TCRAP_Public/080411.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

             Friday, April 11, 2008, Vol. 11, No. 72

                             Headlines

A U S T R A L I A

AUSTRALIAN CAPITAL: PwC Examination Uncovers Questionable Deals
ALLCO FINANCE: Bankers Deliberate on AU$1.15 Billion Facility
HIH INSURANCE: Can Recoup U.K. Assets to Pay Creditors
HIH INSURANCE: NSW Court Tells Lawyers to Get Documents
KINETIC: US$1.7BB LifeCell Deal Cues Moody's to Keep Ba2 Rating

KINETIC: US$1.7BB LifeCell Deal Cues S&P to Hold 'BB' Rating
LANE COVE: Moody's Cuts Senior Secured Rating to Ba1 from Baa3
OPES PRIME: Riqueza Owner "Happy to Assist" With Investigation
OPES PRIME: Receivers Get a Hold of 12 Maseratis


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

BANK OF COMMUNICATIONS: Shortlisted to Bid for Wing Lung Bank
CENTRAL FORUM: Members' Final Meeting Set for April 30
COASTAL GREENLAND: Moody's to Review B1 Corporate Family Rating
EDGEWOOD DEVELOPMENT: Members & Creditors to Meet on May 16
FAIRYLAND ENTERPRISES: Members & Creditors to Meet on April 29

FRANCO-ASIATIC: Commences Liquidation Proceedings
GOLD-M INVESTMENT: Members' Final Meeting Set for April 30
ICBC: Shortlisted to Bid for Hong Kong's Wing Lung Bank
JINGTIE ECONOMY: Members' Final Meeting Set for April 29
OASIS AIRLINES: Major Stakeholders Wary About Investments

PEREGRINE SYSTEM: Members' Final Meeting Set for April 28
SING TSU: Members' Final Meeting Set for April 30
SUNNILAND LIMITED: Members' Final Meeting Set for April 28
TWIN WORLD CORPORATE: Members & Creditors to Meet on May 16
TWIN WORLD MARKETING: Members & Creditors to Meet on May 9

TWIN WORLD TEAM: Members & Creditors to Meet on May 9
WA PEI CREDIT: Members' Meeting Set for April 28


I N D I A

INDUSTRIAL DEVELOPMENT BANK: Puts on Hold Lending Rate Cut
KDL BIOTECH: Incurs INR46.75 Mil. Net Loss in Oct.-Dec. 2007
TATA STEEL: Ties Up With MMTC to Bid for Mining Projects Abroad
TATA STEEL: To Report FY2008 Financial Results Before June 30
TATA MOTORS: To Set Up Manufacturing Plant in South Africa


I N D O N E S I A

INDOSIAR KARYA: Seeks IDR500 Billion Loan to Repay Debt
INDOSIAR VISUAL: Pefindo Downgrades Company Rating to "idBB+"


J A P A N

JAPAN AIRLINES: To Seek Compensation for Dreamliner Delay
JAPAN AIRLINES: To Add Routes to China and South Korea by FY09


K O R E A

CHONGKUNDANG CORP: Wins Patent for Gastric-Retentive Drug
E-NET CORP: Hires Kim Seung Mo as Chief Executive Officer
E-NET CORP: Signs Business Partnership Contract With CTC Bio
GENEXEL-SEIN: Merges Aprogen and Genexel Units


N E W  Z E A L A N D

AIR NEW ZEALAND: Seeks Compensation for 787 Dreamliner Delay
DENNY'S CORP: Henry Nasella to Resign From Board


P A P U A   N E W   G U I N E A

* Moody's Holds Papua New Guinea's B1 Bond Rating Stable Outlook


P H I L I P P I N E S

PRC LLC: Wants Lease Decision Period Extended to August 20
PRC LLC: Wants Action Removal Period Extended to July 21
PRC LLC: Wants Site Consolidation Incentive Plan Approved


S I N G A P O R E

ADVANCED MICRO: Weak Quarter Results Cues Moody's Ratings Review
ADVANCED MICRO: Poor Sales Cue S&P's Negative Watch on B Rating
HEXION SPECIALTY: Extends Merger Pact Termination Date to July 4
POLYONE: Intends to Offer US$50 Mil. of Senior Notes Due 2012
POLYONE: Moody's Puts 'B1' Rating on Proposed US$50MM Sr. Notes

SCOTTISH RE: Inks LOI to Recapture Business Ceded to Ballantyne
SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
SEA CONTAINERS: Gets Court OK to Sign Charter Termination Pacts
SEA CONTAINERS: Contrarian Wants March 5 Subpoenas Quashed


T H A I L A N D

PHELPS DODGE: S&P Ups Rating From BB+ on Adequate Debt Reduction


* Large Companies with Insolvent Balance Sheets


                          - - - - -


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

AUSTRALIAN CAPITAL: PwC Examination Uncovers Questionable Deals
---------------------------------------------------------------
PricewaterhouseCoopers, Australian Capital Reserve's liquidator,
found out that the company sold a coastal apartment at a
AU$200,000 discount to the mother of Peter Phippen of Abbott's
Valuers, the company's favoured valuer, Anthony Klan of The
Australian reports.

According to Mr. Klan, the apartment was valued at AU$549,000
but sale documents showed it was sold for AU$349,000.  ACR co-
founder Murray Lapham allegedly told the company's accountants
to hide the details of the sale, The Australian relates.

Mr. Phippen said he had "never purchased any property from a
client" but, according to The Australian, he would not comment
on whether any of his family members had purchased properties
from his clients.

In a separate report, The Australian said Mr. Phippen told the
New South Wales Supreme Court that he had never negotiated to
buy an apartment from ACR but, rather, his elderly mother had
bought an apartment from the group in 2003.  When presented with
e-mails of a discussion between him and Mr. Lapham concerning
the purchase of the apartment, Mr. Phippen said he had undergone
heart surgery "a few years ago" and this could have affected his
memory, The Australian reports.

"I'm shocked . . . but looking at these documents, it doesn't
look good, I admit," Mr. Phippen told the court, Mr. Klan
relates.

PwC, which is hosting the examination of 12 key figures
associated with the collapse of Australian Capital Reserve,
questioned whether ACR directors had overvalued assets in an
eleventh-hour bid to attract "hundreds of millions of dollars"
from investors, Mr. Klan reports.

The Australian relates that Mr. Phippen was allegedly given a
Mercedes-Benz in exchange for preparing valuations for the
company.  Mr. Phippen told Mr. Klan that he bought that car from
Mr. Lapham but he could not recall how much he paid for it
because half of the purchase price was in cash and the remainder
was in kind for valuations he had prepared for the company.

Mr. Klan adds that PwC also examined the allegation that ACR
founders Murray Lapham and Sam Pogson's private companies had
been purchasing properties using funding provided by entities
associated with ACR.  According to The Australian, Mr. Lapham
explained he and Mr. Pogson wanted to build up a portfolio of
properties in their private companies because they were unsure
about the future of ACR.

                      About Australian Capital

Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- an investment group based in
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007.  According to a
report by the Troubled Company Reporter-Asia Pacific on June 7,
2007, the Australian and Securities and Investments Commission
issued an Interim Stop Order on the 9th prospectus due to some
concerns relating to disclosure in the prospectus.

ACR finances the activities of Estate Property Group, and ACR
raises money from the public by issuing unsecured deposit notes
to public investors and loans those funds to EPG to finance its
various property activities.  As a result of the funding, ACR
was able to raise over AU$300 million between 2000 and 2007
through the issue of nine prospectuses conveyed the ASIC report.


ALLCO FINANCE: Bankers Deliberate on AU$1.15 Billion Facility
-------------------------------------------------------------
Allco Finance Group Ltd.'s bankers are reviewing a senior bank
facility of up to AU$1.15 billion that is set to expire on
April 11, Katherine Jimenez writes for The Australian.

The report states that the fate of Allco may not be known for
several weeks because its bankers may announce today an
extension of the review period.  Allco's bankers are
Commonwealth Bank of Australia, Westpac and St. George, notes
The Australian.

The banks, according to the report, are deliberating whether to
appoint a receiver or extend Allco's corporate debt facility.

JPMorgan estimates that Westpac has an unsecured exposure of
AU$250 million in Allco, followed by CBA at AU$200 million,
relates The Australian.

According to the report, Allco is seeking approval to
restructure the terms of the facility and to cut that debt
through a sale of non-core assets and a reduction of its staff
from about 600 to 200.

                        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.


HIH INSURANCE: Can Recoup U.K. Assets to Pay Creditors
------------------------------------------------------
HIH Insurance Ltd. can recoup U.K. assets worth as much as
AU$206 million to help pay creditors owed more than AU$5.3
billion, writes Caroline Binham of Bloomberg News.

According to the report, Britain's highest court, The House of
Lords, unanimously ruled in favor of applying Australian
bankruptcy law in the U.K. case, approving a "universal
insolvency."

Bloomberg notes that under Australian law, creditors of
insurance companies get a higher priority in the bankruptcy
repayment line than under English laws applied in the case.

The ruling, relates Bloomberg, clarifies U.K. law for
insolvencies in which assets are located in more than one
country and in which the company is going through bankruptcy
proceedings in more than one legal system.

Bloomberg quotes Leonard Hoffman, one of the five presiding law
lords as saying, "If the distribution of the assets of insolvent
foreign reinsurance companies is affected by whether they have
placed their reinsurance business in London rather than
somewhere else" the London market may suffer.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


HIH INSURANCE: NSW Court Tells Lawyers to Get Documents
-------------------------------------------------------
Susannah Moran of The Australian relates that Justice Patricia
Bergin at the NSW Supreme Court ordered lawyers running the
AU$550 million case brought by HIH Insurance Ltd.'s liquidator
to make sure they uncover relevant documents, even if it costs
them millions of dollars to do so.

According to The Australian, Justice Bergin said at a hearing
that "very serious" cases had been brought against companies and
individuals, and they deserved access to relevant documents.

Justice Bergin noted that all witness statements would be
complete by the end of October, when the extent of claims
against parties would be known, notes The Australian.

However, some of the defendants are concerned HIH will not be
sorting through a number of documents they say are relevant to
the case, adds The Australian.

According to HIH's barrister, Alan Sullivan QC, it could be
considered oppressive to be forced to spend up to AU$6 million
on computer software that might or might not uncover documents,
the report says.

The Australian quotes Justice Bergin as saying, "It is obvious,
Mr. Sullivan, it is incredibly important that somebody on your
side focuses upon the fact that these parties sitting on your
right are all in the public frame and all in very, very serious
cases . . . if . . . you wish to pursue your case, then the
consequence is obvious."

                       About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


KINETIC: US$1.7BB LifeCell Deal Cues Moody's to Keep Ba2 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family
Rating of Kinetic Concepts, Inc. and changed the ratings outlook
to stable from positive.

The rating actions follow KCI's announcement that it has signed
a definitive agreement to acquire LifeCell Corporation in a cash
transaction valued at US$1.7 billion net of acquired cash.
Moody's also affirmed the Ba2 rating on KCI's existing senior
secured credit facility.

Moody's anticipates it will withdraw this rating upon the close
of the transaction as it is Moody's understanding that the
company has secured fully underwritten debt financing that will
be used to acquire LifeCell and repay KCI's existing debt.
Moody's expects the acquisition to close in the first half of
2008, contingent upon the tender of at least a majority of
LifeCell's shares, completion and funding of KCI's financing
arrangements, and satisfaction of regulatory and other customary
closing conditions.

The Ba2 Corporate Family Rating is supported by the combined
company's leading competitive positions in its core markets,
KCI's moderate financial policies and history of debt repayment.
In addition, Moody's believes the acquisition of LifeCell should
give KCI a strong foothold in the biosurgery market, which could
potentially be leveraged to increase sales of negative pressure
wound therapy products in the operating rooms of hospitals.

The ratings are constrained by the integration and execution
risk associated with a transaction of this size and risks
associated with the launch and adoption of LifeCell's new
product, Strattice.   In addition, there have been recent
competitive launches of NPWT products into the market, of which
the ultimate impact on KCI is uncertain.  In addition, despite
the improvement in revenue concentration following the
acquisition, revenues from NPWT products are expected to
continue to be at least 70% of KCI's total revenues over the
rating horizon.

Moody's affirmed these ratings:

  -- Corporate Family Rating, Ba2

  -- Senior Secured Revolving Credit Facility, Ba2, LGD3, 34%

  -- Probability of Default Rating, Ba3

The ratings outlook is stable.

                 About Kinetic Concepts

Headquartered in San Antonio, Kinetic Concepts Inc. (NYSE: KCI)
-- http://www.kci1.com/-- designs, manufactures, markets and
services a wide range of proprietary products that can improve
clinical outcomes and can help reduce the overall cost of
patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


KINETIC: US$1.7BB LifeCell Deal Cues S&P to Hold 'BB' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB' corporate credit rating, on San Antonio,
Texas-based Kinetic Concepts Inc.  The outlook is stable.

This follows KCI's announcement that it will acquire tissue
repair products company LifeCell Corp. forUS$1.7 billion in
cash.  S&P had already factored a debt-financed acquisition of
this size into S&P's ratings on KCI.  Therefore, the ratings are
unaffected.  Details surrounding the proposed financing of the
transaction remain largely undisclosed; S&P will assign debt
ratings to the proposed financing when more information becomes
publicly available.  S&P likely will withdraw its ratings on the
company's existing US$500 million revolving credit facility due
2012 at the close of the transaction.

"The rating on KCI reflects the company's still significant
dependence on its vacuum assisted closure device for hard-to-
heal wounds, which subjects it to competitive technological
developments and potential third-party pricing pressure on its
VAC device," said Standard & Poor's credit analyst Jesse
Juliano.

These concerns are offset partially by the strong sales momentum
and cash flow related to the VAC device, the product
diversification from LifeCell and future acquisitions, and the
company's willingness to maintain an appropriate financial
profile while executing its acquisition strategy.

                      About Kinetic Concepts

Headquartered in San Antonio, Kinetic Concepts Inc. (NYSE: KCI)
-- http://www.kci1.com/-- designs, manufactures, markets and
services a wide range of proprietary products that can improve
clinical outcomes and can help reduce the overall cost of
patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


LANE COVE: Moody's Cuts Senior Secured Rating to Ba1 from Baa3
--------------------------------------------------------------
Moody's Investors Service has downgraded the underlying senior
secured rating of Lane Cove Tunnel Finance Company to Ba1 from
Baa3 after it recorded a disappointing level of traffic flow for
early 2008.  The rating had been placed on review for possible
downgrade in November 2007, due to concerns regarding traffic
flow on the tunnel and the Falcon Street Gateway, and potential
impact on LCT's credit quality.

The rating action does not cover the Aaa wrapped rating, which
is affirmed.

The downgrade of the underlying rating reflects materially
lower-than-forecast traffic volumes for early 2008.  February's
Monthly Average Daily Traffic was 62,400, and that of March was
just under 59,000.  These figures are well below the original
base case forecasts of 2003, and as such the ongoing debt
service coverage metrics are not consistent with an investment
grade rating, even after incorporating an optimistic ramp-up
profile.

While LCT has good liquidity reserves, and expects a step-up in
traffic numbers in the next 1-2 months following the recent
narrowing of Epping Road -- an alternative route -- the rating
remains under review for possible downgrade due to concerns
regarding the ability of traffic to ramp up to a level that
would be sufficient to service debt on an ongoing basis.

At the same time, the company has sufficient liquidity to
service all its cash calls until late 2009, and further traffic
increases would extend this period.

The review will consider LCT's ability to service debt in
conjunction with:

    1) the ramp-up potential, and

    2) a continued assessment of medium-to-long term traffic
       forecasts.

LCT is the finance company for the Connector Motorways Group,
the owner of the Lane Cove Tunnel and the Falcon Street Gateway.

The tunnel -- which opened on 25 March 2007 -- links the Gore
Hill Freeway and the Hills M2 Motorway, two major radial
arterial routes connecting Sydney's north-western suburbs to
central Sydney.  The Gateway is two tolled north-facing ramps
connecting Falcon Street in Neutral Bay with the Gore Hill
Freeway.  The Lane Cove Tunnel project is a 33-year concession
to finance, design, build, operate and maintain the final
section of a ring of toll roads which circle Sydney.  The
project will revert to government ownership at its maturity.


OPES PRIME: Riqueza Owner "Happy to Assist" With Investigation
--------------------------------------------------------------
Administrators investigating the collapse of Opes Prime Group
Ltd. have been given batches of documents that may shed light on
curious international transactions involving hundreds of
millions of dollars of Opes clients' cash and shares and a
company registered in the British Virgin Islands, Leonie Wood
and Vanessa Burrow write for The Sydney Morning Herald.

SMH reports that Jay Moghe, a Singaporean-based associate of
Opes Prime expressed to The Age that he gave Opes'
administrators all documents related to the BVI-registered
company he owns called Riqueza BVI.

Administrators John Lindholm and Adrian Brown of Ferrier Hodgson
described Riqueza as the crucial link in understanding
various transactions into and out of Opes, relates SMH.

In a telephone interview, Mr. Moghe told SMH that he "never had
anything to do with the day-to-day running of Riqueza . . . had
nothing to do with the bank account, and didn't have any control
of the money coming in and out either."

SMH notes that Mr. Moghe was formerly a managing director of
Opes Prime Asset Management based in Singapore.  Mr. Moghe is
quoted by SMH as saying, "I worked for them (Opes).  Everything
has been handed over.  I resigned and I handed everything over.
I just need to get on with the rest of my life."

Mr. Moghe told SMH he is "happy to assist" the administrators in
their investigation because he has nothing to hide.  Mr.
Lindholm said Mr. Moghe was cooperating fully with
investigators, SMH relates.

Mr. Lindholm said Opes was owed AU$101 million by Riqueza and a
further AU$128 million was owed by six Opes clients who should
have received margin calls as the value of their highly geared
share portfolios plunged this year, adds SMH.

                         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: Receivers Get a Hold of 12 Maseratis
------------------------------------------------
Receivers of Opes Prime Group Ltd. seized up to a dozen luxury
Maseratis in Singapore and Melbourne, Adele Ferguson and Richard
Gluyas write for The Australian.

In a separate report, Adele Ferguson and Chris Merritt relate
that Opes Prime investor Chris Murphy revealed he received a
AU$250,000 Maserati as a gift from the firm.

Mr. Murphy, who lost more than AU$100 million when Opes Prime
collapsed, admitted he still owned the Maserati-- albeit
garaged, uninsured and unregistered because it was too expensive
to drive, relates The Australian.

According to The Australian, it appears an associate company of
Opes was running a "sideline" business in Singapore converting
the Maseratis so that they met other countries' vehicle
regulations.

Opes Receiver Chris Campbell said the Maseratis were then
imported to Australia and sold to individuals, adds The
Australian.

According to the report, the company that ran the vehicle
"conversion" business in Singapore is Hawkswood, which is owned
in equal parts by Opes Prime director Laurie Emini and the
firm's co-founders Julian Smith and Anthony Blumberg.  The
Australian relates that Mr. Campbell said Mr. Smith and Mr.
Blumberg had helped him identify and track the cars, which are
being valued before sale.

The Australian notes that the seizure of the Maseratis came as
accountant Michael Hymer prepared to join former mob boss Mick
Gatto in Singapore.  Mr. Hymer, The Australian reports, was
linked to Mr. Emini and fashion designer Christopher Chronis.
It is understood Mr. Hymer had AU$1.5 million of his fortune in
Opes Prime shares, states The Australian.

The Australian reports that sources close to Mr. Gatto said Mr.
Hymer flew to Singapore to help locate an estimated AU$1
billion believed to be sitting in offshore accounts.

Opes, The Australian says, had a number of companies overseas
that were not wholly owned and had two arm's-length
companies -- Leveraged Capital and Hawkswood -- that dealt a
British Virgin Islands-registered company called Riqueza.  The
report adds that Hawkswood Investments is a shareholder in
Global Designer Brands and has fixed and floating charges over
the company.  Until December, Mr. Emini and Mr. Hymer were
listed as directors of Global Designer Brands, of which Mr.
Chronis is now the sole director, reports The Australian.

As of April 9, the address of Global Designer Brands was at the
accounting firm where Mr. Hymer works.  Australian Securities
and Investments Commission searches reveal that the place of
business is the same address as Opes Prime, Level 17, 330
Collins Street, relates The Australian.

                          About Opes Prime

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

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

    2) Opes Prime Structured Products Pty Ltd develops, manages
       and markets specialized leveraged products for the high
       net worth , 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.




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

BANK OF COMMUNICATIONS: Shortlisted to Bid for Wing Lung Bank
-------------------------------------------------------------
Sources familiar with the matter disclosed to Bloomberg News
that Industrial and Commercial Bank of China Ltd., Bank of
Communications Ltd. and Australia & New Zealand Banking Group
Ltd. were shortlisted to bid for Hong Kong's Wing Lung Bank Ltd.

According to the report, Wing Lung Chairman Michael Wu and his
extended family are seeking to sell a combined 53% stake in the
bank.  Bids may value the bank at more than US$4.8 billion,
Cathy Chan of Bloomberg reports.

Bloomberg relates that Wing Lung has 35 branches in Hong Kong
and has US$12 billion in assets.

"These buyers are eyeing the network and full license that Wing
Lung has developed for years," Ivan Li, an analyst at Kim Eng
Securities in Hong Kong, told Bloomberg.  "Hong Kong is always
seen as a gateway into China and to international markets."

Bidders are expected to submit binding offers late this month,
Bloomberg relates.  UBS AG and Credit Suisse Group are advising
the Wu family, the report adds.

Credit Suisse spokeswoman Josephine Lee and UBS spokesman Chris
Cockerill declined to comment, and spokespeople for the banks
either declined to comment or couldn't be reached, Bloomberg
says.

                         About Wing Lung

Wing Lung Bank Ltd. and its subsidiaries are engaged in the
provision of banking and related financial services.  The
principal activities of the subsidiaries include insurance
underwriting, deposit-taking, investment holding, futures
broking, securities broking, trustee services, investment
trading and insurance broking, insurance agency, nominee
services, property management and property holding.  The company
operates predominantly in commercial banking, which comprises
retail and corporate banking, treasury, insurance and other
activities.  Retail and corporate banking includes retail
banking, commercial lending and trade finance.  Treasury
activities include foreign exchange, money market and capital
market activities.  Insurance activities include insurance
underwriting, insurance agency and other related businesses.
Other activities mainly comprise investment properties holding.

                          About ANZ Banking

Australia & New Zealand Banking Group Limited is engaged in
providing a range of banking and financial products and services
to retail, small business, corporate and institutional clients.
The company conducts its operations primarily in Australia and
New Zealand.  Its other operations are conducted across the Asia
Pacific regions, and in a number of other countries, including
the United Kingdom and the United States.  It operates through
five main segments: Personal, Institutional and New Zealand
Businesses, Partnerships & Private Bank and Group Center.  On
Nov. 21, 2006, ANZ announced that it acquired 19.9% interest in
Shanghai Rural Commercial Bank.  In July 2006, ANZ acquired a
20% share in Tianjin City Commercial Bank.  In May 2007, the
company held a relevant interest of 81.4% in E*TRADE Australia
Limited.  In July 2007, the company completed the acquisition of
Citizens Security Bank in Guam.

                             About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.

                   About Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


CENTRAL FORUM: Members' Final Meeting Set for April 30
------------------------------------------------------
Members of Central Forum Investment Limited will have their
final general meeting on April 30, 2008, in Unit 3901, Far East
Finance Centre, 39th Floor, at 16 Harcourt Road, 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:

          Ho Te Hwai Cecil
          Far East Finance Centre, Unit 3901, 39th Floor
          16 Harcourt Road
          Hong Kong


COASTAL GREENLAND: Moody's to Review B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has put Coastal Greenland Limited's B1
corporate family rating and B2 senior unsecured rating on review
for possible downgrade.

The review follows the announcement by Shanghai Fenghwa Group
Co. Ltd., a 21%-owned associate of CGL and listed on the
Shanghai Stock Exchange, that it will acquire all of CGL's
equity interests in 9 subsidiaries by way of a new share
issuance.  As a result, CGL will obtain majority ownership in
Fenghwa and will continue to hold majority ownership in the nine
subsidiaries through Fenghwa.  The nine subsidiaries hold all of
CGL's residential development projects.

Moody's understands the transaction is subject to all necessary
regulatory and shareholder approvals, and notes that share
trading in CGL has been suspended.

"While this transaction could broaden CGL's funding platform
through the A-share market and realign the business focus of CGL
and Fenghwa in a more efficient manner, a majority of CGL's
future cash flow from its normal operations will be dependent on
dividend payments from Fenghwa, over which it will not have full
ownership.  Moody's expects CGL will own no more than 80% of
Fenghwa," says Kaven Tsang, a Moody's assistant vice-
president/analyst.

"This situation raises concerns over potential fund leakages.
It is uncertain if the additional cash flow from Fenghwa could
cover CGL's reduced share of cash flow generated from the
existing projects. There is also concern over deepened risk of
structural subordination due to the insertion of a PRC
intermediary holding company, which is separately listed and
will hold majority of the group's business and assets," adds
Tsang, Moody's lead analyst for CGL.

"On the other hand, CGL will obtain an additional 49-59%
interest in Fenghwa, which currently has property projects in
Shanghai, Chengdu and Anshan.  In Moody's view, the risk profile
of Fenghwa's projects is different from CGL's existing
projects," adds Tsang.

In its review, Moody's will assess the financial position of
Fenghwa, and the impact of the transaction on CGL's cash flow
and credit profile on both a consolidated and stand-alone basis.
A satisfactory review would confirm the ratings but any negative
assessment would pressure the ratings.

CGL is a Chinese property developer focusing on medium- and
high-end residential and commercial property developments.  It
has an attributable land bank of 4.3 million sqm. in six major
economic areas in China.  Founded in 1990, the company listed on
the Hong Kong Stock Exchange in 1997 and has a market
capitalization of HK$3.3 billion.


EDGEWOOD DEVELOPMENT: Members & Creditors to Meet on May 16
-----------------------------------------------------------
Edgewood Development Limited will hold a joint meeting for its
members and creditors at 2:00 p.m. and 3:00 p.m. respectively,
on May 16, 2008.  At the meeting, the company's liquidator,
Cheng Faat Ting Gary will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

             Cheng Faat Ting Gary
             Richmond Commercial Building, 8th Floor
             109 Argyle Street
             Mongkok, Kowloon
             Hong Kong


FAIRYLAND ENTERPRISES: Members & Creditors to Meet on April 29
--------------------------------------------------------------
Fairyland Enterprises Co. Limited will hold a joint meeting for
its members and creditors at 10:00 a.m. and 10:30 a.m.
respectively, on April 29, 2008.  At the meeting, the company's
liquidator, Chan Ming Sum Chris will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

             Chan Ming Sum Chris
             Success Commercial Bldg., Room A, 6th Floor
             245-251 Hennessey Road
             Wanchai
             Hong Kong


FRANCO-ASIATIC: Commences Liquidation Proceedings
-------------------------------------------------
Franco-Asiatic Company Limited's members agreed on March 18,
2008, to voluntarily liquidate the company's business.  The
company has appointed Lee Sik Wai Benjamin and Chan Cheung Wah
Linus to facilitate the sale of its assets.

The liquidators can be reached at:

           Lee Sik Wai Benjamin
           Chan Cheung Wah Linus
           Bank Centre, Rooms 2005-7
           636 Nathan Road
           Kowloon


GOLD-M INVESTMENT: Members' Final Meeting Set for April 30
----------------------------------------------------------
Members of Gold-M Investment Limited will have their final
general meeting on April 30, 2008, in Unit 3901, Far East
Finance Centre, 39th Floor, at 16 Harcourt Road, 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:

          Ho Te Hwai Cecil
          Far East Finance Centre, Unit 3901, 39th Floor
          16 Harcourt Road
          Hong Kong


ICBC: Shortlisted to Bid for Hong Kong's Wing Lung Bank
-------------------------------------------------------
Sources familiar with the matter disclosed to Bloomberg News
that Industrial and Commercial Bank of China Ltd., Bank of
Communications Ltd. and Australia & New Zealand Banking Group
Ltd. were shortlisted to bid for Hong Kong's Wing Lung Bank Ltd.

According to the report, Wing Lung Chairman Michael Wu and his
extended family are seeking to sell a combined 53% stake in the
bank.  Bids may value the bank at more than US$4.8 billion,
Cathy Chan of Bloomberg reports.

Bloomberg relates that Wing Lung has 35 branches in Hong Kong
and has US$12 billion in assets.

"These buyers are eyeing the network and full license that Wing
Lung has developed for years," Ivan Li, an analyst at Kim Eng
Securities in Hong Kong, told Bloomberg.  "Hong Kong is always
seen as a gateway into China and to international markets."

Bidders are expected to submit binding offers late this month,
Bloomberg relates.  UBS AG and Credit Suisse Group are advising
the Wu family, the report adds.

Credit Suisse spokeswoman Josephine Lee and UBS spokesman Chris
Cockerill declined to comment, and spokespeople for the banks
either declined to comment or couldn't be reached, Bloomberg
says.

                          About Wing Lung

Wing Lung Bank Ltd. and its subsidiaries are engaged in the
provision of banking and related financial services.  The
principal activities of the subsidiaries include insurance
underwriting, deposit-taking, investment holding, futures
broking, securities broking, trustee services, investment
trading and insurance broking, insurance agency, nominee
services, property management and property holding.  The company
operates predominantly in commercial banking, which comprises
retail and corporate banking, treasury, insurance and other
activities.  Retail and corporate banking includes retail
banking, commercial lending and trade finance.  Treasury
activities include foreign exchange, money market and capital
market activities.  Insurance activities include insurance
underwriting, insurance agency and other related businesses.
Other activities mainly comprise investment properties holding.

                         About ANZ Banking

Australia & New Zealand Banking Group Limited is engaged in
providing a range of banking and financial products and services
to retail, small business, corporate and institutional clients.
The company conducts its operations primarily in Australia and
New Zealand.  Its other operations are conducted across the Asia
Pacific regions, and in a number of other countries, including
the United Kingdom and the United States.  It operates through
five main segments: Personal, Institutional and New Zealand
Businesses, Partnerships & Private Bank and Group Center.  On
Nov. 21, 2006, ANZ announced that it acquired 19.9% interest in
Shanghai Rural Commercial Bank.  In July 2006, ANZ acquired a
20% share in Tianjin City Commercial Bank.  In May 2007, the
company held a relevant interest of 81.4% in E*TRADE Australia
Limited.  In July 2007, the company completed the acquisition of
Citizens Security Bank in Guam.

                   About Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.  The bank's business is divided into four segments:
corporate banking, retail banking, treasury and others.  Its
corporate banking business provides products and services to the
corporate customers, such as loans, deposits, bill discounting,
trade finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.

                            About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.


JINGTIE ECONOMY: Members' Final Meeting Set for April 29
--------------------------------------------------------
Members of Jingtie Economy Development (Hong Kong) Company
Limited will have their final general meeting on April 29, 2008,
at Haleson Building, Rooms M207-8, 1 Jubilee 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:

          Wong Tak Chui
          Haleson Building, Rooms M207-8
          1 Jubilee Street
          Central, Hong Kong


OASIS AIRLINES: Major Stakeholders Wary About Investments
---------------------------------------------------------
Major stakeholders of Oasis Hong Kong Airlines Ltd. said they
are unsure if they can recoup their money, Benjamin Scent and
Alfred Liu of The Standard report.

Value Partners Chairman Cheah Cheng Hye classified his fund
house's investment as a "mistake," The Standard says.  "How can
I not be disappointed?" Mr. Cheah told the paper.  Chances of
recovery are estimated between 51% and 99%, Mr. Cheah said, The
Standard reports.

In October 2007, Value Partners invested US$30 million (HK$234
million) in the form of a convertible bond -- convertible into a
stake of between 5% and 10%, The Standard relates.  At the time,
the report relates, existing shareholders also injected HK$200
million in fresh capital.

In a statement issued by Value Partners, the company said its
investment in Oasis Airlines has "the protection of certain
guarantees" and it believes "the investment is well protected,"
The Standard reports.  "The non-performance of the investment
. . . will not cause any significant impact on the group's
business."

According to The Standard, Allan Wong Chi-yun, chairman and
chief executive of electronics manufacturer VTech Holdings,
personally holds a stake of 17% in Oasis Airlines.

"Wong feels really disappointed," a VTech spokeswoman told The
Standard.  "I don't think he can do anything" to try to offload
his investment at this stage, since Oasis was under
liquidation," the spokeswoman added, the report relates.

                       About Oasis Airlines

Oasis Hong Kong Airlines commenced service in October 2006.  The
airline flew daily non-stop between Hong Kong and London and 6
times weekly between Hong Kong and Vancouver.  It stopped flying
on April 9, 2008.  The Troubled Company Reporter-Asia Pacific
reported on April 10, 2008, that the company applied for a
voluntary liquidator.  Reports said 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 TCR-AP,
citing Bloomberg, reported that the airline was set up by
Chairman Raymond Lee, a minister and property investor.  Mr. Lee
and his wife, executive director Priscilla Lee Hwang, together
hold a stake of between 50% and 60%.


PEREGRINE SYSTEM: Members' Final Meeting Set for April 28
----------------------------------------------------------
Members of Peregrine Systems Limited will have their final
general meeting on April 28, 2008, at Gloucester Tower, 8th
Floor, The Landmark, 15 Queens's Road Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

          Ian Fegurson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central, Hong Kong


SING TSU: Members' Final Meeting Set for April 30
-------------------------------------------------
Members of Sing Tsu Fang (H.K.) Company Limited will have their
final general meeting on April 30, 2008, at No. 195 Min Quan
Road, Zhu Yuan Li, Dan Shui Taipei, in Taiwan to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

          Lui Sui Wor
          Kowloon Building, Room 1303
          555 Nathan Road
          Mongkok, Kowloon


SUNNILAND LIMITED: Members' Final Meeting Set for April 28
----------------------------------------------------------
Members of Sunniland Limited will have their final general
meeting on April 28, 2008, at Gloucester Tower, 8th Floor, The
Landmark, 15 Queen's Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator can be reached at:

          Ian Fegurson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central, Hong Kong


TWIN WORLD CORPORATE: Members & Creditors to Meet on May 16
-----------------------------------------------------------
Twin World Corporate Finance Services Limited will hold a joint
meeting for its members and creditors at 11:00 a.m. and 12:00
p.m. respectively, on May 16, 2008.  At the meeting, the
company's liquidator, Cheng Faat Ting Gary will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

             Cheng Faat Ting Gary
             Richmond Commercial Building, 8th Floor
             109 Argyle Street
             Mongkok, Kowloon
             Hong Kong


TWIN WORLD MARKETING: Members & Creditors to Meet on May 9
----------------------------------------------------------
Twin World Marketing (Asia) Limited will hold a joint
meeting for its members and creditors at 4:00 p.m. and 5:00
p.m. respectively, on May 9, 2008.  At the meeting, the
company's liquidator, Cheng Faat Ting Gary will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

             Cheng Faat Ting Gary
             Richmond Commercial Building, 8th Floor
             109 Argyle Street
             Mongkok, Kowloon
             Hong Kong


TWIN WORLD TEAM: Members & Creditors to Meet on May 9
-----------------------------------------------------
Twin World Team Concept Limited will hold a joint meeting for
its members and creditors at 5:00 p.m. And 6:00 p.m.
respectively, on May 9, 2008.  At the meeting, the company's
liquidator, Cheng Faat Ting Gary will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

             Cheng Faat Ting Gary
             Richmond Commercial Building, 8th Floor
             109 Argyle Street
             Mongkok, Kowloon
             Hong Kong


WA PEI CREDIT: Members' Meeting Set for April 28
------------------------------------------------
Members of Wai Pei Credit Limited will have their final general
meeting on April 28, 2008, at 3806 Central Plaza, 18 Harbour
Road, Wanchai, 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:

          Chui Soo Ching, Katherine
          3806 Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong




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

INDUSTRIAL DEVELOPMENT BANK: Puts on Hold Lending Rate Cut
----------------------------------------------------------
Industrial Development Bank of India Ltd. has put on hold its
decision to reduce its Benchmark Prime Lending Rate with effect
from April 1, 2008, the bank said in a media release.  The bank
last month planned to slash the BPLR by 50 basis points, from
from 13.25% to 12.75%.

The bank said the revised date of implementation of the rate
revision would be decided later.

According to the Business Standard, the deferment of the rate
cut is an adverse impact of the rising inflation.

"Keeping in mind the rise in inflation and finance minister's
statement to take all possible steps to contain price rise, we
decided to put on hold our earlier decision to reduce PLR," IDBI
Chairman and Managing Director Yogesh Agarwal said.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on
April 24, 2007, affirmed Industrial Development Bank of India's
BFSR at D-.  Moody's also maintains the bank's Foreign Currency
Deposit Rating at Ba2.


KDL BIOTECH: Incurs INR46.75 Mil. Net Loss in Oct.-Dec. 2007
------------------------------------------------------------
KDL Biotech Ltd. reported a net loss of INR46.75 million in the
three months ended Dec. 31, 2007, more than double the
INR21.85 million loss booked in the same quarter in 2006.

The company's total income dipped from INR338.33 million in the
quarter ended Dec. 31, 2006, to INR216.96 million in
Oct.-Dec. 2007.  With operating expenses of INR218.71 million,
the company booked an operating loss of INR1.75 million in the
quarter ended Dec. 31, 2007, compared with an operating income
of INR16.32 million in the same period in 2006.

The company also booked interest of INR27.66 million,
depreciation of INR17.21 million and INR130,000 in taxes in the
quarter ended Dec. 31, 2007.

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?2a6f

Headquartered in Maharashtra, India, KDL Biotech Ltd. --
http://www.kdlbiotech.com/-- manufactures biotechnology-based
products.  The Group specializes in Semi-synthetic Penicillin
and related Enzymes.  KDL Biotech has a joint venture with
Synpac Pharmaceuticals to develop Penicillin-related products.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
reaffirmed the 'D' rating of KDL Biotech's INR6.7-million Non
Convertible Debenture Issue.


TATA STEEL: Ties Up With MMTC to Bid for Mining Projects Abroad
---------------------------------------------------------------
Tata Steel Limited will form a joint venture with state-owned
MMTC Ltd to bid for mining projects abroad, media reports say.

Tata Steel reportedly will have a 74% stake in the new company
while MMTC will hold the remaining 26% stake.

According to The Financial Express, the venture will focus on
African countries like Angola and Namibia and central Asian
countries like Kazakhstan and Uzbekistan to bid for gold and
diamond mines, besides acquiring coal and iron ore mines.

The board of Tata Steel, which met on Wednesday, has approved
the proposal to form a JV with MMTC.  While Tata Steel will hold
74% stake in the venture, MMTC will have the balance 26% equity.
MMTC is taking the proposal to its board on April 17.

The Indian government wanted MMTC to be party to such an
arrangement as mining concessions are easier to secure in
government-to-government negotiations, Utpal Bhaskar and Udit
Misra write for livemint.com.

"While MMTC will have a 26% stake in the new company, Tata Steel
will have a 74% stake.  We are the world's largest importer of
diamond and gold with a yearly volume of $10 billion (INR40,000
crore) each.   This is a right and logical thing to do,"
livemint.com quotes Minister of State for Commerce and Power
Jairam Ramesh as saying.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


TATA STEEL: To Report FY2008 Financial Results Before June 30
-------------------------------------------------------------
Tata Steel Ltd. will publish its audited financial results for
the year ended March 31, 2008, before the end of June 2008, the
company said in a regulatory filing with the Bombay Stock
Exchange.

In that regard, the company is not planning to publish unaudited
financial results for the last quarter of FY2008.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


TATA MOTORS: To Set Up Manufacturing Plant in South Africa
----------------------------------------------------------
Tata Motors Limited plans to set up a set up a manufacturing
facility for trucks and buses, in Rosslyn, South Africa, Reuters
reports.

Managing Director Ravi Kant told the news agency that the
company wants to broaden its market for its low-cost Nano car.

According to the report, the plan for the facility, which Tata
Motors acquired from Nissan Motor, was complete and the project
would commence shortly.

Moreover, the report notes, the company also planned to start
assembling pickup trucks in Senegal, and to start selling cars
in Congo this year, possibly even the low-cost Nano.

The report relates that Mr. Kant said Africa is a key market for
the company.  "We are supplying trucks and buses for public
transport and one opportunity could be for individual transport
. . . Nano could fit in that market," Reuters quotes Mr. Kant as
saying.

                     About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                             *     *     *

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

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




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

INDOSIAR KARYA: Seeks IDR500 Billion Loan to Repay Debt
-------------------------------------------------------
PT Indosiar Karya Media is seeking a loan of IDR500 billion as
an alternative to refinance a debt of IDR700 billion maturing in
the third quarter of this year, Asia Pulse reports.

Finance Director Phiong Philippus Darma told the news agency
that the company also considered a possible rights issue to
raise fresh funds to help repay the bond debt maturing in
August.

The company, the report relates, originally planned to use bank
loan and fund from rights issue at 50:50 composition to repay
the debt.

However, the rating given by rating agency Pefindo for the
company is not good to support a rights issue.

In a rating release, Pefindo Ratings downgraded its ratings for
the company's 99.9% owned subsidiary PT Indosiar Visual Mandiri
and its Bond I/2003 of IDR696.21 billion to "idBB+" from "idBBB"
with a 'stable' outlook.  The downgrades reflect Indosiar
Visual's declining revenue as well as poor profitability
performance and weakening cash flow protection ratios.  Raising
concerns over the company's capability to repay its bonds next
year and intensified competition in television broadcasting
industry have also been incorporated in the downgrades.

Mr. Darma added that Indosiar Karya may also issue bonds next
year to refinance debt if necessary, the report relates.

PT Indosiar Karya Media Tbk -- http://www.indosiar.com/v6/--
headquartered in Jakarta, Indonesia, is a management services
provider.  The company provides services to the multimedia, mass
media and related sectors, and is engaged in the administration,
management and consulting services sectors.  In addition, the
company also operates in trading, including technical equipment,
machinery and spare parts, electronic tools, broadcasting
equipment, exporting and importing, and trading of its own
products to third parties.  It acts as a supplier, distributor,
agency and representative of other companies in the domestic and
international markets.


INDOSIAR VISUAL: Pefindo Downgrades Company Rating to "idBB+"
-------------------------------------------------------------
Pefindo downgraded its ratings for PT Indosiar Visual Mandiri
and IDSR's Bond I/2003 of IDR696.21 billion to "idBB+" from
"idBBB" with a 'stable' outlook.  The downgrades reflect IDSR's
declining revenue as well as poor profitability performance and
weakening cash flow protection ratios.  Raising concerns over
the company's capability to repay its bonds next year and
intensified competition in television broadcasting industry have
also been incorporated in the downgrades.

Nevertheless, the company's good track record of commitment and
willingness to punctually service its financial obligation has
offset a further downgrade.  Since December 31, 2005, the
company has failed to maintain interest coverage ratio required
in bond covenants in which it had to pay 0.7% penalty fee from
nominal value of bonds in 2006.  As end of March 31, 2007,
IDSR's ownership is predominantly held by PT Indosiar Karya
Media Tbk. or IDKM (99.99%) owned by PT TDM Asset Manajemen
(28.62%), PT Prima Visualindo (27.36%), and others (44.02%).

PT Indosiar Visual Mandiri is an Indonesian-based private
television-company that started commercial operation in 1995.
Majority of the companuy's stake is held by PT Indosiar Karya
Media Tbk.




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

JAPAN AIRLINES: To Seek Compensation for Dreamliner Delay
---------------------------------------------------------
Japan Airlines International Co., Ltd. may seek compensation
from Boeing Co., for a third major delay in the delivery of the
new Boeing 787 Dreamliner plane, Aiko Hayashi writes for
Reuters.

In a separate Reuters report, Bill Rigby writes that Boeing
announced the third major delay for the program, promising first
deliveries in the third quarter of next year, as compared to the
original target of May this year.

Mr. Rigby quotes JAL chief executive Haruka Nishimatsu as
saying, "The 787 s an extremely fuel-efficient aircraft.  A
delay will impact us significantly."

Mr. Rigby relates that JAL said the delay would cost the company
more in extra fuel.

JAL spokesman Hirokazu Inoue told Reuters that the company would
start talks with Boeing about compensation once the impact from
the delay on its business became clear.

                      About Japan Airlines

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

                         *     *     *

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

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

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


JAPAN AIRLINES: To Add Routes to China and South Korea by FY09
--------------------------------------------------------------
Japan Airlines International Co. Ltd. plans to extend the routes
of its low-cost domestic subsidiary JAL Express to China and
South Korea by fiscal 2009, reports The Yomiuri Shimbun.

According to the report, JEX will fly about 10% of its routes to
China and South Korea for a two-year-period.

More slots will become available at Narita and Haneda airports
from 2010 and foreign budget airlines are expected to begin
full-scale services, notes The Yomiuri.

JEX, which utilizes the JAL brand and offers the same levels of
in-flight services, keeps its costs low by having flight
attendants clean the inside of aircraft and by running small,
fuel-efficient aircraft with a passenger capacity of about 150,
relates The Yomiuri.

                       About Japan Airlines

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

                         *     *     *

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

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

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




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

CHONGKUNDANG CORP: Wins Patent for Gastric-Retentive Drug
---------------------------------------------------------
Chongkundang Corp. has obtained a drug patent on April 8, 2008,
Reuters reports.  According to the report, the patent covers
gastric-retentive controlled release mono-matrix tablet.

Chongkundang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes
pharmaceutical products.  The company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chongkundang
Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.


E-NET CORP: Hires Kim Seung Mo as Chief Executive Officer
---------------------------------------------------------
E-Net Corporation has appointed Kim Seung Mo as its new Chief
Executive Officer, Reuters reports.  According to the report,
Mr. Kim replaced Park Seong Min effective March 28, 2008.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on March 16,
2007, that Korea Ratings gave E-Net Corporation's fifth
unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


E-NET CORP: Signs Business Partnership Contract With CTC Bio
------------------------------------------------------------
E-Net Corporation has signed a contract with CTC Bio
Incorporation to form a business partnership, Reuters reports.

According to the report, the Company and CTC Bio Incorporation
will cooperate to promote meat additive business.  The meat
additive contains lactobacillus sauce, which is made from
fermented fruits.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on March 16,
2007, that Korea Ratings gave E-Net Corporation's fifth
unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


GENEXEL-SEIN: Merges Aprogen and Genexel Units
----------------------------------------------
Genexel-Sein Inc. has merged its two wholly owned subsidiaries,
Retuers reports.  According to the report, effective April 2,
2008, Aprogen, Inc and Genexel, Inc. were considered as one
entity.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.




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

AIR NEW ZEALAND: Seeks Compensation for 787 Dreamliner Delay
------------------------------------------------------------
Air New Zealand Ltd. will seek compensation from Boeing Co. for
a delay in delivering the new 787 Dreamliner plane, Adrian
Bathgate writes for Reuters.

According to Chief Financial Officer Rob McDonald, Air New
Zealand would begin compensation discussions with Boeing Co.,
relates Reuters.

Mr. McDonald, in a statement, expressed, "While disappointed,
Air New Zealand has retained sufficient flexibility in its
existing portfolio of leased and owned aircraft to ensure no
capacity shortfall arises during this period," notes Reuters.

Air New Zealand has eight 787s on order, originally scheduled
for delivery between 2010 and 2013, with the first 787s now
likely to arrive in 2012, adds Reuters.

                     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.


DENNY'S CORP: Henry Nasella to Resign From Board
------------------------------------------------
On April 1, 2008, Henry Nasella notified Denny's Corporation of
his decision not to stand for re-election to the Board of
Directors at the company's upcoming Annual Stockholders meeting
on May 21, 2008.

Mr. Nasella, 61, served as a board member since 2004 and served
on the board's Audit and Finance Committee and Corporate
Governance and Nominating Committee.  He said his desire to
devote more time and attention to other business interests was
the primary basis for his decision.

Mr. Nasella indicated that he had no disagreements with Denny's,
its management or the other directors.

                    About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain, consisting of 394 company-
owned units and 1,152 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                          *     *     *

As reported in the Troubled Company Reporter on March 11, 2008,
Denny's Corp.'s consolidated balance sheet at Dec. 26, 2007,
showed US$381.1 million in total assets and US$560.0 million in
total liabilities, resulting in a US$178.9 million total
shareholders' deficit.




===============================
P A P U A   N E W   G U I N E A
===============================

* Moody's Holds Papua New Guinea's B1 Bond Rating Stable Outlook
----------------------------------------------------------------
Moody's Investors Service says that Papua New Guinea's B1
government bond rating is enjoying good support from three
crucial factors but, at the same time, the rating outlook
remains stable given the country's considerable political,
social and economic challenges.

"First, in terms of support for the rating, there is PNG's large
natural resource base, which has in recent years underpinned a
strong balance of payments performance," says Steven A. Hess, a
VP and Senior Credit Officer with Moody's Sovereign Risk Unit.

"Additional supportive factors are the country's relatively low
level of external debt and the improving state of government
finances," says Hess, who was speaking on the release of his
latest analysis of the southwestern Pacific nation's credit
profile.

"On the other hand, the B1 rating remains constrained by the
country's low level of development, governance problems, and the
volatility evident in export earnings," he says.

"Looking ahead, a planned export facility for liquid natural gas
by a consortium led by Exxon-Mobile could over the longer term
greatly improve both the prospects for economic development and
the rating," says Hess.

"More specifically, the $10 billion project, if developed, could
begin exports by 2014, thereby contributing to higher GDP growth
and government revenues, as well as assuring stronger balance of
payment and external financial positions," says Hess.

"In addition, from a short-term perspective and despite some
expected slowdown in global growth, the prospects for PNG also
look good," says Hess, adding, "Prices for its major commodities
are likely to remain high, while low interest rates are
encouraging an acceleration in credit to the private sector, and
a rise is likely in government spending."

Real GPD in 2008 looks set to expand 6.5%, following an
estimated 6.2% in 2007, the just-released Moody's report says.
Nonetheless, even though both figures are the highest for a
decade, PNG still requires sustained rapid growth if it is to
begin alleviating the country's widespread poverty.

In addition, debt ratios have improved in recent years with
government debt to GDP falling to 35% at end-2007 from around
70% in 2001 and 2002, the report says.  The government itself
forecasts the ratio will gradually fall further.

"As a result, the country's government debt ratios now compare
favorably with those of other countries at the B1 rating level,"
says Hess.

Another positive for PNG is signs of increased political
stability, helped in part by the economy's improved performance
and the passage of legislation in 2001 which forbids members of
Parliament from switching parties, the Moody's report says.

However, it notes ongoing constraints on economic growth, and
which include poor roads and utilities services, inefficient
telecommunications, problems with law and order, weak governance
and issues with land tenure.

"The current government has admittedly made only limited
progress on these fronts -- despite its successful fiscal and
monetary policies -- but we believe that the commodities boom
may allow it to invest more in responding to these problems,"
says Hess.




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

PRC LLC: Wants Lease Decision Period Extended to August 20
----------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to extend the time by
which they must assume or reject the leases to the earlier of:

   (i) the effective date of the Debtors' confirmed Chapter 11
       Plan; or

  (ii) Aug. 20, 2008, the date which is 90 days past the
       120-day period provided in Section 365(d)(4) of the U.S.
       Bankruptcy Code.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, tell the Court that the Debtors are party to
numerous leases of non-residential real property which, in most
instances, provide the premises used as contact centers in
connection with the Debtors' core business operations.

Since the filing of bankruptcy, Mr. Perez says, the Debtors have
diligently reviewed their business needs with respect to leased
premises and have filed several motions to reject leases.
Currently, the Debtors lease 19 premises for which no motion to
assume or reject has been filed with the Court.  A list of these
leases is available for free at:

              http://researcharchives.com/t/s?2a5b

Section 365(d)(4) of the Bankruptcy Code provides, in relevant
part, that "an unexpired lease of nonresidential real property
under which the debtor is the lessee shall be deemed rejected,
and the trustee shall immediately surrender that nonresidential
real property to the lessor, if the trustee does not assume or
reject the unexpired lease by the earlier of:

   (i) the date that is 120 days after the date of the order for
       relief; or

  (ii) the date of the entry of an order confirming a plan."

The current deadline for the Debtors to decide whether to
assume, assume and assign, or reject leases is May 22, 2008.

The Debtors' objective is to exit bankruptcy expeditiously.  To
that end, Mr. Perez says, the Debtors have focused significant
attention on preparing and filing bankruptcy schedules, a
disclosure statement, and a plan of reorganization.
"Nevertheless, the Debtors have had insufficient time to
evaluate the economics of the remaining Leases in the context of
future business operations to determine whether the assumption
or rejection of any of the Leases would inure to the benefit of
all parties-in-interest," Mr. Perez relates.

While the Debtors are working as expeditiously as possible to
analyze all aspects of their businesses, they do not believe it
will be possible to make an informed decision as to whether to
assume or reject all of the Leases by May 22, 2008.  According
to Mr. Perez, the Debtors do not want to forfeit any of the
Leases as a result of the "deemed rejection" provision of
Section 365(d)(4).

The Debtors assure the Court that their landlords will not be
prejudiced by the requested extension.  Mr. Perez notes that the
Debtors are current, and intend to remain current, on their
postpetition obligations under the Leases.

                          About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  The Debtors submitted to the Court a Chapter 11
Plan of Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Action Removal Period Extended to July 21
--------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to extend the time by
which they must file a notice of removal in any action to
the earlier of:

   (i) the effective date of a confirmed Chapter 11 plan; or

  (ii) July 21, 2008.

As of April 1, 2008, PRC LLC is a party to some non-bankruptcy
causes of actions filed in various venues throughout the United
States, each of which was filed before the date of bankruptcy,
Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, relates.

Rule 9027(a)(2)(A) of the Federal Rules of Bankruptcy Procedure
provides that:

   "If the claim or cause of action in a civil action is pending
   when a case under the Code is commenced, a notice of removal
   may be filed only within . . . 90 days after the order for
   relief in the case under the Code. . . ."

The current deadline for the Debtors to remove actions is
April 22, 2008.

Mr. Perez tells the Court that the Debtors' objective is to exit
bankruptcy expeditiously and, to that end, the Debtors' have
focused their efforts on preparing their bankruptcy schedules,
motions to assume or reject prepetition contracts or leases, a
disclosure statement, and a plan of reorganization.  "As a
result, the Debtors have had insufficient time to evaluate the
legal and procedural ramifications of filing notices of removal
for all of the Actions," Mr. Perez says.

According to Mr. Perez, the Debtors are analyzing various
aspects of each Action, but do not believe they are able to make
informed decisions as to whether to file notices of removal in
each case by April 22, 2008.  "The Debtors do not want to
forfeit any of their rights as debtors and debtors in
possession," Mr. Perez says.

Moreover, because the next regularly scheduled hearing date is
set for April 23, 2008 -- one day after the Rule 9027 deadline
-- the Debtors ask the Court to enter a bridge order extending
the Rule 9027 deadline through and including the date on which
the Court considers their request.

                          About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  The Debtors submitted to the Court a Chapter 11
Plan of Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants Site Consolidation Incentive Plan Approved
---------------------------------------------------------
PRC LLC and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York to approve an incentive
plan that proposes to consolidate their operations, thereby
reducing costs.

The Debtors have determined to consolidate their businesses into
a smaller number of contact centers than they now occupy and to
execute site adjustments by relocating the services provided to
certain clients between existing centers, in order to implement
cost-savings measures, with a minimum of disruption to their
clients, their employees and their business as a whole, Alfredo
Perez, Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas,
tells the Court.

To ensure that essential customer-service representatives, team
leaders, and site management continue working at affected
contact centers during the Site Adjustments, the Debtors wish to
establish a modest incentive plan that is consistent with past
incentive arrangements, Mr. Perez says.

                        The Incentive Plan

The proposed Incentive Plan will not apply automatically to all
Employees affected by Site Adjustments.  Rather, on a case-by-
case basis, its application will depend on the Debtors'
determination that the continued employment of the affected
Employees will provide a financial or other material benefit to
the Debtors, according to Mr. Perez.

Payments under the Incentive Plan will be based on numerous
factors, including (a) the time the Debtors require to complete
a Site Adjustment, (b) the number of Employees affected by the
Site Adjustment, (c) the distance required for relocation of
eligible Employees, (d) any client funding commitments during
the Site Adjustment, (e) training requirements for affected
programs, (f) service commitments for affected programs, and (g)
existing labor markets.

Payments offered to Employees pursuant to the Incentive Plan
will not exceed these maximum amounts:

  --------------------------------------------------------------
  Time between                EMPLOYEES OFFERED RELOCATION
  announcement and        --------------------------------------
  date of elimination        Non-Exempt            Exempt
  of position at
  "old" center
  ---------------------   --------------------------------------
  Up to 30 days                 --                  --
  ---------------------   --------------------------------------
  More than 30 days but US$400 paid 90 days US$1,000 paid 90 days
  less than 100 days      after employee     after employee
                          starts at "new"    starts at "new"
                          location           location
  ---------------------   --------------------------------------
  More than 100 days    US$800 paid 90 days US$2,000 paid 90 days
                          after employee     after employee
                          starts at "new"    starts at "new"
                          location           location
  --------------------------------------------------------------

  --------------------------------------------------------------
  Time between               EMPLOYEES NOT OFFERED RELOCATION
  announcement and        --------------------------------------
  date of elimination        Non-Exempt            Exempt
  of position at
  "old" center
  ---------------------   --------------------------------------
  Up to 30 days                 --                  --
  ---------------------   --------------------------------------
  More than 30 days but    US$200 paid at      US$750 paid at
  less than 100 days         termination         termination
  ---------------------   --------------------------------------
  More than 100 days      US$200 paid after   US$1,500 paid at
                             60 days, and         termination
                             another US$200
                          paid at termination
  --------------------------------------------------------------

The proposed Incentive Plan payments will be in addition to any
"WARN Act" notice pay, severance or any payout of accrued but
unused paid time off.

The Debtors propose that the Incentive Plan will expire on the
earlier of (i) a termination of the Incentive Plan by the
Debtors, or (ii) the completion of all site adjustments
announced prior to the effective date of any plan of
reorganization in the Debtors' Chapter 11 cases.

Specifically, the Debtors ask the Court to:

   (a) approve the Incentive Plan;

   (b) authorize implementation of the Incentive Plan; and

   (c) authorize all payments provided to eligible employees as
       provided for in the Incentive Plan.

Mr. Perez emphasizes that the Employees' payment rights under
the Incentive Plan are actual, necessary costs and expenses of
preserving the Debtors' estates and thus should be accorded
administrative expense priority under Section 503(b)(1) of the
Bankruptcy Code.

The Debtors relate that they require some continuity of staffing
during the Site Adjustments because they want to (i) avoid any
penalties or other costs associated with site adjustments; (ii)
maintain and maximize profitable programs until a turndown is
complete, and (iii) service clients at consistently high levels
during any relocation of their services from one site to
another, the Debtors require some continuity of staffing during
site adjustments.

Mr. Perez adds that the Court should approve the Incentive Plan,
as the Debtors have calculated that, in some cases, it would be
significantly more expensive for them to recruit, hire, train
and deploy new customer-service representatives and managers
than it would be to provide a modest incentive to existing
employees that will encourage them to continue to work for the
Debtors after their positions have been relocated to another
contact center.

                          About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.  The Debtors submitted to the Court a Chapter 11
Plan of Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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

ADVANCED MICRO: Weak Quarter Results Cues Moody's Ratings Review
----------------------------------------------------------------
Moody's Investors Service placed Advanced Micro Devices' B1
corporate family and probability of default ratings, along with
its B2 senior unsecured rating, under review for possible
downgrade following the company's announcement that first
quarter 2008 results will be weaker than anticipated.

AMD announced that first quarter revenue will be down 15%
sequentially to approximately US$1.5 billion as compared to
earlier guidance of a seasonal decline of 7%.  The company also
announced that it expects to take a charge in the second quarter
related to plans to reduce its work force by 10% but that it is
unable to quantify the amount of the charge at this time.  Given
the high fixed cost nature of the microprocessor business in
addition to its currently weaker offerings in the high end
server market, Moody's expects that a significant portion of the
revenue shortfall will fall to the bottom line, resulting in a
larger net loss than earlier anticipated.

The rating action reflects the ongoing challenges AMD faces in
terms of generating sustained profits and cash flow in the face
of continued strong competition from Intel throughout its
microprocessor offerings, delayed product introductions, and the
softer macro environment.

In previous reports, Moody's noted that, "AMD's ratings could
come under downward pressure to the extent that product launches
are delayed, if it experiences operating losses in the second
half of 2007, or if cash levels fall belowUS$1.2 billion.
Alternatively, a stabilization of its ratings outlook could
emerge if AMD is able to make steady progress towards
sustainable free cash flow from operations, which would enhance
financial flexibility that is critical in the capital intensive
and volatile microprocessor segment."

AMD ended fiscal 2007 with about US$1.9 billion of cash and
equivalents.  Available cash is above the minimum US$1.2 billion
level that Moody's has previously outlined would be a trigger to
downwards rating pressure, owing largely to the US$608 million
equity contribution from the Mubadala Development Company in the
fourth quarter of 2007.  However, the company's announcement
raises the likelihood that a return to profitability will be
delayed and that the company will continue to consume cash on an
operational basis.

The review will focus on:

(1) the prospects for a sustained recovery to material levels of
     profitability and cash flow generation sufficient to
     internally fund product development and necessary technology
     transitions and capacity expansion,

(2) management's plans to buttress its liquidity position, and

(3) the prospects that the company's pending "asset smart"
     strategy could yield a material change in its operational,
     debt, and liquidity profile.

Rating placed under review include:

  -- Corporate family rating B1;

  -- Probability-of-default rating B1;

  -- US$390 million senior unsecured notes due August 2012 at B2
     (LGD5, 73%).

                       About Advanced Micro

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.


ADVANCED MICRO: Poor Sales Cue S&P's Negative Watch on B Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit and senior unsecured ratings on Sunnyvale, California-
based Advanced Micro Devices Inc. on CreditWatch with negative
implications.

The action follows AMD's announcement that first-quarter
revenues will be lower than previously expected as a result of
weakening business conditions and continued technical
challenges.  The company now expects a decline in March quarter
revenues that exceeds normal seasonality for the quarter,
toUS$1.5 billion, raising concerns about negative free cash
flows and prospects for improvement.  Cash balances of US$1.9
billion as of Dec. 31, 2007, are adequate for the near term,
although the company appears to have only limited additional
sources of liquidity as it addresses overall operational
problems.

Following competitor Intel Corp.'s (A+/Stable/A-1+) product line
refresh in mid-2006, AMD's earlier technology lead and
profitability dwindled, while the largely debt-funded
acquisition of ATI Technologies Inc. reduced AMD's financial
flexibility to deal with marketplace challenges.  After
generating good operating profitability in late 2005 and early
2006, EBITDA weakened sharply and recovered only moderately in
the December quarter.  Free cash flow remained at negative
US$200 million, despite less capital spending, in the September
and December 2007 quarters.  The company has been implementing a
strategy to reduce its negative free cash flows through a
combination of operating cost reductions and continued lower
capital expenditures, but progress has been slow and anticipated
improvement may be delayed.

"We will meet with management to discuss its revised
restructuring plan to reduce costs, its progress on new product
introduction, and the impact on liquidity and cash flow to
resolve the CreditWatch," said Standard & Poor's credit analyst
Bruce Hyman.

                   About Advanced Micro

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.


HEXION SPECIALTY: Extends Merger Pact Termination Date to July 4
----------------------------------------------------------------
On April 5, 2008, Hexion Specialty Chemicals Inc. exercised an
option under its merger agreement with Huntsman Corporation
dated as of July 12, 2007, extending the merger agreement
termination date by 90 days, to 5:00 p.m. Houston time on
July 4, 2008.

As reported in the Troubled Company Reporter on April 3, 2008,
Hexion disclosed that both it and Huntsman agreed to allow
additional time for the Federal Trade Commission to review the
proposed merger of the two companies.  As a result, the merger
is not expected to be completed before May 3.

Hexion disclosed on July 12, 2007, that it had entered into a
definitive agreement to acquire Huntsman Corporation in an all-
cash transaction valued at approximatelyUS$10.6 billion,
including the assumption of debt.

Under the terms of the Merger Agreement, the cash price per
share to be paid by Hexion will increase each day beginning on
April 5, 2008, through consummation of the merger at the
equivalent of approximately 8% per annum, less any dividends or
distributions declared or made.

                    About Huntsman Corporation

Based in Salt Lake City, Utah, Huntsman Corporation (NYSE: HUN)
-- http://www.huntsman.com/-- manufactures and markets
differentiated chemicals.  Its operating companies manufacture
products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture,
health care, detergent, personal care, furniture, appliances and
packaging.

At Dec. 31, 2007, Huntsman Corp's consolidated balance sheet
showedUS$8.166 billion in total assets,US$6.312 billion in total
liabilities,US$26.5 million in minority interests in common
stock of consolidated subsidiaries, and US$1.827 billion in
total stockholders' equity.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.
                          *     *     *

As reported in the Troubled Company Reporter on April 3, 2008,
Hexion Specialty Chemicals Inc.'s consolidated balance sheet at
Dec. 31, 2007, showed total assets of US$4.006 billion and total
liabilities of US$5.392 billion, resulting in a US$1.386 billion
total shareholder's deficit.


POLYONE: Intends to Offer US$50 Mil. of Senior Notes Due 2012
-------------------------------------------------------------
PolyOne Corporation plans to offer US$50 million of its 8.875%
senior notes due 2012 to certain institutional investors in an
offering exempt from the registration requirements of the
Securities Act of 1933.

The company intends to use the net proceeds from the offering to
reduce a portion of the amount of receivables sold under its
receivables sale facility.

                      About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a leading global provider of
specialized polymer materials, services and solutions.  PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America.  The company
maintains operations in China, Colombia, Thailand and Singapore.


POLYONE: Moody's Puts 'B1' Rating on Proposed US$50MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
US$50 million of 8.875% senior unsecured notes due 2012.
Moody's also affirmed the company's other ratings (corporate
family rating at B1).  The outlook is stable.

The new notes are effectively an add-on to the existing notes
that were issued in 2002.  Proceeds from the new notes will be
used to repay amounts outstanding under the company's accounts
receivable program.  The outstanding balance has increased due
to the normal seasonal working capital build and the January
acquisition of GLS Corporation.

PolyOne's B1 CFR reflects the company's weak operating margins
(3%), difficulties in improving the profitability of its North
American operations and the expectation that the company will
continue to generate positive free cash flow despite further
weakness in the US economy in 2008.  While the company's PVC
compounding operations have clearly weakened in the past year,
its international operations and its SunBelt US chlor alkali
venture continue to generate good margins and cash.
Additionally, its Distribution business is a relatively steady
contributor to earnings over the past year.

The stable outlook reflects that the company will maintain
reasonable financial metrics and adequate liquidity despite the
US housing downturn and further weakness in PVC resins, as new
capacity starts up in 2008.  While the increase in debt maturi
ng in 2012 is a potential concern, the additional liquidity is
much more important at this point in their business cycle.

                      About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a leading global provider of
specialized polymer materials, services and solutions.  PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America.  The company
maintains operations in China, Colombia, Thailand and Singapore.


SCOTTISH RE: Inks LOI to Recapture Business Ceded to Ballantyne
---------------------------------------------------------------
On March 31, 2008, Scottish Re Group Limited, Scottish Re (U.S.)
Inc., Scottish Re Life (Bermuda) Limited, Scottish Re (Dublin)
Limited and Scottish Annuity & Life Insurance Company (Cayman)
Ltd. entered into a binding letter of intent with ING North
America Insurance Corporation, ING America Insurance Holdings
Inc., Security Life of Denver Insurance Company and Security
Life of Denver International Ltd.

Under the letter of intent, Security Life of Denver Insurance
Company consented to the recapture, in one or more transactions,
of a pro-rata portion of the business that had been ceded by
Scottish Re (U.S.) Inc. to Ballantyne Re plc, an orphan special
purpose vehicle incorporated under the laws of Ireland for the
purpose of collateralizing the statutory reserve requirements of
the Valuation of Life Insurance Policies Model Regulation XXX
for a portion of the business acquired by the company from
Security Life of Denver Insurance Company and Security Life of
Denver International Ltd. at the end of 2004.

The Recaptures would extend to up to US$375,000,000 of excess
statutory reserves on the subject business and would involve,
among other things, amendments to the coinsurance agreements
between Scottish Re (U.S.) Inc. and Security Life of Denver
Insurance Company.  The consent to the Recaptures is subject to
several conditions.  The Recaptures are primarily designed to
allow Scottish Re (U.S.) Inc. to continue to receive full credit
for reinsurance for the business ceded to Ballantyne.

Immediately following the consummation of each Recapture,
Security Life of Denver Insurance Company will recapture the
Recaptured Business from Scottish Re (U.S.) Inc. in exchange for
consideration from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company.  Security Life of Denver Insurance
Company will then cede the Recaptured Business to Security Life
of Denver International Ltd., which will cede the Recaptured
Business to Scottish Re Life (Bermuda) Limited.

Scottish Re Life (Bermuda) Limited may cede the Recaptured
Business to either of Scottish Annuity & Life Insurance Company
(Cayman) Ltd. or Scottish Re (Dublin) Limited.

Security Life of Denver International Ltd. has agreed to
provide, or cause the provision of, one or more letters of
credit in order to provide Security Life of Denver Insurance
Company with statutory financial statement credit for the excess
of the U.S. statutory reserves associated with the Recaptured
Business over the economic reserves held in an account related
thereto.

The company will bear the costs of the Letters of Credit by
paying to Security Life of Denver Insurance Company a facility
fee based on the face amount of such Letters of Credit
outstanding as of the end of the preceding calendar quarter.  If
certain conditions are
not satisfied by Dec. 31, 2008, or otherwise satisfied on or
before April 30, 2009, the facility Fee will be stepped up and
the company will pay a commitment fee for use of the facility.

Under the letter of intent, the parties also agreed to promptly
effect, following the completion of the first Recapture, an
assignment from Scottish Re (U.S.) Inc. to Security Life of
Denver Insurance Company, and the assumption by Security Life of
Denver Insurance Company, of all of Scottish Re (U.S.) Inc.'s
rights and obligations solely with respect to the reinsurance
agreement and reinsurance trust agreement previously entered
into between Scottish Re (U.S.) Inc. and Ballantyne, with the
effect that Security Life of Denver Insurance Company would be
substituted for Scottish Re (U.S.) Inc. as the ceding company
under such reinsurance agreement and as the beneficiary under
the related reinsurance trust account.

Security Life of Denver Insurance Company would not assume any
other rights or obligations of Scottish Re (U.S.) Inc. with
regard to Ballantyne.  The parties have agreed to use reasonable
best efforts to complete such transaction by June 30, 2008.

The LOI further provides that Security Life of Denver Insurance
Company's consent to any Recapture is subject to the condition
that the parties receive the consent (as necessary) of the
financial guarantors to the outstanding Ballantyne debt to the
assignment and assumption, and also that ING receive certain
regulatory approvals and explications.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest, US$555.9
million in convertible cumulative participating preferred
shares, and US$869.3 million in total shareholders' equity.

                          *     *     *

As reported in the Troubled Company Reporter on March 13, 2008,
Moody's Investors Service downgraded the preferred stock debt
rating of Scottish Re Group Limited to Caa3 from B2, and the
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company Ltd. and Scottish Re Inc., were lowered to Ba3 from
Baa3.  The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on
February 15th.


SCOTTISH RE: Explores Sale of North America Life Reinsurance Biz
----------------------------------------------------------------
Scottish Re Group Ltd. disclosed in a regulatory filing with the
Securities and Exchange Commission dated April 4, 2008, that the
company's Board of Directors, in furtherance of its previously
announced strategy to develop opportunities to maximize the
value of the company's core competitive capabilities within the
Life Reinsurance North America Segment, has instructed
management to explore the possible sale of all or part of the
business constituting the Life Reinsurance North America
Segment.

The company has retained Merrill Lynch to act as financial
advisor for this purpose.

With respect to the sale of the Life Reinsurance International
Segment, the company retained Keefe, Bruyette & Woods to act as
its financial advisor.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Ireland, Singapore, the United Kingdom
and the United States.  Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd.,
Scottish Re (U.S.) Inc., and Scottish Re Limited.

As of Sept. 30, 2007, the company's consolidated balance sheet
showed US$13.372 billion in total assets, US$11.939 billion in
total liabilities, US$7.4 million in minority interest, US$555.9
million in convertible cumulative participating preferred
shares, and US$869.3 million in total shareholders' equity.

                          *     *     *

As reported in the Troubled Company Reporter on March 13, 2008,
Moody's Investors Service downgraded the preferred stock debt
rating of Scottish Re Group Limited to Caa3 from B2, and the
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company Ltd. and Scottish Re Inc., were lowered to Ba3 from
Baa3.  The ratings were left on review for possible further
downgrade, continuing a review that had been initiated on
February 15th.


SEA CONTAINERS: Gets Court OK to Sign Charter Termination Pacts
---------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to enter into two Charter Termination
Agreements in connection with the sale of SeaStreak America,
Inc., and Highlands Landing Corporation by non-debtor affiliate,
Sea Containers America, Inc., to New England Fast Ferries for
US$3,000,000.

Upon consummation of the Agreements, the Charter Guarantees and
all other related obligations of SCL will be deemed terminated
and otherwise released in accordance with the terms of the
Agreements.

Judge Carey ruled that for the avoidance of doubt, nothing will
be deemed to:

    (i) alter or elevate the prepetition nature and priority of
        any claims asserted by CitiCapital Commercial Leasing
        Corporation and Chase Equipment Leasing, Inc., with
        respect to any obligations arising under the Charter
        Guarantees or the Charter Termination Agreements; or

   (ii) give rise to postpetition administrative claims with
        respect to those obligations.

Judge Carey maintained that with respect to the Debtors, the
Official Committee of Unsecured Creditors of Sea Containers
Ltd., and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd., the Agreements and the sale of
SeaStreak America, Inc., will not prejudice any parties' rights
and defenses with respect to:

   -- the Services Agreement dated August 18, 1989, between SCL
      and SCSL, to the extent applicable;

   -- the final determination of the existence, amount and
      treatment of any related or underlying inter-company
      claims; and

   -- the appropriate allocation of any proceeds, costs or
      obligations.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization.  (Sea Containers Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Contrarian Wants March 5 Subpoenas Quashed
----------------------------------------------------------
Bondholders Contrarian Capital Advisors, LLC, J.P. Morgan
Securities Inc., Credit Trading Group, Post Advisory Group, LLC,
Trilogy Capital LLC, and Varde Investment Partners, L.P., ask
the U.S. Bankruptcy Court for the District of Delaware to quash
certain subpoenas dated March 5, 2008, served by the Official
Committee of Unsecured Creditors of Sea Containers Services Ltd.

In the alternative, the Bondholders seek a protective order
pursuant to Rule 45(c)(3) of the Federal Rules of Civil
Procedure, made applicable by Rule 9016 of the Federal Rules of
Bankruptcy Procedure.

The Debtors had asked the Court to approve their proposed
settlement with the SCSL Committee, and the Trustees of the 1983
and 1990 Pension Schemes.

Neal J. Levitsky, Esq., at Fox Rothschild LLP, in Wilmington,
Delaware, relates that the Official Committee of Unsecured
Creditors of Sea Containers Ltd. has indicated that it will
object to the Settlement Request, and accordingly, has served
document requests and deposition notices on the Settlement
Parties.  He notes that the SCSL Committee, but not the Pension
Schemes, has also served discovery requests on the SCL
Committee.

Mr. Levitsky discloses that the Bondholders' counsel has
attended the Settlement negotiations, but the Bondholders have
not formally objected to the Settlement, filed any pleadings or
participated in any discovery.  Yet, the SCSL Committee served
each of the Bondholders with separate Subpoenas, seeking
extensive document productions and depositions under Rule
30(b)(6) of the Federal Rule of Civil Procedure on 17 separate
topics.

The Bondholders assert that the discovery requests
"overwhelmingly appear to relate" to communications between them
and others concerning the Settlement or the Settlement Request,
including:

   -- communications related to the claims asserted by the
      Pension Schemes, analyses and valuations of the Pension
      Claims, and the application of prudent investor discount
      rate;

   -- documents, expert reports, and other evidence, on which the
      Bondholders would rely if they file an objection to the
      Settlement Request;

   -- documents concerning communications between the Bondholders
      and The Pensions Regulator; and

   -- communications between the Bondholders, the Debtors, the
      SCL Committee, or any of the Debtors' DIP Lenders
      concerning whether the SCSL Committee violated the
      automatic stay.

In addition, the Subpoenas seek information related to the SCSL
Committee's request for compliance under Rule 2019(a) of
the Federal Rules of Bankruptcy Procedure, including documents
and deposition testimony concerning amounts of the Bondholders'
claims or interests and notes, the jurisdiction in which the
account holding the notes is located, and the name of the
beneficial holders of the notes, among other things.

Mr. Levitsky contends that the discovery sought by the SCSL
Committee is improper, and the Court should quash the Subpoenas
or enter a Protective Order.  He argues that it is unclear what
litigation value, if any, is gained from the pursuit of
extensive and costly discovery from third-party creditors like
the Bondholders, regarding a decision that the Debtors have made
and must justify.  He further notes that the Bondholders are not
parties to the Settlement, and cannot provide evidence as to why
the Debtors believe the Settlement is a reasonable one.

The extensive discovery sought by the Subpoenas is not only
irrelevant, it will also impose substantial burden and costs on
the Bondholders, Mr. Levitsky tells the Court.  He points out
that the Subpoenas were served by the SCSL Committee, which is
not a party to the Settlement Request, or even a creditor of the
SCL bankruptcy estate.  Therefore, he says, the SCSL Committee
can demonstrate no proper reason or legal basis to seek
discovery.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008 to file
a plan of reorganization.  (Sea Containers Bankruptcy News,
Issue No. 39; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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

PHELPS DODGE: S&P Ups Rating From BB+ on Adequate Debt Reduction
----------------------------------------------------------------
Standard & Poor's Rating Services raised the corporate credit
rating on Freeport-McMoRan Copper & Gold Inc. and its Phelps
Dodge Corp. subsidiary to 'BBB-' from 'BB+'.  At the same time,
S&P lowered the ratings on the company's senior secured debt to
'BBB-' from 'BBB' in accordance with its rating criteria for
investment- grade-rated credits.  In addition, S&P raised the
rating on the unsecured debt of both Freeport and Phelps to
'BBB-', the same as the corporate credit rating, from 'BB' and
'BB+' respectively, reflecting its expectation that priority
liabilities will not exceed S&P's threshold for notching down
senior unsecured debt.

"The upgrade reflects the company's substantial debt reduction
since the Phelps Dodge acquisition closed about 12 months ago,"
said Standard & Poor's credit analyst Marie Shmaruk.  "The
higher rating also reflects our assessment that the company will
continue to benefit from higher-than-average copper prices
driven by global demand and the absence of large new projects
coming on stream."

During 2007, the company has reduced debt by approximately
US$10 billion through a combination of equity issuance, asset
divestitures, and free cash flow generation.

Freeport is the world's second-largest copper producer, with
3.2 billion pounds of equity production in 2007, ranking behind
Corporacion Nacional del Cobre de Chile (A/Stable/--).

                        About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines and Japan, among others.




* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker    (US$MM)    (US$MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration NL           ALX      18.20      -42.75
Austar United Communications
   Limited                         AUN     525.67     -234.87
Biron Apparel Ltd                 BIC      19.71       -2.22
Hutchison Telecommunications
   (Aust) Ltd.                     HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Renison Consolidated Mines NL     RSN      38.83       -3.94
Tooth & Co. Ltd.                  TTH     120.47      -87.64
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
   (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)
   Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
   Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
   Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning Int. Co-op
   Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
   Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
   Investment Co.               000736      19.88      -15.67
Dongxin Electrical Carbon
   Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
   Limited                         231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited                8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
   Group Limited                  1188      46.98      -14.92
Fujian Changyuan Investment
   Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                 600734     114.76      -16.98
Guangdong Meiya Group
   Co., Ltd.                    000529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co., Ltd.                    000557      48.71      -59.63
Guangzhou Oriental
   Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
   Co., Ltd                     600242      15.23      -46.94
Hainan Dadonghai Tourism
   Centre Co., Ltd              000613      18.34       -8.39
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                     600187     113.45      -74.67
Hisense Electric Co., Ltd         921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.         600892      17.12       -0.39
Hunan Genuine New Material
   Group Co.,Ltd                000156      77.57      -77.92
Jiangsu Chinese Online
   Logistics Co. Ltd.           000805      13.75      -32.33
Jiaozuo xin'an Science &
   Technology Co                000719      50.82      -25.45
Junefield Department Store
   Group Ltd.                      758      12.93       -5.39
Lan Bao Technology Information
   Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial
   Dev (Group)                  600139      23.90      -15.65
New City China Development Ltd    456     253.47      -25.03
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Salt Lake Industry
   Group Co Ltd.                000578     105.64       -4.91
Regal Real Estate
   Investment Trust               1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                       000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd        600656      66.75      -13.42
Shanghai Xingye Housing
   Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding
   Co., Ltd.                    000633     103.86       -3.16
Shenzhen China Bicycle
   Co., (Hlds) Ltd.             000017      34.21     -238.76
Shenzhen Dawncom Business
   Tech & Service               000863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                    000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co.,Ltd.               000034      69.92      -53.39
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                    000517      77.23      -17.78
SunCorp Technologies Limited     1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
   Ltd                          600234      19.47      -89.51
Tianjin Marine Shipping
   Co. Ltd                      600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                     600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                     600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
   Equipment Inc.               000622      40.27      -14.34
Yun Sky Chemical (Int)
   Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
   Co., Ltd.                    000688      25.83     -175.37
Zhang Jia Jie Tourism
   Development Co.Ltd           000430      51.01       -8.25


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
   Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
IFB Inds Ltd.                    IFBI      40.50      -70.82
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Modi Rubber Ltd                   MDR      38.41      -28.82
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      19.20      -18.86
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
   Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85
Tata Teleservices (Maharashtra)
   Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51


INDONESIA

Ades Waters Indonesia Tbk        ADES      25.94      -24.09
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Jakarta Kyoei Steel Works Tbk    JKSW      29.30      -39.32
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
   Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      17.60       -6.99
Teijin Indonesia Fiber
   Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Trustex Holdings, Inc.           9374     102.84       -7.81

KOREA

Ados Co., Ltd.                 036270      18.22      -32.17
Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.             20180     740.50     -158.45
E-Rae Electronics Industry
   Co., Ltd                      45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Hantel Co. Ltd.                041940      34.36       -1.78
nTorino Corporation Inc.       032590      35.94       -9.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      77.37       -4.76
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45

MALAYSIA

Harvest Court Industries  Bhd     HAR      10.81       -5.62
Lityan Holdings Berhad            LIT      23.34      -26.55
Mangium Industries Bhd           MANG      14.36      -18.73
Megan Media Holdings Berhad      MMHB      40.91     -248.31
PanGlobal Berhad                  PGL     178.78     -171.24
Paxelent Corp                    PAXE      15.68       -3.47
Putera Capital Berhad            PCAP      10.56       -4.70
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries
   Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94

PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.                AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
East Asia Power Resources
   Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
   Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE

Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
HLG Enterprise                   HLGE     123.41       -7.36
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     201.79      -59.61
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC      56.00      -32.80


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46
Yeu Tyan Machine                 8702      39.57     -271.07


THAILAND

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry
   Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic
   Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                   POMPUI      18.78      -14.07
Living Land Capital PCL            LL      10.65       -3.16
New Plus Knitting Public
   Company Limited                 NPK      10.08       -2.03
Quality Construction
   Products PCL                   QCON      76.13     -293.83
Safari World Public Company
   Limited                      SAFARI     128.58      -13.64
Sahamitr Pressure Container
   Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.18       -6.79
Sri Thai Food & Beverage Public
   Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch Public
   Company Limited                 USC     103.61      -48.62




                          *********

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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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