebrero brand in the manufacturing, marketing and servicing of
compaction equipment.  It is based in Zaragoza.


                          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.

                           *     *     *

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

Standard & Poor's Ratings Services recently lowered its
corporate credit ratings on India's Tata Motors Ltd. to 'BB'
from 'BB+'.  At the same time, Standard & Poor's lowered to 'BB'
from 'BB+' the ratings on all Tata Motors' rated debt.  These
ratings remain on CreditWatch with negative implications.




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

ALCATEL-LUCENT: Moody's Holds Ratings; Outlook Revised to Neg.
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings for Alcatel-
Lucent which include a Ba3 corporate family rating for Alcatel-
Lucent and a Not-Prime for its short term debt, as well as Ba3
ratings for senior and B2 ratings for subordinated debt that was
issued originally by the predecessor companies Alcatel S.A. and
Lucent Technologies, Inc.

The outlook for the ratings was changed to negative to reflect
the heightened market risk in the industry and ongoing
restructuring challenges to adapt product range and cost
structure of the merged company to a very competitive
environment.

Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent, summarized: "The rating affirmation reflects our
expectation that Alcatel-Lucent has passed in 2007 the trough
level of profitability and that the benefits of restructuring
should increasingly be realized so that margins and operating
cash flow should gradually grow and reach in 2008 a coverage
level of interest and debt that is commensurate with the present
Ba3 rating.  We see several challenges to this endeavour
including an outlook for depressed orders from telecom operators
leading to stable demand at best, little evidence yet that more
selective bidding by certain equipment companies including
Alcatel-Lucent has alleviated the severe price pressure in the
industry, and the requirement for further extensive headcount
adjustments at the company.  The concern that these factors may
delay the turnaround at Alcatel-Lucent is captured in the
negative rating outlook."

Alcatel-Lucent's financial metrics for 2007 including an
interest coverage level of 0.3-times, net debt/EBITDA (net of
restructuring expenses) of 4.2-times and a negative free cash
flow of EUR1.2 billion are clearly below expectations for a Ba3
rating even considering the company's scale, diversification and
leading, broad technology position.  The Ba3 rating was affirmed
only on the basis of a clear near term path towards reasonable
operating profitability with only modest cash consumption during
2008.  This assessment does not rely on business growth, but on
internal cost savings that have been initiated in the merger and
synergy plan of late 2006.  These should become more prevalent
in 2008. These effects are expected to (i) improve materially
the operating profitability on an LTM basis, (ii) reduce net
debt/EBITDA well below 4-times, and (iii) have free cash flow
trend towards a positive amount, but not exceed a negative
EUR600 million including cash cost for restructuring in 2008;
all ratios to include Moody's adjustments.  These metrics are
more compatible with a Ba3 rating for a company with this
business profile and a very strong liquidity position.

The negative outlook for the rating reflects relatively high
uncertainty about management's ability to execute the
restructuring program and to achieve the cash flow and
profitability targets noted above in view of adverse demand
trends and unclear competitive responses (e.g. pricing
strategies) at this stage.  The seasonality in the industry,
where weak first calendar quarters and strong cash flow receipts
in the last quarter of a year are common, may make the progress
of restructuring and its benefits visible only in the latter
quarters of the year, with the effect of increasing uncertainty.

Moody's last rating action for Alcatel-Lucent was the rating
downgrade to Ba3 from Ba2 for the corporate family rating and
parallel changes for the instrument ratings on Nov. 7, 2007.

Headquartered in Paris, France, Alcatel-Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments with sales of EUR17.8 billion in
fiscal year 2007.  The company has operations in Costa Rica and
Indonesia.


BANK PERMATA: Partners With Astra Credit to Expand Services
-----------------------------------------------------------
PT Bank Permata Tbk has partnered with Astra Credit Companies
(ACC) to expand its Host to Host service, which is an online and
real time installment payment service, to ACC's customers
through its 36 branch offices in Indonesia, Reuters reports.

According to the report, ACC will also provide its customers
with Permata e-banking services such as:

   -- PermataBank automatic teller machines (ATM),
   -- PermataMobile,
   -- PermataTel, and
   -- PermataShop through this Host to Host service.

In addition, the report relates, ACC's customers will also be
able to make online transactions through 256 conventional
branches and seven Syariah PermataBank branches throughout
Indonesia.

                        About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

As reported by the Troubled Company Reporter-Asia pacific on
Feb. 25, 2008, Fitch Ratings revised PT Bank Permata Tbk's
outlook to Stable from Positive.  The bank's support ratings was
upgraded to '3' from '4'.  The Support Rating Floors were
upgraded to 'BB-' from 'B+' or 'B' previously to reflect the
stronger financial ability of the sovereign state to provide
support.  The bank's individual rating was also affirmed at C/D.

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Permata:

    -- The foreign currency long-term deposit rating was raised
       to B1 from B2.

    -- The Not Prime foreign currency short-term deposit rating,
       Baa3 global local currency deposit rating and D- BFSR were
       unaffected.


EXCELCOMINDO PRATAMA: To Delay or Cancel Share Offer
----------------------------------------------------
PT Excelcomindo Pratama Tbk could delay or even scrap a plan to
increase its free market float via a secondary offering if
market conditions were not favorable, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
March 18, 2008, the company may raise the number of shares that
is free floating in the market to above 10% in the second half
of 2008.

Finance Director Willem Lucas Timmermans told Reuters that the
secondary offering is not decided yet, the final decision will
depend on the market situation.

Harry Suhartono of Reuters writes that if the secondary offering
pushes through, the value should be between US$200-300 million.

                    About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2008, that Moody's Investors Service affirmed PT Excelcomindo
Pratama Tbk's Ba2 local currency issuer rating and changed the
outlook to stable from positive.  At the same time, Moody's
affirmed XL's Ba2 senior unsecured foreign currency rating.
Concurrently, PT Moody's Indonesia has affirmed the company's
national scale rating of Aa1.id.  Moody's said the outlook for
all ratings is stable.

On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable.  The 'BB-' ratings on all foreign currency
senior unsecured debt were also affirmed.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


INDAH KIAT: To Increase Annual Pulp Production by 600,000 Tons
--------------------------------------------------------------
PT Indah Kiat Pulp & Paper Tbk will increase its annual pulp
production by 600,000 tons toward the end of 2008, Reuters
reports citing Asia Pulse.

With the additional production, the report relates, the company,
which produces around 1.7 million tons a year, will increase its
annual production to 2.3 million tons.

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper
Tbk is a manufacturing company engaged in the production of
paper and pulp.

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reported that Indah Kiat delayed filing its first
quarter 2006 financials, and that the company will not pay
dividends for FY2005.


INDAH KIAT: Sees 10% to 20% Increase in 2008 Revenue
----------------------------------------------------
PT Indah Kiat Pulp & Paper Tbk expects its fiscal year 2008
revenue to grow by 10% to 20% if the supply of raw material
meets the company's need, Reuters reports.   No further
information was disclosed by the news agency.

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper
Tbk is a manufacturing company engaged in the production of
paper and pulp.

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reported that Indah Kiat delayed filing its first
quarter 2006 financials, and that the company will not pay
dividends for FY2005.


LIPPO KARAWACI: To Start US$1.2 Billion Jakarta Project
-------------------------------------------------------
PT Lippo Karawaci Tbk plans to start construction of a US$1.2
billion property project in West Jakarta in the third quarter of
this year, Reuters reports.

According to the report,  the company will build 11 towers to
accommodate upmarket apartments, a hotel, a 65-storey office
building, a hospital and an entertainment complex.

No further information was disclosed by the news agency.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, Moody's Investors Service changed to stable from negative
both the outlook for PT Lippo Karawaci Tbk's (LK) B1 corporate
family rating, and also for the B1 senior unsecured bond rating
of Lippo Karawaci Finance BV and guaranteed by LK.  At the same
time, PT Moody's Indonesia changed to stable from negative its
outlook for the A2.id national scale rating of LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


LIPPO KARAWACI: Won't Pay FY-2007 Dividend
------------------------------------------
PT Lippo Karawaci Tbk has decided not to pay fiscal year 2007
dividend amid posting of profits, Reuters reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 23, 2007, Lippo Karawaci reported a net profit of IDR255.2
billion in the third quarter ended Sept. 30, 2007, a 12%
increase from the profit booked in the same period in 2006.

According to the report, the company will retain the profit for
investment purposes.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, Moody's Investors Service changed to stable from negative
both the outlook for PT Lippo Karawaci Tbk's (LK) B1 corporate
family rating, and also for the B1 senior unsecured bond rating
of Lippo Karawaci Finance BV and guaranteed by LK.  At the same
time, PT Moody's Indonesia changed to stable from negative its
outlook for the A2.id national scale rating of LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


MEDCO ENERGI: 2007 Net Profit Drops 82.9% to US$6.5 Million
-----------------------------------------------------------
PT Medco Energi Internasional Tbk's 2007 net profit plunged
82.9% to US$6.5 million from US$38.1 million in 2006 despite a
23.9% increase in its income to US$981.9 million, Antara News
reports.

Medco President Hilmi Panigoro told the news agency that the
decrease in net profit was the result of misprojection of gas
production from Medco's gas blocks in Mexico Bay (East Cameron
and Sorrento Dome).  The blocks were supposed to hold gas
deposits of 46 billion cubic feet but the gas deposits only
reached 31.9 billion cubic feet, he added, Antara relates.

According to the report, due to the the misprojection of the
production, the company suffered a loss of around US$77.1
million resulting to:

  -- the sales of Sorrento Dome's assets worth US$20.5 million;

  -- a decline in the value of East Cameron's assets worth
     US$25.9 million; and

  -- depreciation cost worth US$30 million.

                         About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

    * B1 local currency corporate family rating -- Medco

    * B2 foreign currency long-term rating -- MEI Euro Finance
      Ltd (guaranteed by Medco).


TELKOM INDONESIA: Opens Up Domestic Long Distance Call Service
--------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk has opened up its domestic long
distance call service to its rival PT Indosat Tbk starting
April 4, Antara News reports citing Gatot Dewa Broto, chief of
communications at the ministry's post and telecommunications
directorate.

Mr. Broto told the news agency that the two companies have
already reached an agreement; however, both parties still need
to settle a number of technical matters.

According to the report, both companies have negotiated over the
past few days to settle issues, including the service charge to
be paid by Telkom customers if they opt to use the access code
provided by Indosat.

The government has ordered Telkom to allow its fixed-line
subscribers, initially in Balikpapan, East Kalimantan, to use
the alternative "011" access code provided by Indosat as of
April 3, the report relates.

Telkom, Antara notes, has been reluctant to allow its fixed-line
subscribers to use Indosat's access code because the Indosat has
not been developing its fixed-line telephone business as
aggressively as its cellular business.

                    About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, Moody's Investors Service changed the outlook on
PT Telekomunikasi Indonesia's local currency corporate family
rating to positive from stable.  At the same time Moody's
affirmed Telkom's local currency corporate family rating at Ba1.

The TCR-AP reported on Feb. 18, 2008, that Fitch Ratings
upgraded P.T. Telekomunikasi Indonesia Tbk's long-term foreign
and local currency issuer default ratings to 'BB' from 'BB-'.
The outlook is stable.  The upgrades follow a similar rating
action made by Fitch to the Indonesian sovereign's long-term
foreign and local currency IDRs, both rated 'BB' with a stable
outlook.  As the Indonesian government holds a 51.19% majority
stake in the company and also exerts significant influence on
Telkom's major business and financial decisions, Fitch said the
company's ratings remain closely correlated with those of the
sovereign.




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

DELPHI CORP: Investors Refuse to Participate in Plan Closing
------------------------------------------------------------
Although it has met the conditions required to substantially
consummate its First Amended Joint Plan of Reorganization,
including obtaining $6.1 billion of exit financing, Delphi
Corp.'s plan investors refused to participate in a closing that
was commenced but not completed on April 4 and refused to fund
their investment agreement with the Company.  Instead, the plan
investors delivered a written notice purporting to terminate the
Equity Purchase and Commitment Agreement and alleged breaches of
the EPCA that the plan investors assert would entitle them to
payment of additional compensation under the EPCA from Delphi.

"Our formal closing process commenced, and all of the other
required parties for a successful closing and emergence from
Chapter 11 -- including representatives of our new exit lenders,
General Motors Corporation and our Joint Statutory Committees --
were present and prepared to move forward this morning," John
Sheehan, Delphi vice president and chief restructuring officer,
said.

"We are extremely disappointed that our plan investors have
taken the position that they are not obligated to fund their
plan investment commitments to Delphi and instead have chosen to
walk away from the company and its stakeholders. We are prepared
to pursue actions that are in the best interests of Delphi and
its stakeholders. These actions will be overseen by a committee
of our Board of Directors, and will not impact the successful
operation of the company. We are very appreciative of the strong
financial support from our exit financing lenders and GM, and we
look forward to continuing to work with them and our other
stakeholders as we move forward with our goal of emerging from
chapter 11 as soon as practicable."

The US$6.1 billion in exit facilities that were made available
to the company in connection with the closing were successfully
arranged by J.P. Morgan Securities, Inc. and Citigroup Global
Markets, Inc., in accordance with prior orders entered by the
United States Bankruptcy Court for the Southern District of New
York. The plan investors that did not fund the investment of up
to $2.55 billion in preferred and common equity under the Equity
Purchase and Commitment Agreement agreed to in 2007 include
affiliates of lead investor Appaloosa Management L.P.; Harbinger
Capital Partners Master Fund I, Ltd.; Merrill Lynch, Pierce,
Fenner & Smith Inc.; UBS Securities LLC; Goldman Sachs & Co.;
and Pardus Capital Management, L.P.

"We have accomplished the commitments in our restructuring
plan," said Delphi CEO and President Rodney O'Neal. "We are
proud of the
fact that we have never disrupted our customers' operations
during this reorganization. We also have kept the pipeline full
of exciting technologies and products to meet the challenges
facing our customers -- to make vehicles safer, greener and more
connected to consumers' lives than ever before."

Delphi's transformation initiatives include:

    -- competitive collective bargaining agreements with its U.S.
       unions;

    -- comprehensive settlement and commercial agreements with
       General Motors;

    -- a streamlined product portfolio focusing on core
businesses,
       with the divestiture, wind-down or sale of business lines
       not among those core businesses;

    -- a customer- and product-focused organizational structure
       that streamlines cost and achieves competitive salaried
       workforce levels; and

    -- funding of the company's pension plans following emergence
       from Chapter 11.

"While our plan investors' actions are very disappointing, it is
important that we clearly distinguish their actions from the
company's achievement of its transformation objectives," O'Neal
said.  "Our unwavering commitment to our customers, suppliers,
employees and other stakeholders will remain at the for
efront as we move forward with our chapter 11 cases, and we are
committed to emergence as soon as practicable."

                         About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'s
revised second lien term loan to (P)B2 from (P)B3 and affirmed
the company's Corporate Family Rating and Probability of Default
Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2,
first lien term loan rating of (P)Ba2, and stable outlook.   The
revision to the rating on the second lien facility follows a
change in the composition of the term loans from the structure
Moody's rated on March 14, 2008.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.  S&P revised its expected issue-
level ratings because changes to the structure of the proposed
financings have affected relative recovery prospects among the
various term loans.  S&P's expected ratings are:

a) The US$1.7 billion "first out" first-lien term loan B-1 is
    expected to be rated 'BB-' (two notches higher than the
    expected corporate credit rating on Delphi), with a '1'
    recovery rating, indicating the expectation of very high
    recovery in the event of payment default.

b) The US$2 billion "second out" first-lien term loan B-2 is
    expected to be rated 'B' (equal to the corporate credit
    rating), with a '4' recovery rating, indicating the
    expectation of average recovery in the event of payment
     default.

c) The US$825 million second-lien term loan is expected to be
    rated 'B-' (one notch lower than the corporate credit
    rating), with a '5' recovery rating, indicating the
    expectation of modest recovery in the event of payment
    default.


JAPAN AIRLINES: Merrill Lynch Cuts Stock Ratings to "Sell"
----------------------------------------------------------
Japan Airlines International Co., Ltd. fell in Tokyo trading
after Merrill Lynch & Co. cut the company's stock ratings to
"sell" on concern higher fuel surcharges will hurt demand for
air travel, Chris Cooper of Bloomberg News reports.

Mr. Cooper writes that JAL fell as much as 2.7% to JPY257 and
traded at JPY261 as of 9:50 a.m. on April 8.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                           *     *     *

As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd. and Japan Airlines
Domestic Co., Ltd.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MITSUBISHI MOTORS: U.S. March Vehicle Sales Decrease by 7.7%
------------------------------------------------------------
Mitsubishi Motors Corp.'s U.S. sales of car and light trucks for
March 2008 is off by 7.7% totaling 10,750 units sold
year-on-year, Reuters reports.

According to the report, domestic car, domestic truck and import
truck were down by 10.1%, 17.9% and 35.1% respectively, while
import car climbed 36.2% to 2,885 units sold from 2,281 of March
2007.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. lifted its
issuer rating from 'B' to 'B+' with a stable outlook.  Also, R&I
affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.




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

DURA AUTOMOTIVE: Court Approves Revised Disclosure Statement
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Dura Automotive Systems, Inc. and its debtor-
affiliates' revised Disclosure Statement explaining their
revised Chapter 11 plan of reorganization, the solicitation
procedures and creditor ballots.

At a hearing on April 3, 2008, the Court determined that the
Debtors' revised Disclosure Statement contains the necessary
information to enable creditors to vote on the Debtors' revised
Plan.

As reported in the Troubled Company Reporter on April 2, 2008,
the Debtors delivered to the Court on March 31, 2008, a second
amendment of their Revised Joint Plan of Reorganization and a
disclosure statement explaining the Plan.

The Revised Plan contemplates providing the US$228,100,000
second lien facility claims with convertible preferred stock and
distributing 100% of the new common stock to general unsecured
creditors.  The Original Plan had contemplated providing cash in
satisfaction of the Second Lien Facility Claims.

In addition, instead of a backstopped US$160,000,000 rights
offering, the contemplated transactions under the Plan will be
funded by US$80,000,000 in cash proceeds from New Money
Investors that will take the form of a second lien term loan
with a US$100,000,000 face amount.  The New Money Investors will
comprise certain existing Second Lien Lenders, Senior
Noteholders and other investors.

The Revised Plan contemplates that a new entity, New Dura Opco,
will acquire the assets of Dura Operating Corporation in a
taxable transaction through these steps:

    (a) On or before the Effective Date, certain Dura creditors,
        or a nominee on behalf of them, will form New Dura, with
        nominal capitalization;

    (b) New Dura will then form New Dura Holdings;

    (c) New Dura Holdings will then form New Dura Opco;

    (d) New Dura will make a capital contribution of Convertible
        Preferred Stock and Common Stock to New Dura Holdings,
        which shares will then be contributed to New Dura Opco;

    (e) On the Effective Date, Dura Operating Corporation will
        transfer certain assets and the stock of its subsidiaries
        to New Dura Opco in exchange for the Convertible
        Preferred Stock and the New Common Stock;

    (f) On the Effective Date, one or more of the U.S. Debtors
        will distribute the New Common Stock and the Convertible
        Preferred Stock to its creditors; and

    (g) Dura Operating Corporation will remain in existence and
        will retain certain assets, which will be leased to New
        Dura Opco.

A full-text copy of the blacklined version of the Revised Plan
is available for free at:

      http://bankrupt.com/misc/dura_blacklinemarch31plan.pdf

A full-text copy of the blacklined version of the Disclosure
Statement is available for free at:

      http://bankrupt.com/misc/dura_blacklinemarch31ds.pdf

The Debtors' revised Plan is supported by the Debtors' key
creditor constituencies.

The Court's approval of the Disclosure Statement enables the
Debtors to begin sending the revised Plan and Disclosure
Statement to creditors to obtain their vote on the Plan.  In
addition, the Debtors' balloting agent can soon begin
distribution of ballots and accompanying support materials to
parties eligible to vote to accept or reject the Plan.

The Court also set May 13, 2008, as the hearing date for Plan
confirmation.  Once the revised Plan is confirmed and
administrative procedures are completed, the Debtors will
officially emerge from Chapter 11.

                             About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had $1,503,682, 000 in total
assets and $1,623,632,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Court Sets Plan Confirmation Hearing for May 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing, on May 13, 2008, to confirm the revised Plan
of Reorganization of Dura Automotive Systems Inc. and its
debtor-affiliates.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had $1,503,682, 000 in total
assets and $1,623,632,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HYUNDAI MOTOR: Business Conditions for U.S. Market "Difficult"
--------------------------------------------------------------
Kim Jong-eun, chief executive of Hyundai Motor America, said
the business conditions for its key American market are
"difficult" amid high-flying oil prices and ongoing financial
turbulence, Antara News reports.

Mr. Kim told Antara that they plan to overcome the difficult
conditions by strengthening ties with dealers.

According to the report, analysts say an economic slowdown in
the world's largest automobile market will drag down demand for
new cars this year, following the subprime mortgage crisis.

Hyundai Motor, the report notes, already missed its 2007 sales
target in the U.S.

                         About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company re-established itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

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

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

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

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




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

GOLD BRIDGE: Auditor Ernst & Young Raises Going Concern Doubt
-------------------------------------------------------------
Ernst & Young, Gold Bridge Engineering & Construction Berhad's
external auditors, expressed significant doubt about the group's
and the company's abilities to continue as a going concern after
auditing annual consolidated audited accounts for the year ended
June 30, 2007.

The auditor pointed to the group's and the company's net losses
attributable to equity holders of MYR49,234,514 and
MYR24,346,767 respectively and net current liabilities of
MYR115,806,799 and MYR25,919,289 respectively.  Furthermore, the
group and the company have defaulted in the repayment of bank
borrowings totaling MYR6,311,782 and MYR4,178,366 respectively,
while the group and the company have also not paid their tax
liabilities of MYR73,380,810 and MYR22,951,425 respectively.

The group refers to the consolidated accounts of Gold Bridge's
subsidiaries:

    -- Aseania Corporation Berhad,
    -- Liga Kencana Sdn. Bhd.,
    -- Aseania Development Sdn. Bhd.,
    -- Prime View Sdn. Bhd.,
    -- D Aseania Mall Sdn. Bhd.,
    -- Prime View Sdn. Bhd., and
    -- Buckingham By The Sea Sdn. Bhd.

                         About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.

The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.


MEGAN MEDIA: Two Directors Resign From Posts
--------------------------------------------
Datuk Dr Nordin Bin Yusof and Mohd Nur Ismal bin Mohamed Kamal
have both resigned from their posts as Megan Media Holdings
Berhad's directors.

Mr. Datuk Dr Nordin holds 336,800 direct and 93,750 indirect
shares of the company.

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), 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 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: Mohammad Zainal Bin Shaari Resigns
---------------------------------------------------
Mohammad Zainal Bin Shaari has quit from his posts as Proton
Holdings Berhad's non-executive director and member of the
company's Audit Committee.

Thus, Proton's Audit Committee now comprises of:

    * Abdul Jabbar Bin Abdul Majid;
    * Abdul Kadir Bin Md Kassim; and
    * Dato' Michael Lim Heen Peok

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.


TAP RESOURCES: Inks MOU to Acquire Lianbang Ventures
----------------------------------------------------
TAP Resources Berhad has inked a Memorandum of Understanding
with Geraldine Chong Siew Lan and Edwin Tan Ping Huang at Chen
BingHuang to acquire from them the entire issued and paid-up
share capital of Lianbang Ventures Sdn Bhd.

Subject to the terms and conditions of the Memorandum of
Understanding, Ms. Siew Lan and Mr. Ping Huang have agreed to
participate in the Proposed Scheme, which entails:

    a) Capital reduction exercise;

    b) Proposed sale liquidation of assets currently owned by the
       Group and/or transfer of the said assets to a Special
       Purpose Vehicle for the financial institutions and
       creditors of the TAP Group;

    c) Proposed partial waiver of debts due to financial
       institutions and creditors;

    d) Proposed acquisitions of Lianbang Ventures Sdn Bhd; and

    e) Waiver from the requirement of a Mandatory General Offer.

The Proposed Scheme will be subject to the approvals of the
relevant authorities including but not limited to the Securities
Commission, Foreign Investment Committee, and financial
institutions and creditors.

An Acquisition Agreement will be executed between the company
and the Vendors for the acquisition of Lianbang Ventures and the
parties agreed to negotiate and execute the Acquisition
Agreement on or prior to expiry of the Memorandum of
Understanding.  The Acquisition Agreement will be conditional
upon these salient terms and conditions:

    a) Satisfactory results of the due diligence on the parties;

    b) Satisfactory results on the due diligence on the Group;

    c) the approval of the Securities Commission;

    d) the approval of the Investment Committee;

    e) the approval of the company's Board of Directors and
       shareholders;

    f) the approval of the Board of Directors of the parties; and

    g) all other requisite approvals including but not limited to
       any approval of regulatory bodies being obtained in
       connection with the Proposed Acquisition in the Proposed
       Scheme.

During the period between the date of execution of the
Memorandum of Understanding until its expiry, the parties will
refrain from transferring or negotiating or selling their shares
to any other parties.  The MOU is deemed to have no effect if
the Vendors will fail to comply with their obligations during
the Exclusivity Period and the Acquisition Agreement are not
executed within the Exclusivity Period.

The acquisition of Lianbang Ventures is to provide a
satisfactory asset base with adequate earnings to turnaround TAP
into a strong asset based company with strong earnings and
potential for growth.

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006,
and a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.


TENGGARA OIL: Court Grants Restraining Order Until July 1
---------------------------------------------------------
Tenggara Oil Berhad and its subsidiary, Tenggara Lubricant Sdn
Bhd, have been granted a Restraining Order by the Kuala Lumpur
High Court for a period of 90 days, from April 2, 2008, to
July 1, 2008, pursuant to Section 176(10) of the Companies Act,
1965.

Moreover, Tenggara Oil and Tenggara Lubricant are required to
conduct a meeting for its shareholders and creditors
respectively, within sixty days from April 2, 2008.

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
====================

AHCHAIL MULTICULTURAL: Names Brown and Rodewald as Liquidators
--------------------------------------------------------------
On March 10, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of Ahchail Multicultural 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


CGC ENGINEERING: Court to Hear Wind-Up Petition on April 9
----------------------------------------------------------
A petition to have CGC Engineering Ltd.'s operations wound up
will be heard before the High Court of Auckland on April 9,
2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
December 7, 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


HIGHCLERE DEVELOPMENTS: Taps Brown and Rodewald as Liquidators
--------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Highclere Developments Limited 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


ILMINSTER LIMITED: Creditors Receive Wind-Up Report
---------------------------------------------------
Creditors of Ilminster 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:

           Lloyd 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


J.C.M DEVELOPMENTS: Fixes April 17 as Last Day to File Claims
-------------------------------------------------------------
Creditors of J.C.M Developments Ltd. are required to file their
proofs of debt by April 17, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          c/o PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


JOHN PLOWMAN: Commences Liquidation Proceedings
-----------------------------------------------
Shareholders of John Plowman Ltd. met on March 14, 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:

           Andrew Hill
           BDO Spicers, Chartered Accountants
           29 Northcroft Street
           Takapuna, Auckland
           New Zealand
           Telephone:(09) 486 2125
           Facsimile:(09) 486 4026


KINGSLEY LIMITED: Liquidator Presents Wind-Up Report
----------------------------------------------------
Creditors of Kingsley 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:

           Lloyd 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


LANARK LIMITED: Creditors Receive Wind-Up Report
------------------------------------------------
Creditors of Lanark 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:

           Lloyd 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


LTS LIMITED: Liquidator Presents Wind-Up Report
-----------------------------------------------
Creditors of LTS 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:

           Lloyd 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


PENDALE LIMITED: Creditors Receive Wind-Up Report
-------------------------------------------------
Creditors of Pendale 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:

           Lloyd 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


STROWAN LIMITED: Liquidator Gives Wind-Up Report
------------------------------------------------
Creditors of Strowan 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:

           Lloyd 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


SWADE GENERAL: Fixes April 18 as Last Day to File Claims
--------------------------------------------------------
Swade General Engineering 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 liquidators are:

          Stephen Kim Bennett
          Timothy John Hoyle
          Steve Bennett Associates
          PO Box 627, Whangarei
          New Zealand
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz




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

CHIQUITA BRANDS: Board Appoints William H. Camp as Director
-----------------------------------------------------------
The board of directors of Chiquita Brands International Inc.
elected William H. Camp as director.

On March 28, 2008, Morten Arntzen notified the company's board
of directors of his decision not to stand for re-election to the
board of directors at the company's annual meeting of
stockholders in 2008 due to other business commitments.

Mr. Arntzen will continue to serve as a director of the company
until the 2008 annual meeting of stockholders.  Mr. Arntzen's
retirement from the board of directors does not involve any
disagreement with the company.

Mr. Camp, age 59, was employed by Archer Daniels Midland
Company, an agricultural processing company and manufacturer of
value-added food and feed ingredients from 1986 until he retired
in December 2007.

Mr. Camp will receive the company's standard compensation
package for non-employee directors.  It has not yet been
determined on which standing committees of the board of
directors Mr. Camp will serve.  Mr. Camp, however, was appointed
to serve on an ad hoc committee formed to consider certain
recent litigation involving the company.

                    About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Colombia, Panama and the
Philippines

                           *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Moody's Investors Service rated the proposed new senior secured
guaranteed bank agreements of Chiquita Brands LLC at Ba3.  The
ratings on CBLLC's existing bank revolving credit agreement and
term loan C are upgraded to Ba3 from B1, and will be withdrawn
when the new bank agreements are executed.  Parent Chiquita
Brands International Inc.'s ratings are affirmed, including its
B3 corporate family rating and B3 probability of default rating.
The rating outlook remains negative.


CHIQUITA: Completes Refinancing With US$350MM Credit Facility
-------------------------------------------------------------
Chiquita Brands International Inc. and Chiquita Brands LLC
entered into a new US$350 million senior secured credit
agreement with various lenders.  This agreement completed the
company's refinancing plan, which has lowered the company's
interest expense, extended debt maturities and added significant
covenant flexibility that will allow management to focus further
on executing its profitable growth strategy.

The lenders include Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York Branch
acting as administrative agent and lead arranger and with Wells
Fargo Bank, National Association as the syndication agent.

The new credit facility is comprised of a six-year US$200
million senior secured term loan facility and a six-year US$150
million senior secured revolving credit facility.  The revolving
credit facility may be increased to US$200 million under certain
conditions.  The new credit facility replaced CBL's prior
revolving credit facility and term loan.

The new $200 million term loan matures on March 31, 2014.  The
term loan bears interest, at CBL's option, at a rate per annum
equal to either:

    (i) the "Base Rate" which is the higher of: (a) the Rabobank
        prime rate, and (b) the Federal Funds Effective Rate plus
        0.5% plus 3.25% for the first six months and between
        2.75% and 3.50%, based on the company's consolidated
        adjusted leverage ratio, thereafter; or

   (ii) the LIBOR Rate plus 4.25% for the first six months and
        between 3.75% and 4.50%, based on the company's
        consolidated adjusted leverage ratio, thereafter.

The current interest rate for the term loan is 7%.  The term
loan requires quarterly payments, amounting to 5% per year of
the initial principal amount for the first two years and 10% per
year of the initial principal amount for years three to six,
with the remaining balance to be paid on the maturity date of
the term loan facility.

CBL borrowed the full US$200 million term loan on the closing
date. Borrowings under the term loan were used to repay the full
amounts due under CBL's prior revolving credit facility and term
loan, which together totaled US$179 million and to pay related
fees and expenses; CBL retained approximately US$14 million of
net proceeds from the term loan.

The revolving credit facility matures on March 31, 2014.  The
revolving credit facility bears interest, at CBL's option, at a
rate per annum equal to either:

    (i) the "Base Rate" plus 2.50% for the first six months and
        between 2.00% and 2.75% thereafter; or

   (ii) the LIBOR Rate plus 3.50% for the first six months and
        between 3.00% and 3.75% thereafter.

CBL is required to pay a fee on the daily unused portion of the
new revolving credit facility of 0.50% per annum.  Borrowings
under the revolving credit facility may be used for working
capital requirements and other general corporate purposes,
including permitted acquisitions; the facility also permits the
issuance of letters of credit.  There are currently no loans
outstanding under the revolving credit facility, but letters of
credit have been issued thereunder aggregating approximately
US$29 million.

CBL's obligations under the revolving credit facility and the
term loan are guaranteed on a senior secured basis by the
company, all of CBL's material domestic subsidiaries and certain
of its material foreign subsidiaries.  The obligations under the
revolving credit facility and term loan are secured by a first
priority lien on substantially all of the assets of CBL and
CBL's material domestic subsidiaries, including trademarks, 100%
of the stock of CBL's material domestic subsidiaries, and at
least 65% of the stock of certain of CBL's material foreign
subsidiaries.  The company's obligations under its guarantee are
secured by a pledge of the stock of CBL.

The revolving credit facility and term loan may be repaid
without penalty, but amounts repaid under the term loan may not
be reborrowed.  The credit facility includes covenants that:

    (a) require CBL to maintain a maximum leverage ratio and a
        minimum fixed charge coverage ratio;

    (b) place limitations on the ability of CBL and its
        subsidiaries to incur debt, create liens, dispose of
        assets, carry out mergers and acquisitions, and make
        investments and capital expenditures; and

    (c) place limitations on CBL's ability to make loans,
        distributions or other transfers to the company.

However, payments to the company are permitted:

    (i) whether or not any event of default exists or is
        continuing under the credit facility, for all routine
        operating expenses in connection with the company's
        normal operations and to fund certain liabilities of the
        company, including interest payments on the company's
        senior notes; and

   (ii) subject to no continuing event of default and compliance
        with the financial covenants, for other financial needs,
        including: (A) payment of dividends and distributions to
        the company's shareholders; and (B) repurchases of the
        company's common stock and warrants.

From time to time, some of the lenders and their affiliates have
provided, and may in the future provide, investment banking and
commercial banking services and general financing and other
services to the company for which they have in the past
received, and may in the future receive, customary fees.

Certain lenders and their affiliates provide other loan, credit
and banking services including cash investments and commodity
and currency hedging programs, all on commercial terms.  Those
lenders or lender affiliates which provide commodity and hedging
programs enjoy a secured position for these obligations in the
collateral provided under the credit facility.

In addition, one of the lenders, Wells Fargo Bank, National
Association, is the company's transfer agent, warrant agent and
trustee of one of the company's employee benefit plans, and
another lender, Bank of America NA has an affiliate which is the
trustee for the company's senior notes and convertible notes.

As a result of the repayment of the existing term loan, the
company may utilize the additional lien flexibility obtained in
its consent solicitation whereby holders of the company's 7-1/2%
Senior Notes due 2014 agreed to add a new permitted lien to the
indenture governing the 7-1/2% Senior Notes that permits the
company to incur liens securing indebtedness in an aggregate
amount not to exceed $185 million at any one time outstanding
once the prior term loan was repaid or refinanced in full.

CBL used the proceeds from the new term loan to repay in full
all amounts due under the prior amended and restated credit
agreement, entered into in June 2005 and as amended to date,
among the company, CBL, a syndicate of bank lenders and Wachovia
Bank, National Association, as administrative agent.  Upon such
repayment, the prior credit agreement was terminated.

                         Financial Covenants

Under the terms of the agreement, Chiquita will not permit:

    (a) the Borrower Leverage Ratio to be greater than 3.50 to
        1.00 at the end of the fiscal quarter ended on June 30,
        2008;

    (b) the Fixed Charge Coverage Ratio to be less than 1.15 to
        1.0 at the end of the fiscal quarter ended on June 30,
        2008;

    (c) the aggregate amount of Capital Expenditures made by
        Chiquita in any fiscal year to exceed $150 million;
        provided, however, that if, for any fiscal year, the
        amount specified exceeds the aggregate amount of Capital
        Expenditures made by Chiquita during the fiscal year,
        Chiquita will be entitled to make additional Capital
        Expenditures in the immediately succeeding fiscal year in
        an amount equal to such excess.

A full-text copy of the new credit facility agreement is
available at no charge at http://ResearchArchives.com/t/s?2a00

                       About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE:
CQB) -- http://www.chiquita.com/-- markets and distributes
fresh food products including bananas and nutritious blends of
green salads.  The company markets its products under the
Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.

Chiquita employs approximately 25,000 people operating in more
than 70 countries worldwide, including Colombia, Panama and the
Philippines

                           *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Moody's Investors Service rated the proposed new senior secured
guaranteed bank agreements of Chiquita Brands LLC at Ba3.  The
ratings on CBLLC's existing bank revolving credit agreement and
term loan C are upgraded to Ba3 from B1, and will be withdrawn
when the new bank agreements are executed.  Parent Chiquita
Brands International Inc.'s ratings are affirmed, including its
B3 corporate family rating and B3 probability of default rating.
The rating outlook remains negative.


IPVG CORP: Turns Around With Consolidated Net Income of PHP159MM
----------------------------------------------------------------
IPVG Corp. posted its consolidated Group Revenues of PHP923
million in 2007, an increase of 233% from PHP277 million in
2006, an emphatic turn-around story for the information
technology company.  Net Revenues or Group Revenues less
Distributors margin and extra-ordinary income increased by 250%
from PHP242.7 million in 2006 to PHP848 million in 2007.

"IPVG is definitely on track with our 5-year roadmap.  The
triple digit growth we have achieved is a testament to our
resilience and stability as an organization.  We are confident
that the value proposition offered by our subsidiaries and our
new ventures will continue to boost our business in a continuing
upward trend," says Roger Stone, Deputy Chairman of IPVG Corp.

The year 2007 was IPVG's first profitable full year.  The Group
recorded a consolidated Net Income of PHP159.8 million for the
fiscal year ending December 31, 2007, as compared to a Net Loss
of PHP102.1 million in 2006.

The company attributes the increase in revenues and income to:

    -- the continued growth of the group's data center business,

    -- IP Converge Data Center, Inc., which comprises 46% of its
       core revenues,

    -- the sustained leadership of its online games business IP
       E-Game Ventures, Inc. at 42%, and

    -- the contribution of its BPO business, IP Contact Center
       Outsourcing, Inc. at 7%.

IPCCO started operations only in August 2007.  Quality of
earnings was achieved through recurring revenues for the data
center and BPO business.  The gaming business, although
experiencing cyclicality throughout the year, grew as the
subscriber base of gamers rose.

                    Milestones and Highlights

Recently, IPVG announced the acquisition of a network security
services firm, Prolexic Technologies Inc., and a U.S.-based Call
Center company, Interactive Teleservices Corp. (Influent).
Prolexic is a U.S.-based managed security service provider of
distributed denial of service mitigation solutions.  The
acquisition represents IPVG's roadmap of growing the company in
key areas in the IP domain and global market.  IPVG now offers a
unique DDoS protection value proposition for customers of all
industries, worldwide.

IPVG entered into a stock purchase agreement with Interactive
Teleservices Corporation (Influent), a U.S.-based contact center
with facilities in the US, Panama and the Philippines.  The
company acquired 70% of Influent which will be paid by way of
cash and issuance of IPVG shares.  Several strategic alliances
were also established by the company.  A joint venture between
IP E-Games and GMA New Media Inc., the digital media arm of GMA
Network Inc., was formed for the creation of a new gaming
subsidiary called I-Play, Inc.  A tie-up between international
gaming company Infocomm Asia Holdings also allowed E-Games to be
the exclusive publisher and distributor of Korean fantasy
massively multiplayer online roleplaying game Granado Espada in
the Philippines, along with other IAH titles.

A joint venture corporation named First Cagayan Converge Data
Center, Inc. was formed by IP-Converge and First Cagayan Leisure
and Resorts Corporation during the first quarter of 2007.  IP-
Converge also forged a partnership with Salesforce.com, a
worldwide leader in ondemand customer relationship management
services.  Before the end of 2007, IPConverge approved the
acquisition of a carrier neutral, telco-grade Internet data
center in Singapore through the purchase of 100% of IP-Converge
Pte. Ltd., which owns and operates the Singapore IDC.

IPVG continues to stay focused and committed to investing in the
BPO sector through IPCCO.  An agreement between IPVG, IPCCO, and
leading Hong Kong telecommunications provider PCCW Teleservices
made IPCCO its exclusive partner to service the English
speaking requirements of its clients.  IPCCO also acquired the
fixed assets, material contracts and existing customer accounts
of Globalstride Corporation and Globalstride Holdings Ltd., a
premier provider of outsourced call center solutions that
primarily serves inbound/outbound voice support for United
States clients.  An agreement was also formed between IPVG and
Credence Analytics, an India-based, specialist financial
solutions company with strong domain and technology skills in
the banking and financial services arena.

Lastly, I-Pay Commerce Ventures, Inc., a newly organized
subsidiary of IPVG, was launched to provide personalized ATM
card, e-commerce and remittance services.

                         About IPVG Corp.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.

The turnaround concludes the Troubled Company Reporter's
coverage of IPVG Corp. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.




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

COMCREATION PTE: Court to Hear Wind-Up Petition on April 18
-----------------------------------------------------------
A petition to have Comcreation Pte Ltd's operations wound up
will be heard before the High Court of Singapore on April 18,
2008, at 10:00 a.m.

The Hong Kong and Shanghai Banking Corporation Limited filed the
petition on March 26, 2008.

The Petitioner's solicitors are:

           Rajah & Tann LLP
           4 Battery Road
           #26-01 Bank of China Building
           Singapore 049908


GOH HUP HENG: Creditors' Proofs of Debt Due by April 18
-------------------------------------------------------
Creditors of Goh Hup Heng Electrical Pte. 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:

           Abuthahir Abdul Gafoor
           c/o ELTICI Financial Advisory Services Pte Ltd
           1 Raffles Place, #20-02 OUB Centre
           Singapore 048616


GUAN GUAN: To Pay Preferential Dividend on April 16
---------------------------------------------------
Guan Guan Plastic Industries Pte. Ltd., which is in voluntary
liquidation, will pay preferential dividend to its creditors on
April 16, 2008.

The company will pay 100% to all received claims.

The company's liquidator is:

           Chia Kok Hwa
           c/o K H Chia & Co
           101 Upper Cross Street
           #04-16 People's Park Centre
           Singapore 058357


REGIONAL (FAR EAST): Pays Preferential Dividend
-----------------------------------------------
Regional (Far East) Electronics Pte Ltd., which is in
liquidation, paid the first and final dividend on March 18,
2008.

The company paid 23.5% to all received claims.

The company's liquidator is:

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


RINOL ASIA: Creditors' Meeting Set for Today
--------------------------------------------
Rinol Asia Pte. Ltd., which is in liquidation, will hold a
meeting for its creditors at 2:00 p.m. today, April 8, 2008, at
8 Robinson Road, #12-00 ASO Building, Singapore 048544.

At the meeting, the creditors will be asked to approve the
liquidator's fees.

The company's liquidator is:

           T. J. Reid
           c/o Ferrier Hodgson
           8 Robinson Road
           #12-00 ASO Building
           Singapore 048544


X-RITE: Pact Violations Cue S&P's Negative Watch on B+ Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B+' corporate credit rating, on X-Rite Inc. on CreditWatch
with negative implications following the company's announcement
that it was not in compliance with certain covenants in its
secured credit facilities.

The company is in discussion with lenders to amend the credit
agreement and will not be able to draw on its revolver until
discussions are completed.  The CreditWatch listing also
reflects the company's currently weaker-than-expected operating
performance.

X-Rite attributed the covenant violation to depressed revenues,
resulting from generally weaker economic conditions, and
specific market softness, leading to depressed profitability.
The company has expanded its previously announced cost cutting
program, including head count reductions and other operating
cost reductions.

Grandville, Michigan-based X-Rite supplies color management
systems to the graphic arts, textile manufacturing, and
automotive refinishing industries.  X-Rite has made two
acquisitions in related markets, resulting in annualized debt
leverage of more than 6x in the December 2007 quarter.

"We will review market conditions and the company's prospects
for reducing leverage, as well as the completion of bank
negotiations, in resolving the CreditWatch," said Standard &
Poor's credit analyst Bruce Hyman.

                        About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.




* BOND PRICING: For the Week 07 April to 11 April 2008
------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.74
A&R Whitcoulls Group           9.500%  12/15/10     NZD    11.15
ALE Property Group             7.265%  09/30/11     AUD    75.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    10.50
Antares Energy Limited        10.000%  10/31/13     AUD     0.50
Arrow Energy NL               10.000%  03/31/08     AUD     1.75
Avoca Resources Limited        6.000%  05/14/12     AUD     6.71
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    20.00
Becton Property Group          9.500%  06/30/10     AUD     0.59
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.25
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    12.50
Capral Aluminum Limited       10.000%  03/29/12     AUD    70.00
China Century Capital Ltd     12.000%  09/30/10     AUD     0.81
CIT Group Au Ltd.              6.000%  03/03/11     AUD    69.74
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.17
Fletcher Building Ltd          7.800%  03/15/09     NZD    12.00
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.40
Griffin Coal Mining Co.        9.500%  12/01/16     USD    71.38
Heemskirk Consolidated
   Limited                      8.000%  04/29/11     AUD     2.80
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    11.00
Jem Warehouse                  3.000%  08/01/14     AUD    70.82
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Macquarie Comm                 2.500%  08/23/13     USD    73.46
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.95
Nylex Limited                 10.000%  12/08/09     AUD     1.73
PPCS Limited                  11.500%  12/15/10     NZD    72.59
Record Funds Man              11.000%  09/01/10     AUD    30.00
Salomon SB Aust                4.250%  02/01/19     USD     6.95
South Canterbury              10.430%  12/15/12     NZD     0.98
Speirs Group Ltd.             13.160%  06/30/49     NZD    65.00
TrustPower Ltd                 8.300%  12/15/08     NZD    11.50
TrustPower Ltd                 8.500%  09/15/12     NZD     9.85
TrustPower Ltd                 8.500%  03/15/14     NZD    10.00

CHINA
-----
China Govt Bond                4.860%  08/10/14    CNY      0.00

INDONESIA
---------
Indonesia Gov't                9.750%  05/15/37    IDR     73.71

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.00
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    72.07
Suruga Corp                    2.890%  10/20/09     JPY    50.00

KOREA
-----
Hynix Semi Inc.                7.875%  06/27/17     USD    73.00
Hynix Semi Inc.                7.875%  06/27/17     USD    73.21
Korea Dev. Bank                7.350%  10/27/21     KRW    49.64
Korea Dev. Bank                7.450%  10/31/21     KRW    49.60
Korea Dev. Bank                7.400%  11/02/21     KRW    49.59
Korea Dev. Bank                7.310%  11/08/21     KRW    49.54
Korea Dev. Bank                8.450%  12/15/26     KRW    72.27
Korea Elec Pwr                 7.950%  04/01/96     USD    68.89

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Binariang GSM SD               5.650%  12/26/14     MYR    31.00
Bumiputra-Commerce
    Holdings Bhd                2.500%  07/16/08     MYR     1.00
Cagamas Berhad                 3.610%  04/10/08     MYR     1.00
Cagamas Berhad                 3.650%  05/28/08     MYR     7.00
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.31
Equine Capital Berhad          3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.27
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.33
Insas Berhad                   8.000%  04/19/09     MYR     0.54
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.25
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.20
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.30
Malaysian Gov't                6.450%  11/30/08     MYR    61.00
Malaysian Gov't                8.000%  10/30/13     MYR    61.00
Malaysian Gov't                7.300%  10/01/14     MYR    62.00
Malaysian Gov't                4.410%  01/29/18     MYR    60.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.43
Mithril Bhd                    8.000%  04/05/09     MYR     0.14
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.30
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.15
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.64
Silver Bird Group Bhd          1.000%  02/15/09     MYR     1.00
Southern Steel                 5.500%  07/31/08     MYR     1.95
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.50
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.22
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.21
Wah Seong Corp.                3.000%  05/21/12     MYR     4.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.59
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.70

SRI LANKA
---------
Sri Lanka Govt                7.000%  10/15/11     LKR     74.99
Sri Lanka Govt                6.850%  04/15/12     LKR     71.91
Sri Lanka Govt                6.850%  10/15/12     LKR     70.15
Sri Lanka Govt                8.500%  01/15/13     LKR     74.65
Sri Lanka Govt                8.500%  07/15/13     LKR     73.68
Sri Lanka Govt                7.500%  08/01/13     LKR     69.70
Sri Lanka Govt                7.500%  11/01/13     LKR     68.78
Sri Lanka Govt                8.500%  02/01/18     LKR     69.01
Sri Lanka Govt                8.500%  07/15/18     LKR     69.82
Sri Lanka Govt                7.500%  08/15/18     LKR     64.58
Sri Lanka Govt                7.000%  10/01/23     LKR     57.24


                          *********

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

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

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


                             *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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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