TCRAP_Public/080415.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, April 15, 2008, Vol. 11, No. 74

                             Headlines

A U S T R A L I A

AJ KITCHEN: Liquidator Presents Wind-Up Report
ALLBUILT FRAMES: Undergoes Liquidation Proceedings
ALLCO FINANCE: To Sell U.S. & German Properties for US$1.2 BB
BESTCOA PTY: Placed Under Voluntary Liquidation
COMMERCIAL CONCRETE: Placed Under Voluntary Liquidation

DAVID COLLEY: Inability to Pay Debts Prompts Wind-Up
EASTCOAST BUSINESS: Creditors Resolve to Liquidate Business
ELLBAR PTY: Members Agree on Voluntary Liquidation
MERV WEBB: Final Meeting Slated for April 18
MIDWAY STUDIOS: Liquidator to Present Wind-Up Report on April 18

OPES PRIME: ASIC Says Director's Resignation Was Backdated
OPES PRIME: Solicitor Chris Murphy's Involvement Scrutinized
REFERRAL MARKETING: Placed Under Voluntary Liquidation
ST. GEORGE BANK: Loses AU$117 Million Tax Case Against ATO
SANOFI-SYNTHELABO: To Declare Dividend on April 25

YI DA ENTERPRISE: To Declare First Dividend on May 8


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

ADPON DEVELOPMENT: Members & Creditors to Meet on May 6
ASAHI DYNAMIC: Creditors' Proofs of Debt Due April 18
ASIA INTELLECTUAL: Creditors' Proofs of Debt Due May 20
CFC CONSTRUCTION: Members & Creditors to Meet on May 8
CFM GLOBAL: Appoints New Liquidators

CHINA CONSTRUCTION: To Issue CNY40 Billion in Subordinated Bonds
CHINA CONSTRUCTION: Posted 49% Increase in 2007 Net Profit
EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans
CHESAPEAKE CORPORATION: Annual Meeting Scheduled for April 23
CHESAPEAKE CORPORATION: S&P Lowers Corporate Credit Rating to B+

DAIWA SECURITIES: Creditors' Proofs of Debt Due May 2
DFS MACAU: Liquidators Quit Post
EASE WAY: Liquidator Quits Post
FOUNDATION OF ZHONGSHAN: Members' Final Meeting Set for May 8
GOLD PLANET: Commences Liquidation Proceedings

JJH GRANITE & MARBLE: Members & Creditors to Meet on May 8
PETROLEOS DE VENEZUELA: Exxon Still Operates Chalmette Plant
PETROLEOS DE VENEZUELA: Discloses Strategy at London Congress
REUTERS BASIS: Creditors' Proofs of Debt Due April 30
SHANGHAI PUDONG: Reports 180% Increase in Q1 Net Profit


I N D I A

DECCAN AVIATION: Creditors & Shareholders to Consider Scheme
DECCAN AVIATION: Board to Consider Q3 Results on April 22
ITI LTD: BIFR Brings In C. K. Koshy to Firm's Board
QUEBECOR: Wants Lease Assumption Period Extended to Aug. 18
QUEBECOR WORLD: Seeks 4-Month Extension of Plan Filing Period

QUEBECOR WORLD: Want Claims Removal Period Extended to July 21
STATE BANK OF INDIA: Moves Closing Date of Scheme to April 30
TATA STEEL: Joins Race to Buy Brazil's AVG Mineracao
TATA STEEL: Expects Steel Prices to Increase


I N D O N E S I A

BERLIAN LAJU: Covenant Failure Doesn't Affect Fitch's B+ Ratings
GARUDA INDONESIA: European Union Retains Flying Ban


J A P A N

ELPIDA MEMORY: To Report JPY20 Bln Operating Loss, Nikkei Says
GAP INC: March 2008 Net Sales Decrease 12% at US$1.37 Billion
IHI CORP: Posts JPY20BB Net Income for Fiscal Year Ended Mar. 31
SOLO CUP: Brian O'Connor Replaces Peter W. Calamari as Director


K O R E A

KOREAN EXPRESS: Asiana Airline & 13 People Buy 24 Million Shares
KRISPY KREME: Lenders Approve Modifications in Credit Facilities
NDCORP: To Issue 152,600 Shares of Common Stock Worth KRW1.9BB


M A L A Y S I A

CNLT (FAR EAST): Court Rejects Extension of Restraining Order
FOAMEX INT'L: D.E. Shaw to Backstop US$115MM Rights Offering
FOAMEX INTERNATIONAL: Inks Amendments to Two Credit Agreements
GOLD BRIDGE: Intends to Submit 2007 Annual Report by May 31
HALIFAX CAPITAL: Bourse Extends Plan Filing Period to May 18

LITYAN HOLDINGS: Inks Major Contract With PCCW
MEGAN MEDIA: Bourse to Delist Securities on April 23
SHAW GROUP: Earns US$8.9 Million in Quarter Ended Feb. 29
SOLUTIA INC: Air Liquide Seeks Allowance of US$1,059,228 Claim


N E W  Z E A L A N D

3 DOGS DOWN: Taps Shephard and Dunphy as Liquidators
ACCOUNTANTS & BROKERS: Fixes April 16 as Last Day to File Claims
ARCH HILL: Creditors' Proofs of Debt Due April 20
ASH & JOY: Creditors' Proofs of Debt Due April 16
BLUE CHIP NEW ZEALAND: Commences Voluntary Liquidation

CLEAR CHANNEL: Tex. Court Rejects Banks' Request to Dismiss Suit
CLEAR CHANNEL: Banks Ask NY Court for Summary Judgment on Deal
HARRIS FLOOR: Shareholders Opt to Liquidate Business
LIFESTYLE MARINE: Appoints Cain and Hollis as Liquidators
MARUBENI AUTO: Appoints Robert James Taylor as Liquidator

MITEX HYGIENICS: Creditors' Proofs of Debt Due April 16
MR HAPPY DAYS: Court to Hear Wind-Up Petition on May 7
WEST PRINTING: Subject to Agfa-Gevaert's Wind-Up Petition
ZED GROUP: Fixes May 10 as Last Day to File Claims


P H I L I P P I N E S

SAN MIGUEL: Partners With State Pension Fund for Hotel Project


S I N G A P O R E

CHIN HONG: Court to Hear Wind-Up Petition on April 18
FISHERMAN'S VILLAGE: Wind-Up Petition Hearing Set for April 18
ROTHSCHILD ASSET: Requires Creditors to File Claims by May 11
WEE HENG: Wind-Up Petition Hearing Set for April 18


T H A I L A N D

DOLE FOOD: To Sell Properties to Avoid Default on US$350MM Bonds
TOTAL ACCESS: Fitch Removes 'BB+' Rating From Negative Watch


* BOND PRICING: For the Week 14 April to 18 April 2008


                          - - - - -


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

AJ KITCHEN: Liquidator Presents Wind-Up Report
----------------------------------------------
AJ Kitchen Creations Sydney Pty Limited held a final meeting for
its members and creditors on April 9, 2008.  At the meeting, the
company's liquidator, Jamieson Louttit at Jamieson Louttit &
Associates, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Jamieson Louttit
           Jamieson Louttit & Associates
           88 Pitt Street, Level 15
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 9231 0505
           Facsimile:(02) 9231 0303

                          About AJ Kitchen

AJ Kitchen Creations Sydney Pty. Limited is a general contractor
of non-residential buildings, other than industrial buildings
and warehouses.  The company is located at Blacktown, in New
South Wales, Australia.


ALLBUILT FRAMES: Undergoes Liquidation Proceedings
--------------------------------------------------
Allbuilt Frames & Trusses Pty. Limited's members agreed on
Feb. 22, 2008, to voluntarily liquidate the company's business.
The company has appointed Rowena Margaret Sigelski and Raymond
George Tolcher to facilitate the sale of its assets.

The liquidators can be reached at:

           Rowena Margaret Sigelski
           Raymond George Tolcher
           Lawler Partners Chartered Accountants
           763 Hunter Street
           Newcastle West, New South Wales 2302
           Australia
           Web site: http://www.lawlerpartners.com.au

                        About Allbuilt Frames

Allbuilt Frames & Trusses Pty. Limited is a distributor of
structural wood members.  The company is located at Wyee, in New
South Wales, Australia.


ALLCO FINANCE: To Sell U.S. & German Properties for US$1.2 BB
-------------------------------------------------------------
Allco Finance Group Ltd. is looking to sell a portfolio of
German and U.S. properties leased to Deutsche Telekom and the
U.S. government for US$1.2 billion, Reuters reports.

According to Reuters, Allco said Record Realty Trust -- a listed
property fund it manages -- was looking to sell 22 U.S.
properties with an asset value of US$653 million.  The U.S.
properties are spread across 17 U.S. states and leased
to several government agencies, including the Federal Bureau of
Investigation, U.S. Army, and Drug Enforcement Agency, notes
Reuters.

Allco, relates Reuters, also said it wants to sell a portfolio
of seven German properties valued at US$553.7 million and leased
to Deutsche Telekom until December 2019.

                        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.


BESTCOA PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Bestcoa Pty. Limited's members agreed on March 4, 2008, to
voluntarily liquidate the company's business.

Bestcoa Pty. Limited provides business services.  The company is
located at San Isidore, in New South Wales, Australia.


COMMERCIAL CONCRETE: Placed Under Voluntary Liquidation
-------------------------------------------------------
Commercial Concrete Constructions Pty. Ltd.'s members agreed on
March 5, 2008, to voluntarily liquidate the company's business.
The company has appointed Peter Paul Krejci to facilitate the
sale of its assets.

The liquidator can be reached at:

           Peter Paul Krejci
           GHK Ferrier Green Krejci Silvia
           1 Castlereagh Street, Level 13
           Sydney, New South Wales 2000
           Australia

                     About Commercial Concrete

Commercial Concrete Constructions Pty. Ltd. operates employment
agencies.  The company is located at Peakhurst, in New South
Wales, Australia.


DAVID COLLEY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
Members of David Colley & Associates Pty. Ltd. met on Feb. 19,
2008, and resolved to voluntarily wind up the company's
operations due to its inability to pay its debts.

The company's liquidator is:

           Geoffrey McDonald
           c/o Hall Chadwick
           31 Market Street, Level 29
           Sydney, New South Wales 2000
           Australia

                        About David Colley

David Colley & Associates Pty. Ltd. operates advertising
agencies.  The company is located at Killara, in New South
Wales, Australia.


EASTCOAST BUSINESS: Creditors Resolve to Liquidate Business
-----------------------------------------------------------
Eastcoast Business Equipment Pty. Ltd.'s creditors agreed on
March 5, 2008, to voluntarily liquidate the company's business.
The company has appointed Gavin Moss and Angus Gordon to
facilitate the sale of its assets.

The liquidators can be reached at:

           Gavin Moss
           Angus Gordon
           Macquarie Gordon & Co
           179 Elizabeth Street, Level 11
           Sydney, New South Wales 2000
           Australia

                     About Eastcoast Business

Eastcoast Business Equipment Pty. Ltd. operates miscellaneous
retail stores.  The company is located at Waterloo, in New South
Wales, Australia.


ELLBAR PTY: Members Agree on Voluntary Liquidation
--------------------------------------------------
Ellbar Pty Limited's members agreed on March 5, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Chris Wykes to facilitate the sale of its assets.

The liquidator can be reached at:

           Chris Wykes
           c/o Lawler Partners Chartered Accountants
           1 O'Connell Street, Level 9
           Sydney, New South Wales 2000
           Australia

                         About Ellbar Pty.

Ellbar Pty. Limited provides business services.  The company is
located at Manly, in New South Wales, Australia.


MERV WEBB: Final Meeting Slated for April 18
--------------------------------------------
Merv Webb Auto Body Repairs Pty. Ltd. will hold a final meeting
for its members and creditors at 10:00 a.m. on April 18, 2008.
During the meeting, the company's liquidator, Roderick MacKay
Sutherland at Jirsch Sutherland, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

           Roderick MacKay Sutherland
           Jirsch Sutherland
           GPO Box 4256
           Sydney, New South Wales 2001
           Australia
           Telephone:(02) 9236 8333
           Facsimile:(02) 9236 8334
           e-mail: admin@jirschsutherland.com.au

                          About Merv Webb

Merv Webb Auto Body Repairs Pty. Ltd. operates general
automotive repair shops.  The company is located at Wickham, in
New South Wales, Australia.


MIDWAY STUDIOS: Liquidator to Present Wind-Up Report on April 18
----------------------------------------------------------------
Midway Studios - Australia Pty. Ltd. will hold a final meeting
for its members and creditors at 10:00 a.m. on April 18, 2008.
During the meeting, the company's liquidator, John Melluish at
Ferrier Hodgson, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

           John Melluish
           Ferrier Hodgson
           GPO Box 4114
           Sydney, New South Wales 2001
           Australia

                       About Midway Studios

Midway Studios - Australia Pty. Ltd. provides computer related
services.  The company is located at Adelaide, in South
Australia, Australia.


OPES PRIME: ASIC Says Director's Resignation Was Backdated
----------------------------------------------------------
Adele Ferguson of The Australian writes that Opes Prime Group
Ltd. director Anthony Blumberg signed off the resignation of
another director, which was backdated by almost two weeks.

According to the report, ten minutes before receivers were
appointed to take charge of Opes Prime, Mr. Blumberg signed off
the resignation of Alun Stevens, which was backdated by almost
two weeks.

The Australian Securities and Investments Commission revealed
that an electronic lodgement was made at 5:19 p.m. on March 27,
almost an hour after administrators were appointed and 11
minutes before receivers were appointed.  The document filed
with the ASIC was backdated to March 18, notes Ms. Ferguson.

Mr. Stevens told The Australian he could not comment on whether
he had backdated his resignation or not.  Mr. Stevens also told
The Australian he had nothing to do with the sale of Opes
Prime's 90% stake in the business assets of Trader Dealer, which
was sold two weeks ago to the listed financial advice and
technology company MDS, of which Mr. Stevens holds about 10% of
shares.  According to the report, Mr. Stevens was also a
director of the company a few weeks ago.  Mr. Stevens was also
the managing director of Trader Dealer, which is the platform
Opes used for online trading.

Ms. Ferguson quotes Mr. Stevens as saying "I can't comment on
MDS because it is related to Opes Prime.  Anyone associated
with Opes Prime is being interviewed by ASIC and others, so all
matters are confidential."

Mr. Stevens said he had no part to play in the sale of Trader
Dealer to a company he has a major shareholding in, relates The
Australian.

Mr. Stevens, adds The Australian, is also a director of Green
Frog, which as a nominee company could hold Opes clients'
shares.  There is speculation that some of the directors of Opes
may have put some of their assets into Green Frog in the weeks
leading up to its administration, relates The Australian.

                        About Opes Prime

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

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

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

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

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

                           *     *     *

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

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


OPES PRIME: Solicitor Chris Murphy's Involvement Scrutinized
------------------------------------------------------------
Opes Prime Group Ltd. provided favorable treatment for Sydney
solicitor Chris Murphy after the lawyer traded AU$4 billion in
Telstra shares that earned Opes millions of dollars in
brokerage, Chris Merritt writes for The Australian.

The Australian quotes Mr. Murphy as saying, "I can understand
why Opes treated me well."  The Telstra trades were spread over
two years and earned Opes about AU$2.4 million in commission,
relates The Australian.

According to Mr. Merritt, Opes also allowed Mr. Murphy to borrow
up to 95% of the value of his shares, which is well above
industry standards.

"I was treated favorably by Opes, and why wouldn't I be?" Mr.
Murphy said.  He said his Telstra trading would have been "a
nice piece of business for any broker," relates The Australian.

Mr. Murphy adds, ""I can understand why Opes treated me well.
In a recent two-year period, I traded 900 million Telstra shares
worth about AU$4billion."

The Australian notes that Mr. Murphy's shares was just one of
the 15 separate stocks that he had been trading through Opes,
which charged him a commission of about 0.05 per cent.

Mr. Murphy denied reports that Opes had kept him trading when
his account was in the red.  "I never traded a single share when
my total collaterized equity was less than the value of my
shares.  I did not trade 'in the red'," Mr. Murphy told The
Australian.

Adele Ferguson of The Australian, in a separate report, obtained
the share portfolio statements of Mr. Murphy.  The portfolio
statements were provided by former underworld boss Mick Gatto
and associate John Khoury to The Australian.

According to Ms. Ferguson, the portfolio statements reveal Mr.
Murphy, through two of his companies: Sarah Brown and Cardiac
Jolt, was hit with margin calls after losing almost all the
equity in his AU$20 million share portfolio even as the share
market was near a peak in July.

The documents show that Mr. Murphy was allowed to borrow 95% of
the value of his share portfolio, which included blue-chip
stocks, such as a AU$13 million stake in Telstra and a AU$45
million stake in the James Packer-backed Challenger Financial
Group, as well as smaller companies such as Ebet, Heartware and
Australian Pharmaceutical Industries, notes Ms. Ferguson.

According to Ms. Ferguson, these high loan-to-valuation ratios
on margin loans are extremely rare; the usual level is about 65
percent on blue-chip stocks and much less on mid-capitalised
stocks.

                        About Opes Prime

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

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

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

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

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

                           *     *     *

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

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


REFERRAL MARKETING: Placed Under Voluntary Liquidation
------------------------------------------------------
Referral Marketing Services Pty. Ltd.'s creditors agreed on
March 7, 2008, to voluntarily liquidate the company's business.
The company has appointed David Anthony Hurst and Andrew Hugh
Jenner Wily to facilitate the sale of its assets.

The liquidators can be reached at:

           David Anthony Hurst
           Andrew Hugh Jenner Wily
           Armstrong Wily Chartered Accountants
           75 Castlereagh Street, Level 5
           Sydney, New South Wales 2000
           Australia

                      About Referral Marketing

Referral Marketing Services Pty. Ltd. provides business
services.  The company is located at Torrens Park, in South
Australia, Australia.


ST. GEORGE BANK: Loses AU$117 Million Tax Case Against ATO
----------------------------------------------------------
St. George Bank Ltd. will recognize a AU$117 million charge in
its upcoming interim result after losing a tax case in the
Federal Court, the Australian Associated Press reports.

The AAP notes that St. George has been in a long-standing
dispute with the Australian Taxation Office over interest
deductions it claimed for the tax years 1998 to 2003 in respect
of the subordinated debentures.

In a statement, St. George said "St. George is reviewing the
judgment carefully with its legal counsel to determine if it
will appeal.  In the meantime St. George will recognize a AU$117
million charge to its profit and loss for the half year ended
March 31, 2008," relates the AAP.

According to the report, St. George will register the sum as a
significant item and will not need to raise any additional
capital to cover the liability.

                      About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                            *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 28,
2008, that Fitch Ratings assigned a 'B' rating on the AU$1.0
million Class E bond of St. George.  A subsequent TCR-AP report
on April 2, 2008, said Fitch Ratings rated St. George's AU$1.7
million Class D bond a 'BB'.


SANOFI-SYNTHELABO: To Declare Dividend on April 25
--------------------------------------------------
Sanofi-Synthelabo Australia Pty. Limited will declare dividend
on April 25, 2008.

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

The company's liquidator is:

           Geoffrey Reidy
           Rodgers Reidy
           333 George Street, Level 8
           Sydney, New South Wales 2000
           Australia

                       About Sanofi-Synthelabo

Sanofi-Synthelabo Australia Pty. Limited is a distributor of
drugs, proprietaries, and sundries.  The company is located at
Macquarie Park, in New South Wales, Australia.


YI DA ENTERPRISE: To Declare First Dividend on May 8
----------------------------------------------------
Yi Da Enterprise (Australia) Pty Ltd., which is in liquidation,
will declare its first and final dividend on May 8, 2008.

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

The company's liquidator is:

           R. M. Sutherland
           Jirsch Sutherland
           GPO Box 4256
           Sydney, New South Wales 2001
           Australia
           Telephone:(02) 9236 8333
           Facsimile:(02) 9236 8334
           e-mail: admin@jirschsutherland.com.au

                      About Yi Da Enterprise

Yi Da Enterprise (Australia) Pty. Ltd. is a distributor of
durable goods.  The company is located at Strathfield South, in
New South Wales, Australia.




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

ADPON DEVELOPMENT: Members & Creditors to Meet on May 6
-------------------------------------------------------
Adpon Development Limited will hold a joint meeting for its
members and creditors at 10:00 a.m. and 10:30 a.m. respectively,
on May 6, 2008.  At the meeting, the company's liquidator, Lui
Wan Ho will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

             Lui Wan Ho
             Olympia Plaza, Room 1701
             225 King's Road
             North Point, Hong Kong


ASAHI DYNAMIC: Creditors' Proofs of Debt Due April 18
-----------------------------------------------------
Creditors of Asahi Dynamic Appliances Limited are required to
file their proofs of debt by April 18, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 27, 2008.

The company's liquidator is:

          Lam Shu Yan
          Hei King House, Room 1404
          King Ming Court
          Junk Bay, Kowloon


ASIA INTELLECTUAL: Creditors' Proofs of Debt Due May 20
-------------------------------------------------------
Creditors of Asia Intellectual Property Council Company Limited
are required to file their proofs of debt by May 20, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 26, 2008.

The company's liquidator is:

          Ngan Sim Sim
          Wing Hang Insurance Building, Room B, 19th Floor
          11 Wing Kut Street
          Central, Hong Kong


CFC CONSTRUCTION: Members & Creditors to Meet on May 8
------------------------------------------------------
CFC Construction Engineering and Machinery Company Limited will
hold a joint meeting for its members and creditors at 10:00 a.m.
and 10:15 a.m. respectively, on May 8, 2008.  At the meeting,
the company's liquidators, Joseph K.C. Lo and Dermot Agnew, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

             Joseph K.C. Lo
             Dermot Agnew
             One Pacific Place, 35th Floor
             88 Queensway, Hong Kong


CFM GLOBAL: Appoints New Liquidators
------------------------------------
Members of CFM Global Manufacturing Limited appointed John
Robert Lees and Column Sebastian Joseph as the company's
liquidators.

The liquidators can be reached at:

           John Robert Lees
           Column Sebastian Joseph
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


CHINA CONSTRUCTION: To Issue CNY40 Billion in Subordinated Bonds
----------------------------------------------------------------
China Construction Bank will issue up to CNY40 billion (US$5.7
billion) in subordinated bonds with a maturity of no less than
10 years, Edmund Klamann of Reuters reports.  The bonds will be
issued in the interbank market within 24 months of receiving
shareholder approval, with the coupon set in line with market
conditions, Mr. Klamann says.

Mr. Klamann notes that the proceeds will be used to bolster the
bank's capital and boost its capital adequacy ratio.

China Construction told Reuters it would set up a committee
including its chairman, president and several board members to
make decisions on overseas acquisition investments.  Chairman
Guo Shuqing said, in a briefing on his bank's results
announcement, that the bank was actively seeking appropriate
opportunities for overseas acquisitions, the report relates.

According to Reuters, its sources with direct knowledge of the
situation said last month that China Construction had turned
down nearly 30 proposals for possible acquisitions over the past
year, including an opportunity to buy a stake in troubled U.S.
home mortgage lender Countrywide Financial Corp. that it
considered too risky.

                    About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2006, that Fitch Ratings affirmed the bank's 'D' individual
rating.

On May 4, 2007, Moody's Rating Agencies rates Construction Bank
Corporation's Bank Financial Strength Rating at D-.  Moody's
said the BFSR outlook  is stable.


CHINA CONSTRUCTION: Posted 49% Increase in 2007 Net Profit
----------------------------------------------------------
China Construction Bank Corp. posted a growth of 49% in net
profit in 2007 due to increased investment returns and
commission fees, China Knowledge reports.

Net profit for the 2007 fiscal year climbed to RMB69.05 billion
(US$9.86 billion), compared with RMB46.32 billion a year
earlier, the bank disclosed in a statement to the Hong Kong
Stock Exchange, according to China Knowledge.  It put aside
US$630 million to cover the devaluation of its subprime-related
securities, China Knowledge says.

Net interest income soared 37% year-on-year to RMB192.78 billion
in the same period, and net earnings from commission fees
climbed to RMB31.31 billion, more than doubled from RMB13.57
billion in 2006, China Knowledge relates.

Citing the updated international financing report standards,
China Knowledge reports that the bank's non-performing loan
ratio dropped to 2.6% by the end of 2007, against 3.29% at the
end of 2006; the capital adequacy ratio rose to 12.58%, up 0.47
percentage points from a year ago.

China Construction's board proposed a final dividend of RMB0.065
apiece, lower than RMB0.092 in 2006, China Knowledge says.

                    About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2006, that Fitch Ratings affirmed the bank's 'D' individual
rating.

On May 4, 2007, Moody's Rating Agencies rates Construction Bank
Corporation's Bank Financial Strength Rating at D-.  Moody's
said the BFSR outlook  is stable.


EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans
-----------------------------------------------------------
Citigroup Inc., the bank that sponsored Terra Firma Capital
Partners Ltd.'s buyout of EMI Group PLC, withdrew plans to sell
off to outside investors about US$4.9 billion of loans provided
for the transaction, according to various reports.

The reports say Citigroup deemed the EMI loans not fit for sale
because capitalists fear over EMI's reorganization fate.  EMI's
current restructuring includes elimination of 1,500 jobs and
consolidation of certain business operations.

Various reports relate that Citigroup's difficulty in marketing
the loans has weighed down the bank's balance sheets with bulky
write-downs.  Citigroup intends to lessen its letdown by selling
a huge portion of  US$43 billion debts to a group of private-
equity companies.

Writedowns of leverage loans caused Citigroup stocks to dropped
21% in New York trading this year, Bloomberg relates.  Citigroup
expects an increase to its  US$24 billion losses on mortgages,
bonds and corporate loans.

The Wall Street Journal's Ethan Smith and David Enrich relate
that  EMI's restructuring remains a work in progress, and the
company's future shape remains an open question.  WSJ says
Citigroup worried that the uncertainty would add to the
squeamishness of the already-jittery debt investors it is trying
to lure.

                        About Citigroup Inc.

New York-based Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is a diversified global financial
services holding company whose businesses provide a range of
financial services to consumer and corporate customers.  The
company is a bank holding company.  Its segments include Global
Consumer Group, Corporate and Investment Banking (CIB), Global
Wealth Management and Alternative Investments (AI).  Citigroup
has more than 200 million customer accounts and does business in
more than 100 countries.

                        About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.


CHESAPEAKE CORPORATION: Annual Meeting Scheduled for April 23
-------------------------------------------------------------
Chesapeake Corp. disclosed that annual shareholders meeting will
be held on Wednesday, April 23, 2008 at 9:30 a.m. in the
SunTrust Bank, Piedmont Room, 4th Floor, 919 East Main Street in
Richmond, Virginia.

Headquartered in Richmond, Virginia, Chesapeake Corp. (NYSE:
CSK) -- http://www.chesapeakecorp.com/-- protects and promotes
the world's great brands as a leading international supplier of
value-added specialty paperboard and plastic packaging.  The
company is one of Europe's premier suppliers of folding cartons,
leaflets and labels, as well as plastic packaging for niche
markets.  Chesapeake has 45 locations in Europe, North America,
Africa and Asia and employs approximately 5,400 people
worldwide.  The company's Europe facilities are located in the
United Kingdom, France, Belgium, Spain and Germany while its
Asian facilities are located in China.


CHESAPEAKE CORPORATION: S&P Lowers Corporate Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings for
Richmond, Va.-based Chesapeake Corp., including the corporate
credit rating, which was lowered to 'B+' from 'BB-'.  At the
same time, S&P assigned a recovery rating of '6' to the
company's existing subordinated notes, indicating our
expectation for negligible (0% to 10%) recovery in the event of
a payment default.  All ratings were removed from CreditWatch,
where they were placed with negative implications on Dec. 18,
2007.  The outlook is negative.

"The downgrade reflects the company's weaker-than-expected
operating performance during 2007 due to lower results than
expected in certain segments, start-up production costs for a
new product line, and expenses for process-improvement
initiatives," said Standard & Poor's credit analyst Andy
Sookram.  "As a result, credit metrics have weakened materially
to a level no longer consistent with the former ratings."

In addition, S&P expects that earnings may continue to be weak
over the next several quarters, which would pressure credit
measures and potentially tighten liquidity.

Chesapeake supplies specialty paperboard packaging (about 83% of
sales) and plastic packaging for pharmaceutical, health care,
spirits, confectionery, cosmetics, food, tobacco, household, and
chemical products.  The company is one of the largest virgin-
fiber-based folding carton producers in Europe.

Headquartered in Richmond, Virginia, Chesapeake Corp. (NYSE:
CSK) -- http://www.chesapeakecorp.com/-- protects and promotes
the world's great brands as a leading international supplier of
value-added specialty paperboard and plastic packaging.  The
company is one of Europe's premier suppliers of folding cartons,
leaflets and labels, as well as plastic packaging for niche
markets.  Chesapeake has 45 locations in Europe, North America,
Africa and Asia and employs approximately 5,400 people
worldwide.  The company's Europe facilities are located in the
United Kingdom, France, Belgium, Spain and Germany while its
Asian facilities are located in China.


DAIWA SECURITIES: Creditors' Proofs of Debt Due May 2
-----------------------------------------------------
Creditors of Daiwa Securities SMBC Futures (Asia) Limited are
required to file their proofs of debt by May 2, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2008.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Fegurson Bruce
          Gloucester Tower, 8th Floor
          The Landmark, 15 Queen's Road
          Central, Hong Kong


DFS MACAU: Liquidators Quit Post
--------------------------------
On April 3, 2008, Ying Hing Chui and Chung Miu Yin, Diana
stepped down as liquidators for DFS Macau Limited.


EASE WAY: Liquidator Quits Post
-------------------------------
On March 25, 2008, Tsui Man See stepped down as liquidator for
Ease Way Holdings Limited.


FOUNDATION OF ZHONGSHAN: Members' Final Meeting Set for May 8
-------------------------------------------------------------
Members of Foundation of Zhongshan University Advanced Research
Centre Company Limited will have their final general meeting on
May 8, 2008, at New World Tower, 2nd Floor, 18 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:

          Leong Huon Kit
          New World Tower, 2nd Floor
          18 Queen's Road
          Central, Hong Kong


GOLD PLANET: Commences Liquidation Proceedings
----------------------------------------------
Gold Planet Development Limited's members agreed on March 26,
2008, to voluntarily liquidate the company's business.  The
company has appointed J. R. Lees to facilitate the sale of its
assets.

The liquidator can be reached at:

           J R Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


JJH GRANITE & MARBLE: Members & Creditors to Meet on May 8
----------------------------------------------------------
JJH Granite & Marble (Hong Kong) Company Limited will hold a
joint meeting for its members and creditors at 10:45 a.m. and
11:00 a.m. respectively, on May 8, 2008.  At the meeting, the
company's liquidators, Joseph K.C. Lo and Dermot Agnew, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidators can be reached at:

             Joseph K.C. Lo
             Dermot Agnew
             One Pacific Place, 35th Floor
             88 Queensway, Hong Kong


PETROLEOS DE VENEZUELA: Exxon Still Operates Chalmette Plant
------------------------------------------------------------
Exxon Mobil Corp. told Dow Jones that it continues to operate
the Chalmette Refining LLC it jointly owns with Petroleos de
Venezuela SA.

As reported in the Troubled Company Reporter-Latin America on
April 11, 2008, Petroleos de Venezuela will seek to replace
Exxon Mobil as operator of the Chalmette plant in Louisiana.
The Venezuelan government wants a new operator for the Chalmette
oil refinery.

Exxon Mobil spokesperson Margaret Ross commented to Dow Jones
Americas, "ExxonMobil is aware that PdVSA [Petroleos de
Venezuela] is considering its option to exercise its rights
under the Chalmette Refining LLC, operating agreement to remove
ExxonMobil Oil Corp. as operator of the refinery.  It is our
policy not to comment in detail on the specifics of our
contracts."

Exxon Mobil is still open to discussion with Petroleos de
Venezuela, Dow Jones states, citing Ms. Ross.

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

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

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

                         *     *     *

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


PETROLEOS DE VENEZUELA: Discloses Strategy at London Congress
-------------------------------------------------------------
Petroleos de Venezuela SA has disclosed its strategy on oil
sovereignty and social responsibility at the World Congress of
National Oil Companies in London, Prensa Latina reports.

According to Luis Verma, PDVSA vice president for exploration
and production, the national laws defended state-run oil
prospect and production, while costs and risks can be shared in
ventures, the report adds.

The report states that Mr. Verma has discussed the regional
energy integration and diversification under the rules of the
Organization of Petroleum Exporting Countries.

The discussion was involved with the definition of the role of
national companies in world oil potential, including, reserves,
production, human resources and technology.

Companies National Iranian Oil Company, Abu Dhabi National Oil
Company (United Arab Emirates, Sonangol (Angola), Qatar
Petroleum (Qatar), Petrobras (Brazil), PEMEX (Mexico), Statoil,
ChevronTexaco and Shell (US) and TOTAL (France) were present
during the Congress.

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

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

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

                         *     *     *

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


REUTERS BASIS: Creditors' Proofs of Debt Due April 30
-----------------------------------------------------
Creditors of Reuters Basis Point Publishing Limited are required
to file their proofs of debt by April 30, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2008.

The company's liquidator is:

          Ho Lam Fat
          Greatmany Centre, 14th Floor
          109-115 Queen's Road East
          Wanchai, Hong Kong


SHANGHAI PUDONG: Reports 180% Increase in Q1 Net Profit
-------------------------------------------------------
Shanghai Pudong Development Bank said its first quarter net
profit rose at least 180% from a year earlier, Edmund Klamann of
Reuters reports.  The bank, according to Reuters, attributed the
gains to asset growth, rising interest margins, growth in non-
interest income and a lower effective corporate tax rate.

Mr. Klamann relates, citing the bank's statement, net profit in
the year-ago period was CNY980 million (US$139.9 million), or
CNY0.225 per share.  Listed Chinese companies are required to
make preliminary estimates if they expect to report large swings
in earnings.

Shanghai Pudong President Fu Jianhua told shareholders in March
that he was confident the bank could boost net profit by at
least 50% this year if it carried out a plan to raise up to
CNY20 billion to bolster its capital adequacy ratio, Reuters
relates.  Mr. Fu also said the bank would strive to boost net
profit to CNY10 billion this year, Mr. Klamann reports.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carried Moody's Investors
Service's Ba1 financial strength rating.




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

DECCAN AVIATION: Creditors & Shareholders to Consider Scheme
------------------------------------------------------------
Deccan Aviation Ltd disclosed in a regulatory filing with the
Bombay Stock Exchange that shareholders and creditors will
consider on April 17, 2008, the composite scheme of arrangement
between the company, Deccan Charters Ltd and Kingfisher Airlines
Ltd.

Pursuant to to an order of the High Court of Karnataka, separate
meetings of the shareholders, secured creditors and unsecured
will be held on April 17 for them to consider and approve the
arrangement embodied in the scheme.

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

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


DECCAN AVIATION: Board to Consider Q3 Results on April 22
---------------------------------------------------------
Deccan Aviation Ltd's board of directors will hold a meeting on
April 22, 2008, inter alia, to consider and take on record the
unaudited financial results for the third quarter ended
March 31, 2008.

In the same quarter in 2007, Deccan Aviation posted a net loss
of INR2.1 billion on net sales of INR4.38 billion.

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

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


ITI LTD: BIFR Brings In C. K. Koshy to Firm's Board
---------------------------------------------------
ITI Ltd informed the Bombay Stock Exchange that the Board for
Industrial and Financial Reconstruction, in a letter dated
March 25, 2008, appointed C. K. Koshy as special director on the
company's board pursuant to Section 16(4) of the Sick Industrial
Companies (Special Provisions) Act, 1985.

ITI also disclosed that K. K. Khurana has been appointed as
director-HR of the company by the Government of India.  He
assumed office on April 4, 2008.

ITI Limited -- http://www.itiltd-india.com/-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2007, Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the bond issue.

The TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to ITI's INR550 million
'J-1' Series long-term bonds.

ITI incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


QUEBECOR: Wants Lease Assumption Period Extended to Aug. 18
-----------------------------------------------------------
Section 365(d)(4) of the Bankruptcy Code, as amended by the
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,
which became effective on Oct. 17, 2005, provides that Quebecor
World Inc. and its debtor-affiliates have 120 days from the
bankruptcy filing, or until May 20, 2008, to assume or reject
unexpired leases of nonresidential real property.

Certain of the Debtors are lessees or sublessees under
approximately 50 unexpired leases and subleases of
nonresidential real property.  The Unexpired Leases primarily
relate to the Debtors' plants, warehouse and storage facilities,
and distribution facilities.

As of April 7, 2008, the Unexpired Leases remain in effect and
have not expired or terminated according to their terms.  Thus,
each of the Unexpired Leases may constitute an "unexpired lease"
subject to assumption or rejection under Section 365 of the
Bankruptcy Code.

The Debtors ask the U.S. Bankruptcy Court for the Southern
District of New York to extend their time to assume or
reject the 50 unexpired leases by an additional of 90 days until
Aug. 18, 2008.

Jeremy Roberts, senior vice president for Corporate Finance and
Treasurer of Quebecor World (USA) Inc., relates that since the
bankruptcy filing, the Debtors have been called upon to respond
to numerous complex issues to stabilize their operations and
ensure the viability of their businesses, including, among other
things:

    -- obtaining final approval of a secured postpetition
       financing facility;

    -- maintaining relations with customers, employees and
       vendors;

    -- reviewing the Debtors' obligations under dozens of leases
       of real and personal property;

    -- working to prepare each of the Debtors' schedules of
       assets and liabilities and statements of financial
       affairs;

    -- responding to various information and due diligence
       requests from the Creditors' Committee and other creditor
       groups; and

    -- obtaining Court approval of emergency relief requested in
       the first day motions.

According to Mr. Roberts, the Debtors will continue to spend
considerable time and resources in the near future toward
related tasks so as to ensure that the restructuring process
moves forward in an efficient manner.

Mr. Roberts reminds Judge James M. Peck that the Debtors operate
at approximately 96 locations throughout the United States, and
lease a large number of the premises that are used to operate
their businesses.  Determining which leases to assume and which
to reject will be an integral part of the Debtors' restructuring
process, with important ramifications to the overall
reorganization.

The Debtors are still analyzing all of their leases, and do not
expect to be ready to make final decisions concerning all of the
Unexpired Leases by May 20, 2008, Mr. Roberts says.  In
connection with the analysis of their real estate issues, the
Debtors obtained the Court's permission to employ Prime
Locations, LLC, George Comfort & Sons, Inc. and the Core Network
to provide real estate consulting services to the Debtors.  Mr.
Roberts says the Debtors need more time to:

    -- prepare this analysis and complete their review,

    -- consult with key parties,

    -- discuss with lessors concerning possible renegotiation of
       over market rental rates and other material terms of the
       Unexpired Leases; and

    -- consider the possible assumption, rejection or sale for
       value of the Unexpired Leases.

As an initial matter, Mr. Roberts says, the Unexpired Leases are
undeniably important assets of the Debtors' bankruptcy estates.
The Debtors believe that the decision to assume or reject these
leases must be made, to the fullest extent possible, consistent
with the strategies and initiatives being developed as part of
the Debtors' business and restructuring plan.  "The Debtors are
in the early process of developing that plan, and until the
process is farther along, the Debtors cannot make an adequately
informed evaluation of all of the Unexpired Leases," Mr. Roberts
says.

"If the Debtors are forced to make a decision to assume or
reject all of the Unexpired Leases within the next few weeks,
the Debtors run the risks associated with prematurely making
decisions with respect to the Unexpired Leases, before athorough
analysis has been completed.  Specifically, the Debtors might
inadvertently elect to assume certain Unexpired Leases that they
later determine to be burdensome, creating potential
administrative claims if the Debtors later sought to reject or
terminate such previously assumed leases.  In the alternative,
the Debtors might prematurely reject certain Unexpired Leases
that the Debtors later discover are critical to the success of
their reorganization efforts," Mr. Roberts explains.  Additional
time, Mr. Roberts asserts, will allow the Debtors to thoroughly
assess their real estate needs in the context of their
reorganization, thereby mitigating the risk of making premature
and uninformed decisions to the detriment of the Debtors, their
creditors and the success of their reorganization efforts.

Mr. Roberts assures the Court that pending their election to
assume or reject each of the unexpired leases, the Debtors will
continue to perform all of their obligations arising under the
unexpired leases since the bankruptcy filing in a timely
fashion.

                       About Quebecor World

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

In the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

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

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

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

                            *     *     *

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


QUEBECOR WORLD: Seeks 4-Month Extension of Plan Filing Period
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
their exclusive period to:

    (i) file a plan or plans of reorganization by approximately
        four months up to Sept. 30, 2008; and

   (ii) solicit acceptances of that plan by approximately 60 days
        up to Nov. 28, 2008.

The Debtors' motion is pursuant to Section 1121(b) of the
Bankruptcy Code establishes an initial period of 120 days after
the commencement of a chapter 11 case during which only a debtor
may file a plan of reorganization.  If the debtor files a plan
within the 120-day period, Section 1121(c)(3) extends the
exclusivity period to 180 days after the commencement of a
chapter 11 case to permit the debtor to garner support for that
plan.  Section 1121(d) permits a court to extend a debtor's
exclusive periods upon a demonstration of cause subject to
certain limitations.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
points out that the Debtors' chapter 11 cases qualify as complex
cases.  The Debtors are one of the two largest commercial
printers in the United States and constitute a complex and
sophisticated operation.  The Debtors consist of 53 different
entities with operations in 29 states that encompass numerous
forms of printing and binding, direct mail operations, and
freight and transportation services.  The Debtors employ
approximately 19,500 employees, of which approximately 4,380 are
represented by labor unions.  In addition to the geographic
reach of the Debtors' operations and the variety of services
that they provide to their customers, each of the Debtors'
printing and mailing facilities is a complicated business
operation.

The Debtors believe that it is important that they devote their
resources to reducing and eliminating inefficiencies,
stabilizing their postpetition business operations, and
solidifying their relationships with customers, vendors,
employees, lessors, service providers and other key
constituencies.

According to Mr. Canning, the Debtors are currently working to
fulfill their obligations under the Bankruptcy Code.

Mr. Canning relates that during the first three months of the
Debtors' Chapter 11 cases, the Debtors have made substantial
progress in addressing a number of major issues they are facing
as of the Petition Date.  According to Mr. Canning, the fact
that the Debtors have been largely devoted to these issues
during the first few months of the Chapter 11 Cases justifies
the requested extension of the exclusive periods.

An extension of the exclusive periods is warranted based on
the Debtors' good faith efforts and progress toward
reorganization, Mr. Canning says.  He adds that the Debtors have
been successful in stabilizing numerous aspects of their
business operations by anticipating and addressing concerns from
customers, employees, vendors and others; and the Debtors have
also been cooperative with all of the key stakeholders in their
chapter 11 cases.

Mr. Canning tells the Court that an extension of the exclusive
periods will give the Debtors the flexibility and time necessary
to continue in their creditor negotiations.

Mr. Canning assures Judge James M. Peck that the Debtors are not
seeking an extension to pressure their creditors into accepting
the their reorganization demands.  "The purpose of the Debtors'
present request for an extension . . . [is] to ensure that the
Debtors have an opportunity to respond to and address the
concerns of all creditor groups in formulating restructuring
proposals and the plan of reorganization," Mr. Canning says.

Mr. Canning asserts that only after the Debtors address these
contingencies will they be in a position to formulate a viable
plan for their chapter 11 cases:

    (a) preparation and filing of their Schedules of Assets and
        Liabilities and Statements of Financial Affairs;

    (b) establishment of a claims bar date;

    (c) a complete review of their unexpired leases and executory
        contracts;

    (d) consideration of potential dispositions of certain
        assets; and

    (e) development and implementation of restructuring
        initiatives across the Debtors' lines of business.

                       About Quebecor World

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

In the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

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

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

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

                            *     *     *

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


QUEBECOR WORLD: Want Claims Removal Period Extended to July 21
--------------------------------------------------------------
Pursuant to Section 1452 of the Judiciary Code and Rules 9006(b)
and 9027 of the Federal Rules of Bankruptcy Procedure, Quebecor
World Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend their time
to remove prepetition actions by an additional 90 days up to
July 21, 2008.

Michael J. Canning. Esq., at Arnold & Porter LLP, in New York,
relates that as of the Petition Date, the Debtors were parties
to various civil actions pending in other courts and tribunals.
The Debtors are evaluating whether they may seek to remove a
certain number of the civil actions from state to federal court
and subsequently to transfer some or all of those civil actions
to the Southern District of New York or the Bankruptcy Court.

Mr. Canning says that absent an extension of the removal period,
the Debtors risk making premature removal decisions or waiving
rights before they have an opportunity to complete an evaluation
of these issues.  Given the number of civil actions pending and
the press of business incident to the commencement of their
Chapter 11 cases, the Debtors require additional time to
complete their evaluation of these issues.

The Debtors have begun the process of determining whether
removal is appropriate with respect to the Actions.  According
to Mr. Canning, this analysis requires review of the facts and
the procedural posture of each individual Action, and often must
involve coordination with the separate local counsel who
represent the Debtors in connection with the Actions.  This
analysis also includes an evaluation of whether or not an Action
could be resolved in connection with a plan of reorganization or
settlement, Mr. Canning adds.  The Debtors submit that the
proposed extension of the Removal Period will provide sufficient
additional time to complete this analysis.

Mr. Canning assures the Court that an extension of the removal
period will not prejudice the right of the adverse parties
pursuant to the stayed civil actions because the adverse parties
may not prosecute the civil actions absent relief from the
automatic stay.  According to Mr. Canning, if the Debtors remove
any civil action to federal court, the affected adverse party
will retain its right to seek remand of the removed civil action
back to state court under Section 1452(b).

                       About Quebecor World

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

In the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

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

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

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

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

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

                            *     *     *

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


STATE BANK OF INDIA: Moves Closing Date of Scheme to April 30
-------------------------------------------------------------
State Bank of India has extended the closing date of its
Employee Share Purchase Scheme for 2008 from April 15, 2008, to
April 30, 2008, the bank said in a filing with the Bombay Stock
Exchange.

According to the bank, all other terms and conditions of the
scheme remains the same.

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

                            *     *     *

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

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

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


TATA STEEL: Joins Race to Buy Brazil's AVG Mineracao
----------------------------------------------------
According to various media reports, Tata Steel Limited has
offered to acquire AVG Mineracao, which is owned by MMX Mining
and Metallics S.A.  The reports didn't disclose how much Tata
Steel offered for the Brazilian iron ore mining firm but The
Economic Times estimated that the transaction could cost the
Indian company around INR1,000 crore.

There will be a deal if Tata Steel agrees to set up a car
manufacturing facility on the outskirts of Acu Port, the complex
MMX is building on the coast of Rio de Janeiro, the Steel
Business Briefing quoted MMX President Eike Batista as saying.

AVG, which currently has annual production capacity of 2.3
million tonnes, was purchased by MMX in 2007 for US$224 million.
AVG's assets include a producing mine in the area known as Serra
Azul, Minas Gerais, and some mining rights and leases in the
Serra Azul area.  The Serra Azul Mines reportedly produced
around 1.6 million tons of iron ore in 2006 and approximately
1 million tons of iron ore in the first five months of 2007.

MMX put AVG on the block recently after selling two iron ore
projects in Brazil to Anglo American for US$5.5 billion in cash,
the Steel Guru Web site relates.  Also interested to buy AVG are
Nucor, POSCO, Techint and Rio Tinto, reports say.

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: Expects Steel Prices to Increase
--------------------------------------------
Tata Steel Limited expects steel prices to increase due to
rising cost of iron ore and coal, Reuters reports.

According to the report, Tata Steel Managing Director B
Muthuramanm said that they are already planning to increase
their prices despite the Indian government's efforts to keep
them in check in the face of soaring inflation.

"Ultimately, I believe market forces will prevail, and there is
very little one can do to arrest what will happen as to market
forces.  The Indian prices, I believe, will also go up (with)
. . . international prices,"  Mr. Muthuramanm was quoted by
Reuters as saying.

Mr. Muthuraman, the report notes, said the company expects to
pass 100% of the increase in costs to customers.

                       About Tata Steel

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.




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

BERLIAN LAJU: Covenant Failure Doesn't Affect Fitch's B+ Ratings
----------------------------------------------------------------
Fitch Ratings said that Indonesia-based Berlian Laju Tanker's
Long-term foreign and local currency Issuer Default Ratings of
'B+' with Stable Outlooks, and the senior unsecured rating of
'B+' on its USD400 million notes due in 2014, are not
immediately affected by its failure to meet a gearing-related
covenant on domestic bonds amounting to IDR1,300 billion.

The company failed to meet the 2.5x debt-to-equity ratio
requirement on the affected IDR bonds as per the audited local
currency financial statements released for the fiscal year ended
December 2007.  The affected debt amounts to approximately 8% of
BLT's total debt as at 31 December 2007.  Meanwhile, the
trustees of the affected bonds have provided the company a cure
period of 120 days to 180 days from 17 March 2008.  As far as
Fitch is aware, no other debt of the company is affected by this
event.

BLT intends to retire IDR400 billion of the bonds in concern,
which are due in May 2008 anyway.  The company believes that it
will be in a position to achieve compliance with the covenant
before the end of the cure period, partly due to a change in the
Indonesian GAAP that it will adopt in 2008.  Furthermore, BLT
appears to have other options that could remedy the situation,
including negotiating for a higher gearing ratio, benchmarking
against its USD financial statements prepared based on IFRS or a
waiver.  As a last resort, the company can utilise its cash
reserves to pre-pay the remaining affected bonds amounting to
IDR900 billion.  The company had cash reserves and marketable
securities of IDR2,661 billion as at 31 December 2007 (excluding
restricted cash of USD29.2 million).

As part of its deleveraging plan following the debt funded
acquisition of Chembulk Tankers LLC in 2007, the company is in
the midst of completing several vessel disposals and sale-and-
lease-back transactions.  The company had sold three of the five
vessels identified for disposal in December 2007 and intends to
complete the remaining transactions within a short period with
negotiations underway.  The company also intends to pre-pay the
USD250 million bridging loan obtained in December 2007 for the
acquisition of Chembulk, mid this year.

Fitch is of the view that BLT is in a position to resolve the
issues arising from its failure to meet the covenant and will
continue to maintain an acceptable liquidity position
thereafter.  In addition, the agency takes comfort from BLT's
committed credit facilities of IDR550 billi0n.

However, BLT's ratings can be negatively affected if the company
fails to continue to deleverage, with net adjusted debt to
operating EBITDAR ratio falling below 5.0x at the end of 2008
and 4.5x at the end of 2009.


GARUDA INDONESIA: European Union Retains Flying Ban
---------------------------------------------------
The European Union has retained its flying ban on PT Garuda
Indonesia due to lack of concrete safety improvements, The
Australian News reports citing EU officials.

The flight ban prohibits Garuda from flying to any European
destinations.

The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that the European Union sent safety experts to Indonesia
to review an EU ban on Indonesian airlines.  Fifty-one
Indonesian airlines, including Garuda, have been barred due to
safety concerns.  Indonesian officials asserted that EU failed
to account the improvements made this year.

China View News relates that Garuda Indonesia was surprised to
hear the European Commission's decision to extend the ban on the
airline since the EU claimed earlier it had carried out the
necessary measures to improve safety.

According to China View, Garuda spokesman Pudjobroto said the EU
decision was unexpected, especially after a Garuda delegation
had informed the EU Commission on transportation earlier this
month on the progress it had made in its safety commitment.
"They acknowledged our changes and were happy we were about to
receive a safety certificate from the IATA (International Air
Transport Association)," he said, China View notes citing the
English-language daily.

In a statement, the EU said: "In the case of Garuda Indonesia,
the airline was heard by the Commission and the Air Safety
Committee composed of Member States experts.  The airline has
made progress in the implementation of corrective measures, yet
this is not sufficient.  Furthermore the authorities of
Indonesia have still to demonstrate that they have completed the
corrective actions.  Pending both this demonstration and the
completion of remedial action by Garuda and the other airlines
it was decided that none of the Indonesian carriers can be
withdrawn at this stage from the Community list [of airlines
subject to an operating ban in the European Union]."

The Australian relates that Indonesia had asked the EU to remove
the airline from its blacklist so that President Susilo Bambang
Yudhoyono could conduct a state visit to the Netherlands in
April.

The EU adopted last week its seventh update of the "blacklist".
The Commission is imposing a ban on all operations of an
additional Ukrainian airline (Ukraine Cargo Airways) as well as
on all operations of the Congolese carrier Hewa Bora Airways.
At the same time, the Commission is closely monitoring the
progress of corrective actions by carriers such as Mahan Air
from Iran, TAAG Angola Airlines and all Indonesian carriers, all
of which at this stage, remain on the list.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sept. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.




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

ELPIDA MEMORY: To Report JPY20 Bln Operating Loss, Nikkei Says
--------------------------------------------------------------
Elpida Memory Inc. is expected to post a group operating loss of
more than JPY20 billion in January-March, erasing three quarters
of profit, Mayumi Negishi writes for Reuters, citing the Nikkei
business daily.

Nikkei, relates Reuters, said Elpida sales are likely to have
stood at about JPY400 billion, down about 18% from the previous
year.

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

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


GAP INC: March 2008 Net Sales Decrease 12% at US$1.37 Billion
-------------------------------------------------------------
Gap Inc. reported net sales of US$1.37 billion for the five-week
period ended April 5, 2008, which represents a 12% decrease
compared with net sales of US$1.55 billion for the same period
ended April 7, 2007.  The company's comparable store sales for
March 2008 decreased 18% compared with a 6% increase for March
2007.

Comparable store sales by division for March 2008 were:

    * Gap North America: negative 14% versus positive 4% last
      year;

    * Banana Republic North America: negative 8% versus positive
      8% last year;

    * Old Navy North America: negative 27% versus positive 10%
      last year; and

    * International: negative 3% versus negative 5% last year.

"Overall March traffic and sales results across our brands were
disappointing, particularly at Old Navy," Sabrina Simmons, chief
financial officer of Gap Inc., said.  "With our continued
inventory discipline across the brands, we delivered merchandise
margins above last year.  As we execute our strategy of
delivering healthier earnings through improved margins and cost
management, we remain comfortable with our previously
communicated 2008 annual earnings per share guidance of US$1.20-
US$1.27."

Year-to-date net sales of US$2.28 billion for the nine weeks
ended April 5, 2008, dropped 7% compared with net sales of
US$2.46 billion for the nine weeks ended April 7, 2007.  The
company's year-to-date comparable store sales decreased 13%
compared with a 2% increase in the prior year.

The company reiterated that it expects diluted earnings per
share of US$1.20 to US$1.27 for fiscal year 2008.

The company will report April sales on May 8, 2008.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                           *     *     *

Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007.  The ratings still hold to date with a
stable outlook.


IHI CORP: Posts JPY20BB Net Income for Fiscal Year Ended Mar. 31
----------------------------------------------------------------
IHI Corp. reports a net income of JPY20 billion for the fiscal
year ended March 31, 2007, Masumi Suga writes for Bloomberg
News.

According to the report, the net income result was 23% short
from IHI's forecast.  IHI, in a statement said the smaller-than-
predicted full-year profit was because of delays in delivering
nuclear equipment and a stronger yen eroded the value of
overseas earnings.

IHI had a JPY4.6 billion loss earlier, while sales rose 8% to
JPY1.32 trillion, unchanged from the forecast, relates
Bloomberg.

Operating loss, states Bloomberg, widened to JPY18 billion for
the year from a previous loss estimate of JPY15 billion and the
JPY5.6 billion loss reported a year earlier.

Bloomberg quotes IHI's finance director Makoto Serizawa as
saying, "As steel and other material costs rose, we had to
finally accept the cost estimates of vendors to meet schedules."

IHI said the Japanese currency's 15% gain against the dollar
eroded earnings from operations by JPY2 billion.

                       About IHI Corp.

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

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


SOLO CUP: Brian O'Connor Replaces Peter W. Calamari as Director
---------------------------------------------------------------
Effective March 31, 2008, Peter W. Calamari, a director of the
Solo Cup Company designated by Vestar Capital Partners, resigned
his position as a director of the company.  The company said
that Mr. Calamari did not resign due to any disagreement with
the company on any matter relating to the company's operations,
policies or practices.

Mr. Calamari was replaced by Brian P. O'Connor, effective
April 3, 2008.  Mr. O'Connor has also been named to the
company's audit committee.  In August 2000, Mr. O'Connor joined
Vestar and most recently has served there as vice president
since December 2006. Prior to joining Vestar, Mr. O'Connor was a
member of the Merchant Banking group at Donaldson, Lufkin &
Jenrette from August 1998 to June 2000.

Vestar Capital Partners, together with certain of its
affiliates, own 32.7% of Solo Cup Investment Corporation, the
company's parent.

                       About Solo Cup Company

Headquartered Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- is a a privately owned, publicly
reporting company exclusively focused on the manufacture of
single-use products used to serve food and beverages for the
consumer/retail, foodservice and international markets.  Solo
has broad expertise in paper, plastic and foam disposables and
creates brand name products under the Solo and Sweetheart names.
The company was established in 1936 and has a global presence
with facilities in Japan Canada, Europe, Mexico, Panama and the
United States.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$1.182 billion in total assets, US$1.096 billion in
total liabilities, and US$86.1 million in total shareholders'
equity.

                          *     *     *

Solo Cup company continues to carry Moody's Investor Service's
'Caa2' senior subordinate rating, which was placed in March
2007.




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

KOREAN EXPRESS: Asiana Airline & 13 People Buy 24 Million Shares
----------------------------------------------------------------
Asiana Airline Inc. and 13 individuals have acquired 24,000,000
shares of common stock of Korea Express Co. Ltd, Reuters
reports.  According to the report, as a result, Asiana Airline
and the individuals now hold a 65.38% stake of the company.  "It
has increased by a 51.37% since February 29, 2008," Reuters
relates.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


KRISPY KREME: Lenders Approve Modifications in Credit Facilities
----------------------------------------------------------------
Krispy Kreme Doughnuts Inc. obtained amendments to the company's
secured credit facilities which, among other things, relax
certain financial covenants.  Those covenants were scheduled to
become more stringent during fiscal 2009.

The amendments also provide that the interest rate on the loans
outstanding under the facilities will increase from LIBOR plus
3.50% to LIBOR plus 5.50%, with a minimum LIBOR rate of 3.25%,
and fees on letters of credit outstanding under the facilities
will increase from 3.75% to 5.75%.

As of Feb. 3, 2008, the outstanding balance of the term loan was
US$76.1 million and outstanding letters of credit were
US$20.3 million.  There were no amounts drawn under the
revolving facility, which was reduced from US$50 million to
US$30 million.

The term loan balance reflects a prepayment of US$10.9 million
made on February 1 in connection with the completion of the sale
of the company's mix manufacturing and distribution facility in
Effingham, Illinois.

                   US$160,000,000 Credit Facility

Krispy Kreme Doughnut Corporation, a wholly owned subsidiary of
Krispy Kreme Doughnuts, Inc., entered into a US$160 million
credit agreement, dated as of February 16, 2007, with Credit
Suisse, Cayman Islands Branch, as administrative agent,
collateral agent, issuing lender and swingline lender, and the
lenders party.  The credit facility comprises a US$110 million
term loan and a US$50 million revolving loan.

The term loan amortizes in quarterly installments of US$275,000
beginning in April 2007 with a final payment of the remaining
term loan balance due in February 2014.  The revolving facility
has a six year term ending in February 2013.

The revolving credit facility provides that up to US$30 million
of the facility may be used by KKDC to obtain letters of credit.
The new facility may be retired without penalty at any time.

Proceeds of the term loan were used to repay the approximately
US$107 million outstanding balance under KKDC's prior credit
facility -- which had been arranged by Credit Suisse, Cayman
Island Branch -- and to pay fees and expenses related to the new
financing and the retirement of the prior facility.

Loans under the new credit agreement bear interest at LIBOR plus
3.00% -- subject to a stepdown based on credit ratings.  Upon
the occurrence of customary events of default set forth in the
credit agreement, including payment defaults, breaches of
covenants, a change of control and insolvency/bankruptcy events,
the administrative agent may and, upon the request of a majority
of the lenders, shall, accelerate repayment of the loans.

In connection with the credit agreement, Krispy Kreme and its
affiliates and subsidiaries that guaranteed the loan
obligations, entered into a security agreement with Credit
Suisse, Cayman Islands Branch, dated as of February 16, 2007.

Under the credit facility, Krispy Kreme Doughnuts Inc. covenants
with its lenders not to permit its Consolidated Leverage Ratio
to exceed these ratios for any Test Period:

      Period                                            Ratio
      ------                                            -----
1st Fiscal Quarter of 2008 Fiscal Year             4.50 to 1.00
2nd and 3rd Fiscal Quarters of 2008 Fiscal Year    4.25 to 1.00
4th Fiscal Quarter of 2008 Fiscal Year             4.00 to 1.00
1st First Fiscal Quarter of 2009 Fiscal Year       3.75 to 1.00
2nd, 3rd and 4th Fiscal Quarters
   of 2009 Fiscal Year                              3.50 to 1.00
2010 Fiscal Year                                   3.25 to 1.00
2011 and 2012 Fiscal Years                         3.00 to 1.00
2013 Fiscal Year and Thereafter                    2.75 to 1.00

Krispy Kreme Doughnuts Inc. also covenants with its lenders not
to permit its Consolidated Interest Coverage Ratio to be less
than these ratios for any Test Period:

      Period                                            Ratio
      ------                                            -----
1st Fiscal Quarter of 2008 Fiscal Year             2.75 to 1.00
2nd and 3rd Fiscal Quarters of 2008 Fiscal Year    3.00 to 1.00
4th Fiscal Quarter of 2008 Fiscal Year             3.25 to 1.00
1st Fiscal Quarter of 2009 Fiscal Year             3.50 to 1.00
2nd and 3rd Fiscal Quarters of 2009 Fiscal Year    3.75 to 1.00
4th Fiscal Quarter of 2009 Fiscal Year             4.00 to 1.00
2010 Fiscal Year                                   4.25 to 1.00
2011 Fiscal Year and Thereafter                    4.50 to 1.00

Krispy Kreme Doughnuts Inc. also covenants with its lenders not
to permit the aggregate amount of Capital Expenditures to exceed
specific amounts at these periods:

         Period                           Amount
         ------                           ------
    2008 Fiscal Year                  US$15,000,000
    2009 Fiscal Year                  US$17,500,000
    2010 Fiscal Year and each
       Fiscal Year thereafter         US$20,000,000

If the aggregate amount of Capital Expenditures for any Fiscal
Year would be less than the amount permitted to be made in that
Fiscal Year, then 50% of the shortfall will be added to the
amount of Capital Expenditures permitted for the immediately
succeeding -- but not any other -- Fiscal Year and the amount of
Capital Expenditures made during any Fiscal Year will be deemed
to have been made first from the amount permitted to be made in
that Fiscal Year and last from carryover from the preceding
Fiscal Year.

A full-text copy of the US$160,000,000 CREDIT AGREEMENT dated as
of February 16, 2007, among KRISPY KREME DOUGHNUT CORPORATION,
KRISPY KREME DOUGHNUTS, INC., The SUBSIDIARY GUARANTORS, on the
one hand; and CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as
Administrative Agent, Collateral Agent, Issuing Lender and
Swingline Lender; CREDIT SUISSE SECURITIES (USA) LLC, as Sole
Bookrunner and Sole Lead Arranger; WELLS FARGO FOOTHILL, INC.
and WACHOVIA BANK, NATIONAL ASSOCIATION as Co-Syndication
Agents; and CAROLINA FIRST BANK, as Documentation Agent, is
available at no charge at:

                http://ResearchArchives.com/t/s?29f1

                       About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                          *     *     *

Standard & Poor's placed Krispy Kreme Doughnuts Inc.'s long term
foreign and local issuer credit ratings at 'B-' in September
2007.  The ratings still hold to date with a negative outlook.


NDCORP: To Issue 152,600 Shares of Common Stock Worth KRW1.9BB
--------------------------------------------------------------
NDcrop Co. Limited has agreed to issue 152,600 shares of its
common stock worth KRW 1,999,060,000, through a public offering,
Reuters reports.

According to the report, the shares' par value and offer price
are KRW500 and KRW13,100, respectively.  The shares will be open
for subscription for public from April 16, 2008, to April 17,
2008, and be listed on April 29, 2008, the report relates.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol residential gateways, VoIP
asymmetric digital subscriber line modems and VoIP cable modems,
and System Integration business, which provides servers, work
stations and data storage systems for digital media services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a B- rating with an evolving outlook on
July 31, 2006.




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

CNLT (FAR EAST): Court Rejects Extension of Restraining Order
-------------------------------------------------------------
The High Court of Kuala Lumpur has rejected the application of
CNLT (Far East) Berhad to extend its restraining order.

In this regard, CNLT will be submitting a new application for a
restraining order in order to facilitate the finalization of its
proposed corporate and debt restructuring scheme.

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.


FOAMEX INT'L: D.E. Shaw to Backstop US$115MM Rights Offering
------------------------------------------------------------
Foamex International Inc. on April 1, 2008, entered into an
Equity Commitment Agreement with D. E. Shaw Laminar Portfolios,
L.L.C.; Sigma Capital Associates, LLC; CGDO, LLC -- as agent and
on behalf of Chilton Global Distressed Opportunities Master
Fund, L.P.; and Q Funding III L.P.

Pursuant to the Equity Commitment Agreement, Foamex will carry
out aUS$115,000,000 rights offering to existing holders of the
Company's common stock, par value US$0.01 per share, and,
concurrently with the Rights Offering, an offering of shares of
its Common Stock to the lenders under the company's Second Lien
Term Credit Agreement, dated as of February 12, 2007, with Bank
of America, N.A., as Administrative Agent, and a consortium of
lenders.

D. E. Shaw et al. have agreed to purchase US$100 million worth
of the Company's Common Stock at US$0.65 per share in cash or an
exchange of Second Lien Loans at par value.

                          Rights Offering

In connection with the Rights Offering, the Company will issue
to each record holder of Common Stock a non-transferable right
to purchase shares of Common Stock for each share of Common
Stock owned by such holder on a record date (to be determined)
in exchange for a cash payment. The purchase price of shares of
Common Stock in the Rights Offering will be US$0.65 per share.
The Company will file a Registration Statement on Form S-1 with
the Securities and Exchange Commission with regard to the shares
of Common Stock issuable pursuant to the Rights Offering.

                        Second Lien Offering

Pursuant to the Second Lien Offering, the lenders under the
Second Lien Agreement may purchase shares of Common Stock, with
the purchase price being satisfied with an assignment to the
Company, on a dollar-for-dollar basis and at par, of outstanding
loans under the Second Lien Agreement.  The purchase price per
share in the Second Lien Offering will be the same as the Rights
Offering Price.

                     Early Participation Shares

As part of the Offerings, the Company will issue additional
shares of Common Stock -- Early Participation Shares -- to each
person -- other than the Significant Equityholders -- that
participates in the Rights Offering or the Second Lien Offering
within the first seven days of the commencement of the
Offerings.  Any such person will receive a number of Early
Participation Shares equal to 2% of the number of shares of
Common Stock being validly acquired by that person through the
exercise of rights in the Rights Offering or the submission of
loans in the Second Lien Offering during the seven-day period.

                       Put Option Agreements

Pursuant to the Equity Commitment Agreement, the Company has
entered into put option agreements with each of the Significant
Equityholders pursuant to which, subject to certain conditions,
the Company may require the Significant Equityholders to
purchase an aggregate of US$100.0 million of Common Stock at a
price per share equal to the Rights Offering Price to the extent
the Significant Equityholders did not do so in the Rights
Offering or the Second Lien Offering.  The Offerings and the
Company's rights under the Put Option Agreements are subject to
certain cutback provisions.

Under the Put Option Agreements, to the extent the Company does
not receive gross cash proceeds equal to an aggregate ofUS$15
million from the issuance of Company securities pursuant to the
Equity Commitment Letters, D. E. Shaw and Sigma have agreed to
exercise a sufficient number of rights in the Rights Offering to
ensure that the sum of the gross proceeds from the issuance of
Company securities under the Equity Commitment Letters and the
net proceeds of the exercise of rights by D.E. Shaw and Sigma
equals US$15 million.

In consideration for entry into the Equity Commitment Agreement
and the Put Option Agreements, the Significant Equityholders
will be entitled to receive an aggregate premium of
US$8,625,000, payable in shares of Common Stock at a price per
share equal to the Rights Offering Price.  The dollar amount of
this premium amount payable to any Significant Equityholder will
be reduced by an amount equal to any premium actually paid to
that Significant Equityholder under the Equity Commitment
Letters.

                              Cutbacks

The rights issued in connection with the Rights Offering to any
Company stockholder that is not a Five Percent Stockholder as of
April 1, 2008, will not be exercisable to the extent the
exercise, after taking into account any shares of Common Stock
to be issued to the stockholder in connection with the Second
Lien Offering or as Early Participation Shares would result of
in that stockholder or group, as applicable, owning in excess of
4.9% of the Company's Common Stock for purposes of Section 382
of the Internal Revenue Code of 1986, as amended.

The number of shares of Common Stock issuable in the Second Lien
Offering is subject to reduction if the issuance would result in
the Company undergoing a cumulative "ownership change" of 49.5%
within the meaning of Section 382.

The cutback provision will not apply to the extent it would
cause the Offerings to result in gross proceeds (including the
principal amount of loans assigned pursuant to the Second Lien
Offering) to the Company to be less then US$135.0 million.

Commenting on the commitments, Jack Johnson, president and chief
executive officer of Foamex, said, "With these commitments, we
will be able to significantly reduce our debt level and retire a
large portion of our higher cost debt.  Our major stockholders
continue to support the company and we are enthusiastic about
implementing our operating and growth plans with a stronger
balance sheet."

The offerings would be expected to be completed in the second
quarter of 2008.  If the rights offering and Second Lien
Offering are not consummated, the company will retain the right
under certain circumstances to require the committed
stockholders to purchase US$100 million of common stock through
the exchange of Second Lien Loans and up toUS$20 million of
additional common stock from the previously announced capital
commitments.

The company has agreed to pay premiums to the committing
stockholders and certain fees and expenses on behalf of the
committing stockholders.

                     About Foamex International

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

                           *     *     *

As reported in the Troubled Company Reporter on April 8, 2008,
Foamex International Inc.'s consolidated balance sheet at
Dec. 30, 2007, showed US$430.6 million in total assets
andUS$728.7 million in total liabilities, resulting in a
US$298.1 million total stockholders' deficit.


FOAMEX INTERNATIONAL: Inks Amendments to Two Credit Agreements
--------------------------------------------------------------
Foamex International Inc. and its wholly owned subsidiary Foamex
L.P. entered into amendments, effective March 27, 2008, to:

    (i) the First Lien Term Credit Agreement, dated as of
        Feb. 12, 2007, among the company, Foamex L.P., the
        lenders and Bank of America, N.A., as Administrative
        Agent, and

   (ii) the Second Lien Term Credit Agreement, dated as of
        Feb. 12, 2007, among the company, Foamex L.P., the
        lenders and Bank of America, N.A., as Administrative
        Agent.

Foamex has obtained a commitment from D. E. Shaw Laminar
Portfolios, L.L.C.; Sigma Capital Associates, LLC; CGDO, LLC --
as agent and on behalf of Chilton Global Distressed
Opportunities Master Fund, L.P.; and Q Funding III L.P., to
backstop the company's US$115,000,000 equity rights offering.

The amendments were entered into in connection with the
company's intention to conduct one or more transactions to
decrease its indebtedness under the Term Credit Agreements
through an infusion of equity.

Today's Troubled Company Reporter carries a story on the equity
rights offering and backstop commitment.

The Second Lien Agreement, as amended, permits a Second Lien
Lender to assign to the company all or a portion of such
lender's Loans solely -- except, in certain instances, with
respect to the payment of accrued but unpaid interest in cash --
in consideration for the issuance to such lender of Qualified
Capital Stock of the company as part of a similar offer to all
Second Lien Lenders and provided that, subject to certain
exceptions:

   (i) such Permitted Offer values the Loans submitted for
       assignment either at par or at a discount or premium to
       par, provided that any such discount or premium in such
       Permitted Offer is the same for all Second Lien Lenders,

  (ii) (A) the class of and initial price per share for the
       Qualified Capital Stock in such Permitted Offer, and any
       adjustments thereto, and (B) the selection of the method
       of payment for outstanding accrued and unpaid interest
       with regard to Loans submitted for assignment in such
       Permitted Offer, are the same for all Second Lien Lenders,
       and

(iii) the application of any provision permitting the company to
       accept less than all of the principal amount of Loans
       submitted for assignment by a Second Lien Lender in its
       acceptance of Permitted Offer is applied pro rata among
       all accepting Second Lien Lenders based on their
       respective amounts of Loans submitted for assignment
       (except to the extent any Second Lien Lender otherwise
       agrees to a greater reduction with respect to itself
       only).

Any Loans assigned in connection with a Permitted Offer will be
contributed to the capital of Foamex for no consideration and
legally terminated, cancelled and extinguished and no longer
outstanding for all purposes of the Second Lien Agreement.

With regard to the first Permitted Offer completed by the
company, these conditions apply, subject to certain exceptions:

   (i) such First Permitted Offer must value the Loans submitted
       for assignment at par,

  (ii) if such First Permitted Offer is made concurrently with or
       in connection with a rights offering of, or other
       transaction with respect to, the same class of Qualified
       Capital Stock to the company's stockholders as is offered
       in such First Permitted Offer, then the subscription price
       per share of Qualified Capital Stock in such First
       Permitted Offer to Second Lien Lenders must be the same as
       in such rights offering or other transaction,

(iii) the terms of such First Permitted Offer must require the
       company to accept the entire principal amount of all Loans
       submitted for assignment pursuant to such First Permitted
       Offer except to the extent (A) any reduction is required
       by any provision included in the terms of such First
       Permitted Offer relating to the preservation of the use of
       the company's net operating losses pursuant to Section 382
       of the Internal Revenue Code or (B) any Second Lien Lender
       agrees to permit the company to reduce the amount of
       acceptance of such Second Lien Lender's Loans submitted
       for assignment, and

  (iv) on or before the closing of such First Permitted Offer,
       the company issues or sells Qualified Capital Stock for
       consideration in an aggregate amount of not less than
       US$80.0 million (which may include any sales pursuant to
       the Equity Commitment Letters).

In connection with the amendment to the Second Lien Agreement,
the company paid an aggregate consent fee of US$420,000 to
Second Lien Lenders who agreed to such amendment.

Pursuant to the First Lien Agreement, as amended, if the company
receives any cash proceeds from the sale of its Qualified
Capital Stock pursuant to the Equity Commitment Letters, dated
as of Feb. 13, 2008, to be used for funding ordinary course
expenditures, then the company must make an optional prepaymnt
of loans outstanding under the First Lien Agreement in an amount
equal to the amount of such cash proceeds.  In addition, upon
completion by the company of a First Permitted Offer, the
company must use any net cash proceeds from the other related
stock sales to prepay loans outstanding under the First Lien
Agreement.

The amendment to the First Lien Agreement includes a consent to
the amendment to the Second Lien Agreement and the transactions
contemplated thereby.  A condition to such consent is that,
prior to or concurrently with the completion of the First
Permitted Offer, the company must have received cash proceeds
from the Equity Commitment Letters and net cash proceeds from
the First Permitted Offer and related transactions equal to at
least US$15.0 million in the aggregate.

The amendment to the First Lien Agreement also amended the
definition of "Applicable Rate" to mean 2.25% per annum for Base
Rate Loans and 3.25% per annum for Eurodollar Rate Loans. In
addition, the First Lien Agreement, as amended, eliminates a
provision that would have permitted the company to retain the
first US$15.0 million of net cash proceeds of certain asset
sales, which must be applied instead to prepay loans under the
First Lien Agreement.

In connection with the amendment to the First Lien Agreement,
the company paid an aggregate consent fee ofUS$3,450,000 to
First Lien Lenders who agreed to such amendment.

                    About Foamex International

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. became effective and the company
emerged from chapter 11 bankruptcy protection on Feb. 12, 2007.

                           *     *     *

As reported in the Troubled Company Reporter on April 8, 2008,
Foamex International Inc.'s consolidated balance sheet at
Dec. 30, 2007, showed US$430.6 million in total assets
andUS$728.7 million in total liabilities, resulting in a
US$298.1 million total stockholders' deficit.


GOLD BRIDGE: Intends to Submit 2007 Annual Report by May 31
-----------------------------------------------------------
Gold Bridge Engineering & Instruction Berhad aims to finalize
and submit its 2007 annual report by May 31, 2008, to the Bursa
Malaysia Securities Berhad.

If the company fails to issue its annual report by the given
timeframe of the Bursa Securities, the company's securities will
be suspended from trading and de-listing procedures will
commence.

Moreover, the company was able to finalize and just submitted
its annual audited accounts for the financial year ended
June 30, 2007.  In conjunction with this, the company is fixing
its date of its annual general meeting.

                         About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

Ernst & Young have expressed a significant doubt about the
group's and the company's abilities to continue as going
concerns after auditing annual consolidated audited accounts for
the year ended June 30, 2007.  The auditor pointed to the group
and the company's net losses attributable to equity holders of
MYR49,234,514 and MYR24,346,767 respectively and net current
liabilities of the group and of the company of MYR115,806,799
and MYR25,919,289 respectively.  Furthermore, the group and the
company have defaulted in the repayment of bank borrowings
totaling to MYR6,311,782 and MYR4,178,366 respectively, while
the group and the company have also not paid their tax
liabilities of MYR73,380,810 and MYR22,951,425 respectively.


HALIFAX CAPITAL: Bourse Extends Plan Filing Period to May 18
------------------------------------------------------------
The Bursa Malaysia Securities Berhad has granted Halifax Capital
Berhad an extension of time of three months from February 18,
2008, to May 18, 2008, to submit its regularization plans to the
Securities Commission and other relevant authorities for
approval.

In the event:

    a) the company submits its regularization plans to the
       Approving Authorities for approval within the Extended
       Timeframe for Submission, Bursa Securities will await the
       outcome of the company's submission; and

    b) the company fails to obtain the Approving Authorities'
       approval and appeals against the decision of the Approving
       Authorities, Bursa Securities will await the outcome of
       the company's appeal to the Approving Authorities.

Halifax must proceed to implement its regularization plans
within the timeframe or extended timeframes stipulated by the
Approving Authorities in the event it obtains all authorities'
approval necessary for the implementation of its RP or if it
succeeds in its appeal to the Approving Authorities.

However, in the event:

    a) the company fails to submit the regularization plans to
       the Approving Authorities for approval within the
       Extended Timeframe for Submission;

    b) the company fails to obtain the approvals of the
       Approving Authorities necessary for the implementation of
       its regularization plans and does not appeal to the
       Approving Authorities within the timeframe;

    c) the company does not succeed in its appeal against the
       decision of the Approving Authorities; or

    d) the company fails to implement its regularization plans
       within the timeframe or extended timeframes stipulated by
       the Approving Authorities,

the company's securities will be removed from the Official List
of Bursa Securities upon the expiry of seven market days from
the date the company is notified by Bursa Securities or other
date specified by Bursa Securities.

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka. Setron (Malaysia) Berhad -- is principally engaged in
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.  Its
subsidiaries also include Al-Marsa Worldtrade Sdn. Bhd.,
Affluent Capital Sdn. Bhd., Setin Sdn. Bhd., Setron Electronic
Industries Sdn. Bhd., Meltron Multimedia Sdn. Bhd., VA
Advertising & Promotion Sdn. Bhd., ASH Creative Sdn. Bhd.,
Darulmas Manufacturing Services Sdn. Bhd., Setron Lyngso (M)
Sdn. Bhd., Setron Mathews Sdn. Bhd. and Setron Timber Industries
Sdn. Bhd.  All of these subsidiaries have ceased their business
operations.  In April 2006, it announced that Zecon Engineering
Berhad has a 25.48% interest in the company.

The company is considered an Affected Listed Issuer, as its
shareholders' equity on consolidated basis is less than 25% of
the issued and paid-up share capital of the listed issuer and
such shareholders' equity is less than the minimum issued and
paid up share capital.


LITYAN HOLDINGS: Inks Major Contract With PCCW
----------------------------------------------
Lityan Holdings Bhd has signed its first major contract with
Hong Kong telecommunications giant PCCW Ltd, the EdgeDaily
reports.

The EdgeDaily relates that according to its sources, the
contract will provide Lityan a back end support.  The contract
value is not known but sources said that the contract will form
the basis of Lityan's regularization plan, the report adds.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


MEGAN MEDIA: Bourse to Delist Securities on April 23
----------------------------------------------------
Megan Media Holdings Berhad's securities will be delisted from
the Official List of the Bursa Malaysia Securities Berhad on
April 23, 2008, unless an appeal is made to the Bourse by
April 18, 2008.  Bourse decided to delist Megan as the company
does not have an adequate level of financial condition to
warrant its continued listing.

In the event the company submits an appeal to Bursa Securities
within the Appeal Timeframe, the removal of the securities will
be deferred pending the decision of the Appeals Committee.

With respect to the securities of the company which are
currently deposited with Bursa Malaysia Depository Sdn Bhd, the
securities may remain deposited with Bursa Depository.

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

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

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

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


SHAW GROUP: Earns US$8.9 Million in Quarter Ended Feb. 29
---------------------------------------------------------
The Shaw Group Inc. reported a net income of US$8.9 million, or
US$0.11 per diluted share for the three months ended
February 29, 2008.  Net income excluding the Westinghouse
segment was US$37.3 million, or US$0.44 per diluted share.  The
Westinghouse segment included a non-cash, pre-tax, foreign
exchange translation loss of US$40.6 million.  In comparison,
for the three months ended February 28, 2007, Shaw reported a
net loss of US$61.5 million, or US$0.77 per diluted share.
Excluding the Westinghouse segment, the prior year net loss for
the period was US$74.6 million, or US$0.93 per diluted share.

Earnings before interest expense, income taxes, depreciation and
amortization (EBITDA) for the second quarter of fiscal 2008,
excluding the Westinghouse segment, were US$78.6 million,
compared to a loss of US$76.0 million before interest expense,
income taxes, depreciation and amortization in the prior year
period.

"All of our business segments experienced revenue and earnings
growth for the first half of fiscal 2008 compared to the prior
year period, and we continue to generate strong operating cash
flow," said J.M. Bernhard Jr., Shaw's chairman, president and
chief executive officer.  "Each segment performed well during
the second quarter with the exception of the Environmental and
Infrastructure segment, which performed below expectations.  Our
Fabrication & Manufacturing segment achieved record revenues and
gross profit in the period as the business continues to execute
its capacity expansion program.  The Fossil & Nuclear segment
also posted record revenues as work progresses on major air
quality control projects, supercritical clean coal-fired power
projects and the four AP1000 nuclear reactors in China.

"Recent agreements with SCANA and Progress Energy, along with
our EPC contract with Southern Company, indicate that the
nuclear renaissance in the U.S. is well underway," Bernhard
continued.  "With our solid financial position, strong project
portfolio and the phasing of our projects under execution, we
continue to forecast increased earnings in the second half of
2008 and beyond."

Net cash provided by operating activities totaled a record
US$196.2 million for the second quarter of fiscal 2008, compared
to US$22.5 million in the second quarter of fiscal 2007.  At
February 29, 2008, Shaw's total cash balance was approximately
US$665 million, up approximately US$304 million from the start
of fiscal year 2008.

Revenues for the second quarter of fiscal 2008 were US$1.7
billion, up 37 % from US$1.2 billion in the corresponding 2007
period.

The reported results for the second quarter of 2008, excluding
the Westinghouse segment, include a 42% tax provision,
reflecting a higher tax provision than in previous periods due
to a shift in earnings to less favorably taxed jurisdictions.

Shaw's backlog of unfilled orders at February 29, 2008, was a
strong US$14.2 billion, up 26% from the prior year period, with
approximately US$5.6 billion, or 39%, of the backlog expected to
be converted to revenues during the next 12 months.

A conference call to discuss the company's second quarter fiscal
2008 financial results will be held today, Wednesday, April 9,
2008, at 9:30 a.m. EDT (8:30 a.m. CDT).  A slide presentation
outlining the second quarter financial results will be posted on
the Investor Relations page of Shaw's Web site at
http://www.shawgrp.comapproximately one hour prior to the
conference call.  Interested parties may dial 800-954-0696 to
listen live to the conference call or access a live audio
webcast on the Investor Relations page of Shaw's Web site at
http://www.shawgrp.com. A replay of the conference call will be
available by telephone, as well as on the company's Web site,
approximately one hour after the conclusion of the call.  To
listen to a replay of the conference call by telephone, dial
800-633-8284 and use reservation number 2138-0274.

                         About Shaw Group

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

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

                            *     *     *

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


SOLUTIA INC: Air Liquide Seeks Allowance of US$1,059,228 Claim
--------------------------------------------------------------
Air Liquide Large Industries U.S. LP asks the U.S. Bankruptcy
Court for the Southern District of New York for the allowance
and immediate payment of its US$1,059,228 administrative claim
against Solutia Inc. and its debtor-affiliates.

Air Liquide and Solutia Inc. were parties to a certain Amended
and Restated Nitrogen Sales Contract effective March 1, 2005, as
amended, pursuant to which Air Liquide sold certain gaseous
nitrogen to Solutia.  The Nitrogen Contract was assumed by
Solutia pursuant to the Court's June 8, 2005 order.

Air Liquide relates that it provided nitrogen to Solutia during
the months of September and Oct. 2005, among other times.
Invoice No. 10239, dated Sept. 30, 2005, for US$1,552,589, and
Invoice No. 10663, dated Oct. 31, 2005, fo rUS$1,330,929 --
totaling US$2,853,518 -- were sent to Solutia.

Of the amounts billed for gaseous nitrogen supplied between
Sept. 1 and Oct. 31, 2005, Solutia has refused to pay the
balance owed ofUS$1,059,228, Cynthia W. Cole, Esq., at Beirne
Maynard & Parsons L.L.P., in Dallas, Texas, tells the Court.

Because the dispute could not be resolved by the agreement of
the parties, the matter became ripe for submission to
alternative dispute resolution, pursuant to the terms of the
Nitrogen Contract.  However, Solutia refused to nominate
potential mediators or otherwise proceed with mediation of the
dispute, Ms. Cole says.

On June 6, 2006, Air Liquide commenced an action against Solutia
in the 165th Judicial District Court, Harris County Texas.
Solutia removed the Texas Action to the United States Bankruptcy
Court Southern District of Texas on June 14.  On August 11, Air
Liquide filed a motion to remand the Federal Action.

Solutia and Air Liquide entered into an agreed order whereby the
Federal Action was remanded to the Texas State Court from which
the Texas Action was removed.  The parties also entered into a
stipulation and agreement relating to the agreed order.  The
Texas Action remains pending, according to Ms. Cole.

Air Liquide is entitled to an allowed administrative claim of
US$1,059,228, Ms. Cole asserts.

                         About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide,
including Malaysia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on Nov. 29, 2007, the Court confirmed the Debtors' Consensual
Plan.  Solutia emerged from chapter 11 protection Feb. 28, 2008.
(Solutia Bankruptcy News, Issue No. 123; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.




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

3 DOGS DOWN: Taps Shephard and Dunphy as Liquidators
----------------------------------------------------
On March 11, 2008, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed liquidators of 3 Dogs Down Kohatu Hotel
Ltd.

The liquidators can be reached at:

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


ACCOUNTANTS & BROKERS: Fixes April 16 as Last Day to File Claims
----------------------------------------------------------------
Accountants & Brokers Ltd. requires its creditors to file their
proofs of debt by April 16, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

           Henry David Levin
           PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


ARCH HILL: Creditors' Proofs of Debt Due April 20
-------------------------------------------------
Creditors of Arch Hill Properties Ltd. are required to file
their proofs of debt by April 20, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

            Grant Bruce Reynolds
            Grant Reynolds, Insolvency Practitioners
            PO Box 259059, Greenmount
            Auckland
            New Zealand
            Telephone:(09) 526 0743
            Facsimile:(09) 526 0748


ASH & JOY: Creditors' Proofs of Debt Due April 16
-------------------------------------------------
Creditors of Ash & Joy Investments Limited are required to file
their proofs of debt by April 16 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

           Henry David Levin
           PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


BLUE CHIP NEW ZEALAND: Commences Voluntary Liquidation
------------------------------------------------------
Blue Chip New Zealand Ltd. has been put into voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.

Blue Chip Financial Solutions changed its name to Northern Crest
Investments Limited on April 1, 2008.  The name change from Blue
Chip to Northern Crest became necessary in order to quarantine
the listed company from the reputational damage associated with
the cancellation of the New Zealand Franchise which operated
under the "Blue Chip" brand.

Northern Crest, in a statement with the Australian Securities
Exchange, said that Blue Chip NZ had performed a centralized
treasury function within the group prior to the sale of the
business to the New Zealand Franchise.

Blue Chip NZ had effectively ceased trading.

Blue Chip liquidator Jeff Meltzer confirmed to the New Zealand
Herald that he had asked for Blue Chip NZ to be put into
liquidation to aid his investigation into the collapse of the
property investment group with losses running at more than $72
million.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.


CLEAR CHANNEL: Tex. Court Rejects Banks' Request to Dismiss Suit
----------------------------------------------------------------
The Honorable Joe F. Brown Jr. of the Bexar County State
District Court rejected the request of a consortium of banks to
dismiss a lawsuit filed against them by private equity firms
Thomas H. Lee Partners LP and Bain Capital Partners relating to
aUS$19 billion financing agreement to acquire Clear Channel
Communications Inc., according to several papers.

Judge Brown converted a temporary restraining order, which was
issued by the court to force the financiers -- Citigroup Inc.,
Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland
Group Plc, Deutsche Bank AG and Wachovia Corp. -- to honor the
financing deal, into a temporary injuction, turning the state of
the deal back to its existing condition, Peter Lattman of The
Wall Street Journal reports.  A trial is set for June 2, 2008.

As reported in the Troubled Company Reporter on April 9, 2008,
Justice Helen Freedman of the New York Supreme Court has ruled
that a case filed by proposed buyers of Clear Channel against
financiers of the deal will go to trial in New York on May 5 or
as soon after as can be scheduled.

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

The main dispute centers on the lending syndicate's demand that
the private-equity firms replace a long-term financing package
of at least six years in the original agreement with a short-
term, three-year bridge-financing agreement; and a condition
that the buyers not use a revolving credit facility or Clear
Channel's cash flow to pay down about US$3.8 billion in short-
term debt securities.

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

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

                          *     *     *

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

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

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


CLEAR CHANNEL: Banks Ask NY Court for Summary Judgment on Deal
--------------------------------------------------------------
A consortium of banks that promised to finance the acquisition
of Clear Channel Communications Inc. filed a summary judgment
request with the Supreme Court of the State of New York on
April 10, 2008.

The New York State Court will convene a summary judgment hearing
on April 24, Peter Lattman of The Wall Street Journal reports.

As reported in the Troubled Company Reporter on March 27, 2008,
CC Media Holdings Inc., a corporation formed by private-equity
funds co-sponsored by Thomas H. Lee Partners LP and Bain Capital
LLC, sued a group of banks that promised to finance the US$19
billion Clear Channel acquisition to compel them to honor the
agreement.  CC Media filed complaints in New York state court in
Manhattan and in Bexar County, Texas.  The firms alleged the
backers breached a contract entered in May to fund the deal.
Clear Channel joined the suit in Texas.

Citigroup Inc., Morgan Stanley, Credit Suisse Group, Royal Bank
of Scotland Group Plc, Deutsche Bank AG and Wachovia Corp. told
the Court that they are entitled to declaratory judgment that:

    (1) the banks have not breached the commitment letter since
        the deadline for the banks to fund the deal ends on June
        12;

    (2) specific performance (Court order directing a party to
        perform a specific act) is unavailable as a matter
        of law in connection with the commitment letter; and

    (3) the liability, if any, of the banks be capped at or
        limited to US$500 million under the merger agreement.

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

The main dispute centers on the syndicate's demand that the
private-equity firms replace a long-term financing package of at
least six years in the original agreement with a short-term,
three-year bridge-financing agreement; and a condition that the
buyers not use a revolving credit facility or Clear Channel's
cash flow to pay down about US$3.8 billion in short-term debt
securities.

Mr. Lattman relates that CC Media will file a response within
this week.

A full-text copy of the summary judgment motion is available for
free at:

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

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

                            *     *     *

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

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

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


HARRIS FLOOR: Shareholders Opt to Liquidate Business
----------------------------------------------------
Shareholders of Harris Floor Coverings Ltd. met on Feb. 22,
2008, and resolved to voluntarily liquidate the company's
business.  Kirsten Osborne was appointed as liquidator.

The liquidator can be reached at:

           Kirsten Osborne
           119 Blenheim Road
           PO Box 8621, Christchurch
           New Zealand
           Telephone:(03) 343 4448
           Facsimile:(03) 348 2262


LIFESTYLE MARINE: Appoints Cain and Hollis as Liquidators
---------------------------------------------------------
On March 10, 2008, Rhys James Cain and Malcolm Grant Hollis were
appointed liquidators of Lifestyle Marine Ltd.

Only creditors who were able to file their proofs of debt by
April 10, 2008, will be included in the company's dividend
distribution.

The liquidators can be reached at:

            Rhys James Cain
            Malcolm Grant Hollis
            c/o PricewaterhouseCoopers
            119 Armagh Street
            PO Box 13244, Christchurch
            New Zealand
            Telephone:(03) 374 3000
            Facsimile:(03) 374 3001


MARUBENI AUTO: Appoints Robert James Taylor as Liquidator
---------------------------------------------------------
Shareholders of Marubeni Auto Sales (NZ) Ltd. met on March 10,
2008, and appointed Robert James Taylor as the company's
liquidator.

Creditors are required to file their proofs of debt by April 15,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

           Robert James Taylor
           Christmas Gouwland & Co
           PO Box 106090, Auckland
           New Zealand
           Telephone:(09) 309 1799
           Facsimile:(09) 307 3113


MITEX HYGIENICS: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
Mitex Hygienics (NZ) Limited requires its creditors to file
their proofs of debt by April 16, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

           Henry David Levin
           PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


MR HAPPY DAYS: Court to Hear Wind-Up Petition on May 7
------------------------------------------------------
The High Court of Auckland will hear on May 7, 2008, at
10:45 a.m., a petition to have Mr Happy Days Ltd.'s operations
wound up.

Suzanne Bonita Archer filed the petition on December 17, 2007.

Suzanne Bonita Archer's solicitor is:

           S. M. Kilian
           c/o Duncan Cotterill
           CPO Building, Level l
           12 Queen Street, Auckland
           New Zealand


WEST PRINTING: Subject to Agfa-Gevaert's Wind-Up Petition
---------------------------------------------------------
On October 10, 2007, Agfa-Gevaert NZ Limited filed a petition to
have West Printing (NZ) Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 24, 2008, at 10:00 a.m.

Agfa-Gevaert's solicitor is:

           Dianne S. Lester
           c/o Credit Consultants Debt Services NZ Limited
           3-9 Church Street, Level 3
           PO Box 213, Wellington
           New Zealand
           Telephone:(04) 470 5972


ZED GROUP: Fixes May 10 as Last Day to File Claims
--------------------------------------------------
Zed Group Builders Ltd. requires its creditors to file their
proofs of debt by May 10, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

           Paul Bartley
           70 The Terrace, Level 2
           Wellington
           New Zealand
           Telephone:(04) 974 4344




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

SAN MIGUEL: Partners With State Pension Fund for Hotel Project
--------------------------------------------------------------
San Miguel Corporation's new property unit, San Miguel
Properties, has agreed to a joint venture with the GSIS,
Philippines' state pension fund, to develop a PHP1.7 billion
service apartment-type hotel in Manila, Reuters reports.

GSIS Chief Winston Garcia told the news agency that they expect
the dividend payments from this hotel to further bolster their
actuarial life.

According to the report, both firms will have equal ownership
and division of profits in this project.  GSIS will provide the
land in Manila's financial district and San Miguel Properties
will provide the initial funding for the construction and
development, Reuters relates.

Carmel Crimmins of Reuters writes that the hotel's construction
is expected to start soon and the hotel is scheduled to be open
by January 2011.

                         About San Miguel

Headquartered in Manila, Philippines, San Miguel Corporation
-- http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's Investors
Service affirmed the Ba2 local currency corporate family rating
of San Miguel Corporation.  This follows the company's
announcement that it is to sell the Tasmanian brewer, J Boag &
Son Pty Ltd, for AU$325 million and the Australia-based dairy
and beverage producer, National Foods Ltd, for AU$2.8 billion.
The rating outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.




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

CHIN HONG: Court to Hear Wind-Up Petition on April 18
-----------------------------------------------------
A petition to have Chin Hong Shipbuilding (Pte) Ltd.'s
operations wound up will be heard before the High Court of
Singapore in April 18, 2008, at 10:00 a.m.

Swee Hong Engineering Construction Pte. Ltd. filed the petition
on March 26, 2008.

Swee Hong's solicitors are:

           WongPartnership LLP
           One George Street #20-01
           Singapore 049145


FISHERMAN'S VILLAGE: Wind-Up Petition Hearing Set for April 18
--------------------------------------------------------------
The High Court of Singapore will hear on April 18, 2008, at
10:00 a.m., a petition to have Fisherman's Village Pte. Ltd.'s
operations wound up.

Singapore Food Industries Limited filed the petition on
March 28, 2008.

Singapore Food's solicitors are:

           Messrs Tito Isaac & Co LLP
           20A Circular Road
           Singapore 049376


ROTHSCHILD ASSET: Requires Creditors to File Claims by May 11
-------------------------------------------------------------
Rothschild Asset Management (Singapore) Limited, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by May 11, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

           Timothy James Reid
           8 Robinson Road
           #12-00 ASO Building
           Singapore 048544


WEE HENG: Wind-Up Petition Hearing Set for April 18
---------------------------------------------------
The High Court of Singapore will hear on April 18, 2008, at
10:00 a.m., a petition to have Wee Heng Hup Kee Pte Ltd.'s
operations wound up.

Singapore Food Industries Limited filed the petition on
March 28, 2008.

Singapore Food's solicitors are:

           Messrs Tito Isaac & Co LLP
           20A Circular Road
           Singapore 049376




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

DOLE FOOD: To Sell Properties to Avoid Default on US$350MM Bonds
----------------------------------------------------------------
Dole Food Company Inc. intends to sell its real property located
in Hawaii and California in order to stave off a default on its
US$350 million bonds due 2009, Bloomberg News says.

The company's Hawaiian property is a 2,000-acre lot worth
$39 million while the lot in California is worth US$76.2
million, Bloomberg says.  As early as February, Dole indicated
the likely sale of the properties, relates Bloomberg.

With the sale, Dole chairman David Murdock will be relieved from
putting in additional capital into the company, Bloomberg says.
A third of the bonds lost 13% of its worth in 2008 and has a 76%
probability of default within five years based on credit default
swaps, Bloomberg relates, citing JP Morgan Chase & Co. valuation
model.

Bloomberg recounts that Dole is actively raising funds following
erosion of its ability to repay loan obligations.  The company
is competing with Chiquita Brands International Inc. to gain
market share in Europe, report says.

Dole is "working opportunistically to refinance their 2009
maturity," Bloomberg quotes analyst Suzanne Trepp of Western
Asset Management Co., as saying.  Western Management handles
about US$600 billion in securities, including Dole's bonds,
Bloomberg relates.

Ms. Trepp told Bloomberg in a personal interview that Dole CEO
Joseph Tesoriero informed investors in March 2008 about a
"locked up US$120 million in asset sales" that will be used to
pay debt.

Mr. Murdock, according to Bloomberg, is worth US$4.7 billion
based on Forbes magazine.  The investor rescued Dole from
bankruptcy some 20 years past, refinanced the company's US$1.6
billion debts in 2003 and bought it from shareholders for US$2.5
billion, report adds.

                          About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                           *     *     *

As reported in the Troubled Company Reporter on March 25, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Westlake Village, California-based Dole Food Co. Inc.
and Dole Holding Co. LLC, to 'B-' from 'B'.  At the same time,
Standard & Poor's lowered the rating on Dole's unsecured debt
issues to 'CCC+' (one notch lower than the corporate credit
rating, from 'B-') and lowered the ratings on Dole's  senior
secured term loans to 'B+' (two notches above the corporate
credit rating) from 'BB-'.  These issues remain on CreditWatch
with negative implications pending finalized recovery ratings.
The outlook is negative.


TOTAL ACCESS: Fitch Removes 'BB+' Rating From Negative Watch
------------------------------------------------------------
Fitch Ratings has removed all the ratings of Thailand's Advanced
Info Service Public Company Limited and Total Access
Communication Public Company Limited from Rating Watch Negative,
on which it was placed in February 2007.  This rating action
follows the agency's view that concerns on policy, legal and
regulatory risks are now reduced to the level that should not
have an adverse impact on AIS and DTAC, in terms of future
investment and shareholder support.  At the same time, Fitch has
affirmed the ratings of AIS and DTAC, as:

   * AIS:

     -- Long-term foreign currency Issuer Default Rating 'BBB+',
     -- National Long-term rating 'AA(tha)' and
     -- National Short-term rating 'F1+(tha)'.
     -- The Outlook is Stable.

   * DTAC:

     -- Long-term foreign currency IDR 'BB+',
     -- National Long-term rating 'A(tha)',
     -- National Short-term rating 'F1(tha)', and
     -- senior unsecured debentures rated 'A(tha)'.
     -- The Outlook is Stable.

Although the Council of State gave an opinion in May 2007 that
the amendments of telecommunication concessions are not in
compliance with the law and ordered the establishment of a
Coordinating Committee to present the facts and opinions for
further consideration by the cabinet, there has been little
progress on these issues over the past six months.  This was
mainly due to the resignation of the Minister of Information and
Communication Technology in September 2007.

Moreover, the election and appointment of a new government in
February 2008 has further lowered the risks of concession
revocation.  Fitch expects that the newly elected government is
likely to take a softer approach to these issues, which should
result in a minimal impact to private operators, given its
greater focus on the development and liberalisation of the
industry, and moving beyond the legal disputes.

AIS's ratings are based on its strong financial position and
leading market position as Thailand's largest cellular operator.
The company also benefits from a competitive cost structure as a
result of its large subscriber base and relatively low
regulatory-related costs.  However, the high level of capex
including a technology upgrade to 3G, intense competition and
regulation uncertainties could weaken AIS's current strong
financial position, particularly if dividend payouts remain
high.  AIS reported an EBITDAR of THB43.9 billion in 2007, which
is a 3.2% increase from THB42.5 billion in 2006.  At end-2007,
the company's financial position remained solid with net
adjusted debt to EBITDAR of 0.5x.

DTAC's ratings reflect its strong market position, strengthening
financial position and shareholder support from Telenor of
Norway.  Key credit concerns include the high level of capital
spending to increase coverage and upgrade technology, the
intense competition as well as regulatory uncertainties in the
Thai telecommunications industry.  DTAC reported a strong yoy
EBITDAR growth of 6.8% to THB19.6 billion in 2007.  The
company's financial position has continued to strengthen on
strong earnings growth; its net adjusted debt to EBITDAR dropped
to 1.7x in 2007 from 2.4x in 2006.




* BOND PRICING: For the Week 14 April to 18 April 2008
------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.68
A&R Whitcoulls Group           9.500%  12/15/10     NZD    13.50
ALE Property Group             7.265%  09/30/11     AUD    75.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    17.10
Antares Energy Limited        10.000%  10/31/13     AUD     0.51
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    18.50
Becton Property Group          9.500%  06/30/10     AUD     0.58
Blue Ocean                    11.000%  06/28/12     AUD    74.53
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.25
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    12.00

Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.11
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.75
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.40
Griffin Coal Mining Co.        9.500%  12/01/16     USD    73.22
Heemskirk Consolidated
   Limited                      8.000%  04/29/11     AUD     2.90
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    15.00
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.90
Jem Warehouse                  3.000%  08/01/14     AUD    71.44
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Macquarie Comm                 2.500%  08/23/13     USD    73.37
Metal Storm Ltd               10.000%  09/01/09     AUD     0.10
Minerals Corp                 10.500%  09/30/08     AUD     0.70
Nylex Limited                 10.000%  12/08/09     AUD     1.75
PPCS Limited                  11.500%  12/15/10     NZD    74.28
Record Funds Man              11.000%  09/01/10     AUD    30.00
Salomon SB Aust                4.250%  02/01/19     USD     7.13
South Canterbury              10.430%  12/15/12     NZD     0.99
Speirs Group Ltd.             13.160%  06/30/49     NZD    65.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.90
TrustPower Ltd                 8.500%  09/15/12     NZD     9.70
TrustPower Ltd                 8.500%  03/15/14     NZD     9.95

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

JAPAN
-----
Suruga Corp                    2.890%  10/20/09     JPY    38.44

KOREA
-----
Hynix Semi Inc.                7.875%  06/27/17     USD    75.00
Korea Dev. Bank                7.350%  10/27/21     KRW    50.44
Korea Dev. Bank                7.450%  10/31/21     KRW    50.40
Korea Dev. Bank                7.400%  11/02/21     KRW    50.39
Korea Dev. Bank                7.310%  11/08/21     KRW    50.34
Korea Dev. Bank                8.450%  12/15/26     KRW    72.84
Korea Elec Pwr                 7.950%  04/01/96     USD    68.85

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.96
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.75
Bumiputra-Commerce
    Holdings Bhd                2.500%  07/16/08     MYR     1.00
Cagamas Berhad                 3.610%  10/10/08     MYR    14.00
Cagamas Berhad                 3.650%  05/28/08     MYR     3.00
EG Industries Berhad           5.000%  06/16/10     MYR     0.31
Greatpac Holdings              2.000%  12/11/08     MYR     0.18
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.27
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.35
Insas Berhad                   8.000%  04/19/09     MYR     0.65
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.31
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.23
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.38
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.66
Malaysian Gov't                6.450%  07/01/08     MYR    61.00
Malaysian Gov't                6.450%  11/30/08     MYR    61.00
Malaysian Gov't                6.844%  10/01/09     MYR    59.00
Malaysian Gov't                3.644%  08/25/10     MYR    59.00
Malaysian Gov't                4.053%  12/04/12     MYR    59.00
Malaysian Gov't                8.000%  10/30/13     MYR    61.00
Malaysian Gov't                7.300%  10/01/14     MYR    62.00
Malaysian Gov't                4.410%  01/29/18     MYR    46.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.44
Mithril Bhd                    8.000%  04/05/09     MYR     0.13
Mithril Bhd                    3.000%  04/05/12     MYR     0.56
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.13
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.64
Southern Steel                 5.500%  07/31/08     MYR     2.05
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.71
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.33
Wah Seong Corp.                3.000%  05/21/12     MYR     4.80
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.60
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.85

SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.15

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     71.93
Sri Lanka Govt                6.850%  10/15/12     LKR     70.16
Sri Lanka Govt                8.500%  01/15/13     LKR     72.41
Sri Lanka Govt                8.500%  07/15/13     LKR     73.68
Sri Lanka Govt                7.500%  08/01/13     LKR     70.13
Sri Lanka Govt                7.500%  11/01/13     LKR     66.12
Sri Lanka Govt                8.500%  02/01/18     LKR     69.03
Sri Lanka Govt                8.500%  07/15/18     LKR     69.96
Sri Lanka Govt                7.500%  07/15/18     LKR     64.72
Sri Lanka Govt                7.000%  10/01/23     LKR     57.68




                          *********

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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