TCRAP_Public/080410.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

             Thursday, April 10, 2008, Vol. 11, No. 71

                             Headlines

A U S T R A L I A

ABC LEARNING: Cuts Down EPS Guidance to 34 Cents for FY 2008
ALLCO FINANCE: To Sell Leasing Unit as Part of Restructuring
CHRYSLER: Outsources IT Management Department & Cuts 200 Jobs
OPES PRIME: ASIC Says Director Smith May Be Involved in Cover-Up
OPES PRIME: Ex-mob Boss to Track AU$1BB Worth of Assets Overseas

OPES PRIME: Administrator Says Creditors May Recover 30%
PSIVIDA LTD: Orbis Investment Holds 5.19% Equity Stake


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

BALI INTERNATIONAL: Members' Meeting Set for April 29
CHINA SOUTHERN: Reports April Traffic Results
CHINA TRADING: Appoints Au Chun Keung as Liquidator
CHINA WORLD TRADE: Auditor Raises Going Concern Doubt
CHINA WORLD TRADE: Signs Share Exchange Pact With Uonlive

GOLD LEADER: Appoints New Liquidator
GRAND TOYS: Centralink, et al., Hold 91.2% Equity Stake
HUA XIA: Seeking Overseas Listing by 2012, Report Says
KATRADE INTERNATIONAL: Members' Meeting Set for May 6
KID CASTLE: Brock Schechter Expresses Going Concern Doubt

OASIS AIRLINES: Applies for Voluntary Liquidation
PETROLEOS DE VENEZUELA: Eyes 5MM Barrels/Year From Joint Venture
PETROLEOS DE VENEZUELA: Mulls Programs to Explore & Produce Oil
SANCON RESOURCES: Kabani & Company Expresses Going Concern Doubt
SHK FOREXCHANGE: Members' Meeting Set for April 29

SONIE GARMENTS: Members' Meeting Set for May 2
SKY BLUE: Creditors' Meeting Set for May 2
SUCCESS ERA: Appoints New Liquidators
SUN LOONG CAPITAL: Members' Meeting Set for April 29
SUN LOONG ON-LINE: Members' Meeting Set for April 29


I N D I A

GENERAL MOTORS: Plastech Can Get Funding From Lender Consortium
GENERAL MOTORS: Court Extends Indemnification Pact With Delphi
GMAC LLC: Buys US$1.2 Billion of Residential Capital's Debt
GMAC LLC: To Buy Remaining CARAT 2005-SN1 on April 15
HDFC BANK: To Release Annual Results on April 24

HDFC BANK: Shareholders OK Merger With Centurion Bank of Punjab
LML LTD: Incurs INR110.8 Million Net Loss in Qtr. Ended Dec. 31
LLOYDS STEEL: Net Loss Widens to INR404 Mil. in Oct.-Dec. 2007
MODI RUBBER: Posts INR303.92 Mil. Profit in Qtr. Ended Dec. 31
* Fitch Sees Higher Delinquencies in Indian Personal Loan Deals


I N D O N E S I A

BANK NEGARA: Aims IDR1.8 Trillion Fee-Based Income in 2008
BERAU COAL: To Double Coal Output to 30MM tonnes in 5 years
CA INC: Cuts 2,800 Jobs in Expanded 2007 Restructuring Plan
FREEPORT-MCMORAN: Strong Liquidity Cues Fitch to Lift Ratings


J A P A N

ATARI INC: Curtis Solsvig Resigns as Chief Restructuring Officer
DELPHI CORP: Court Extends Indemnification Agreement with GM
DELPHI CORP: Court Extends Time to Perform Under IRS Waivers
ELPIDA MEMORY: Increases Chip Prices 5% to 10% for Module Makers
IHI CORP: To Discuss Shipbuilding Tie-Up With JFE Holdings

MITSUKOSHI LTD: First Isetan Mitsukoshi Outlet to Open in 2011
FORD MOTOR: Integrates Global Product Dev't and Purchasing Teams
FORD MOTOR: Bares 2007 Executive Compensation in Proxy Statement
XERIUM TECHNOLOGIES: Obtains Default Waiver Until May 31


K O R E A

CHOROKBAEM MEDIA: Moves Spinoff of 2 Units to May 30
COREBRID INC: Co-Chief Executive Officer Seo Myeong Hwan Resigns
CORECROSS INC: Kim Tae Wan Resigns as Co-Chief Executive Officer
DAEWOO ELECTRONICS: Hires Lee Dong Hui as CEO
DURA AUTO: Wants Court Nod on Atwood Capital Adjustment Pact

EUGENE SCIENCE: Won't Be Able to File 2007 Annual Report on Time
PIXELPLUS LTD: Board Approves Reverse Stock Split


M A L A Y S I A

ASPEN TECH: ATF II Completes Payments to Key Bank Facility


N E W  Z E A L A N D

AIR NEW ZELAND: Posts US$115 Mil. Net Profit in 2nd Half of 2007
AIR NEW ZELAND: Says Fare Increase May Slow Demand
CLEAR CHANNEL: Trial Against Sale Financiers Will Begin May 5


P H I L I P P I N E S

PSI TECHNOLOGIES: Marxe and Greenhouse Hold 9.1% Equity Stake
PSI TECHNOLOGIES: Greathill, et al., Hold 14.7% Equity Stake


S I N G A P O R E

ADVANCED MICRO: Expects Revenues to Drop to US$1.5 Billion


                          - - - - -



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

ABC LEARNING: Cuts Down EPS Guidance to 34 Cents for FY 2008
------------------------------------------------------------
ABC Learning Centres Ltd. slashed its earnings per share
guidance for fiscal 2008 from more than 41 cents a share to
between 34 and 36 cents per share, Lisa Macnamara writes for The
Australian.

The Australian quotes ABC company secretary Matther Horton as
saying, "Timing issues associated with the slowed pace of the
childcare centre acquisition program (in Australia, New Zealand
and U.S.) and property disposal program, coupled with other less
material profit and loss impacts, have resulted in ABC forming a
view that EPS will likely be 34c to 36c per share for FY08."

According to The Australian, Mr. Horton explained: "This
guidance is prior to any transaction with Morgan Stanley in
relation to the US business, the impact of which will be
announced if and when such (a) transaction is consummated."

The Troubled Company Reporter-Asia Pacific reported on April 8,
2008, that ABC may finalize a deal with Morgan Stanley on the
sale of its U.S. assets by the end of this year.

ABC, adds The Australian, said its proposal to Morgan Stanley on
the sale of its U.S. assets was "ongoing."

                        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.


ALLCO FINANCE: To Sell Leasing Unit as Part of Restructuring
------------------------------------------------------------
Allco Finance Group Ltd. plans to sell its Alleasing business as
part of a corporate restructure, Florence Chong writes for The
Australian.

The Australian relates that in a statement to the Australian
Securities Exchange, Allco said it was in the process of
appointing corporate advisers to manage a potential sale
process.

Alleasing, states The Australian, has received "a number of
expressions of interest" from potential buyers in Australia and
from overseas.  Danny John of The Age quotes an Allco spokesman
as saying, "There have been 20 interested parties with offers in
excess of the debt."  A source of The Australian disclosed that
the business would be sold to the "appropriate" buyer with the
highest offer.

The Age notes that any planned disposal of Alleasing will need
the backing of investors who hold securities known as "hybrids."
Allco's managers are in the process of appointing corporate
advisors who would field detailed offers for the business,
offers that would be passed on to the holders of the "hybrids"
to allow them "to make an informed decision."

Alleasing revealed that it had been given an 11-week extension
by its senior lender to start repaying AU$40 million of debt,
states The Age.

The Australian notes that Alleasing generated income totaling
AU$37.5 million in the six months to December 31, 2007 -- up 10%
on the corresponding period in 2006; but it posted a net loss
before tax of AU$7.5 million.

                       About Allco Finance

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

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

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

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

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

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


CHRYSLER: Outsources IT Management Department & Cuts 200 Jobs
-------------------------------------------------------------
Chrysler LLC completed its multi-year contracts with India-based
Tata Consultancy Services and Virginia-based Computer Sciences
Corp. to outsource some of its information technology
management, maintenance, and support, Reuters reports citing
company spokesman Kevin Frazier.

According to Reuters, the move will displace 20% of the 1,000
ITM staff, beginning May and completing in the third quarter,
Mr. Frazier disclosed.

The job cuts are part of the automaker's three-year Recovery and
Transformation Plan, which will pursue and implement business
strategies critical to the success of The New Chrysler, Reuters
relates.

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.


OPES PRIME: ASIC Says Director Smith May Be Involved in Cover-Up
----------------------------------------------------------------
The Australian Securities & Investments Commission says Opes
Prime Group Ltd. Director Julian Smith may possibly be involved
in covering up massive losses for certain clients just before
the firm collapsed two weeks ago, Leonie Wood writes for The
Sydney Morning Herald.

The ASIC, relates Mr. Wood, has also made fresh allegations
about what it called "double-counting" of shares, a practice it
says shielded a handful of Opes' most favored clients from
losing millions of dollars against their rapidly deteriorating
portfolios.

SMH states that the ASIC obtained urgent orders from Justice Ray
Finkelstein in the Melbourne Federal Court forcing Mr. Smith to
hand over his passport until April 11.  Mr. Smith had previously
booked a 10-day holiday in Fiji with his family and was due to
leave April 13.

Mr. Smith declined to comment about the allegations made by ASIC
or the court order, says SMH.

SMH relates that ASIC senior investigator Richard Vandeloo
outlined how shares held in a particular Opes account, which was
identified in court documents only as "EE", were lent to a
company called Leveraged Capital Pty Ltd, then routed through a
company registered in the British Virgin Islands before being
delivered back to Opes in Australia.

Leveraged Capital is jointly owned by Opes founder Laurie Emini
and Mr. Smith, the report adds.

In his affidavit, Mr. Vandeloo said there was some
"double-counting" of shares in the EE account, and that the
effect of double-counting "was to avoid margin calls on certain
client accounts," relates SMH.

SMH reports that according to Mr. Vandeloo, Mr. Emini and Mr.
Smith were suspected of having "an interest" in another account
identified as "BB", which had defaulted on paying AU$38 million.

SMH further quotes Mr. Vandeloo as saying, "Mr. Smith may have
had knowledge or been involved in the double-counting of stock
held by an entity EE and possibly also in the concealing of the
true financial position of the client account, BB."

                       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 , providing outstanding risk protection and
       return potential.

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

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

                           *     *     *

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

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


OPES PRIME: Ex-mob Boss to Track AU$1BB Worth of Assets Overseas
----------------------------------------------------------------
Former underworld boss Mick Gatto and a group of Melbourne
business associates left Australia on April 8 to hunt down more
than AU$1 billion worth of assets they believe are hidden by
Opes Prime Group Ltd., Adele Ferguson writes for The
Australian.

According to the report, Mr. Gatto, who now runs a successful
crane company and industrial mediation business, said he did not
have any personal wealth tied up with Opes, but many of his
friends and associates had hundreds of millions of dollars
frozen inside Opes Prime.

Mr. Gatto would not identify his clients or friends, but it is
understood several are company directors, relates The
Australian.

Mr. Gatto told The Australian he is organizing a class action
in a bid to get back money from Opes owed to his friends and
associates.  Mr. Gatto has held meetings with investors at
Society restaurant in Melbourne over the past week.

The Australian quotes Mr. Gatto as saying, "The game-plan is to
track down missing money overseas.  I reckon it's over
AU$1 billion, and I have a good track record of tracking things
down.  You can run but you can't hide, and you can quote me on
that."

Mr. Gatto, who would not reveal the countries he planned to
visit or how long he would be away, told The Australian that a
number of associates had given him some leads regarding overseas
assets and the purpose of the trip was to piece together
information with a view to getting the money back for his
clients.

The Australian notes that Opes had operations in Singapore and
Middle East.  Opes also had two arm's-length companies--
Leveraged Capital and Hawkswood -- that dealt with the company
through a British Virgin Islands-registered company called
Riqueza.

ABC News writes that Mr. Gatto will be visiting many offices but
Opes Prime will not be one of them because they are looking for
the money, "not the company."

According to ABC News, Mr. Gatto, who escaped jail after
pleading self-defense in the killing of an underworld hitman in
2004, says he will not be using violence in his negotiations.
"We never use violence.  It's always done amicably and there's
no evidence that I've ever used violence ever.  I would've been
charged in a heartbeat," Mr. Gatto told ABC News.

                       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 , providing outstanding risk protection and
       return potential.

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

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

                           *     *     *

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

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


OPES PRIME: Administrator Says Creditors May Recover 30%
--------------------------------------------------------
John Lindholm of Ferrier Hodgson, one of the administrators
of Opes Prime Group Ltd., said clients may be able to recover
30% of their assets, Richard Gluyas writes for The Australian.

The report states that Mr. Lindholm disclosed the news to
creditors on April 8 at a creditors meeting.

Mr. Lindholm, in a news conference, said he is taking control
of Riqueza, a British Virgin Islands-incorporated company that
owes Opes AU$101 million, The Australian relates.  Riqueza,
states Mr. Lindholm, was a "linchpin" in the investigation, due
to the company's role as an intermediary in a number of Opes
transactions, The Australian adds.

The Australian notes that Riqueza is reportedly owned by a
Singapore-based businessman Jay Moghe, who is the sole director.

Riqueza, reports The Australian, transacted with two other Opes
group companies -- Hawkswood Investments and Leveraged Capital
-- both of which are owned by Mr. Emini in combination with one
or both of his fellow Opes directors, Julian Smith and Anthony
Blumberg.

According to the report, Mr. Lindholm attributed Opes' demise to
a series of irregular transactions, with a number of them
carried out through Riqueza.

Colin Kruger of The Sydney Morning Herald relates that Leveraged
Capital owed Riqueza AU$43 million and Hawkswook owed Riqueza
AU$142 million.

SMH reports that while a higher return than 30 cents on the
dollar may be possible, it is dependent on a number of factors:

    * the recovery of debts totaling AU$253 million from at least
      one company associated with Opes and "problem" accounts;
      and

    * the recoveries available if the company is put into
      liquidation.

                       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 , 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.


PSIVIDA LTD: Orbis Investment Holds 5.19% Equity Stake
------------------------------------------------------
Orbis Investment Management (Australia) Pty Limited disclosed in
a regulatory filing with the U.S. Securities and Exchange
Commission that it may be deemed to beneficially own 37,983,297
shares or 5.19% of pSivida Limited's common stock.

pSivida is a global drug delivery company committed to the
biomedical sector and the development of drug delivery products.
Retisert is FDA approved for the treatment of uveitis.
Vitrasert is FDA approved for the treatment of AIDS-related CMV
Retinitis.  Bausch & Lomb owns the trademarks Vitrasert and
Retisert.  pSivida has licensed the technologies underlying both
of these products to Bausch & Lomb.  The technology underlying
Medidur for diabetic macular edema is licensed to Alimera
Sciences and is in Phase III clinical trials.  pSivida has a
worldwide collaborative research and license agreement with
Pfizer Inc. for other ophthalmic applications of the Medidur
technology (excluding FA).

pSivida owns the rights to develop and commercialize a modified
form of silicon (porosified or nano-structured silicon) known as
BioSilicon, which has applications in drug delivery, wound
healing, orthopedics, and tissue engineering. The most advanced
BioSilicon(TM) product, BrachySil delivers a therapeutic, P32
directly to solid tumors and is presently in Phase II clinical
trials for the treatment of pancreatic cancer.

pSivida's intellectual property portfolio consists of 64 patent
families, 113 granted patents, including patents accepted for
issuance, and over 280 patent applications.  pSivida conducts
its operations from Boston in the United States, Malvern in the
United Kingdom and Perth in Australia.

pSivida is listed on NASDAQ, the Australian Stock Exchange and
on the Frankfurt Stock Exchange on the XETRA system.  pSivida is
a founding member of the NASDAQ Health Care Index and the
Merrill Lynch Nanotechnology Index.

                        Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.  Deloitte noted that the
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
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BALI INTERNATIONAL: Members' Meeting Set for April 29
-----------------------------------------------------
Members of Bali International Finance (Nominees) Limited will
have their final general meeting on April 29, 2008, at Units
1201-10 & 14-16, CITIC Tower, 12th Floor, 1 Tim Mei Avenue,
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:

          Lo Wai On
          Units 1201-10 & 14-16
          CITIC Tower, 12th Floor
          1 Tim Mei Avenue, Central
          Hong Kong


CHINA SOUTHERN: Reports April Traffic Results
---------------------------------------------
China Southern Airlines Co. Ltd. carried 4.86 million passengers
in March, up 5.9% year-on-year, tradingmarkets.com reports.

According to the report, in a statement on its Web site, the
airline said it carried 75,620 tons of cargo last month, up 2.7%
year-on-year.

The passenger load factor in March was 74.5%, up 0.9 percentage
point from a year earlier, while the overall load factor was up
1.4 percentage points at 66.3%, the airline said,
tradingmarket.com relates.

The report adds that in the first quarter ended March, the
airline carried 13.98 million passengers, up 11.2% year-on-year,
and 214,570 tons of cargo, up 12.6%.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

As reported on March 3, 2008, Fitch Ratings affirmed China
Southern Airlines Co. Ltd.'s Long-term Foreign Currency and
Local Currency Issuer Default Ratings at 'B+'.  Fitch said the
outlook on the ratings remains stable.


CHINA TRADING: Appoints Au Chun Keung as Liquidator
---------------------------------------------------
Members of China Trading International Limited appointed Au Chun
Keung as the company's liquidator.

The liquidator can be reached at:

           Au Chun Keung
           Flat B, 4th Floor
           Village Gardens
           17 Fa Po Street
           Yau Yat Chuen
           Kowloon, Hong Kong


CHINA WORLD TRADE: Auditor Raises Going Concern Doubt
-----------------------------------------------------
In a letter dated March 28, 2008, to the board of directors and
Shareholders of China World Trade Corporation, Child, Van
Wagoner & Bradshaw, PLLC, of Salt Lake City, Utah, raised
substantial doubt about the company's ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended December 31, 2007, and
2006.

The auditor notes that the company has suffered losses from
operations during the year.  As of December 31, 2007, the
Company had net loss of US$2,285,036.  A year earlier, the
Company posted a net loss of US$10,090,975.

In a regulatory filing with the U.S. Securities and Exchange
Commission, China World Trade said: "Continuation of the Company
as a going concern is dependent upon obtaining additional
working capital through additional equity funding and attaining
profitable operations in the future.  Management has developed a
strategy, which they believe can be accomplished and will enable
the Company to operate in the future.  However, there can be no
assurance that the Company will be successful with their efforts
to attain profitable operations.  The inability of the Company
to secure additional financing and attain profitable operations
in the near term could adversely impact the Company’s business,
financial position and prospects."

The company's balance sheet as of December 31, 2007, showed
illiquidity with US$1,753,028 in total current assets available
to pay US$2,001,269 total current liabilities.  The company,
however, is solvent with total assets of US$10,005,181, total
liabilities of US$2,001,269, and total stockholders' equity of
US$8,003,912.

A full-text copy of China World Trade's annual report is
available for free at http://researcharchives.com/t/s?2a5a

Headquartered in Guangzhou, People’s Republic of China, China
World Trade Corporation was incorporated under the laws of the
State of Nevada on January 29, 1998, as Weston International
Development Corporation.  On July 28, 1998, the name was changed
to Txon International Development Corporation. On September 15,
2000, CWTC changed to its existing name.  CWTC acts as an
investment holding company.  Its existing business plan involves
the pursuit of three distinct lines of business including:

    (1) Business Clubs: Beijing World Trade Center Club and
        Guangzhou World Trade Center Club are located in Beijing
        and Guangzhou respectively.  Each business club is
        indirectly associated with the World Trade Center
        Association, by which the company has positioned itself
        as a platform to facilitate trade between China and the
        world markets.  The company also operates CEO Clubs China
        chapter in Beijing under this business sector.

    (2) Tourism & Hotel Management: The company provides hotel
        management services, including hotel design, pre-opening
        and hospitality management services in China under this
        business sector through CWT Hotel Management Limited.

    (3) Investment & Consultancy Services: The company provides
        technology and infrastructure expertise and investment to
        China-based development projects in key cities through
        CWT Investment Services Limited.


CHINA WORLD TRADE: Signs Share Exchange Pact With Uonlive
---------------------------------------------------------
On March 28, 2008, China World Trade Corporation entered into a
Share Exchange Agreement with:

    -- William Chi Hung Tsang, China World Trade Chairman and
       President;

    -- Hong Kong-based Uonlive Limited;

    -- Tsun Sin Man Samuel, Chairman of Uonlive;

    -- Hui Chi Kit, Chief Financial Officer of Uonlive; and

    -- Parure Capital Limited, parent of Uonlive.

Mr. Tsun and Mr. Hui are holders of all of the outstanding
capital stock of Parure Capital.  Upon closing of the share
exchange transaction, Messrs. Tsun and Hui transferred all of
their share capital in Parure Capital to China World Trade in
exchange for 150,000,000 shares of common stock and 500,000
shares of Series A Convertible Preferred Stock of China World
Trade, which is convertible after six months from the date of
issuance into 100 shares of common stock, thus causing Parure
Capital to become a direct wholly owned subsidiary of China
World Trade.

In a regulatory filing with the Securities and Exchange
Commission, China World Trade disclosed that pursuant to the
terms and conditions of the Exchange Agreement:

    (1) On the Closing Date, the current officers of China World
        Trade resigned and the persons chosen by Uonlive were
        appointed as the officers of China World Trade, notably:

        -- Tsun Sin Man Samuel, as Chairman;
        -- Cheung Chi Ho, as Chief Executive Officer; and
        -- Wong Kin Yu, as Chief Operating Officer.

        Mr. Tsang and Zeliang Chen resigned from their positions
        as directors and officers.  CM Chan resigned from his
        position as CEO, Larry Wei Fan will remain as CFO until
        further notice, and Messrs. Tsun and Cheung filled the
        vacancies on the Board created by their resignation.

    (2) On the Closing Date, the remaining members of the Board,
        namely Xiao Lei Yang, Chao Ming Luo and Ye Xin Long
        resigned from their positions as a director and will be
        replaced by persons designated by Uonlive, notably Carol
        Kwok, Zeng Yang and Wong Kin Yu.

    (3) On the Closing Date, China World Trade paid and satisfied
        all of its “liabilities.”

    (4) As of the Closing, the parties consummated the remainder
        of the transactions contemplated by the Exchange
        Agreement, including the transfer of all of China World
        Trade's subsidiaries to Top Speed Technologies Limited, a
        British Virgin Islands corporation owned by William
        Tsang, pursuant to a sale and purchase agreement in
        consideration of cancellation of indebtedness owed by
        CWTD to William Tsang.

Headquartered in Guangzhou, People’s Republic of China, China
World Trade Corporation was incorporated under the laws of the
State of Nevada on January 29, 1998, as Weston International
Development Corporation.  On July 28, 1998, the name was changed
to Txon International Development Corporation. On September 15,
2000, CWTC changed to its existing name.  CWTC acts as an
investment holding company.  Its existing business plan involves
the pursuit of three distinct lines of business including:

    (1) Business Clubs: Beijing World Trade Center Club and
        Guangzhou World Trade Center Club are located in Beijing
        and Guangzhou respectively.  Each business club is
        indirectly associated with the World Trade Center
        Association, by which the company has positioned itself
        as a platform to facilitate trade between China and the
        world markets.  The company also operates CEO Clubs China
        chapter in Beijing under this business sector.

    (2) Tourism & Hotel Management: The company provides hotel
        management services, including hotel design, pre-opening
        and hospitality management services in China under this
        business sector through CWT Hotel Management Limited.

    (3) Investment & Consultancy Services: The company provides
        technology and infrastructure expertise and investment to
        China-based development projects in key cities through
        CWT Investment Services Limited.

The company's independent auditor, Child, Van Wagoner &
Bradshaw, PLLC, of Salt Lake City, Utah, raised substantial
doubt about the company's ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended December 31, 2007, and 2006.  The auditor
noted that the Company has suffered losses from operations
during the year.  As of December 31, 2007, the Company had net
loss of US$2,285,036.  A year earlier, the Company posted a net
loss of US$10,090,975.


GOLD LEADER: Appoints New Liquidator
------------------------------------
Members of Gold Leader Investment Limited appointed Eric Hil Lan
Chung as the company's liquidator.

The liquidator can be reached at:

           Eric Hil Lan  Chung
           Marina House, Room 2001
           68 Hing Man Street
           Sai Wan Hon
           Hong Kong


GRAND TOYS: Centralink, et al., Hold 91.2% Equity Stake
-------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Centralink Investments Limited, Cornerstone Beststep
International Limited, and Cheng Hsieh disclosed that they may
be deemed to beneficially own 9,741,157 shares or 91.2% of Grand
Toys International Limited's common stock.

The amount includes 145,454 American Depositary Shares that they
would beneficially own if they exchanged the 727,272 ordinary
shares of pSivida Limited beneficially owned by them for ADSs.

Centralink Investments and Cornerstone Beststep are limited
companies organized under the laws of the British Virgin Islands
and have their principal businesses are in Hong Kong.  The sole
director and executive officer of both companies is Mr. Hsieh.

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

                      Going Concern Doubt

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

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


HUA XIA: Seeking Overseas Listing by 2012, Report Says
------------------------------------------------------
Hua Xia Bank Co. Ltd. is seeking an overseas listing by 2012,
the 21st Century Business Herald reports citing the bank's
development plan for 2008-2012.  The bank may also issue
additional A-shares and introduce domestic financial
institutions as strategic investors during the period, the
report adds.

Thomson Financial News relates, citing the 21st Century Business
Herald, these exercises are intended to boost Hua Xia Bank's
capital adequacy ratio to over 10% by the end of 2012, from
8.27% in 2007.  The bank also plans to bring down its non-
performing loan ratio to less than 2% by 2012, the report
relates.

According to the Herald, Hua Xia Bank booked 2007 net profit of
CNY2.1 billion, up 44.2%; the NPL ratio was 2.25% at end-2007.

                     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.


KATRADE INTERNATIONAL: Members' Meeting Set for May 6
-----------------------------------------------------
Members of Katrade International Limited will have their final
general meeting on May 6, 2008, at Unit A, JCG Building, 14th
Floor, 16 Mongkok Road, Mongkok, Kowloon, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.


KID CASTLE: Brock Schechter Expresses Going Concern Doubt
---------------------------------------------------------
Brock, Schechter & Polakoff, LLP, in Buffalo, N.Y., raised
substantial doubt about the ability of Kid Castle Educational
Corporation to continue as a going concern after it audited the
company's financial statements for the year ended Dec. 31, 2007.
The auditor reported that the company has suffered previous
losses from operations and has small capital equity.

The company posted a net income of US$1,877,149 on total
revenues of US$11,236,612 for the year ended Dec. 31, 2007, as
compared with a net loss of US$46,211 on total revenues of
US$9,711,583 in the prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$11,161,285 in total assets, US$10,478,940 in total
liabilities, US$162,343 in minority interest and US$520,002 in
stockholders' equity.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2a41

                      About Kid Castle

Kid Castle Educational Corporation, (Other OTC: KDCE.PK) --
http://www.kidcastle.com  -- through its Kid Castle Language
Schools, teaches English to some 1 million Chinese children age
two to 12. Kid Castle has about 350 franchised schools in Taiwan
and China; more than 5,000 schools use its materials, which
include CDs, tapes, and other multimedia; Chinese and English
textbooks; and English magazines. Its after-school language
classes, many of which are taught by foreign native English-
speakers, focus on spoken, rather than written skills. The
company recruits teachers from universities in English-speaking
countries. Directors Min-Tang Yang and Suang-Yi Pai own 37% and
19%, respectively.  Kid Castle Educational Corporation is
headquartered in Taipei, Taiwan, Republic of China.


OASIS AIRLINES: Applies for Voluntary Liquidation
-------------------------------------------------
Oasis Hong Kong Airlines Ltd., a 17-month-old budget carrier,
stopped flying on April 9, 2008, Bloomberg News reports.  The
carrier has applied for a voluntary liquidator and is seeking
new investors, Chief Executive Officer Stephen Miller said at a
Hong Kong press conference, as intercepted by Bloomberg.

Quoting from an earlier report by the Hong Kong Economic Times,
Bloomberg relates that Oasis Airlines had accumulated losses of
as much as HK$1 billion (US$128 million) and was losing more
than HK$1 million a flight.  The carrier became the fourth
airline worldwide to halt operations in less than two weeks amid
surging fuel costs, Bloomberg notes.  Oasis Airlines followed
ATA Airlines Inc., Aloha Airgroup, Inc., and Skybus Airlines,
Inc., which ceased operations since March 31, Bloomberg adds.

"The competition among airlines is fierce in Hong Kong," Edward
Wong, an aviation analyst at Quam Ltd., told Bloomberg.  "The
rising oil price affects carriers globally."

Oasis began flying to London in October 2006 and added services
to Vancouver about a year ago, Bloomberg says.  It initially
offered tickets to Gatwick for as little as HK$1,000 one-way,
less than 20% the price then charged by Cathay Pacific Airways
Ltd. for flights to Heathrow, the report relates.

According to Bloomberg, the airline was set up by Chairman
Raymond Lee, a minister and property investor.  Mr. Lee and his
wife were among backers who committed US$100 million in funds to
the airline before it began flying, Bloomberg says.  Unlike low-
cost short-haul carriers, Oasis offered passengers free meals
and in-flight entertainment, as well as business-class seats,
the report notes.

Oasis passengers with bookings should call the airline's
hotline, Mr. Miller said at the press conference, Bloomberg
says.  KPMG will act as the liquidator, the report discloses.

Bloomberg recalls that Oasis said last month it was in talks
with investors as it sought funds to help start as many as three
new routes this year.


PETROLEOS DE VENEZUELA: Eyes 5MM Barrels/Year From Joint Venture
----------------------------------------------------------------
Petroleos de Venezuela SA's Exploration and Production Vice
President Luis Vierma said that the company's joint venture with
China National Petroleum Corp. Service and Engineering Ltd. will
produce five million barrels oil oil per year in 2015.

As reported in the Troubled Company Reporter-Latin America on
April 7, 2008, Petroleos de Venezuela would form a joint venture
with CNPCSE for oil operations and services.  The joint venture
will strengthen the Venezuelan operations through the use of
Chinese personnel and technology to consolidate the formers
sovereignty in energy.  The joint venture should handle 30% of
oil activities in Venezuela.

Petroleos de Venezuela said that it would fulfill its plan to
increase production to 5.8 million barrels per day by 2012,
Steven Bodzin at Bloomberg News relates.

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: Mulls Programs to Explore & Produce Oil
---------------------------------------------------------------
Petroleos de Venezuela SA's board has examined programs to
explore and produce oil, Prensa Latina reports, citing company
sources.

Prensa Latina's unnamed sources said the board is also analyzing
the firm's 2007 results.

Prensa Latina relates that the stages of the Mariscal Sucre
Project were evaluated:

           -- exploitation plan,
           -- leasing of drills,
           -- underwater systems,
           -- objectives, and
           -- progress.

The board also discussed the boat drill Neptune Discoverer's
upcoming arrival to Venezuela.  The boat will drill the first
wells Costa Afuera in the fields of Dragon and Patao, and then
transport the gas to the Industrial Complex Gran Mariscal de
Ayacucho, Prensa Latina states.

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

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

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

                         *     *     *

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


SANCON RESOURCES: Kabani & Company Expresses Going Concern Doubt
----------------------------------------------------------------
Kabani & Company, Inc., in Los Angeles, California, raised
substantial doubt about Sancon Resources Recovery Inc.'s ability
to continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm pointed to the company's accumulated
deficit of US$284,558 as of Dec. 31, 2007, and working capital
deficiency of US$489,589.

The company posted a net loss of US$167,843 on total revenues of
US$6,070,830 for the year ended Dec. 31, 2007, as compared with
a net income of US$17,902 on total revenues of $3,447,402 in the
prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$1,587,936 in total assets, US$1,575,309 in total liabilities,
US$153,220 in minority interest and US$140,593 in total
stockholders' deficit.

A full-text copy of the company's 2007 annual report is
available for free at: http://researcharchives.com/t/s?2a64

                       About Sancon Resources

Sancon Resources Recovery Inc. (OTC BB: SRRY.OB) --
http://www.sanconinc.com/-- is an industrial waste recycling
company with operations based in Hong Kong, China and Australia.
Sancon currently exports more than 25,000 tons of recycled
industrial waste material annually to its processing partners
and manufacturers in China.


SHK FOREXCHANGE: Members' Meeting Set for April 29
--------------------------------------------------
Members of SHK Forexchange Management Limited will have their
final general meeting on April 29, 2008, at Units 1201-10 &
14-16, CITIC Tower, 12th Floor, 1 Tim Mei Avenue, 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:

          Lo Wai On
          Units 1201-10 & 14-16
          CITIC Tower, 12th Floor
          1 Tim Mei Avenue, Central
          Hong Kong


SONIE GARMENTS: Members' Meeting Set for May 2
----------------------------------------------
Members of Sonie Garments Manufacturing Company Limited will
have their final general meeting on May 2, 2008, at Wing Yee
Commercial Building, 2nd Floor, 5 Wing Kut Street, 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:

          Lam Hoo Sum
          Wing Yee Commercial Building, 2nd Floor
          5 Wing Kut Street
          Central, Hong Kong


SKY BLUE: Creditors' Meeting Set for May 2
------------------------------------------
Creditors of Sky Blue Management Limited will have their meeting
on May 2, 2008, in Room 2601, The Centrium, 26th Floor at 60
Wyndham Street, Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.


SUCCESS ERA: Appoints New Liquidators
-------------------------------------
Members of Success Era Investments Limited appointed Chui Wai
Hon and Lau Wai Ming as the company's liquidators.

The liquidator can be reached at:

           Chui Wai Hon
           Lau Wai Ming
           Rooms 603-4
           Hang Seng Wanchai Building, 6th Floor
           200 Hennessy Road, Wanchai
           Hong Kong


SUN LOONG CAPITAL: Members' Meeting Set for April 29
----------------------------------------------------
Members of Sun Loong Capital Limited will have their final
general meeting on April 29, 2008, at Units 1201-10 & 14-16,
CITIC Tower, 12th Floor, 1 Tim Mei Avenue, 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:

          Lo Wai On
          Units 1201-10 & 14-16
          CITIC Tower, 12th Floor
          1 Tim Mei Avenue, Central
          Hong Kong


SUN LOONG ON-LINE: Members' Meeting Set for April 29
----------------------------------------------------
Members of Sun Loong On-Line Investment Service (H.K.) Limited
will have their final general meeting on April 29, 2008, at
Units 1201-10 & 14-16, CITIC Tower, 12th Floor, 1 Tim Mei
Avenue, 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:

          Lo Wai On
          Units 1201-10 & 14-16
          CITIC Tower, 12th Floor
          1 Tim Mei Avenue, Central
          Hong Kong




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

GENERAL MOTORS: Plastech Can Get Funding From Lender Consortium
---------------------------------------------------------------
Crain's Detroit Business and The Detroit Free Press report that
the Honorable Phillip Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan has granted Plastech Engineered
Products, Inc., and its debtor-affiliates authorization to:

    i) transfer the DIP facility to a new lender selected and
       formed by their Debtors' major customers General Motors
       Corporation, Ford Motor Company, Johnson Controls Inc.;
       and

   ii) continue to draw under the interim facility provided
       provide for a continuation of the interim postpetition
       facility provided by Bank of America, N.A., pending the
       transfer.

A draft amendment, dated March 31, 2008, to the Postpetition
Loan and Security Agreement signed by Plastech and Bank of
America provides that the maturity date of the revolving credit
facility will be extended to April 30, 2008, and the maximum
amount available under the facility will be raised to
US$51,500,000 equal to:

    -- US$44,703,000, plus

    -- additional amounts delivered by the major customers.

A full-text copy of the proposed Fifth Amendment to the DIP
Agreement is available for free at:

                http://researcharchives.com/t/s?2a08

Crain's Detroit Business said Judge Shefferly approved the
transfer of post-April 30 financing responsibilities to
Plastech's major customers -- GM, Ford, Johnson Controls and
possibly Chrysler.  Details of the agreement remain subject to
further negotiation and final judicial approval, according to
the report.

According to the Detroit Free Press, bankruptcy experts say
Plastech's decision to obtain loans from its customers -- and
not banks or equity firms -- is an example of the alternatives
that reorganizing companies are turning to as more traditional
lenders tighten their lending and require more onerous terms for
bankruptcy loans.  The credit crunch has made it difficult for
firms in bankruptcy to find loans to exit court protection,
leading to longer stays and greater need for financing while
under Chapter 11, it added.

The Final DIP Facility is scheduled for hearing on April 30,
2008.

The Debtors have filed a budget for the period from March 24,
2008 to May 4, 2008.  A copy of the budget is available for
free:

                http://researcharchives.com/t/s?2a09

                Parties Now Consent to New Funding

Key parties-in-interest, including some objections, in the
Chapter 11 cases have signed a statement of consent to an
interim order allowing the Debtors' entry into a DIP facility
sponsored by the Debtors' major customers.  The parties who
signed the document, which was posted in the Court's docket on
April 3, 2008, include:

    -- The Steering Committee of First Lien Term Loan Lenders;

    -- Bank of America

    -- Goldman Sachs Credit Partners L.P., as Pre-Petition First
       Lien Term Agent;

    -- The Official Committee of Unsecured Creditors;

    -- Asahi Kasei;

    -- M&I Equipment Finance Company;

    -- Wells Fargo Equipment Finance, Inc. and The Huntingdon
       National Bank;

    -- RBS Asset Finance, Inc.;

    -- Johnson Controls, Inc.;

    -- Chrysler, LLC, Chrysler Motors Counsel to General Motors
       Corporation LLC and Chrysler Canada Inc.;

    -- Ford Motor Company; and

    -- U.S. Bancorp Equipment Finance, Inc.

Under the proposed transactions, the New DIP Lender will
purchase the BofA Facility and provide the Debtors with
additional funding pursuant to an US$80,000,000 DIP Financing.

                      About Ford Motor Company

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

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

                           *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) forUS$2.3 billion (beforeUS$600 million
of pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

                         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.

                     About Plastech Engineered

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.  (Plastech Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or
215/945-7000)

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                           *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.  The CreditWatch placement reflects S&P's decision
to review the ratings in light of the extended American Axle
(BB/Watch Neg/--) strike.


GENERAL MOTORS: Court Extends Indemnification Pact With Delphi
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended an indemnification agreement between Delphi Corp. and
General Motors Corp. for an additional 15 days up to April 15,
2008, if GM extends its benefit guarantee agreement with the
United Automobile, Aerospace and Agricultural Implement Workers
of America by at least the same period of time.

As reported in the Troubled Company Reporter on June 26, 2007,
the United Automobile, Aerospace and Agricultural Implement
Workers of America, Delphi, and GM entered into a memorandum of
understanding.  Among other things, the UAW-Delphi-GM Memorandum
of Understanding was designed to enable Delphi's continued
transformation to more competitive wage and benefit levels and
to address divestiture, work rules, and staffing level issues in
the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet#Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31.  The Debtors' Chapter 11
Plan, however, was not confirmed and substantially consummated
by Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors sought the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, said an extension will allow
Delphi's indemnification obligations under the Indemnity
Agreement to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserted.

Mike Ramsey at Bloomberg News, citing a Deutsche Bank AG
analyst, reports that GM may give up cash and preferred shares,
and assume more pension liability, to help Delphi leave
bankruptcy.

Forfeiting the cash and shares would increase Delphi's liquidity
and make the company more attractive to investors, analyst Rod
Lache said in a research note on Monday, according to Bloomberg.

The report said more GM help may be needed after Appaloosa
Management LP, which led an investor group that was to provide
Delphi with US$2.55 billion in financing, pulled out last week
after stating that Delphi failed to meet conditions.

Delphi has said it had met all requirements, Bloomberg says.

Pursuant to Delphi's confirmed plan of reorganization, Bloomberg
notes, GM is to receive preferred shares worth US$1.07 billion
and US$175 million in cash, and will assume US$2 billion in
first-lien loans and up to US$825 million in second-lien loans.

Delphi could eliminate a US$1.25 billion pension contribution
required after exit if GM assumed that liability, the analyst's
report said, according to Bloomberg.  Dropping GM's other claims
would give Delphi more cash and lower the effective cost to
investors of buying the company, and also could slice the
required outside equity investment to US$1.3 billion from US$2.5
billion, Mr. Lache said, according to Bloomberg.  It also would
lower the effective price of the company to 3.5 times projected
earnings before interest, taxes, depreciation and amortization,
from the current multiple of 4.9, the research note indicated.

Bloomberg says the changes by GM would require Delphi to scrap
its bankruptcy plan and create a new one that would need the
approval of the U.S. bankruptcy court and creditors.

                         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, Issue No. 121; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                            About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                           *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.

To resolve the CreditWatch listings, S&P's will assess the
strike's impact on the companies' credit profiles, particularly
liquidity, once production resumes.  S&P could lower the ratings
any time prior to a resolution of the Axle strike if the
liquidity of the companies becomes compromised, although
downgrades are not likely for another several weeks.

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GMAC LLC: Buys US$1.2 Billion of Residential Capital's Debt
-----------------------------------------------------------
GMAC LLC purchased US$1.2 billion of Residential Capital LLC's
notes in open market.  The notes have a fair value of
approximately US$607,192,000 to ResCap in exchange for 607,192
ResCap Preferred units with a liquidation preference of US$1,000
per unit.

ResCap canceled the US$1.2 billion face amount of notes.  GMAC
may, in its sole discretion, on or before May 31, 2008,
contribute up to an additional approximately US$340 million of
ResCap notes, having a fair value of approximately
US$265,779,000, for additional ResCap Preferred units.

The ResCap Preferred ranks senior in right of payment to
ResCap's common membership interests with respect to
distributions and payments on liquidation, winding-up or
dissolution of ResCap.

The ResCap Preferred pays quarterly distributions at the rate of
13% of the liquidation preference when, as and if authorized by
ResCap's board of directors.  ResCap may not pay distributions
on its common membership interests if any Preferred
Distributions have not been paid, or sufficient funds have not
been set aside for such payment, for the then-current quarterly
period.  Preferred Distributions are not cumulative.

ResCap is prohibited by the Operating Agreement between it and
GMAC from paying distributions on any of its membership
interests.  The ResCap Preferred is redeemable at ResCap's
option on any  Preferred Distribution payment date if approved
by ResCap's board of directors, including a majority of the
independent directors, in whole or in part for 100% of its
liquidation preference plus any authorized but unpaid dividends
on the ResCap Preferred being redeemed.

The ResCap Preferred is exchangeable at GMAC's option on a unit-
for-unit basis into preferred membership interests in IB
Financing Holdings LLC at any time on or after Jan. 1, 2009, so
long as neither ResCap nor any of its significant subsidiaries
was the subject of any bankruptcy proceeding on or before that
date.

The ResCap Preferred has no voting rights, except as required by
law, and is not transferable by GMAC to any party other than a
wholly-owned affiliate of GMAC without the consent of ResCap's
board, including a majority of the independent directors.

IB Finance owns GMAC Bank, an industrial loan corporation.
ResCap owns the non-voting common interests and GMAC owns the
voting common interests in IB Finance.  ResCap and GMAC
contribute capital to and share earnings and distributions from
IB Finance based on the performance of the mortgage division and
the automotive division of GMAC Bank.

ResCap, GMAC and IB Finance have entered into an agreement that
provides that, if GMAC elects to exchange the ResCap Preferred
for IB Preferred, IB Finance will allocate capital attributable
to the IB Mortgage Common to the IB Preferred in an amount equal
to the liquidation preference of the ResCap Preferred being
exchanged, which will then be issued to GMAC.

The IB Preferred ranks senior in right of payment to the IB
Mortgage Common with respect to distributions and payments on
liquidation, winding-up or dissolution of IB Finance.  The IB
Preferred has no claims to the assets attributable to the IB
Automotive Common.

The IB Preferred pays quarterly distributions at the rate of 10%
of the liquidation preference when, as and if authorized by IB
Finance's board out of funds attributable to IB's mortgage
finance operations.  IB Finance may not pay distributions on the
IB Mortgage Common interests if preferred distributions on the
IB Preferred have not been paid, or sufficient funds for such
payments have not been set aside, for the then-current quarterly
period.

Preferred distributions on the IB Preferred are not cumulative.
The IB Preferred is redeemable at the option of ResCap's
independent directors on any preferred distribution payment date
in whole, or in part for 100% of its liquidation preference plus
any authorized but unpaid distributions on the IB Preferred.

The IB Preferred has no voting rights, except as required by
law, and is not transferable by GMAC to any party other than a
wholly-owned affiliate of GMAC without the consent of ResCap's
independent directors.

                     About Residential Capital

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of  GMAC Financial Services, which is in turn wholly owned by
GMACLLC.

                         About GMAC LLC

GMAC LLC, based in Detroit, is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC reported a
preliminary 2007 fourth quarter consolidated net loss of $724
million.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.

                           *     *     *

As reported in the Troubled Company Reporter on March 5, 2008,
Fitch Ratings downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch also affirmed
the 'B' short-term ratings.  Fitch originally placed GMAC on
Rating Watch Negative on Nov. 14, 2007.  The Rating Outlook is
Negative.   Approximately US$100 billion of unsecured debt is
affected by this action.

As reported in the Troubled Company Reporter on Feb. 25, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Residential Capital LLC and GMAC LLC.  Residential Capital LLC
was downgraded to 'B/C' from 'BB+/B'.  GMAC LLC was downgraded
to 'B+/C' from 'BB+/B'.  The outlook for both entities is
negative.


GMAC LLC: To Buy Remaining CARAT 2005-SN1 on April 15
-----------------------------------------------------
GMAC Financial Services will exercise its option to purchase the
remainder of Capital Auto Receivables Asset Trust 2005-SN1 on
April 15, 2008.  This will result in a termination of all of the
outstanding CARAT 2005-SN1 Class B-1, B-2, and C asset-backed
notes.

The Class B-1 and B-2 notes will be purchased atUS$1,000 per
US$1,000 face amount, plus accrued interest from March 17, 2008.
A total of US$10.0 million Class B-1 4.830 percent asset backed
notes, and $70.0 million Class B-2 Libor + 0.750 percent asset
backed notes were sold to the public in April 2005, of which
US$6,185,994.24 Class B-1 asset backed notes and
US$43,301,959.69 Class B-2 asset backed notes remain
outstanding.

The Class C notes will be purchased at US$1,000 per US$1,000
face amount, plus accrued interest from March 17, 2008.  A total
of US$70.0 million Class C Libor + 1.250 percent asset backed
notes were sold to the public in April 2005.

The notes may be presented and surrendered for payment to:

      Citibank N.A.
      Agency & Trust Services
      15th Floor, 111 Wall Street
      New York, NY 10005

Interest on the notes will cease to accrue on and after
April 15, 2008.

                           About GMAC LLC

GMAC LLC, based in Detroit, is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC reported a
preliminary 2007 fourth quarter consolidated net loss of $724
million. GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.

                           *     *     *

As reported in the Troubled Company Reporter on March 5, 2008,
Fitch Ratings has downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch has also
affirmed the 'B' short-term ratings.  Fitch originally placed
GMAC on Rating Watch Negative on Nov. 14, 2007.  The Rating
Outlook is Negative.   ApproximatelyUS$100 billion of unsecured
debt is affected by this action.

As reported in the Troubled Company Reporter on Feb. 25, 2008,
Standard & Poor's Ratings Services lowered its ratings on
Residential Capital LLC and GMAC LLC.  Residential Capital LLC
was downgraded to 'B/C' from 'BB+/B'.  GMAC LLC was downgraded
to 'B+/C' from 'BB+/B'.  The outlook for both entities is
negative.


HDFC BANK: To Release Annual Results on April 24
------------------------------------------------
HDFC Bank Ltd's board of directors will hold a meeting on
April 24, 2008, inter alia, to consider the annual accounts for
the year ended March 31, 2008.  The board may also recommend
dividend for the year 2007-08.

In the previous financial year -- year ended March 31, 2007 --
the bank recorded a net profit of INR11.41 billion, a 131%
increase from the INR8.71 billion profit recorded in 2006.
Total income increased from INR55.99 billion in FY2005-06
to INR84.05 billion in FY2006-07.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:

    -- 'BB+' rating to the lower Tier II subordinated notes to be
        issued; and

    -- 'BB' rating to the upper Tier II subordinated and hybrid
        Tier I notes to be issued.


HDFC BANK: Shareholders OK Merger With Centurion Bank of Punjab
---------------------------------------------------------------
HDFC Bank Ltd's shareholders, at an Extraordinary General
Meeting last month, have approved three resolutions:

1. Amalgamation of Centurion Bank of Punjab Ltd with the
    bank as per the Scheme of Amalgamation, and consequent issue
    of equity shares to the shareholders of CBoP.

2. Increase in the authorized share capital of the bank.

3. Preferential issue of equity shares and/or warrants to the
    promoters of the bank.

Resolution Nos. 2 and 3 were passed by the shareholders at the
EGM by show of hands.

To ascertain the requisite majority as per Section 44A of the
Banking Regulation Act, 1949, Resolution No. 1 was put to vote
by way of a poll, which poll resulted in the Resolution being
passed with requisite majority.  The amalgamation is still
subject to the approval of the Reserve Bank of India.

The Scheme of Amalgamation provides for a 1:29 share swap ratio
-- one equity share of INR10 each of HDFC Bank for every 29
shares of INR1 each held in CBoP.  The ratio was based on the
joint valuation report submitted by Ernst & Young Pvt Ltd. and
M/s. Dalal & Shah, Chartered Accountants.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:

    -- 'BB+' rating to the lower Tier II subordinated notes to be
        issued; and

    -- 'BB' rating to the upper Tier II subordinated and hybrid
        Tier I notes to be issued.


LML LTD: Incurs INR110.8 Million Net Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
LML Limited incurred a net loss of INR110.8 million in the
quarter ended Dec. 31, 2007, narrowing the INR144.5 million loss
booked in the same three-month period in 2006.

Total income soared to INR311.2 million in the quarter ended
Dec. 31, 2007, from the INR6.2 million the previous Oct.-Dec.
period.  The huge jump in revenue figures is due to the workers
strike that affected the 2006 operations.  With the surging
revenues, operating expenditures also rose -- INR315.2 million
from 2006's INR42.5 million -- leaving the company with an
operating loss of INR4 million.

In Oct.-Dec. 2007, the company also booked interest charges of
INR55 million, depreciation of INR51 million and INR80,000 in
taxes.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2a61

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML is currently working for restructuring or revival of its
business that includes the possibility of a strategic financial
partnership.  Since the net worth of the company had become
negative, the company has been registered and declared a sick
industrial company by the Board for Industrial and Financial
Reconstruction under the Sick Industrial Companies (Special
Provisions) Act,1985.


LLOYDS STEEL: Net Loss Widens to INR404 Mil. in Oct.-Dec. 2007
--------------------------------------------------------------
Lloyds Steel Industries Limited's net loss widened to
INR404.58 million in the three months ended Dec. 31, 2007, from
the INR48.65 million loss incurred in the same quarter in 2006.

Total income increased 36% from INR4.19 billion in the quarter
ended Dec. 31, 2006, to INR5.703 billion in Oct.-Dec. 2007.
Operating expenditures, however, rose more 48% to INR5.700
billion, bringing the company an operating profit of
INR2.46 billion.

In the Oct.-Dec. 2007, interest charges aggregated
INR144.47 million, depreciation and tax totaled
INR291.81 million and INR760,000 respectively.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2a62

Headquartered in Mumbai, India, Lloyds Steel Industries Limited
-- http://www.lloydsgroup.com/-- is engaged in the business of
manufacturing and marketing of iron and steel products, and
manufacturing of capital equipments and Tumkey Projects.  The
company's products include hot rolled products, galvanized
products and pipes.

The company booked two years of consecutive net losses --
INR681.42 million in FY2007 (March 31, 2007) and
INR632.07 million in FY2006 (march 31, 2006).


MODI RUBBER: Posts INR303.92 Mil. Profit in Qtr. Ended Dec. 31
--------------------------------------------------------------
Modi Rubber Ltd reported a net profit of INR303.92 million in
the three months ended Dec. 31, 2007, a huge improvement
compared to the INR44.63 million net profit booked in the same
quarter in 2006.  In the prior three quarters in 2007, the
company reported net losses.

The positive bottom line was brought about by surge in other
income, which forms part of the entire revenue of the company.
In the quarter ended Dec. 31, 2007, the company reported other
income of INR342.26 million, about four times the
INR84.61 million earned in the Oct.-Dec. 2006 period.

The company booked total expenses of INR31.6 million and
interest chargers of INR6.51 million.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

                http://ResearchArchives.com/t/s?2a60

Headquartered in Delhi, India, Modi Rubber Limited --
http://www.mepc.com/-- is principally involved in the
development, manufacture and distribution of automobile tires,
tubes and flaps.  The company's financial performance has not
been all that impressive, as it continuously reported losses in
the past years, which eventually lead to its closure in 2001.
The financial health of its subsidiaries was also in question
with Modistone being referred to the Board of Industrial and
Financial Reconstruction due to the erosion in net worth.

Modi Rubber's equity shares were the delisted from the Uttar
Pradesh Stock Exhange, Kanpur.  The delisting, effective
Feb. 22, 2006, came after news that 44% stake in the rubber
manufacturer was acquired by a group of financial institutions.

The Board for Industrial and Financial Reconstruction on May 23,
2006, declared the company as "Sick Company" and appointed IDBI
Bank has been appointed as the operating agency.  By BIFR order
dated Oct. 9, 2006, the State Bank of India has been appointed
as operating agency for the company and was directed to prepare
a revival scheme.  A revised draft revival scheme of Modi Rubber
was submitted to its board of directors at its meeting on
March 10, 2007, which board gave unanimous approval.  The same
has been submitted to SBI and BIFR on March 15, 2007, for
further action. Operating Agency has forwarded the modified
draft Rehabilitations Scheme to BIFR on October 16, 2007, for
its approval.  BIFR has cleared the DRS & circulated to secured
creditors & Government Authorities on January 21, 2008.


* Fitch Sees Higher Delinquencies in Indian Personal Loan Deals
---------------------------------------------------------------
Fitch Ratings expects delinquencies in the Indian unsecured
personal loan sector to continue to increase, giving an insight
into the deterioration in the business environment surrounding
retail finance and its effect on personal loan transactions.

In July 2007, Fitch noted that delinquencies in the personal
loan sector were higher than those seen in other asset classes.
Since then, loan performance has continued to deteriorate and
recent events have seen some lenders criticised for their
recovery strategies, which in some cases may have led to other
borrowers wilfully becoming delinquent.  In response to the
publicity surrounding the engagement of recovery agents, the
Reserve Bank of India issued draft guidelines to all scheduled
commercial banks in its medium-term review of the annual policy
for 2007-2008, published in November 2007.

The report summarises Fitch's view on the impact of rising
delinquencies in unsecured consumer loans on banks' recovery
processes and credit growth.  The immediate impact is in
declining collection efficiencies in personal loan transactions
largely due to banks resorting to a softer recovery approach in
the form of legal notices and increased phone calls.  In the
long run, the regulator is looking at making banks more
accountable for their third-party recovery agents.  In light of
recent controversies surrounding retail finance in India, Fitch
believes its report will help market participants understand the
effect of the deterioration of credit cycles on personal loan
transactions.

Personal loans are usually fixed rate loans, and are unsecured
in nature.  They are not backed by any security, collateral or
guarantor.  Given their unsecured nature, personal loans are not
amenable to the same recovery efforts that are seen in other
asset classes where underlying security interests improve
recovery prospects.  In addition to this, personal loan
financing in India is a very competitive business and this may
have pushed many institutions to originate loans in riskier
segments.




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

BANK NEGARA: Aims IDR1.8 Trillion Fee-Based Income in 2008
----------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk aims a 35% growth in
savings to earn IDR1.8 trillion in fee-based income this year,
Antara News reports.

Felia Salim, bank vice president, told the news agency that in
2007, savings at the bank increased 25% to IDR48.14 trillion
from a year earlier.

According to the report, to achieve the goal, the bank plans to
continue improving its services to its customers.

Mr. Salim said the number of electronic transactions at the bank
continued to increase, Antara relates.  In March alone,
transactions through the bank's automated teller machines
reached IDR8 trillion, he added, the report relates.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:

   -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
      to Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Support Rating Floor upgraded to 'BB-' from 'B+';

   -- Individual rating affirmed at 'D';

   -- ST IDR affirmed at 'B';

   -- National Long-term affirmed at 'AA-(idn)';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BERAU COAL: To Double Coal Output to 30MM tonnes in 5 years
-----------------------------------------------------------
PT Berau Coal plans to double its coal output to 30 million
tonnes in five years funded by an investment of US$100-120
million over the period, Reuters reports.

According to the report, Berau Coal President Bob Kamandanu said
the company financing is likely to come from their internal
resources.

The company, which has 299 million tonnes of coal in its
reserves, produced and sold 12 million tonnes of coal last year,
the report notes.   Mr. Kamandanu, Reuters relates, said that in
2008, Berau Coal plans to produce 15 million tonnes and set
aside half a million tonnes for stocks.

However, Mr. Kamandanu said that current weather conditions are
getting unpredictable, and if this will result to a shortage of
stock it can be dangerous for the company, Reuters reports.  The
firm needs to lift its stocks to prepare itself for higher
output, he added, the report notes.

Harry Suhartono of Reuters writes that the company was currently
conducting exploration of its coal resources in the Kelai area
of Kalimantan, which could increase its reserves by an
additional 100-150 million tonnes.

                      About Berau Coal

Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- is Indonesia's fifth largest
producer and exporter of thermal coal.  It operates three active
mines at a single site in East Kalimantan.  It has estimated
resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 7, 2008, Fitch Ratings has affirmed PT Berau Coal's 'B+'
Long-term foreign and local currency Issuer Default Ratings, and
'A(idn)' National Long-term rating. The Outlooks for all ratings
remain Stable.  At the same time, Fitch affirmed the 'B+' senior
unsecured rating of Berau's US$325 million senior notes due in
2011.

On Dec. 27, 2006, that Standard & Poor's Ratings Services
assigned its 'B' corporate credit rating to PT Berau Coal
(Berau), a coal mining company in Indonesia.  The outlook is
stable.  At the same time, Standard & Poor's assigned its 'B'
rating to the US$325 million guaranteed senior secured notes
issued by Berau's wholly owned subsidiary, Empire Capital
Resources Pte. Ltd.  The notes are unconditionally and
irrevocably guaranteed by Berau.

On Dec. 15, 2006, Moody's Investors Service assigned a final B1
corporate family rating to PT Berau Coal.  At the same time
Moody's assigned a final B1 rating to the US$325 million bonds
issued by Empire Capital Resources Pte Limited and guaranteed by
Berau.  This follows the completion of a US$325 million bond
issuance, consisting of US$100 million five-year amortizing
senior secured floating rate notes and US$225 million five-year
bullet senior secured fixed rate bonds.  Moody's said the rating
outlook is stable.


CA INC: Cuts 2,800 Jobs in Expanded 2007 Restructuring Plan
-----------------------------------------------------------
CA, Inc. approved additional cost reduction and restructuring
actions relating to its Fiscal 2007 Restructuring Plan disclosed
in August 2006, meant to improve the company's expense structure
and increase its competitiveness.

The objectives under the Fiscal 2007 Restructuring Plan now
include:

    (1) a total workforce reduction of approximately 2,800
        positions,

    (2) global facilities consolidations, and

    (3) other cost reduction initiatives.

CA, Inc. expects to incur additional pre-tax restructuring
charges of approximately US$75 million to 100 million, bringing
the total pre-tax restructuring charges that CA, Inc. expects to
incur in connection with the Fiscal 2007 Restructuring Plan to
US$275 million to 300 million, including termination costs of
approximately US$200 million to US$215 million and global
facilities consolidations of approximately US$75 million to
US$85 million.

                  Restructuring in August 2006

As reported in the Troubled Company Reporter on Aug. 15, 2006,
CA Inc. disclosed a fiscal year 2007 cost reduction and
restructuring plan designed to significantly improve the
company's expense structure and increase its competitiveness.
The plan's objectives included a workforce reduction of
approximately 1,700 positions, including 300 positions
associated with consolidated joint ventures, and global
facilities consolidations and other cost reduction initiatives,
which CA expected to deliver about US$200 million in annualized
savings when completed in late fiscal year 2008.

The company expected to incur pre-tax restructuring charges of
US$200 million associated with the workforce reductions and
facilities consolidations, with the majority of these charges to
be incurred over the next two quarters.  The company also
expected to implement other programs over the remainder of its
fiscal year to further reduce costs throughout the organization
including tighter control of travel and a reduction in the use
of consultants.

The company estimated that half of the workforce reductions will
take place in North America.

"CA's senior management is focused on making the company's cost
structure competitive with that of its peers and aligning it
with CA's strategic market opportunities and initiatives," said
Michael Christenson, CA's chief operating officer.  "The
initiative we announced today reflects our ongoing commitment to
improve the efficiency of our operations, reduce our operating
expenses, improve our rate of return on invested capital and
deliver a stronger bottom-line performance."

                            About CA Inc.

Based in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2007,
Fitch Ratings affirmed these ratings of CA, Inc., including
Issuer Default Rating at 'BB+'; Senior unsecured revolving
credit facility at 'BB+'; and Senior unsecured debt at 'BB+'.
Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect about US$2.8
billion of total debt, including the company's US$1.0 billion
revolving credit facility.


FREEPORT-MCMORAN: Strong Liquidity Cues Fitch to Lift Ratings
-------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating and debt
ratings of Freeport-McMoRan Copper & Gold Inc. and its
subsidiary Phelps Dodge Corporation, as:

FCX:

   -- Issuer Default Rating upgraded to 'BBB-' from 'BB+';

   -- Unsecured notes due 2015 and 2017 upgraded to 'BBB-' from
      'BB+'.

   -- 7% convertible notes due 2011 upgraded to 'BBB-' from
      'BB+'.

   -- Convertible Preferred Stock upgraded to 'BB' from 'BB-'.

Phelps Dodge:

   -- 8.75% senior unsecured notes due 2011 upgraded to 'BBB-'
      from 'BB+';

   -- 7.125% senior unsecured debentures due 2027 upgraded to
      'BBB-' from 'BB+';

   -- 9.50% senior unsecured notes due 2031 upgraded to 'BBB-'
      from 'BB+';

   -- 6.125% senior unsecured notes due 2034 upgraded to 'BBB-'
      from 'BB+'.

In addition, Fitch affirmed these ratings for FCX:

   -- US$1 billion Secured Bank Revolver affirmed at 'BBB-';

   -- 6.875% secured notes due 2014 affirmed at 'BBB-';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

The Rating Outlook is Stable.

At year end, total debt of US$7.2 billion was 0.97 times 2007
operating EBITDA of US$7.8 billion.  Despite increased capital
spending (US$2.4 billion in 2008 compared with US$1.8 billion in
2007) and an expectation of borrowings in the first half of the
year (at Feb. 22, 2008, US$471 million was borrowed under the
revolver), Fitch expects FCX to be free cash flow positive over
the year and into the medium term.

Fitch notes that earnings and cash flows are highly leveraged to
metals prices and a US$0.20/lb.  decline in copper prices could
cut EBITDA by US$850 million over a 12-month period.  In
particular, FCX realized US$3.23/lb. of copper in 2007 including
the effect of hedging (US$3.28/lb. excluding hedging).  FCX
estimates operating cash flows to be about US$5 billion in 2008,
assuming price of US$3.00/lb. for copper, US$800/oz. for gold
and US$30/lb. for molybdenum.  Each US$0.20/lb. change in copper
could impact this estimate by approximatelyUS$500 million.
Strong metals prices should continue to drive earnings over the
next 12 to 18 months resulting in leverage as measured by Total
Debt/EBITDA of less than 1 times.  Fitch expects free cash flow
to be more than sufficient to cover dividends and capital
spending over the time period.

An unexpected downturn in metals prices, a substantial shortfall
in production or significant additional debt financing could
trigger a downward revision of the ratings.

The ratings reflect FCX's position as the world's second largest
copper producer, its diversified operations and strong liquidity
as well as the company's exposure to copper prices.  The outlook
is for copper producers to continue to benefit from a strong
pricing environment over the near term.

                      About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.




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

ATARI INC: Curtis Solsvig Resigns as Chief Restructuring Officer
----------------------------------------------------------------
Following the appointment of Jim Wilson as chief executive
officer and president of Atari Inc., Curtis G. Solsvig III
resigned as Atari's chief restructuring officer effective
April 2, 2008.

Mr. Solsvig will continue to provide services to Atari pursuant
to an engagement letter previously entered into between Atari
and AlixPartners LLP, which was retained to assist Atari through
its restructuring process.

                          About Atari Inc.

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

                        Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As disclosed on March 21, 2008, BlueBay High Yield Investments
(Luxembourg) S.A.R.L., the lender under Atari's senior secured
credit facility, had agreed to extend its forbearance from
exercising its remedies with respect to certain violations of
covenants under the credit facility until the earliest to occur
of (i) March 17, 2008, (ii) additional covenant defaults, other
than the ones existing as the date of the forbearance agreement
or (iii) any action that is viewed to be adverse to the position
of the lender.

This forbearance period has expired and Atari is currently in
discussions with BlueBay with respect to, among other things, an
extension of the forbearance period.


DELPHI CORP: Court Extends Indemnification Agreement with GM
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended an indemnification agreement between Delphi Corp. and
General Motors Corp. for an additional 15 days up to April 15,
2008, if GM extends its benefit guarantee agreement with the
United Automobile, Aerospace and Agricultural Implement Workers
of America by at least the same period of time.

As reported in the Troubled Company Reporter on June 26, 2007,
the United Automobile, Aerospace and Agricultural Implement
Workers of America, Delphi, and GM entered into a memorandum of
understanding.  Among other things, the UAW-Delphi-GM Memorandum
of Understanding was designed to enable Delphi's continued
transformation to more competitive wage and benefit levels and
to address divestiture, work rules, and staffing level issues in
the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet#Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31.  The Debtors' Chapter 11
Plan, however, was not confirmed and substantially consummated
by Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors sought the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, said an extension will allow
Delphi's indemnification obligations under the Indemnity
Agreement  to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserted.

Mike Ramsey at Bloomberg News, citing a Deutsche Bank AG
analyst, reports that GM may give up cash and preferred shares,
and assume more pension liability, to help Delphi leave
bankruptcy.

Forfeiting the cash and shares would increase Delphi's liquidity
and make the company more attractive to investors, analyst Rod
Lache said in a research note on Monday, according to Bloomberg.

The report said more GM help may be needed after Appaloosa
Management LP, which led an investor group that was to provide
Delphi with US$2.55 billion in financing, pulled out last week
after stating that Delphi failed to meet conditions.

Delphi has said it had met all requirements, Bloomberg says.

Pursuant to Delphi's confirmed plan of reorganization, Bloomberg
notes, GM is to receive preferred shares worth US$1.07 billion
and US$175 million in cash, and will assume US$2 billion in
first-lien loans and up to US$825 million in second-lien loans.

Delphi could eliminate a US$1.25 billion pension contribution
required after exit if GM assumed that liability, the analyst's
report said, according to Bloomberg.  Dropping GM's other claims
would give Delphi more cash and lower the effective cost to
investors of buying the company, and also could slice the
required outside equity investment toUS$1.3 billion fromUS$2.5
billion, Mr. Lache said, according to Bloomberg.  It also would
lower the effective price of the company to 3.5 times projected
earnings before interest, taxes, depreciation and amortization,
from the current multiple of 4.9, the research note indicated.

Bloomberg says the changes by GM would require Delphi to scrap
its bankruptcy plan and create a new one that would need the
approval of the U.S. bankruptcy court and creditors.

                           About GM

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

                           About Delphi

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, Issue No. 121; 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
    (90%-100%) 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 (30%-50%) 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 (10%-30%) recovery in the event of
    payment default.


DELPHI CORP: Court Extends Time to Perform Under IRS Waivers
------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York permitted Delphi Corp. and its
debtor-affiliates to:

    (a) extend until April 7, 2008, the time within which it
        may perform its obligations under the IRS Pension Funding
        Waivers;

    (b) extend the effectiveness of the letters of credit issued
        by the PBGC in connection with the IRS Waivers through
        April 22, 2008; and

    (c) increase the aggregate amount outstanding under the
        PBGC Letters of Credit by an additionalUS$2,500,000.

The Pension Benefit Guaranty Corp. agreed with Delphi Corp. that
modification of the pension funding waivers issued by the U.S.
Internal Revenue Service are absolutely essential to Delphi's
Plan of Reorganization.

The Debtors' pension plans, which are involuntary creditors of
the Debtors' estate, are among its largest creditors, Ralph L.
Landy, Esq., at Israel Goldowitz, pointed out, on the PBGC's
behalf.  He noted that throughout their bankruptcy, the Debtors
have paid only the normal cost portion of the statutorily
required minimum funding contributions that are owed to the
Pension Plans.  The funding waivers cover more than
US$2,000,000,000 in missed contributions.  In addition, missed
contributions not covered by waivers total at least
US$570,000,000.  Moreover, Delphi Corp. is not making
amortization payments on the minimum funding waivers that it has
received for its pension plan for hourly workers for plan years
2005 and 2006, and its pension plan for salaried workers for the
2005 plan year.  Those unpaid amortization amounts account for
about US$400,000,000 of the US$570,000,000 of missed
contributions, Mr. Landy related.  Thus, the funding level of
each Pension Plan has decreased significantly over the course of
the Debtors' bankruptcy.

The funding waiver extension Delphi is seeking is only for seven
days, through April 7, 2008, he emphasized.

To date, Delphi's waivers have been granted with PBGC support.
When Delphi first sought funding waivers, the IRS and the PBGC
agreed to accept minimal security for the Pension Plans based on
assurances that the waivers were intended to provide only short-
term relief for Delphi.

If Delphi's emergence from bankruptcy is delayed beyond April 4,
2008, the PBGC believes that it is highly likely that an
additional funding waiver extension will be necessary.
According to Mr. Landy, the Pension Plans will be seriously and
adversely affected by an extension that does not provide
security that is realistic considering the increased liabilities
and risk to the Plans.  He pointed out that Section 412(f)(3) of
the Internal Revenue Code recognizes that an employer should
provide security to pension plans for contributions covered by a
waiver.

"If the waiver conditions are not met, the security provided to
the Pension Plans will become assets of the Pension Plan used to
pay Pension Plan benefits.  Thus, any security provided by
Delphi for an additional waiver extension will benefit Pension
Plan participants," he explained.

The PBGC recognizes that it is in the best interests of all
parties for Delphi to consummate its plan of reorganization and
emerge from bankruptcy in the near future with the Pension Plans
ongoing, thus making the need for future waiver extensions
unnecessary.  Nonetheless, the PBGC believes that if future
waiver extensions are necessary to effect emergence, the
security given to the Pension Plans -- not to the PBGC -- as a
condition of those waivers must be adequate to protect the
Pension Plans.

The PBGC shares in Delphi's goal of emerging from bankruptcy in
early April with its pension plans ongoing, and the PBGC will
continue to support Delphi's efforts to reorganize, Mr. Landy
informed the Court.

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, Issue No. 121; 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
    (90%-100%) 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 (30%-50%) 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 (10%-30%) recovery in the event of
    payment default.


ELPIDA MEMORY: Increases Chip Prices 5% to 10% for Module Makers
----------------------------------------------------------------
Elpida Memory Inc. raised prices as much as 10% in the first
half of April for module makers, contradicting predictions by
some analysts that the company won't be able to convince
customers of a hike, Pavel Alpeyev of Bloomberg News reports.

Spokeswoman Kumi Higuchi, in a phone interview, told Bloomberg
News that prices for module makers were raised by at least 5%
and that Elpida is negotiating with its remaining clients.

Bloomberg states that Shalley Chen, vice president of
Taipei-based A-Data Technology Co., one of Elpida's largest
clients for modules, said, "Although they announced an increase,
we haven't seen that the contract price has changed."

According to Bloomberg, Elpida disclosed last week that it
planned to raise prices 10% in the first half of April and
another 10% in the second half.  BNP Paribas and Macquarie
projected the company wouldn't be able to increase prices
because of oversupply in the AU$31 billion market, Bloomberg
notes.

                       About Elpida Memory

Elpida Memory, Inc. is a Japan-based company principally engaged
in the development, design, manufacture and sale of
semiconductor products, with a focus on dynamic random access
memory (DRAM) silicon chips. The Company offers its DRAM
products to companies in the server, digital consumer
electronics, mobile phone, personal computer (PC) and foundry
markets. Elpida Memory has two domestic subsidiaries, which are
engaged in the manufacture of DRAM products, and five overseas
subsidiaries, which specialize in the sale of DRAM products to
the Company's overseas customers, in the United States, Europe,
Singapore, Taiwan and Hong Kong. Through its associated company,
Tera Probe, Inc., Elpida Memory is engaged in the wafer testing
process. Headquartered in Tokyo, the Company has seven
subsidiaries and one associated companies.

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB-
for Elpida Memory Inc.'s long-term corporate credit rating with
a stable outlook reflecting the company's heavy financial
burden, which is required to make regular large investments to
maintain and improve its competitiveness.


IHI CORP: To Discuss Shipbuilding Tie-Up With JFE Holdings
----------------------------------------------------------
IHI Corp. and JFE Holdings Inc. will start talks to combine
shipbuilding operations to create Japan's biggest shipyard,
challenging South Korean and Chinese rivals, Masumi Suga writes
for Bloomberg News.

According to a joint statement, both companies will discuss
details including the merger ratio at a later date.  IHI and JFE
will set up a committee with their shipbuilding units to discuss
details on how to combine their operations, but no timing was
given in the statement, notes Bloomberg.

Bloomberg relates that IHI said its board will consider
combining wholly owned IHI Marine United Inc. unit with JFE's
85%-controlled subsidiary, Universal Shipbuilding Corp.

IHI would be able to secure steel supplies from JFE, as higher
prices for the alloy raise costs, says Bloomberg.

Bloomberg quotes IHI spokesman Toyoshi Kodama as saying, "IHI
expects expanded steel supplies will help save costs.  We also
predict the merger would benefit us in terms of resource sharing
and development of new ships."

IHI and JFE in its joint statement said, "International
competition is forecast to further intensify due to aggressive
expansion of orders and facilities from South Korean and Chinese
shipbuilders.  The outlook of the shipbuilding industry is far
from optimistic," Bloomberg relates.

Yoku Ihara, chief of equity research at Retela Crea Securities
Co., opined to Bloomberg, "The two companies need to expand the
size of their shipbuilding operations as neither of their
businesses alone are big enough."

                       About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

The Troubled Company Reporter-Asia Pacific reported on Feb 14,
2008, that Standard & Poor's Ratings Services revised its
outlook on the long-term corporate credit rating on IHI Corp. to
negative from stable, reflecting growing expectations that the
company's steady earnings recovery would be delayed, following
the Tokyo Stock Exchange's announcement that it will place the
company's stock on "alert status."  The outlook change also
reflects concerns that the company's financial flexibility will
be constrained to some extent by this action.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term corporate credit
and 'BBB-' long-term senior unsecured issue ratings on the
company.


MITSUKOSHI LTD: First Isetan Mitsukoshi Outlet to Open in 2011
--------------------------------------------------------------
Isetan Mitsukoshi Holdings Ltd. will open an outlet in central
Osaka in the spring of 2011, Jiji Press reports.

The Troubled Company Reporter-Asia Pacific reported on April 4,
2008, that Mitsukoshi Ltd. and Isetan Co. merged their
management under one holding company, Isetan Mitsukoshi Holdings
Ltd.

Jiji Press relates that the central Osaka outlet will the first
to bear the name of the holding company and is targeting sales
at JPY55 billion for the first year.

The new outlet will occupy floor space of 50,000 square meters
in a 28-story building to be constructed adjacent to West Japan
Railway Co.'s Osaka Station, adds Jiji Press.

According to Jiji Press, the launch of an Isetan Mitsukoshi
outlet in Osaka is expected to intensify competition among
department stores operating in the western Japan city, where
many are trying to attract customers by increasing floor space.

                         About Isetan Co.

Isetan Company Limited is a Japan-based company mainly engaged
in the operation of department stores.  The Company operates in
four business segments.  The Department Store segment sells
women's apparel, men's apparel, children's apparel, sundry
goods, domestic articles, food products and others.  The Credit
Card and Finance segment provides credit and finance services.
The Retail and Specialty Store segment is engaged in the sale of
men's clothing, women's clothing and miscellaneous products, as
well as the operation of restaurants and supermarkets.  The
Others segment is involved in the provision of staffing,
information processing and other services.  Headquartered in
Tokyo, the Company has 29 subsidiaries and eight associated
companies.  On March 31, 2008, the Company sold its subsidiary,
Kokura Isetan Co., Ltd., to Izutsuya Co., Ltd.

                       About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                          *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


FORD MOTOR: Integrates Global Product Dev't and Purchasing Teams
----------------------------------------------------------------
Ford Motor Company is taking further steps to align its product
development and purchasing organizations into an integrated
global team to accelerate the creation of vehicles customers
really want, reduce costs, enhance quality, and improve
efficiency by eliminating duplicate engineering and purchasing
efforts.

Under changes effective April 1, 2008, Ford is reorganizing
senior leaders in the product development and purchasing
organizations to assign global responsibility for key vehicle
segments and major purchasing functions.  In addition, Ford is
designating a global network of engineering centers that will be
responsible for developing the core attributes of Ford brand
vehicles worldwide.  These changes will allow Ford to more
effectively and efficiently support the company's regional
business units in the Americas, Europe and Asia Pacific and
Africa.

"We have successfully shared technologies across many of our
product lines in the past," Derrick Kuzak, Ford's group vice
president, Global Product Development, said.  "These changes
will allow us to fully leverage Ford's global product
development and purchasing organizations to create more
customer-focused vehicles faster."

Ford consolidated its global product development activities
under Kuzak in December 2006.  Since then, work has been
underway with the purchasing organization under Tony Brown,
group vice president, Global Purchasing, to more closely
integrate the two organizations and eliminate duplication in how
vehicles are created, engineered and sourced.

"Better alignment of our resources not only helps Ford -- it
will also improve the way we do business with our global supply
base by simplifying our sourcing process," Mr. Brown said.
"This is consistent with the principles of our Aligned Business
Framework, which is strengthening collaboration with our key
suppliers."

Under the new structure, Ford is designating global product
development leads for different vehicle segments, such as small,
mid-size and large cars, leveraging the company's engineering
expertise around the world.

At the same time, Ford is assembling joint product development
and purchasing teams around the world with responsibility for
the company's core engineering and purchasing functions.  Teams
in North America will be responsible for electrical and body
(interior and exterior) engineering for vehicles worldwide, as
well as select powertrains such as V-6 and V-8 engines, hybrids
and automatic transmissions.  Teams in Europe will be
responsible for chassis engineering, and certain powertrains,
including 4-cylinder gasoline and diesel engines, and manual
transmissions.

Asia Pacific and Africa engineering and purchasing resources
will be integrated into Ford's global core engineering and
purchasing groups in Europe and the Americas.  APA will remain
responsible for specific global product development programs and
all regional programs.  The global core engineering teams will
ensure that all Ford brand vehicles around the world share
common DNA, including consistent driving dynamics, interior
quietness and other vehicle attributes.  The core engineering
and purchasing teams also will improve interaction with Ford's
global supply base to leverage economies of scale through common
sourcing, reduce complexity and increase sharing of common
parts.

The changes are designed to further enhance the speed at which
Ford is bringing new vehicles to market.  In the past four
years, Ford has shaved eight to 14 months off the time its takes
to bring a new vehicle to market depending on program
complexity.  The average age of the product portfolio in North
America will improve by 35 percent by 2009.  By the end of 2008
in Europe, the complete product portfolio will have been
replaced or refreshed within the last three years.

While Ford is moving rapidly to a global product development
system, certain vehicle systems will continue to be developed on
a regional basis.  For example, chassis engineering for F-Series
trucks will remain in North America.  Teams in Asia Pacific and
Africa will also continue to be responsible for Ford's global
compact pickup truck development program.  However, going
forward there will be closer coordination on a core engineering
and commodity purchasing level to improve efficiency and
eliminate duplication of work.

The organization changes supporting the new structure will start
in April and continue as new vehicle programs are started.  They
will not result in layoffs or large-scale relocations.

"This is a crucial part of the plan that we started more than a
year ago," Alan Mulally, Ford president and CEO, said.  "We need
product development and purchasing organizations that are
aligned on a global scale.  This is an important step in
fostering a One Ford approach that leverages our global
resources and expertise."

                        About Ford Motor

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

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

                           *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) forUS$2.3 billion (beforeUS$600 million
of pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of the
details of the newly ratified four-year labor agreement with the
United Auto Workers.


FORD MOTOR: Bares 2007 Executive Compensation in Proxy Statement
----------------------------------------------------------------
Ford Motor Company reiterated the significant progress it is
making on its plan to transform and position the company to grow
profitably around the world with the release of its 2007 Annual
Report and notice of its 2008 Annual Meeting of Shareholders and
Proxy Statement.

The Annual Report and Proxy Statement were mailed to
approximately 730,000 shareholders and the Proxy Statement was
filed with the U.S. Securities and Exchange Commission.  The
documents outline the company's performance in 2007, announce
information about the company's Annual Meeting to be held on May
8, 2008, and proposals to be presented there, as well as provide
details of compensation for select corporate officers.

"The year 2007 marked a major turning point for Ford Motor
Company," Ford Executive Chairman Bill Ford writes in the Annual
Report.  "We made significant progress toward our plan to return
to profitability in North America and in our total operations in
2009.  At the same time, we laid the foundation for future
growth."

"To achieve profitable growth, we need to take advantage of
every potential economy of scale and best practice we can find,"
President and CEO Alan Mulally added.  "In the months ahead, you
will see more of the building blocks of the new Ford Motor
Company start to emerge -- as we work together to create a
dynamic global enterprise growing profitably around the world."

During 2007, Ford made significant progress toward its
transformation plan.  All Ford automotive operations were
profitable outside of North America, excluding special items, as
was the company's Financial Services sector.  Specifically, the
company achieved aUS$10 billion year-over-year improvement in
overall financial performance before taxes, positive total
automotive operating-related cash flow, significant improvements
in vehicle quality, further cost reductions and successful
introductions of new products and innovative technologies around
the world.

The improved performance and results also will be discussed
during Ford's Annual Meeting of Shareholders, which will begin
at 8:30 a.m. Eastern Time, on May 8, 2008, at the Hotel du Pont,
11th and Market Streets in Wilmington, Delaware.

In addition to information about the Annual Meeting, the 2008
proxy provides a detailed review of total 2007 compensation
provided, granted to or received by five named executive
officers during the year -- based on the company's 2007
performance.  Details include:

    * Alan Mulally, Ford president and chief executive officer,
      earned US$2 million in salary and received incentive bonus
      awards ofUS$7 million. Total 2007 compensation was
      US$21,670,674, which includes salary, bonuses, the company-
      recognized expense for stock options and other stock-based
      awards, as well as all other compensation.

    * Don Leclair, Ford executive vice president and chief
      financial officer, earned US$1,005,633 in salary and
      received incentive bonus awards ofUS$3 million.  His 2007
      compensation  totaled US$11,703,127.

    * Mark Fields, Ford executive vice president and president,
      The Americas, earned US$1,255,634 in salary and received
      incentive bonus awards of US$2,850,000. His 2007
      compensation totaled US$8,389,898.

    * Lewis Booth, Ford executive vice president, Ford of Europe
      and Premier Automotive Group, earned US$868,133 in salary
      and received incentive bonus awards of US$2,250,000.  His
      2007 compensation totaled US$10,264,463.

    * Mike Bannister, Ford executive vice president and CEO, Ford
      Motor Credit Company earned US$708,700 in salary and
      received incentive bonus awards of US$2,150,000.  His 2007
      compensation totaled US$8,677,747.

                          About Ford Motor

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

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

                           *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) forUS$2.3 billion (before US$600 million
of pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative. These rating actions follow Ford's announcement of the
details of the newly ratified four-year labor agreement with the
United Auto Workers.


XERIUM TECHNOLOGIES: Obtains Default Waiver Until May 31
--------------------------------------------------------
Xerium Technologies Inc. obtained a temporary waiver from its
lenders related to defaults under its credit facility, according
to the company's regulatory filing with the Securities and
Exchange Commission.

The waiver is in effect until May 31, 2008, according to the
filing.  Xerium expects to utilize the waiver period to seek to
make these waivers permanent and to seek to amend the financial
covenants and other parameters in its credit facility.

Xerium expects it will be in default of its leverage ratio
covenant and possibly its interest coverage ratio covenant for
the period ended March 31, 2008, although it expect to generate
cash flow from operations sufficient to service the debt under
the credit facility prior to the stated maturity of the debt if
there is not otherwise an event of default and acceleration of
the maturity of the debt.

Xerium has entered into a US$750 million credit facility
agreement and repaid US$752.5 million of principal and interest
on its previously existing senior bank debt, mezzanine bank debt
and certain non-interest bearing shareholder notes.

As reported in the Troubled Company Reporter on March 19, 2008,
Xerium said that it may file for bankruptcy if it failed to meet
the terms of a financial covenant with lenders under a credit
agreement.

Xerium took a slide from US$3.28 to $1.15 in New York Stock
Exchange composite trading and its shares also dropped 78%.

                   About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. (NYSE: XRM) -- http://xerium.com/-- is a leading global
manufacturer and supplier of two types of products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 36 manufacturing
facilities in 15 countries -- including, Japan and Australia --
Xerium Technologies has approximately 3,900 employees.

                           *     *     *

As of Dec. 31, 2007, Xerium's consolidated balance sheet showed
total asset of US$891,441,000 and total debts of $892,493,000
resulting in a US$1,052,000 stockholders' deficit.

Xerium posted a US$168,007,000 net loss for the three months
ended Dec. 31, 2007, compared with a $16,049,000 net income the
year earlier.




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

CHOROKBAEM MEDIA: Moves Spinoff of 2 Units to May 30
----------------------------------------------------
Chorokbaem Media Co., Ltd. has amended the settlement date for
the spin-off of its Entertainment and Felt Manufacturing
Business Divisions from March 31, 2008, to May 30, 2008, Reuters
reports.

As reported by the Troubled Company Reporter-Asia Pacific on
March 18, 2008, the company's Board of Directors approved the
spin-off of its business divisions.  The company, the TCR-AP
noted, aims to maximize the efficiency in the business through
this move.  Chorokbaem Media will also remain listed, the TCRAP
related.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.


COREBRID INC: Co-Chief Executive Officer Seo Myeong Hwan Resigns
----------------------------------------------------------------
CoreBrid, Inc.'s Co-Chief Executive Officer Seo Myeong Hwan has
resigned from the company, Reuters reports.  According to the
report, the resignation took effect on March 27, 2008.

Jae Sam continues his duty as chief executive officer at the
company, the report relates.

Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


CORECROSS INC: Kim Tae Wan Resigns as Co-Chief Executive Officer
----------------------------------------------------------------
CoreCross, Inc. disclosed that Kim Tae Wan has resigned from his
post as co-chief executive officer, Reuters reports.  According
to the report, the resignation took effect March 21, 2008.

Hwang Jin Su continues his duty as CEO, the report notes.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


DAEWOO ELECTRONICS: Hires Lee Dong Hui as CEO
---------------------------------------------
Daewoo Electronics Corporation has appointed Lee Dong Hui as its
new Chief Executive Officer, Reuters reports.

According to the report, Mr. Lee replaced Hong Chang Gi,
effective March 28, 2008.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


DURA AUTO: Wants Court Nod on Atwood Capital Adjustment Pact
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve a
settlement between the Debtors and Atwood Mobile Products LLC,
formerly known as Atwood Acquisition Co., LLC.

In August 2007, the Court approved the sale of the Debtors'
Atwood Mobile Products division, which manufactures parts and
specialty products for recreational and specialty vehicles,
housing, and associated niche markets, to Atwood.

The final asset purchase agreement provides for a purchase price
adjustment based on the amount of working capital delivered at
the closing of the sale, and the procedure for determining that
amount.  In October 2007, Atwood sent the Debtors a Closing
Statement asserting that Preliminary Closing Working Capital was
US$35,230,326, greater than Closing Working Capital.  The
following month, the Debtors, after reviewing papers related to
Atwood's preparation of the Closing Statement, in conjunction
with AlixPartners LLP and Ernst & Young LLP, sent Atwood a
Notice of Disagreement asserting that Preliminary Closing
Working Capital was US$2,752,000, greater than Closing Working
Capital.

The Debtors and Atwood, consistent with the spirit of the Final
APA, engaged in substantial arm's-length, good faith
negotiations to resolve the Preliminary Closing Working Capital
dispute, which resulted in a settlement.

The settlement provides that:

    (a) the Debtors will retain pre-closing real and personal
        property tax liability, consistent with the Final APA;

    (b) the Debtors will work with a vendor, Indalex, Inc., to
        transfer a credit to Atwood in the amount of
        approximately US$447,000;

    (c) the Debtors will pay US$3,000,000, in cash to Atwood in
        March 2008, and US$2,800,000 in May 2008;

    (d) the Debtors will work in good faith with Atwood to
        determine the actual accounts payable amount, if any,
        owed to Atwood by the Debtors, which amount will not
        exceed US$935,000; and

    (e) each party will grant the other a release relating to the
        working capital determination.

The Debtors, after considering alternative settlement terms,
determine that the terms of the settlement are both fair and in
the best interests of their estates.

Accordingly, the Debtors ask the Court to approve the
settlement.

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 US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities. (Dura
Automotive Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EUGENE SCIENCE: Won't Be Able to File 2007 Annual Report on Time
----------------------------------------------------------------
On March 28, 2008, Eugene Science, Inc., informed the U.S.
Securities and Exchange Commission that the company's Form 10-
KSB for the fiscal year ended Dec. 31, 2007, could not be filed
within the prescribed time period because certain information
and data relating to and necessary for the completion of the
company's financial statements and management's discussion and
analysis could not be obtained by the company within the time
period without unreasonable effort or expense.  No further
reasons were stated by Eugene Science.

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.

As reported in the Troubled Company Reporter-Asia Pacific on
November 22, 2006, Eugence Science's independent accountants
expressed substantial doubt on the company's ability to continue
as a going concern.  The independent accountants pointed to
recurring losses from operations and working capital
deficiencies as of September 30, 2006 and 2005.


PIXELPLUS LTD: Board Approves Reverse Stock Split
-------------------------------------------------
Pixelplus Co., Ltd.'s board of directors has authorized a one-
for-four reverse stock split of Pixelplus' American Depositary
Receipts effective as of the open of business on April 14, 2008.
The reverse stock split will reduce the number of Pixelplus'
ADRs issued and outstanding from roughly 8,500,000 ADRs to about
2,125,000 ADRs, but will not affect a shareholder's
proportionate equity interest or voting rights in the Company.
Effective April 14, 2008, Pixelplus' stock symbol will be
appended with the letter "D" for a period of twenty trading days
in order to inform the investment community of the company's
reverse stock split.

"The aim of the reverse stock split is to maintain the listing
of our ADRs on the Nasdaq National Market. Our Nasdaq listing
and the corresponding strict requirements for governance and
disclosure demonstrate our commitment to our shareholders who
have supported the company, even in these adverse market
conditions," stated Dr. S.K. Lee, CEO and Founder of
Pixelplus.  "We are confident in our business strategy moving
forward, as we continue to shift our sales mix towards our third
generation image sensors based on PlusPixel2(TM) technology.  In
2008, we have already announced sales of our new image sensors
to Samsung and Pantech, with revenues projected to at least
double in 2008 compared to 2007, based on the assumption that
current order flows continue."

On December 17, 2007, Pixelplus received a bid price
notification letter from Nasdaq stating that the Company is
failing to comply with the minimum US$1.00 bid price requirement
for continued listing on the Nasdaq National Market as set forth
in Marketplace Rule 4450(a)(5).  The company has been provided
180 calendar days, or until June 11, 2008, to regain compliance
with the minimum bid price requirement by demonstrating a
closing bid price of at least $1.00 for at least ten consecutive
trading days.

                   About Pixelplus Co., Ltd.

Headquartered in Gyeonggi-do, South Korea, Pixelplus Co. Ltd.
(NasdaqGM: PXPL) -- http://www.pixelplus.com/-- is a developer
of high-performance, high-resolution, and cost-effective CMOS
image sensors for use primarily in mobile camera phones.  In
addition to mobile phones, Pixelplus provides CMOS image sensors
and SoC solutions for use in webcams and notebook embedded
cameras, toys and games, and security and surveillance system
applications.

Pixelplus Technology Inc.'s business is to manufacture modules
purchased from the company into CMOS image sensor or distribute
the company's products in forms of wafers, chips or modules.

Pixelplus Semiconductor Inc., the company's wholly-owned
subsidiary, serves as the company's U.S. headquarters for sales
and marketing and research and development.  The offices of
Pixelplus Semiconductor Inc. are located in San Jose,
California.

                       Going Concern Doubt

Ernst & Young Hanyong, in Seoul, Korea, expressed substantial
doubt about Pixelplus Co. Ltd.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006.  The auditing firm
reported that the company has incurred significant operating
losses in the year ended Dec. 31, 2006, and working capital
decreased significantly between Dec. 31, 2005, and 2006.




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

ASPEN TECH: ATF II Completes Payments to Key Bank Facility
----------------------------------------------------------
As reported on the company's Form 8-K filed on Oct. 2, 2006,
Aspen Technology Inc. and two of its special purpose entities
closed a revolving credit facility for US$75 million with Key
Bank National Association; Key Equipment Finance Inc., as Agent;
and Relationship Funding LLC, as CP Issuer.

The special purpose entities the company formed in connection
with this financing transaction are: Aspen Technology Funding
2006-I LLC, which is a direct subsidiary of the company; and
Aspen Technology Funding 2006-II LLC, which is a direct
subsidiary of ATF I.

Pursuant to a Letter Agreement dated March 28, 2008,
Relationship Funding received payment from ATF II on March 31,
2008, in the aggregate amount of US$12,206,721.12, and Key
Equipment Finance received payment from ATF II in the aggregate
amount of US$780,155.39.

The Letter Agreement provides that all obligations under the
Loan Agreement were terminated and satisfied upon completion of
these payments, except for obligations arising under the terms
of the Loan Agreement and other applicable transaction documents
that, by its terms, survive the termination of the Loan
Agreement or such other transaction documents, as applicable.
The Letter Agreement also provides that all of the liens or
security interests granted to the Agent were irrevocably and
unconditionally terminated and released in full.

A full-text copy of the March 28, 2008 Letter Agreement is
available for free at http://researcharchives.com/t/s?2a05

                       About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq:AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

At March 31, 2007, the company's consolidated balance sheet
showed US$273.0 million in total assets, US$154.5 million in
total liabilities, and US$118.5 million in total stockholders'
equity.

The company has not yet completed the preparation of its
restated financial statements necessary to complete its Form 10-
K for the period ended June 30, 2007, and its Form 10-Q for the
periods ended Sept. 30, and Dec. 31, 2007.  As previously
disclosed, the company identified errors in its accounting for
sales of installments receivable.

                           *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at B2 and its equity-linked rating at
Caa1 in October 2001.  These ratings still hold to date with a
stable outlook.




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

AIR NEW ZELAND: Posts US$115 Mil. Net Profit in 2nd Half of 2007
----------------------------------------------------------------
Air New Zealand disclosed normalised earnings before taxation
and unusual items of US$159 million for the six-month period
ended December 31, 2007, an increase of 62% on the same period
last year.  Net profit after tax was US$115 million, up 58%.

Operating revenue was US$2,332 million for the first half of the
year, up US$205 million or 9.6% on the same period last year.
The increase was due to additional capacity added both to the
domestic and long haul airlines and higher load factors, up 5.3
percentage points to 79.4%.

The Board has declared a fully imputed interim dividend of 5.0
cents per share, up 67% on last year's interim dividend.  In
respect of ordinary dividends or other distributions, the Board
reviews the financial position, trading environment and
imputation credit availability each reporting period.  It will
again do so at the financial year end.  The dividend record date
is March 14, 2008.

Air New Zealand Deputy Chairman Roger France said the results
represent a solid operating and financial performance despite
high fuel prices and increased competition.

"The company's financial position has continued to strengthen,
and our highly successful business transformation programme over
the past five years has created a solid foundation for the
continued growth of the airline," Mr France said.

"Despite high fuel prices, tight labour markets and a currency
that is making New Zealand less competitive as an international
tourist destination in some markets, we have produced a solid
result and have proven our ability to do well against
competition.  As the twin challenges of higher input costs and
increased competition continue to put pressure on the business
and across the industry, we are prepared to make the bold
decisions necessary to maintain our customer service leadership
and maximize long-term profitability," he said.

Fuel prices continue to provide Air New Zealand with a
significant challenge.

"Fuel is our largest operational expense and although we have a
hedging programme in place designed to protect the business from
short-term volatility in the market, continued high fuel costs
remain a concern.  With no easing of oil prices predicted in the
near future, our investment in more fuel-efficient aircraft and
the decisions we make on where to fly them are increasingly
important."

Chief Executive Officer Rob Fyfe said that while the year ahead
would be challenging, Air New Zealand was firmly focused on
seizing opportunities and continuing to grow the business.

"A strong financial position, continued innovation in both our
short haul and long haul businesses, network flexibility and a
relentless focus on delivering world class customer service will
ensure that Air New Zealand is well placed to strengthen our
competitive position over the coming period."

Mr Fyfe said priorities over the next six months included
improving the travel experience for domestic customers,
marketing in China ahead of the intended July launch of the
direct Auckland to Beijing service and revamping the travel
experience on the Tasman.

"The US$50 million investment in in-flight entertainment on the
A320s and Boeing 767 fleets (announced last year) combined with
increased economy class seat pitch in the front of the economy
cabin will enable us to continue to strengthen our competitive
position in the key Tasman market."

He said recent highlights included Air New Zealand's business
class service being rated the top of the Star Alliance for the
first time, and winning the passenger service accolade in this
year's Air Transport World industry awards.

"I am very proud of what Air New Zealanders have achieved and am
confident in the ability of our Company and our people to
continue to compete against a broad range of rivals – from
regional budget airlines to global mega carriers," he said.

Deputy Chairman Roger France said jet fuel prices remain high
and as favourable hedges roll off, a significant additional cost
burden will be placed on the business.

"The arrival of a new competitor in the domestic market, the
impact of the well publicised 'international credit crunch' on
the wider economy and a continued tight labour market will test
the Company's resilience and ability to adapt over the coming
year."

Air New Zealand still expects to better 2007 normalised earnings
before taxation and unusual items in 2008, however oil price
volatility has reduced the certainty with which the Company can
forecast its year-end financial performance, he said.

Key highlights:

     * Operating revenue rose 9.6% to US$2,332 million
     * Domestic passenger revenues increased by 4.5%
     * Long haul capacity increased by 9.1% with load
       factors increasing by 5.7 percentage points
     * Gearing as at 31 December 2007 improved to 48.6%
       from 53.1 percent at June 2007
     * Closing net cash was US$1,222 million, which is US$165
       million higher than the position at 30 June 2007

                    About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AIR NEW ZELAND: Says Fare Increase May Slow Demand
--------------------------------------------------
Air New Zealand Limited expects demand for seats to decrease as
they raised airfares to cover higher jet fuel costs,
Etravelblackboard News reports.

The report relates that last month, the airline raised fares on
domestic services and flights to Australia and Pacific Islands
by an average of 3%.

According to Etravelblackboard, Chief Executive Officer Rob Fyfe
said rising fuel prices are presenting a challenge to the
company.  "If current prices are maintained, that will have a
material impact on the price of travel and the likely demand for
travel going forward," the report quotes Mr. Fyfe.

Air New Zealand buys around nine million barrels of jet fuel a
year and fuel is about a third of its costs, the report notes.

Mr. Fyfe, the report adds, said the airline cut costs, upgraded
its fleet and opened new routes to meet competition from Qantas
and Emirates on routes to Asia and Europe.


                    About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


CLEAR CHANNEL: Trial Against Sale Financiers Will Begin May 5
-------------------------------------------------------------
Justice Helen Freedman of the New York Supreme Court has ruled
that a case filed by proposed buyers of radio operator Clear
Channel Communications Inc. against financiers of the deal will
go to trial in New York on May 5 or as soon after as can be
scheduled, reports say.

As previously reported in the Troubled Company Reporter, the
privatization of Clear Channel appeared in danger of collapsing
after Thomas H. Lee Partners LP and Bain Capital LLC and the
financial backers reportedly failed to reach agreement on the
final financing of the transaction. Clear Channel had
anticipated closing the merger agreement by March 31, 2008. The
company's shareholders approved the adoption of the merger
agreement, as amended. The deal includes US$19.4 billion of
equity and US$7.7 billion of debt.

Subsequently, CC Media Holdings Inc., a corporation formed by
private-equity funds co-sponsored by Thomas H. Lee and Bain
Capital, sued the group of banks that promised to finance the
acquisition to compel them to honor the agreement. CC Media
filed complaints in New York state court in Manhattan and in
Bexar County, Texas. The firms alleged the backers breached a
contract entered in May to fund the deal.  Clear Channel joined
the suit in Texas. In Texas, Clear Channel asked for an order
banning the banks from interfering with the merger agreement and
sought more than US$26 billion in damages.

The banks that agreed to finance the deal include Citigroup
Inc., Morgan Stanley, Deutsche Bank AG, Credit Suisse Group,
Royal Bank of Scotland PLC and Wachovia Corp.

The consortium of banks asked that the Texas case be transferred
to a federal court, but was denied. Justice Freedman after a
hearing on Thursday signed an order noting the trial will begin
on May 5 at 9:30 am and also that a pretrial conference will be
held on May 2. The schedule also calls for the parties to submit
a list of deposition designations and an estimate of the length
of the trial by April 25.

                         Countersuit Filed

The banks, with the exception of Deutsche Bank, filed a
countersuit in New York state court in Manhattan on Friday. The
banks stand to lose at least US$2.7 billion if forced to fund
the deal because loan prices have fallen since they agreed to
the transaction last April, according to Bloomberg News. They
are seeking to limit their liability to US$600 million. Deutsche
Bank AG filed a separate countersuit, said Tom Johnson, a
spokesman for the banks, Bloomberg reports.

The lenders argued they didn't violate the terms of a commitment
letter.  According to their countersuit filing, the financial
backers insisted they were "engaging in good faith
negotiations," and provided documents, which the Bain and Thomas
rejected, Bloomberg News recounts.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                             *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.



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

PSI TECHNOLOGIES: Marxe and Greenhouse Hold 9.1% Equity Stake
-------------------------------------------------------------
Austin W. Marxe and David M. Greenhouse disclosed in a
regulatory filing with the U.S. Securities and Exchange
Commission that they may be deemed to beneficially own 1,210,667
shares or 9.1% of PSI Technologies Holdings, Inc.'s common
stock.

Messrs. Marxe and Greenhouse share sole voting and investment
power over:

    -- 309,002 shares of Common Stock owned by Special Situations
       Cayman Fund, L.P.;

    -- 79,830 shares of Common Stock owned by Special Situations
       Fund III, L.P.; and

    -- 821,835 shares of Common Stock owned by Special Situations
       Fund III QP, L.P.

Messrs. Marxe and Greenhouse are the controlling principals of
AWM Investment Company, Inc., the general partner of and
investment adviser to Special Situations Cayman Fund, L.P.  AWM
also serves as the general partner of MGP Advisers Limited
Partnership, the general partner of and investment adviser to
Special Situations Fund III, L.P., and general partner of
Special Situations Fund III QP, L.P.  AWM also serves as
investment adviser to Special Situations Fund III QP.  The
principal business of each Fund is to invest in equity and
equity-related securities and other securities of any kind or
nature.

Thus, Cayman owns 2.3% of PSI's outstanding shares, SSF3 owns
0.6% and SSFQP owns 6.2%.

                 About PSi Technologies Holdings

Based in Taguig City, The Philippines, PSi Technologies
Holdings, Inc. -- http://www.psitechnologies.com/-- is an
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

PSi Technologies-issued American Depository Receipts are traded
on the NASDAQ under the symbol "PSIT".

SyCip Gorres Velayo & Co. raised substantial doubt about PSi
Technologies Holdings' ability to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses from operations and negative net
working capital position.

PSi Technologies reported a restated US$11,601,050 net loss on
US$89,736,608 of revenues for the year ended Dec. 31, 2006.  For
the year ended Dec. 31, 2005, the company reported a restated
US$19,749,547 net loss on US$72,867,634 of revenues.  At
Dec. 31, 2006, the company's balance sheet showed US$61,777,464
in total assets, US$45,427,729 in total liabilities, and
US$16,349,735 in total stockholders' equity.  The company's
balance sheet at Dec. 31, 2006, showed strained liquidity with
US$24,400,602 in total current assets available to pay
US$37,793,382 in total current liabilities.

PSi Technologies received a Nasdaq Staff Deficiency letter on
Jan. 31, 2008, indicating that the company failed to comply with
the minimum bid price requirement for continued listing set
forth in Marketplace Rule 4320(e)(2)(E)(i).  The company will be
provided 180 calendar days, or until July 29, 2008, to regain
compliance with the minimum bid price requirement of $1.00 per
American Depositary Share of the company for a minimum of 10
consecutive business days.  If the minimum bid price requirement
has not been met by July 29, 2008, Nasdaq Staff will provide the
company with an additional 180 calendar day compliance period
only if it meets certain other listing criteria.


PSI TECHNOLOGIES: Greathill, et al., Hold 14.7% Equity Stake
------------------------------------------------------------
Greathill Pte. Ltd., Primasia ant Bridge No.1 Greater China
Secondary Fund, L.P., and Primasia PE Holdings Limited disclosed
in a regulatory filing with the U.S. Securities and Exchange
Commission that they may be deemed to beneficially own
1,955,741 shares or 14.7% of PSI Technologies Holdings, Inc.'s
common stock.

Primasia ant Bridge No.1 is a limited partnership organized
under the laws of the Cayman Islands.  Primasia PE Holdings is a
corporation organized under the laws of the British Virgin
Islands.  Greathill is a corporation organized under the laws of
the Republic of Singapore.

As of December 31, 2007, Greathill directly owned 1,955,741
Common Shares.  Greathill is wholly owned by PABN1. The sole
general partner of PABN1 is PPEH. Accordingly, each of PABN1 and
PPEH may be deemed to beneficially own the 1,955,741 Common
Shares directly owned by Greathill.

                 About PSi Technologies Holdings

Based in Taguig City, The Philippines, PSi Technologies
Holdings, Inc. -- http://www.psitechnologies.com/-- is an
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

PSi Technologies-issued American Depository Receipts are traded
on the NASDAQ under the symbol "PSIT".

SyCip Gorres Velayo & Co. raised substantial doubt about PSi
Technologies Holdings' ability to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses from operations and negative net
working capital position.

PSi Technologies reported a restated US$11,601,050 net loss on
US$89,736,608 of revenues for the year ended Dec. 31, 2006.  For
the year ended Dec. 31, 2005, the company reported a restated
US$19,749,547 net loss on US$72,867,634 of revenues.  At
Dec. 31, 2006, the company's balance sheet showed US$61,777,464
in total assets, US$45,427,729 in total liabilities, and
US$16,349,735 in total stockholders' equity.  The company's
balance sheet at Dec. 31, 2006, showed strained liquidity with
US$24,400,602 in total current assets available to pay
US$37,793,382 in total current liabilities.

PSi Technologies received a Nasdaq Staff Deficiency letter on
Jan. 31, 2008, indicating that the company failed to comply with
the minimum bid price requirement for continued listing set
forth in Marketplace Rule 4320(e)(2)(E)(i).  The company will be
provided 180 calendar days, or until July 29, 2008, to regain
compliance with the minimum bid price requirement of $1.00 per
American Depositary Share of the company for a minimum of 10
consecutive business days.  If the minimum bid price requirement
has not been met by July 29, 2008, Nasdaq Staff will provide the
company with an additional 180 calendar day compliance period
only if it meets certain other listing criteria.




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

ADVANCED MICRO: Expects Revenues to Drop to US$1.5 Billion
----------------------------------------------------------
Advanced Micro Devices Inc. expects revenue for the first
quarter ended March 29, 2008, to be approximately US$1.5
billion, a 22% increase compared to the first quarter of 2007,
and down 15% compared to the fourth quarter of 2007.  The
decrease is due to lower than expected sales across all business
segments.  AMD had previously anticipated first quarter revenue
to decline in line with seasonality.

As reported in the Troubled Company Reporter on Jan. 21, 2008,
AMD reported results of its fourth quarter and year ended
Dec. 29, 2007.  In the fourth quarter of 2007, AMD reported net
loss of US$1.772 billion and an operating loss of US$1.678
billion.  Fourth quarter net loss included charges of US$1.675
billion, of which US$1.669 billion were operating charges.  The
non-cash portion of the fourth quarter charges was US$1.606
billion.  Fourth quarter 2007 revenue was US$1.770 billion, an
8% increase compared to the third quarter of 2007 and flat
compared to the fourth quarter of 2006.

AMD plans to adjust its cost structure by reducing its workforce
by approximately 10% by the end of the third quarter of 2008.
As a result of these reductions, AMD expects to record a
restructuring charge in the second quarter of 2008.  At the time
of this release, AMD is unable to determine the estimated amount
of the charge as the details are still being finalized.

AMD will report first quarter 2008 results after market close on
April 17, 2008.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.
                           *     *     *

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Fitch downgraded these ratings on Advanced Micro Devices Inc.,
including its Issuer Default Rating to 'B-' from 'B'; and its
Senior unsecured debt to 'CCC'/RR6 from 'CCC+/RR6'.  The Rating
Outlook remains Negative.




                          *********

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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