TCRAP_Public/080416.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

             Wednesday, April 16, 2008, Vol. 11, No. 75

                             Headlines

A U S T R A L I A

AUSWAY CORPORATION: Liquidator Gives Wind-Up Report
CREATIVE HOME: Liquidator Presents Wind-Up Report
GREEN TRIANGLE: Placed Under Voluntary Liquidation
MRT TRAILERS: Members and Creditors to Meet on April 24
N.B.S. BLIND: Final Meeting Slated for April 21

OPES PRIME: Emini's Former Work Colleague Emerges as Key Link
OPES PRIME: ANZ Sells Chris Murphy's Super Assets
OPES PRIME: ANZ Chief Mike Smith Will Lead Bank's Investigation
OPULENT GROUP: Members and Creditors to Meet Today
PETER YOUNG: Commences Liquidation Proceedings

RICKPET PTY: Members Resolve to Liquidate Business
SHOP AMERICA: To Declare First Dividend on May 6
SPARTAN PAINTERS: Undergoes Liquidation Proceedings


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

ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31
BESTNAR MANUFACTURING: Members' Final Meeting Set for May 16
BIG STAR: Members' Final Meeting Set for May 5
CHANCO MANANGMENT: Creditors' Proofs of Debt Due May 3
CHINA EASTERN: Plans to Add 19 Aircraft This Year

LINK BILLION: Creditors' Proofs of Debt Due May 5
GALLAS PUBLISHING: Members & Creditors to Meet on May 8
HENG JU: Commences Liquidation Proceedings
HUTCHISON HARBOUR ASIA: Members' Final Meeting Set for May 5
HUTCHISON HARBOUR H. K.: Members' Final Meeting Set for May 5

KLASSNO FOODS: Members' Final Meeting Set for May 5
KLASSNO FOOD & BEVERAGES: Members' Final Meeting Set for May 5
MAIN CHANNEL: Creditors' Proofs of Debt Due May 3
OASIS AIRLINES: Cheung Kong Denies Acquisition Offer
PACIFIC KINETIC: Members' Final Meeting Set for May 9

PROFIT (CHINA-H.K.): Commences Liquidation Proceedings


I N D I A

BIRLA VXL: Changes Company Name to "Digjam Ltd"
DECCAN AVIATION: To Hike Investments & Inter-Corp. Loans Limits
GENERAL MOTORS: Idles Arlington Assembly Plant for Three Weeks
QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
QUEBECOR WORLD: Wants to Hire KPMG (Canada) as Tax Consultant

QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider
TATA MOTORS: Nano May See Rival From Ajanta Group, Report Says


I N D O N E S I A

FREEPORT-MCMORAN: Indonesia OKs Unit's Plan to Slash Ore Output
GARUDA INDONESIA: Records 700,000 Passengers in 2007
MEDCO ENERGI: Inks US$565 Mil. Gas Deal With Perusahaan Listrik
PERUSAHAAN GAS: Inks Interim Gas Supply Deal With ConocoPhillips
PT INCO: To Release First Quarter 2008 Results on April 25


J A P A N

FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB
JVC CORP: To Halt Flat-Panel TV Business in Japan, Nikkei Says
JVC CORP: Revises Year Ended March 31 Net Loss to JPY47.8BB
SANYO ELECTRIC: Net Income "Slightly" Higher Than Forecast

SPANSION INC.: Inks Patent Cross-License Agreement With IBM


K O R E A

NEXUS INVESTMENT: Appoints Yim Yang Jin as CEO
SHINWA INTEREK: Wins Patent on Optical Sheet
YOUNGCHANG SILUP: To Raise KRW5.3 Billion From Share Issuance
YOUNGCHANG SILUP: To Buy 18% Stake in Microrobot for KRW10 Bil.


M A L A Y S I A

PAXELENT CORPORATION: Bourse to Delist Securities on April 23
SELOGA: To Include Usage of Share Premium Reserve in Reform Plan
SOLUTIA INC: Has 60,766,560 Outstanding Shares at February 29
SOLUTIA INC: Court Approves Settlement Pact With Solvay
SOLUTIA INC: Harbinger Entities Disclose 30.1% Equity Stake

SUNWAY INFRA: Receives Take-Over Offer From Infra Bumitek
TRIPLC BERHAD: Appoints Mohammed Yusuf as Executive Director
UBG BERHAD: Seeks Shareholders' Approval for Proposed Amendment


N E W  Z E A L A N D

AQUA TILES: Wind-Up Petition Hearing Set for June 13
AVENUE ONE: Fixes April 18 as Last Day to File Claims
BLUE CHIP: Taps Timothy Patrick Ward as Liquidator
COMPOUND PROPERTIES: Commences Liquidation Proceedings
MARSDEN VILLAS: Faces Artscape Limited's Wind-Up Petition

OCTANE CREATIVE: Court to Hear Wind-Up Petition on May 9
PROGRESSIVE MARKETING: Shareholders Opt to Liquidate Business
REMUERA DENTAL: Appoints Mark van Rossem as Liquidator
SHAUN HALL: Creditors' Proofs of Debt Due April 18
WOODLAND DEVELOPMENTS: Taps Parsons and Kenealy as Liquidators


S I N G A P O R E

ALTANA PTE: Requires Creditors to File Claims by May 12
BAN HIN: Fixes May 23 as Last Day to File Claims
ESPLANADE INVESTMENTS: Creditors' Proofs of Debt Due April 25
SOUNDBUZZ MEDIA: Creditors' Proofs of Debt Due May 12


T H A I L A N D

BANK OF AYUDHYA: Firm Created to Resolve Distressed Assets
BLOCKBUSTER INC: Makes US$1.3BB Unsolicited Bid for Circuit City


* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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

AUSWAY CORPORATION: Liquidator Gives Wind-Up Report
---------------------------------------------------
Ausway Corporation Pty. Ltd. held a joint meeting for its
members and creditors on April 15, 2008.  During the meeting,
the company's liquidator, Colin R. McDonald, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

           Colin R. McDonald
           Chartered Accountant
           PO Box 4371
           Forster Shopping Village
           New South Wales 2428
           Australia
           Telephone:(02) 6555 9119
           Facsimile:(02) 6555 9190

                     About Ausway Corporation

Ausway Corporation Pty. Ltd. operates used merchandise stores.
The company is located at Ashfield, in New South Wales,
Australia.


CREATIVE HOME: Liquidator Presents Wind-Up Report
-------------------------------------------------
Creative Home Concepts Pty. Ltd. held a joint meeting for its
members and creditors on April 15, 2008.  During the meeting,
the company's liquidator, Colin R. McDonald provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

           Colin R. McDonald
           Chartered Accountant
           PO Box 4371
           Forster Shopping Village
           New South Wales 2428
           Australia
           Telephone:(02) 6555 9119
           Facsimile:(02) 6555 9190

                       About Creative Home

Creative Home Concepts Pty. Ltd. operates furniture stores.  The
company is located at Dandenong, in Victoria, Australia.


GREEN TRIANGLE: Placed Under Voluntary Liquidation
--------------------------------------------------
Green Triangle Engineering Pty. Ltd.'s members agreed on
Feb. 29, 2008, to voluntarily liquidate the company's business.
The company has appointed  Barry Keith Taylor to facilitate the
sale of its assets.

The liquidator can be reached at:

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

                       About Green Triangle

Green Triangle Engineering Pty. Ltd. is a distributor of
fabricated structural metal.  The company is located at
Kalangadoo, in South Australia, Australia.


MRT TRAILERS: Members and Creditors to Meet on April 24
-------------------------------------------------------
MRT Trailers Pty. Ltd. will hold a final meeting for its members
and creditors at 9:30 a.m. on April 24, 2008.  During the
meeting, the company's liquidators, Peter Goodin and Robyn
Erskine at Brooke Bird Insolvency Practitioners, will provide
the attendees with property disposal and winding-up reports.

The liquidators can be reached at:

            Peter Goodin
            Robyn Erskine
            Brooke Bird Insolvency Practitioners
            471 Riversdale Road
            Hawthorn East, Victoria 3123
            Australia
            Telephone:(03) 9882 6666

                         About MRT Trailers

MRT Trailers Pty. Ltd. provides management consulting services.
The company is located at Woodend, in Victoria, Australia.


N.B.S. BLIND: Final Meeting Slated for April 21
-----------------------------------------------
N.B.S. Blind Supplies Pty. Ltd. will hold a final meeting for
its members and creditors at 9:30 a.m. on April 21, 2008.
During the meeting, the company's liquidator, Robyn Erskine and
Peter Goodin at Brooke Bird Insolvency Practitioners, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

           Robyn Erskine
           Peter Goodin
           Brooke Bird Insolvency Practitioners
           471 Riversdale Road
           Hawthorn East, Victoria 3123
           Australia
           Telephone:(03) 98826666

                         About N.B.S. Blind

N.B.S. Blind Supplies Pty. Ltd. is a distributor of curtains and
draperies.  The company is located at Dandenong South, in
Victoria, Australia.


OPES PRIME: Emini's Former Work Colleague Emerges as Key Link
-------------------------------------------------------------
Richard Gluyas of The Australian reports that a former work
colleague of Opes Prime Group Ltd. chief executive Laurie Emini
has emerged as another key link in the complex web of
relationships surrounding the collapsed broker.

Mr. Gluyas relates that a senior Opes source said Cleo Nanni had
a margin lending account with Opes that was managed by the chief
executive.  Mr. Nanni was at Tricom when Mr. Emini acted as a
consultant to the firm about 2002 to build a leveraged financial
products business, the report relates.

According to The Australian, Mr. Nanni is also a 25 percent
shareholder in Dardanelle Capital, a company half-owned by the
Opes satellite Leveraged Capital, which, in turn, is a joint
venture between Mr. Emini and his Opes co-founder, Julian Smith.

Mr. Nanni denied he had been spared margin calls and insisted he
was called like everyone else, Mr. Gluyas reports.  According to
Mr. Gluyas, Mr. Nanni described Dardanelle as a "trading
vehicle", but would not quantify his losses or the level of the
company's trading activity.  "The whole Opes thing has been
devastating," he told Mr. Gluyas.

In a separate report, Michael Pelly of The Australian relates
that the law firm Slater and Gordon won two injunctions last
week to stop the ANZ bank selling shares owned by Melewar Steel
Ventures and Conquest Mining Managing Director John Terpu.

The firm noted that "mum and dad" investors are the forgotten
victims in the aftermath of the Opes Prime collapse, The
Australian reports.  More than 100 people had reportedly called
the firm for assistance.  Slater and Gordon partner Ken Fowlie
told Mr. Pelly that the callers ranged from those who had lost
thousands of dollars to those with exposure in the "tens of
millions" of dollars.

"There is a large range of investors," The Australian quotes Mr.
Fowlie as saying.  "The impression I get is that you are dealing
with very much mums and dads and other people who were trying to
build up their asset base and thought shares was the way to do
it. . . . These are people who are running their own small
businesses, in middle-level management and retirees.  It's not
like they are people who can afford to lose the money or are
colourful racing identities."

According to The Australian, Mr. Fowlie noted that
administrators Ferrier Hodgson had said 1,200 people were
affected.  A representative of the firm is on the creditors'
committee.

                        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: ANZ Sells Chris Murphy's Super Assets
-------------------------------------------------
Chris Merritt and Adele Ferguson of The Australian report that
ANZ Bank has sold off every asset owned by the family
superannuation fund of solicitor Chris Murphy in its scramble to
recover debts owed by Opes Prime Group Ltd.

According to The Australian, the bank seized the Murphy family's
superannuation just days after the solicitor refused Opes chief
executive Laurie Emini's request to use their superannuation to
ease the collateral squeeze on Opes Prime.

Mr. Murphy and his wife, Agnes Bruck, are considering resorting
to litigation to regain their superannuation.
Mr. Merritt and Ms. Ferguson relate that Opes Prime receivers
and ANZ Bank declined to comment on the issue.

According to Mr. Merritt and Ms. Ferguson, the Murphy family
superannuation fund was worth $700,000 and it wasn't the only
one that has had its shares seized as collateral by Opes Prime
banks ANZ and Merrill Lynch.

Documents obtained by The Australian reveal a company called
Goldstein Enterprises lost more than $124,966 in cash and a
further $304,314 from its super fund, Mr. Merritt and Ms.
Ferguson report.

In a separate report, Mr. Merritt relates that Mr. Murphy
rejected speculation that his massive share trading with Opes
Prime was a front for Melbourne gangsters.  "The only Melbourne
criminal I know is a man called Mick Sayers, who was shot dead
10 years ago," Mr. Murphy told Mr. Merritt.

According to The Australian, Mr. Murphy said he traded billions
of dollars' worth of shares over a two-year period, but he never
traded on behalf of other parties; the only exception was his
trading partnership with Opes chief executive Laurie Emini and
other Opes partners.

"I have been a solicitor since 1972 and I cannot recall that I
have ever met or acted for anyone involved in legal or illegal
actions in Melbourne. . . .  I have no partners in anything
except my wife and my only venture ever in a trading partnership
was Sarah Brown," The Australian quotes Mr. Murphy.
Speculations have been swirling after revelations of his massive
trading activities and the involvement of Melbourne underworld
figure Mick Gatto in the quest to recover assets for the Opes
Prime victims, Mr. Merritt relates.

                        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: ANZ Chief Mike Smith Will Lead Bank's Investigation
---------------------------------------------------------------
ANZ Bank chief executive Mike Smith was forced to take control
of an internal investigation of the group's role in the Opes
Prime Group Ltd.'s collapse because the bank was concerned by
the damage it brought to its reputation, George Lekakis of
Herald Sun reports.

Mr. Lekakis relates Mr. Smith revealed that ANZ had reviewed its
exposures to stockbrokers and margin lenders, including Opes
Prime, after another client, Tricom Securities, experienced
liquidity issues in late January.  "I think these exposures were
reviewed but the businesses were seen to be still running OK,"
Herald Sun quotes Mr. Smith as saying.

ANZ's chief of institutional banking and former chief risk
officer, Peter Hodgson, will no longer be involved in overseeing
the review of securities lending because the bank wants the
inquiry to be as objective as possible, the report adds.
Instead, Mr. Lekakis relates, two other senior ANZ executives
not involved with the institutional division will be seconded to
the review -- David Hisco and Chris Page.  Former Westpac
director and KPMG principal David Crawford has also been
appointed to assist the review, Herald Sun notes.

According to Herald Sun, Mr. Smith explained: "The review will
examine what has transpired, the accountability that ANZ and
individual staff members might have for what has occurred, and a
remedial program to swiftly address all the issues we identify."

Mr. Lekakis notes that a newspaper report earlier suggested the
Australian Stock Exchange failed to detect the questionable
transactions during an on-site review of Opes' operations in
October 2007.

ASX spokesman Matthew Gibbs told Mr. Lekakis that he can't
comment on the allegations because the Opes Prime matters were
before the courts.  "At all times ASX's compliance team was
adequately resourced to monitor Opes Prime's compliance with ASX
operating rules. . . .  On-site reviews are quite targeted and
only take into account business specific to ASX obligations --
they are not comprehensive audits of a participant's entire
business or control structure," Herald Sun quotes Mr. Gibbs.

                        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.


OPULENT GROUP: Members and Creditors to Meet Today
--------------------------------------------------
The Opulent Group Pty. Ltd. will hold a final meeting for its
members and creditors at 11:00 a.m. today.  During the meeting,
the company's liquidator, Bruce Mulvaney at Bruce Mulvaney &
Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Bruce Mulvaney
           Bruce Mulvaney & Co.
           613 Canterbury Road, 1st Floor
           Surrey Hills, Victoria 3127
           Australia
           Telephone:(03) 9896 9000
           Facsimile:(03) 9896 9001

                      About The Opulent Group

The Opulent Group Pty. Ltd. provides communications services.
The company at Bundoora, in Victoria, Australia.


PETER YOUNG: Commences Liquidation Proceedings
----------------------------------------------
Peter Young Construction Pty. Ltd.'s members agreed on March 4,
2008, to voluntarily liquidate the company's business.  The
company has appointed Samuel Richwol to facilitate the sale of
its assets.

The liquidator can be reached at:

           Samuel Richwol
           O'Keeffe Walton Richwol
           Chartered Accountants
           431 Burke Road, Suite 3
           Glen Iris VIC 3146, Australia

                         About Peter Young

Peter Young Construction Pty. Ltd. provides plastering, drywall,
acoustical, and insulation work.  The company is located at
West Melbourne, in Victoria, Australia.


RICKPET PTY: Members Resolve to Liquidate Business
--------------------------------------------------
Rickpet Pty. Ltd.'s members agreed on March 5, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Richard John Cauchi and David James Lofthouse to
facilitate the sale of its assets.

The liquidators can be reached at:

           Richard John Cauchi
           David James Lofthouse
           CJL Partners
           180 Flinders Lane, Level 3
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9639 4779
           Facsimile:(03) 9639 4773

                        About Rickpet Pty.

Rickpet Pty. Ltd. is a distributor of wood kitchen cabinets.
The company is located at Airport West, in Victoria, Australia.


SHOP AMERICA: To Declare First Dividend on May 6
------------------------------------------------
Shop America (Australasia) Limited, which is in liquidation,
will declare first and final dividend on May 6, 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.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on January 25, 2008.

The company's liquidator is:

           John Vouris
           Lawler Partners
           GPO Box 5446
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 8346 6000

                         About Shop America

Shop America (Australasia) Limited is a theatrical producer.
The company is located at Bellevue Hill, in  New South Wales,
Australia.


SPARTAN PAINTERS: Undergoes Liquidation Proceedings
---------------------------------------------------
Spartan Painters Pty. Ltd.'s members agreed on March 4, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Barry Keith Taylor to facilitate the sale of its
assets.

The liquidator can be reached at:

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

                       About Spartan Painters

Spartan Painters Pty. Ltd. provides business services.  The
company is located at Sydenham, in Victoria, Australia.




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

ALERIS INT'L: Posts US$128MM Net Loss in Year Ended December 31
---------------------------------------------------------------
Aleris International Inc. reported results for the fourth
quarter and full year ended Dec. 31, 2007.

For three months ended Dec. 31, 2007, the company incurred net
loss of US$114.0 million compared to net income of US$10.9
million for the same period in the previous year.

The loss from continuing operations includes US$51.2 million of
special items, including US$21.6 million in restructuring and
other charges, US$15.1 million from purchase accounting, and
US$11.2 million in unrealized mark-to-market losses on
derivative financial instruments.

In addition, the fourth quarter results include amortization
expense of US$9.2 million as a result of the company's
acquisition by Texas Pacific Group, an increase of US$4.0
million from the comparable period of 2006.

The continued softness in the North American building and
construction and automotive industries well as destocking in the
North American and European distribution industries impacted
fourth quarter shipment levels and profitability.

"Fourth quarter performance was significantly impacted by
reduced volumes in our Global Rolled and Extruded Products
business," Steven J. Demetriou, chairman and chief executive
officer, said. "The U.S. construction and automotive industries
continued to weaken and demand in certain European end uses was
impacted by customer inventory destocking.  We have taken
aggressive actions to offset the reduced demand in North
America, including the announced closure of our Bedford, Ohio
and Toronto, Canada paint facilities, and the temporary
reduction of manufacturing at our Richmond, Virginia rolling
mill."

"The cost performance of our European rolled products business
in the fourth quarter was negatively impacted by the complexity
and activity associated with the completion of our state-of-the-
art 160" hot mill in Koblenz, Germany and the Duffel, Belgium
plate project.  However, both projects are successfully on-line
and production has met our expectations. Over the long-term, the
investment of capital into our European rolled products business
will allow us to expand our production of aerospace and other
heat treat plate and sheet, brazing sheet and other high-end
product offerings."

For full year 2007, the company has net loss of US$128.6 million
compared to net income of US$70.3 million in 2006.

The loss from continuing operations contains US$146.2 million of
unfavorable special items including US$104.3 million from
purchase accounting, US$32.8 million of restructuring and other
charges, and US$9.1 million in sponsor management fees.

In addition, the 2007 results include amortization expense of
US$40.1 million, an increase of US$33.0 million over 2006 as a
result of the TPG acquisition.

In 2006, Aleris reported revenues of US$4.2 billion and income
from continuing operations of US$30.8 million.  The 2006 results
included US$98.5 million of unfavorable special items.

In addition, operating results were negatively impacted by
tightening scrap spreads in its North American specification
alloy business well as the higher costs of alloys and hardeners
used in the manufacturing process, negative effect of metal
price lag and approximately US$32 million of out of the ordinary
cost including higher absorption, environmental reserves and
other items.

Free cash flow from continuing operations for 2007 was
US$421.7 million, driven by aggressive working capital
management that yielded increased turns from 5.2 to 6.6 per year
and a decrease in days of working capital from 70 to 56 in 2007
versus 2006.

During the fourth quarter, the company recorded US$21.6 million
of restructuring and other charges.  These charges resulted from
the impairment of long-lived assets at the Monterrey, Mexico
recycling facility, the Toronto, Ontario paint facility, and the
Bedford, Ohio coating facility as a result of the announced
closure of those facilities and severance costs related to the
departure of certain executive officers.

Restructuring and other charges for the full year of US$32.8
million included the fourth quarter charges as well as costs
associated with several acquisitions that were not consummated
and other facility consolidations.  Approximately US$9.5 million
of the total restructuring and other charges will result in cash
payments, primarily in 2008.

Capital expenditures wereUS$191.8 million in 2007, compared with
US$119.4 million for the previous year. The increase is
primarily attributable to a full year of the Corus Aluminum
acquisition and the expansion projects which accounted for
US$137.1 million of capital expenditures in 2007.

The company ended the year with US$2.7 billion of net debt and
US$369 million of liquidity, excluding the impact of the Zinc
sale. Pro forma for the application of the net proceeds from the
Zinc sale, net debt was US$2.4 billion as of Dec. 31, 2007.

Aleris' management has completed its assessment of the
effectiveness of the company's internal control over financial
reporting as required by Section 404 of the Sarbanes-Oxley Act
of 2002.  Based upon its documentation, testing and evaluation,
Management has concluded that the company did not have effective
internal control over financial reporting as of Dec. 31, 2007;
within the context of the framework developed by the Committee
of Sponsoring Organizations of the Treadway Commission.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$5.117 billion, total liabilities ofUS$4.269 billion
and total shareholders' equity of approximatelyUS$0.848 billion.

                   About Aleris International Inc

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.   The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

The company has production facilities in China.

                            *     *     *

Moody's Investors Service placed Aleris International Inc.'s
long-term corporate family rating at 'B2' in November 2006.  The
rating still holds to date with a stable outlook.


BESTNAR MANUFACTURING: Members' Final Meeting Set for May 16
------------------------------------------------------------
Members of Bestnar Manufacturing Limited will have their final
general meeting on May 16, 2008, in Room C on the 16th Floor of
Chinaweal Centre at 414-424 Jaffe Road, Wanchai, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator can be reached at:

          Lau Wing Ling
          Chinaweal Centre, Room C, 16th Floor
          414-424 Jaffe Road
          Wanchai, Hong Kong


BIG STAR: Members' Final Meeting Set for May 5
----------------------------------------------
Members of Big Star (H.K.) Limited will have their final general
meeting on May 5, 2008, at 905 Silvercord, Tower 2, 30 Canton
Road, Tsimshatsui, Kowloon, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

          James T. Fulton
          Cordelia Tang
          905 Silvercord, Tower 2
          30 Canton Road, Tsimshatsui
          Kowloon, Hong Kong


CHANCO MANANGMENT: Creditors' Proofs of Debt Due May 3
------------------------------------------------------
Creditors of Chanco Management Company Limited are required to
file their proofs of debt by May 3, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2008.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, Room 1004-5
          138 Gloucester Road, Wanchai
          Hong Kong


CHINA EASTERN: Plans to Add 19 Aircraft This Year
-------------------------------------------------
China Eastern Airlines Corp. plans to add 19 aircraft this year
as economic growth spurs travel demand in China, Irene Shen of
Bloomberg News reports.  The carrier will receive 17 Airbus SAS
planes and two Boeing Co. aircraft, the report adds.

Bloomberg notes that China Eastern didn't say whether any of the
223 planes in operation at the end of 2007 will be retired.

China Eastern aims to boost passenger numbers 10% this year,
banking on the country's surging economy and the 1.5 million
visitors expected to attend the Beijing Olympics, Bloomberg
says.  China Eastern expects to fly 43 million travelers this
year, Bloomberg relates.  Cargo volume may climb 14% to 1.07
million tons, the airline said in a statement, the report adds.

                        About China Eastern

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

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

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


LINK BILLION: Creditors' Proofs of Debt Due May 5
-------------------------------------------------
Creditors of Link Billion Trading Limited are required to file
their proofs of debt by May 5, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 26, 2008.

The company's liquidators are:

          Ricky P.O. Chong
          Cordelia Tang
          905 Silvercord, Tower 2
          30 Canton Road, Tsimshatsui
          Kowloon, Hong Kong


GALLAS PUBLISHING: Members & Creditors to Meet on May 8
-------------------------------------------------------
Gallas Publishing Group Limited will hold a joint meeting for
its members and creditors at 3:00 p.m. and 3:30 p.m.
respectively, on May 8, 2008.  At the meeting, the company's
liquidators, Jackson IP will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

             Jackson IP
             Duke of Windsor Building
             Social Service Building, Room 203, 2nd Floor
             No. 15 Hennesy Road
             Wanchai, Hong Kong


HENG JU: Commences Liquidation Proceedings
------------------------------------------
Heng Ju New Town Development Limited's members agreed on
March 27, 2008, to voluntarily liquidate the company's business.
The company has appointed Chan Chi Bor and Li Fat Chung to
facilitate the sale of its assets.

The liquidators can be reached at:

           Chan Chi Bor
           Li Fat Chung
           Malaysia Building, Unit 1202, 12th Floor
           No. 50 Gloucester Road
           Wanchai, Hong Kong


HUTCHISON HARBOUR ASIA: Members' Final Meeting Set for May 5
------------------------------------------------------------
Members of Hutchison Harbour Ring Asia Pacific Limited will have
their final general meeting on May 5, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

          Ying Hing Chui
          Chung Mui Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East, Hong Kong


HUTCHISON HARBOUR H. K.: Members' Final Meeting Set for May 5
-------------------------------------------------------------
Members of Hutchison Harbour Ring Hong Kong Limited will have
their final general meeting on May 5, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

          Ying Hing Chui
          Chung Mui Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East, Hong Kong


KLASSNO FOODS: Members' Final Meeting Set for May 5
---------------------------------------------------
Members of Klassno Foods Limited will have their final general
meeting on May 5, 2008, at San Toi Building, 7th Floor, 139
Connaught Road Central, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidators can be reached at:

          Chow Sheung Bing
          Keung Sai Tung
          San Toi Building, 7th Floor
          139 Connaught Road
          Central, Hong Kong


KLASSNO FOOD & BEVERAGES: Members' Final Meeting Set for May 5
--------------------------------------------------------------
Members of Klassno Food & Beverages Limited will have their
final general meeting on May 5, 2008, at San Toi Building, 7th
Floor, 139 Connaught Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

          Chow Sheung Bing
          Keung Sai Tung
          San Toi Building, 7th Floor
          139 Connaught Road
          Central, Hong Kong


MAIN CHANNEL: Creditors' Proofs of Debt Due May 3
-------------------------------------------------
Creditors of Main Channel Investment Limited are required to
file their proofs of debt by May 3, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2008.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, Room 1004-5
          138 Gloucester Road
          Wanchai, Hong Kong


OASIS AIRLINES: Cheung Kong Denies Acquisition Offer
----------------------------------------------------
Cheung Kong (Holdings) Ltd. said it hasn't made any offer to
acquire Oasis Hong Kong Airlines Ltd., Kelvin Wong of Bloomberg
News reports.

"Cheung Kong has not made any offer to purchase Oasis and is not
exploring the matter," Wendy Tong Barnes, Cheung Kong's
spokeswoman in Hong Kong, said in a statement intercepted by
Bloomberg.

It was earlier reported by Ming Pao Daily that Cheung Kong may
acquire the airline, Bloomberg says.  Cheung Kong received a
share option in exchange for a personal loan to Oasis Chairman
Raymond Lee, Bloomberg relates.

                       About Oasis Airlines

Oasis Hong Kong Airlines commenced service in October 2006.  The
airline flew daily non-stop between Hong Kong and London and 6
times weekly between Hong Kong and Vancouver.  It stopped flying
on April 9, 2008.

The Troubled Company Reporter-Asia Pacific reported on April 10,
2008, that the company applied for a voluntary liquidator.
Reports said that Oasis Airlines had accumulated losses of as
much as HK$1 billion (US$128 million) and was losing more than
HK$1 million a flight.  The TCR-AP, citing Bloomberg, reported
that the airline was set up by Chairman Raymond Lee, a minister
and property investor.  Mr. Lee and his wife, executive director
Priscilla Lee Hwang, together hold a stake of between 50% and
60%.


PACIFIC KINETIC: Members' Final Meeting Set for May 9
-----------------------------------------------------
Members of Pacific Kinetic Limited will have their final general
meeting on May 9, 2008, at Room B, Season Commercial Building,
8th Floor, 3 Humphreys Ave., Tsimshatsui, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tse Ka Yee
          Season Commercial Building, Room B, 8th Floor
          3 Humphreys Ave.
          Tsimshatsui, Hong Kong


PROFIT (CHINA-H.K.): Commences Liquidation Proceedings
------------------------------------------------------
Profit (China-H.K.) Limited's members agreed on March 25, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Leung Shi Ho to facilitate the sale of its assets.

The liquidator can be reached at:

           Leung Shi Ho
           Tung Wai Commercial Building, 27th Floor
           Gloucester Road
           Wanchai, Hong Kong




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

BIRLA VXL: Changes Company Name to "Digjam Ltd"
-----------------------------------------------
Birla VXL Ltd's name has been changed to "Digjam Ltd" pursuant
to the company's fresh Certificate of Incorporation, the company
disclosed in a filing with the Bombay Stock Exchange.

In a separate BSE filing, the company said it will be publishing
audited results for the quarter ended March 31, 2008, for the
accounting year from April 1, 2007, to March 31, 2008, hence it
will not be publishing unaudited estimated results for the that
quarter.

Headquartered in Gujarat, Birla VXL Ltd is a part of the S.K.
Birla Group and manufactures fabrics for suitings under the
brand name DIGJAM.

In July 2004, the High Courts of Gujarat and Punjab & Haryana
approved the company's Scheme of Arrangement, under Sections 391
to 394 of the Companies Act, 1956.  The Scheme, which took
effect on March 30, 2006, among others provides the debt and
capital restructuring and transfer of OCM Division of the
company to its wholly owned subsidiary OCM India Ltd.


DECCAN AVIATION: To Hike Investments & Inter-Corp. Loans Limits
---------------------------------------------------------------
Deccan Aviation Ltd's shareholders have passed a special
resolution increasing limits of inter-corporate loans and
investments of up to a sum not exceeding INR1,000 crore
regardless that the aggregate of the loans and securities may
exceed the percentages prescribed under Section 372A of the
Companies Act, 1956, a filing with the Bombay Stock Exchange
reveals.

The carrier's shareholders, by way of postal ballot, passed the
resolution with requisite majority.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation's shareholders and creditors will hold
separate meetings on Thursday to consider approving the
composite scheme of arrangement between the company, Deccan
Charters Ltd and Kingfisher Airlines Ltd.

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.


GENERAL MOTORS: Idles Arlington Assembly Plant for Three Weeks
--------------------------------------------------------------
General Motors Corp. idled an assembly plant in Arlington,
Texas, for three weeks, starting April 14, 2008, due to low
demand of sport utility vehicles, The Associated Press reports.

The plant, which manufactures large SUVs such as the Chevrolet
Tahoe/GMC Yukon, Chevrolet Suburban/GMC Yukon XL, and Cadillac
Escalade, will displace 2,400 employees, AP relates.

As reported in the Troubled Company Reporter on April 2, 2008,
GM dealers in the U.S. delivered 282,732 vehicles in March, a
decrease of 13% when compared with the same month a year ago.
For the first three months of 2008, GM total sales of 805,720
vehicles were down 11% compared with a year ago.  Retail share
appears to have remained stable throughout the month and the
quarter.

AP recounts that GM distributed some axles from the plant to
other plants that makes pickup trucks due to the strike of GM
auto parts supplier American Axle & Manufacturing Holdings Inc.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.  The CreditWatch placement reflects S&P's decision
to review the ratings in light of the extended American Axle
(BB/Watch Neg/--) strike.  The work stoppage that began Feb. 25
at American Axle's U.S. United Auto Workers plants has forced
closure of many GM (B/Watch Neg/B-3) plants, as well as plants
of certain GM suppliers.  The strike began after the expiration
of the four-year master labor agreement with American Axle.
Although S&P still expects American Axle and the UAW to reach an
agreement that will reflect more competitive labor costs, the
timing is unknown.  To resolve the CreditWatch listings, S&P's
will assess the strike's impact on the companies' credit
profiles, particularly liquidity, once production resumes.  S&P
could lower the ratings any time prior to a resolution of the
Axle strike if the liquidity of the companies becomes
compromised, although downgrades are not likely for another
several weeks.

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

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


QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor
---------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ KPMG LLP (US) as their tax compliance and
tax consulting advisors, nunc pro tunc to April 7, 2008.

The Debtors selected KPMG US because of the firm's extensive
experience in providing tax consultation and restructuring
assistance to businesses pursuing reorganization under chapter
11 of the Bankruptcy Code.  The firm is also familiar with the
Debtors' operations and books and records.  KPMG US has been
engaged to provide tax consulting services to the Debtors since
1989.

Under an engagement letter dated March 20, 2008, the Debtors
expect KPMG US to:

    (a) prepare federal, state and local corporate tax returns
        and supporting schedules for 2007;

    (b) calculate tax depreciation for the 2007 tax year;

    (c) provide tax consulting advice related to matters not
        otherwise covered by separate engagement letters;

    (d) perform tax compliance and consulting services as agreed;
        and

    (e) provide other services.

A 25-page list of services that KMPG US will provide is
available for free at http://researcharchives.com/t/s?2a67

KPMG US's hourly rates for the tax compliance services are:

         Professional
    (U.S. and Member Firm)                     Hourly Rate
    ----------------------                     -----------
     Partner                                     US$400
     Associate Partner/Senior Pricipal            US$363
     Tax Managing Director                        US$325
     Senior Manager                               US$305
     Manager                                      US$213
     Senior Tax Associate                         US$168
     Tax Associate                                US$138

These rates represent a discount of 25% to 50% from KPMG US's
customary hourly rates.

KPMG US's hourly rates for the tax consulting services are:

          Professional
     (U.S. and Member Firm)                    Hourly Rate
     ----------------------                    -----------
      Partner                                     US$505
      Associate Partner/Senior Pricipal           US$475
      Tax Managing Director                       US$455
      Senior Manager                              US$420
      Manager                                     US$332
      Senior Tax Associate                        US$245
      Tax Associate                               US$192

Michael Lawler, a partner at KPMG (US), assures Judge Peck that
his firm is a "disinterested person," as that term is defined in
Section 101(14) of the Bankruptcy Code, as modified by Section
1107(b) of the Bankruptcy Code.

A full-text copy of KPMG US's Engagement Letter is available for
free at:

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

                       About Quebecor World

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

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

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

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

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets ofUS$5,554,900,000, total
liabilities ofUS$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: Wants to Hire KPMG (Canada) as Tax Consultant
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority Pursuant to Sections 327(a) and 328 of the Bankruptcy
Code, the Debtors seek the Court's authority to employ KPMG LLP
(Canada) as their tax consultants, nunc pro tunc to April 7,
2008.

The Debtors say that KPMG Canada has an extensive familiarity
with their businesses, and has experience and knowledge in the
fields of taxation, accounting, auditing and tax advisory
services for large, sophisticated companies.  KPMG Canada has
been engaged to provide tax consulting services to the Debtors
and their non-debtor affiliates for more than 25 years.

In an engagement letter dated April 8, 2008, as tax consultants
to the Debtors, KPMG Canada is expected to:

    (a) provide consulting services needed by the Debtors in
        connection to a United States Internal Revenue Service
        examination for the 2005, 2006 and 2007 tax years;

    (b) work with the Debtors to resolve the IRS Examination in
        an efficient and timely manner and develop a strategy for
        best handling the IRS Examination;

    (c) assist the Debtors in their dealings with the IRS
        examination team, meet with members of the IRS
        examination team as necessary, and assist the Debtors in
        preparing submissions in response to inquiries from the
        IRS; and

    (d) represent the Debtors in connection with any tax appeals
        or participation in an alternative dispute resolution
        program.

KPMG Canada's hourly rates are:

    Professional                    Hourly Rate
    ------------                    -----------
    Partner/Director                  US$520
    Senior Principal                   US$470
    Senior Manager                     US$395
    Manager                            US$213
    Tax Associate                      US$162

These hourly rates represent a reduction of between 35% to 50%
from KPMG Canada's customary hourly rates.

Before the Petition Date, the Debtors retained KPMG Canada to
undertake work for them on certain tax filings and activities.

Nathalie Bernier, a partner at KPMG LLP (Canada), relates that
at the time the Debtors filed for bankruptcy protection, KPMG
Canada was owed approximately CN$2,400,000 for services rendered
to Quebecor World Inc. and the Debtors' non-debtor affiliates.
As a result, KPMG Canada is a creditor of QWI in the Canadian
insolvency proceedings.  KPMG Canada also performs services
unrelated to the Debtors and their Chapter 11 cases for
non-debtor QWI affiliates in Europe and Latin America, and is
paid in the ordinary course of business for those services.  In
addition, KPMG Canada incurred approximately CN$600,000 in fees
in connection with prepetition services provided to the Debtors
and QWI, of which approximately CN$100,000 is owed on account of
engagements where one or more of the Debtors were the sole
engaging party.

Ms. Bernier tells the Court that KPMG Canada has agreed, in
connection with the Debtors' retention of KPMG Canada and with
the Debtors' retention of KPMG LLP (US), that if KPMG Canada's
retention is approved by the Court, KPMG Canada will waive all
of its prepetition claims against the Debtors, whether arising
under engagements where one or more of the Debtors was the sole
engaging party, or under engagements where one or more of the
Debtors signed jointly with certain non-debtor affiliates,
including particularly with QWI.  Where QWI or another non-
Debtor affiliate was a party to a signed engagement letter with
KPMG Canada (even if that engagement letter was signed jointly
by a Debtor), KPMG Canada will seek to collect outstanding
amounts solely from those non-Debtor affiliates, including QWI
in the Canadian Proceeding, Ms. Bernier says.

In connection with engagements related to U.S. tax services,
KPMG Canada has in the past sub-contracted with KPMG US to
perform a majority of the work for which KPMG Canada was
engaged.  KPMG Canada directly paid KPMG US for these services
and payment was not dependent upon whether the engaging
entity(ies) paid KPMG Canada.  In connection with services
performed by KMPG US for KPMG Canada before the Debtors'
bankruptcy cases, KPMG Canada paid KPMG US approximately
US$30,000 in the 90-day period prior to the Petition Date, and
KPMG Canada currently owes KPMG US approximately US$380,000 for
work performed in connection with these engagements.  According
to Ms. Bernier, KPMG US has agreed, subject to approval of its
and KPMG Canada's retention, not to collect US$100,000 of the
amount outstanding from KPMG Canada.

KPMG Canada received US$104,630 from the Debtors during the 90-
day period before the Petition Date in the ordinary course of
business.  KPMG Canada paid KPMG US approximately US$30,000 of
this amount.

Ms. Bernier assures Judge Peck that her firm is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b) of the
Bankruptcy Code.

A full-text copy of the KMPG Canada's Engagement Letter is
available for free at: http://researcharchives.com/t/s?2a68

                       About Quebecor World

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

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

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

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

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets ofUS$5,554,900,000, total
liabilities ofUS$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: Wants Ernst & Young as Tax Services Provider
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to employ Ernst & Young LLP as their tax services
provider, nunc pro tunc to April 7, 2008.

According to the Debtors, E&Y LLP has an extensive experience
providing tax consultation to businesses pursuing reorganization
under chapter 11 of the Bankruptcy Code.

Under the terms set forth in an engagement letter dated
March 31, 2008, the Debtors are expecting E&Y LLP to provide:

1. Bankruptcy Tax Services, which entails:

    (a) understanding reorganization and restructuring
        alternatives the Debtors are evaluating;

    (b) assisting and advising the Debtors in developing an
        understanding of the tax implications of their bankruptcy
        restructuring alternatives and post-bankruptcy
        operations;

    (c) assistance with tax issues arising in the ordinary
        course of business while in bankruptcy;

    (d) tax advisory services regarding tax aspects of the
        bankruptcy process;

    (e) analysis of legal and other professional fees incurred
        during the bankruptcy period;

    (f) documentation, as appropriate or necessary, of tax
        analysis, opinions, recommendations, conclusions and
        correspondence;

    (g) advisory services regarding tax analysis and research
        related to acquisitions and divestitures;

    (h) advisory services regarding tax analysis and research
        related to tax-efficient domestic restructurings; and

    (i) tax forecast model.

2. Entity Structure Services, which includes working with the
    Debtors' personnel in developing an efficient U.S. Entity
    structure, taking into account the Debtors' desire for entity
    rationalization, tax efficiency, and impact on the Debtors'
    indirect tax obligations.

3. Loan Staff Services, which includes assigning staff to
    support the activities of the Debtors' employees in
    completing ministerial and administrative tasks relating to
    the preparation of the Debtors' quarterly and annual income
    taxes, the Debtors' U.S. restructuring, and Internal Revenue
    Service and state and local income tax authority audits.

E&Y LLP's hourly rates are:

    (a) Bankruptcy Tax Services and Entity Structure Services

        Professional                            Hourly Rate
        ------------                            -----------
        Executive Director/Principal/Partner     US$750
        Senior Manager                           US$650
        Manager                                  US$550
        Senior                                   US$420
        Staff                                    US$200 -US$300

    (c) Loan Staff Services

        Professional                            Hourly Rate
        ------------                            -----------
        Manager                                  US$250
        Senior                                   US$150
        Staff                                    US$120

Pursuant to the Engagement Letter, E&Y LLP may subcontract
certain work in connection with the tax services, in particular
to Ernst & Young LLP, an Ontario Limited Liability Partnership.

E&Y Canada's hourly rates are:

    (a) Bankruptcy Tax Services and Entity Structure Services

        Professional                            Hourly Rate
        ------------                            -----------
        Partner                                  CA$600
        Executive Director                       CA$550
        Senior Manager                           CA$475
        Manager                                  CA$375
        Senior Tax Staff                         CA$300
        Tax Staff                                CA$200-$275

    (b) Loan Staff Services

        Professional                            Hourly Rate
        ------------                            -----------
        Manager                                  US$250
        Senior                                   US$150
        Staff                                    US$120

E&Y LLP also anticipates subcontracting Ernst & Young (India)
Private Limited to assist it in calculations relating to the
determination of and availability of certain tax attributes.
E&Y LLP will seek reimbursement of fees and expenses incurred by
E&Y (Canada) and EYPL under a subcontracting engagement.

Upon subcontracting E&Y Canada and EYPL, E&Y LLP will remain
solely responsible for the services and will be the only party
to receive payment from the Debtors.

Lawrence Garret, principal of Ernst & Young LLP, assures Judge
Peck that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b) of the Bankruptcy Code.

A full-text copy of the E&Y LLP Engagement Letter is available
for free at:

    http://bankrupt.com/misc/Quebecor_E&YLLPEngagementLetter.pdf

                       About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 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.


TATA MOTORS: Nano May See Rival From Ajanta Group, Report Says
--------------------------------------------------------------
The Times of India says that Tata Motors Ltd's Nano, dubbed as
the world's cheapest car at around INR1 lakh (US$2,500), will
see a competition from the Ajanta group.

According to the Indian daily, Ajanta is planning to produce an
electric car that will be introduced to the market at a price
lower than INR1 lakh.

TOI quoted Ajanta Group Director Jaysuk Patel as saying, "The
company is already manufacturing electric scooters and bikes
under 'Oreva' brand.  Production of electric car is not
difficult for us as the technology is almost similar and 70
percent of its parts can be produced in-house, giving us an edge
over the vehicle's pricing."

The news agency says Ajanta is serious in its attempt to keep
the basic price of the proposed car as low as INR85,000.

Tata Motors unveiled the Nano on Jan. 10.  The company plans to
sell the car in India later this year.

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

Tata Motors has operations in Russia and the United Kingdom.

                              *     *     *

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

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




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

FREEPORT-MCMORAN: Indonesia OKs Unit's Plan to Slash Ore Output
---------------------------------------------------------------
Indonesia has approved the plan of Freeport-McMoran Copper &
Gold Inc.'s unit, PT Freeport Indonesia, to reduce maximum ore
production at the Grasberg mine to 220,000 tonnes a day, Reuters
reports citing Witoro Soelarno, director of technical and
environment at the energy and mines ministry.

Mr. Soelarno told the news agency that the figure was reduced
from a maximum of 300,000 tonnes a day partly because of
environmental concerns.  "We have approved Freeport's maximum
ore production at 200,000-220,000 tonnes per day for this year.
It is reviewed from various aspects such as environment and the
firm's capability," he said.

Reuters relates that Mr. Soelarno also said, "If we talk about
maximum production of 300,000 tonnes, in reality, it (Freeport)
has never been able to achieve it."

Furthermore, the same report says, PT Freeport expects copper
output at Grasberg to rise 6% this year to 1.2 billion pounds as
it explores new areas in the mine in the remote province of
Papua.  Gold output is expected to to fall 45% to 1.2 million
ounces this year from nearly 2.2 million ounces in 2007 due to
lower-grade ore at the mine, Reuters adds.

The Grasberg mine accounts for 40% of Freeport's total copper
reserves of 93 billion pounds, the report relates.

Fitri Wulandari of Reuters writes that the Grasberg mine has
long been controversial because of its environmental impact, the
share of revenue going to Papuans and the legality of payments
to Indonesian security forces who helped guard the site.

                      About Freeport-McMoRan

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

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter on April 10, 2008,
Fitch Ratings upgraded the Issuer Default Rating and debt
ratings of Freeport-McMoRan Copper & Gold Inc:

FCX:

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

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

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

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

On Feb. 21, 2008, Moody's Investors Service upgraded Freeport's
corporate family rating to Ba1 from Ba2 and undertook these
related rating actions:

      (i) upgraded to Baa1 (LGD1, 4%) from Baa2 the senior
          secured rating on Freeport's US$500 'million secured
          revolver;

     (ii) upgraded to Baa1 (LGD1, 9%) from Baa3 the senior
          secured ratings on Freeport's US$1 billion secured
          revolver and Freeport's 6.875% senior secured notes;
          and

    (iii) upgraded to Ba2 (LGD5, 74%) from Ba3 Freeport's $6.0
          billion of senior unsecured notes.

Moody's also upgraded to Baa2 (LGD2, 16%) from Ba1 the ratings
on Phelps Dodge's notes.  Moody's said the ratings outlook for
Freeport and Phelps is stable.


GARUDA INDONESIA: Records 700,000 Passengers in 2007
----------------------------------------------------
PT Garuda Indonesia's passengers for Asia in 2007 reached almost
700,000 while its cargo reached 8,000 tons in the same period,
Antara reports citing Garuda Chief Communications Officer
Pujobroto.

According to the report, Mr. Pujobroto said the cargoes, which
include electronic equipment, chemical substances, textiles,
paper and others, were transported to Singapore, Malaysia, Hong
Kong, Thailand and Vietnam.

The airline, the report notes, is now servicing flights to
Singapore 74 times a week, and to Kuala Lumpur, Hong Kong,
Bangkok and Ho Chi Minh City once a day each.

Moreover, Antara relates, in line with its planned expansion,
Garuda has also ordered 60 new airplanes, consisting of 10 wide-
bodied B-777-300ERs and 50 B-737(Next Generation).  These planes
are expected to arrive in Indonesia early in 2009, the report
adds.

                       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.


MEDCO ENERGI: Inks US$565 Mil. Gas Deal With Perusahaan Listrik
---------------------------------------------------------------
PT Medco Energi International has signed a natural gas supply
agreement with PT Perusahaan Listrik Negara (PLN) for a power
plant in Aceh province, Reuters reports citing Indonesian energy
watchdog (BPMIGAS).

Under the business agreement, the report notes, Medco will
supply 85 trillion British Thermal Units (BTU) of gas from
Block A area in Aceh province to PLN for 17 years starting 2010.
The estimated value of the gas is US$565 million, the same
report relates.

Muklis Ali of Reuters writes that Medco is the operator of
Block A with a 41.67% stake.  The other partners are Britain's
Premier Oil Plc, which holds a 41.66% stake, and Japan Petroleum
Exploration Co., which holds a 16.67% stake, the report adds.

                     About Perusahaan Listrik

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

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

                         About Medco Energi

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

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

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

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

      * B1 local currency corporate family rating -- Medco

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


PERUSAHAAN GAS: Inks Interim Gas Supply Deal With ConocoPhillips
----------------------------------------------------------------
Indonesian energy watchdog (BPMIGAS) said that ConocoPhillips
signed a preliminary gas supply deal with Perusahaan Gas Negara
Tbk (PGN), Reuters reports.

According to the report, under the business deal, ConocoPhillips
will supply PGN with 79 trillion BTU of gas from its field in
East Java for five years.

A BPMIGAS official said there is a need of further talks on
details of the terms and conditions, the report relates.

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 26,
2007, that Standard & Poor's Ratings Services raised its
corporate credit ratings on PT Perusahaan Gas Negara (Persero)
Tbk. to 'BB-' from 'B+'.  The outlook on the rating is stable.
At the same time, Standard & Poor's has raised the rating on the
senior unsecured debt issued by PGN Euro Finance 2003 Ltd.
(guaranteed by PGN) to 'BB-' from 'B+'.

On Jan. 18, 2007, Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

    -- Long-term foreign currency Issuer Default Rating 'BB-';

    -- Long-term local currency IDR 'BB-'; and

    -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
       2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
       and its subsidiaries 'BB-'.


PT INCO: To Release First Quarter 2008 Results on April 25
----------------------------------------------------------
PT International Nickel Indonesia Tbk will release its first
quarter 2008 results on Friday, April 25, 2008, before the
opening of the Indonesia Stock Exchange trading session.

PT Inco will host a conference call and webcast on April 25,
2008, at 10:30 a.m. (LOCAL Jakarta time).

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *     *     *

As of October 29, 2007, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.




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

FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30
-----------------------------------------------------------
Flowserve Corp. will hold its 2008 Annual Meeting of
Shareholders on May 30, 2008 at 11:30 a.m., local time, the
company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission.

The meeting will be held at the Four Seasons Resort and Club,
4150 North MacArthur Boulevard in Irving, Texas.

According to Tara D. Mackey, the company's Vice President,
Assistant Secretary and Compliance Counsel, shareholders of
record of the company's common stock at the close of business on
April 4, 2008 are entitled to notice of and to vote at the
annual meeting.

At the annual meeting, the company will ask shareholders to:

      -- elect four directors, each to serve a term expiring at
         the 2011 annual meeting of shareholders;

      -- elect two directors, each to serve a term expiring at
         the 2010 annual meeting of shareholders;

      -- to ratify the appointment of PricewaterhouseCoopers LLP
         to serve as our independent registered public accounting
         firm for 2008; and

      -- attend to other business properly presented at the
         meeting.

Proxy materials may be obtained online through:

                 http://www.proxydocs.com/fls

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 55 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  The
company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.


FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed Flowserve Corp.'s Issuer Default
Rating and senior secured bank facilities at 'BB' and revised
the Rating Outlook to Positive from Stable.

Flowserve's ratings are:

      -- IDR at 'BB';
      -- Senior secured bank facilities at 'BB';

The ratings affect approximately US$558 million of debt
outstanding at Dec. 31, 2007.

The Positive Rating Outlook reflects Flowserve's improving
operating performance, substantial progress toward resolving
concerns about contingent litigation liabilities and financial
reporting, and Fitch's expectation that the company intends to
maintain disciplined financial policies that should help it to
sustain improved credit measures.  Flowserve's solid results in
2007 contributed to a significant decline in debt/EBITDA to 1.2
times (x) as of Dec. 31, 2007 despite a stable debt level. The
company has benefited from strong demand across most of
Flowserve's businesses, particularly in its important energy and
water markets.  Flowserve has also benefited from better
operating efficiency related to the increase in sales volumes
and from its focus on improving its operating capabilities and
its reporting and controls.  The long term outlook for activity
in the company's global infrastructure markets remains favorable
although Fitch recognizes the inherent cyclicality in
Flowserve's business and its sensitivity to economic conditions.
This concern is partly offset by the company's substantial
aftermarket business.

Previous concerns about controls over financial reporting and
potential litigation liabilities have been eliminated or
significantly reduced.  The company has not reported any
material weaknesses since the end of 2006.  In February 2008,
Flowserve agreed to settlements totaling US$10.6 million with
the U.S. Dept. of Justice and the SEC concerning investigations
into its compliance with the U.N. Oil-for-Food Program.  In
addition, recent developments surrounding shareholder lawsuits
have been in Flowserve's favor although the risk of further
litigation cannot be dismissed.  Remaining legal matters include
numerous asbestos-related lawsuits and Flowserve's compliance
with U.S. export controls.  Asbestos liabilities are reduced by
insurance coverage or indemnities by other companies.  While the
effectiveness of such coverage is difficult to ascertain, the
ratings incorporate Fitch's view that, in the absence of
unexpectedly large awards against it, Flowserve's net litigation
liabilities are not likely to result in a substantial use of
cash.

The ratings also consider Flowserve's global presence in the
flow control industry, its product and geographic
diversification, and its conservative debt structure.
Discretionary spending for acquisitions and share repurchases
have been limited in recent years, but favorable financial
results have contributed to the company's decision to initiate
dividends in 2007, and in February 2008 it announced a $300
million share repurchase program.  Flowserve has not said how
quickly it might repurchase shares.  However, it has sufficient
financial capacity to fund modest levels of share repurchases
and acquisitions as well as working capital requirements and
capital expenditures that may be needed to fund internal growth.
Fitch believes large acquisitions or other leveraging
transactions are unlikely based on opportunities for meaningful
internal growth, Flowserve's commitment to making further
improvements in its operating and reporting processes, and its
demonstrated willingness to control debt and leverage.  An
upgrade in Flowserve's ratings will be contingent on continued
strong financial results, effective execution of its operating
strategies, reasonable clarity about contingent litigation
liabilities, and disciplined cash deployment.

At Dec. 31, 2007, Flowserve's liquidity included US$373 million
of cash and a US$400 million revolver that matures in 2012,
offset by US$7 million of current maturities and US$115 million
of Letter of Credit usage under the revolver.  Nearly all of
Flowserve's debt consisted of a US$555 million bank term loan
that has no significant scheduled payments until 2011.  The bank
facilities are secured by substantially all of Flowserve's
domestic assets and 65% of the capital stock of certain foreign
subsidiaries.  The facilities would become unsecured if the
company maintains investment grade ratings, as defined in the
agreement, for at least 90 days.  During 2008, Flowserve expects
to terminate its factoring facilities which represented US$64
million of non-recourse financing at the end of 2007.

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 55 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  The
company has subsidiaries in Argentina, Netherlands, China,
Mexico, France, Brazil and Japan, among others.


JVC CORP: To Halt Flat-Panel TV Business in Japan, Nikkei Says
--------------------------------------------------------------
Victor Co. of Japan, Ltd. is reportedly ending its flat-panel
television business in Japan, Hiroshi Suzuki writes for
Bloomberg News, citing the Nikkei newspaper.

The Nikkei, relates Bloomberg, reported that the company will
stop making and selling liquid-crystal-display TVs around the
summer to focus on the U.S. and Europe.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


JVC CORP: Revises Year Ended March 31 Net Loss to JPY47.8BB
-----------------------------------------------------------
Victor Company of Japan, Ltd. revised its business forecast for
the fiscal year ended March 31, 2008.

JVC has revised its net loss forecast to JPY47.8 billion from
JPY32.5 billion, a JPY15.3 billion decline.  For fiscal year
ended March 31, 2007, JVC had a net loss of JPY7.9 billion.

Operating income is forecasted to be seen at JPY3.1 billion from
what was forecasted on January 30 of JPY3.0 billion.

JVC sees its total sales at JPY658.0 billion, down by 3.2% from
the JPY680.0 billion forecast and operating income forecast is
down 3.3% to JPY3.1 billion.

Regarding sales outlook, the consumer electronics segment is
forecast to post a sales decline due to intensified competition
as well as delays in the launch of some new products in the area
of LCD televisions.  In addition, the components & devices
segment was negatively affected by production adjustments made
by customers.  Accordingly, the group-wide sales are expected to
be about JPY22 billion below the previous forecast.

Turning to profitability, operating income is expected to
achieve the previous forecast, reflecting the steady execution
of profit-focused sales measures, the consolidation and
elimination of production and sales facilities, and the smooth
implementation of business transfers and other structural
reforms.  However, ordinary income is forecast to deteriorate
mainly due to foreign exchange losses caused by the rapid
appreciation of the yen.

The company is in the process of rethinking the business
structure of the display related sector where earnings recovery
has been slow, and is about to complete its formulation of a
new mid-term strategy.  In accordance with this new strategy,
extraordinary losses of approximately JPY7.1 billion, including
impairment losses, will be incurred and taken into account in
addition to the previous forecasts.

Combined with impairment and other extraordinary losses to be
incurred in the storage media, audio-related and other sectors,
the forecast on extraordinary losses has been revised from JPY11
billion as of the previous announcement on January 30 to about
JPY24.2 billion yen.  As a result, net income for Fiscal 2008 is
expected to be JPY15.3 billion below the previous forecast.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


SANYO ELECTRIC: Net Income "Slightly" Higher Than Forecast
----------------------------------------------------------
Sanyo Electric Co.'s net income for the year ended March 31,
2008, was "slightly" higher than the JPY20 billion forecast,
Hiroshi Suzuki writes for Bloomberg News, citing the Nikkei
newspaper.

According to Nikkei, Sanyo's operating profit also exceeded the
company's forecast of JPY55 billion; it increased by 19% to
JPY59 billion, relates Bloomberg.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

In March 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


SPANSION INC.: Inks Patent Cross-License Agreement With IBM
-----------------------------------------------------------
On April 7, 2008, Spansion LLC, a wholly owned subsidiary of
Spansion Inc., entered into a patent cross-license agreement
with International Business Machines Corp.

Under the agreement, Spansion Inc. issued 1,607,717 shares of
Spansion Class A common stock, par value US$0.001 per share to
IBM on April 7, 2008, and will make two additional five million
dollar payments to IBM, either in cash or Spansion common stock
equivalent to the cash amount at the time of payment, before
March 25, 2010.

All of the shares of the Spansion LLC's common stock issued to
IBM in the transaction were issued in reliance upon the
exemption from registration provided under Section 4(2) of the
Securities Act of 1933, as amended.

                         About Spansion 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 and Japan.

At Dec. 30, 2007, the company's consolidated balance sheet
showed US$3.81 billion in total assets,US$2.18 billion in total
liabilities, and US$1.63 billion in total stockholders' equity.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings affirmed Spansion Inc.'s issuer default rating at
'B-' while downgrading these issue-level ratings due to lower
recovery prospects: (i)US$175 million senior secured revolving
credit facility due 2010 to 'B/RR3' from 'B+/RR2'; (ii)
$625 million senior secured floating rating notes due 2013 to
'B/RR3' from 'B+/RR2'; (iii)US$225 million of 11.25% senior
unsecured notes due 2016 to 'CCC/RR6' from 'CCC+/RR5'; and
(iv)US$207 million of 2.25% convertible senior subordinated
debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'.  The rating
outlook remains negative.  Approximately US$1.2 billion of debt
is affected.




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

NEXUS INVESTMENT: Appoints Yim Yang Jin as CEO
----------------------------------------------
Nexus Investment Corporation has appointed Yim Yang Jin as its
new Chief Executive Officer, Reuters reports.

According to the report, Mr. Yim replaced Lee Gi Wang as CEO,
effective March 31, 2008.

Pusan, Korea-based Nexus Investment Corporation invests in
start-ups primarily for small- and medium-sized companies.  The
company's investment portfolio includes stocks, funds, project
financing and capital loans for Korea-based companies as well as
overseas market investment.  It also offers management
consulting, strategic restructuring of companies, marketing and
human resources support.

Korea Investors Service rated the company's third offering of
unregistered convertible bonds raising funds up to KRW30 billion
a B+ with a stable outlook.


SHINWA INTEREK: Wins Patent on Optical Sheet
--------------------------------------------
Shinwha Intertek Corporation has been awarded a patent for
April 11, 2008, covering optical sheet and the fabrication
method, and optical sheet using the method, Reuters reports.

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006.  The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.


YOUNGCHANG SILUP: To Raise KRW5.3 Billion From Share Issuance
-------------------------------------------------------------
Youngchang Silup Co., Ltd., will issue 8,800,000 common shares
raising KRW5.3 billion in proceeds, through a rights issue,
Reuters reports.  According to the report, the share's par value
and offer price are KRW500 and KRW610, respectively.

The shares will be open for subscription for existing
shareholders from May 28, 2008, to May 29, 2008, and the
unclaimed shares from the rights issue will be offered to the
public from June 2, 2008, to June 3, 2008, the report relates.
Reuters notes that the new shares' listing date is June 19,
2008, with Good Morning Shinhan Securities Co. Limited as
underwriter.

Furthermore, the company will issue bonus shares to all
shareholders in the ratio of 0.10000002 : 1 (0.10000002 bonus
shares for each share held), the same report relates.
Youngchang Silup will issue 2,955,858 new shares of par value
KRW500 each as bonus shares to the shareholders of record on
June 10, 2008, the report says.  Reuters adds that the listing
date of the shares is July 9, 2008.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers.  The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.

On May 18, 2005, Korea Ratings gave the company's
KRW10.00 billion convertible bond and KRW5.00 billion straight
bond a BB+ rating with a stable outlook.


YOUNGCHANG SILUP: To Buy 18% Stake in Microrobot for KRW10 Bil.
---------------------------------------------------------------
Youngchang Silup Co. Limited will acquire a 18.03% stake or
3,321,000 shares in Microrobot Co. Limited for KRW10 billion,
Reuters reports.

According to the report, the acquisition date is May 31, 2008.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers.  The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.

On May 18, 2005, Korea Ratings gave the company's KRW10 billion
convertible bond and KRW5.00 billion straight bond a BB+ rating
with a stable outlook.




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

PAXELENT CORPORATION: Bourse to Delist Securities on April 23
-------------------------------------------------------------
Paxelent Corporation 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.  The company does not have an adequate level of
financial condition to warrant its continued listing, thus
Bourse decided to delist the company's securities.

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.

Headquartered in Kuala Lumpur, Malaysia, Paxelent Corporation
Berhad is engaged in investment holding.  The principal
activities of the subsidiaries are property investment,
provision of information technology solutions, investment
holding, marketing and sale of hard disk drive components.  The
Company is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Second Board of
Bursa Malaysia Securities Berhad.  Paxelent Corporation is
engaged in investment holding.  The principal activities of the
subsidiaries are property investment, provision of information
technology solutions, investment holding, and marketing and sale
of hard disk drive components.  The Company is a public limited
liability company, incorporated and domiciled in Malaysia, and
is listed on the Second Board of Bursa Malaysia Securities
Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
The company's consolidated financial statements for the year
ended Dec. 31, 2006.  The auditing firm pointed to the group and
company's net current liabilities of MYR39,226,000 and
MYR82,894,000 respectively.  In addition, both the group and the
company have capital deficiencies of MYR18,259,000 and
MYR29,142,000 respectively.  Russell Bedford LC noted that the
company has not met the scheduled repayment obligations of the
settlement agreements with several financial institutions
arising from the crystallization of corporate guarantees in
respect of the wind-up of its former subsidiaries.


SELOGA: To Include Usage of Share Premium Reserve in Reform Plan
----------------------------------------------------------------
Seloga Holdings Berhad has decided on the utilization of
proceeds for its Proposed Rights Issue and proposes to vary the
company's regularization plans to include the proposed
utilization of share premium reserve of the company as of
Dec. 31, 2007, together with the credit arising from the
Proposed Capital Cancellation to reduce the accumulated losses
of the company.  The revised proposed regularization plans will
now comprise:

    -- the proposed restructuring of the issued and paid-up share
       capital of the company under section 64 of the Companies
       Act, 1965 which involves:

       (a) cancellation of MYR0.75 of the par value of each
           existing ordinary share of MYR1.00 each in the
           company; and

       (b) utilization of the credit from the Proposed Capital
           Cancellation together with MYR10.55 million from the
           audited share premium reserve of the company as at
           December 31, 2007, to reduce the company's accumulated
           losses;

    -- the proposed renounceable rights issue of up to 80,478,006
       new ordinary shares of MYR0.25 each in the company at a
       proposed issue price of MYR0.25 per Rights Share on the
       basis of three Rights Shares for every five ordinary
       shares of MYR0.25 each in Seloga held after the Proposed
       Capital Restructuring.

Details of the Revised Proposals:

    a) Proposed Capital Restructuring

       The details on the Proposed Capital Cancellation remained
       unchanged.  Upon completion of the Proposed Capital
       Cancellation, the credit of approximately MYR87.68
       million, together with MYR10.55 million from the audited
       share premium reserve of Seloga as at December 31, 2007,
       will be utilized to reduce the audited accumulated losses
       of the company of approximately MYR103.516 million as at
       December 31, 2007.

    b) Proposed Rights Issue

       * Utilization of proceeds

         The Proposed Rights Issue is expected to raise gross
         proceeds of up to MYR20.12 million which Seloga proposes
         to utilize.

       * Shareholder's Undertaking and Underwriting Arrangement

         Tan Sri Halim bin Saad, a substantial shareholder of
         Seloga, has given a revised irrevocable undertaking to
         subscribe or procure the subscription for the whole of
         his entitlement of the Proposed Rights Issue and/or make
         or procure excess application of up to 60,000,000 Rights
         Shares subject to conditions to facilitate achieving the
         minimum level of subscription.  As such, no underwriting
         arrangement is required.

         For this purpose, the undertaking to subscribe will be
         inclusive of the Rights Shares to be subscribed by Usaha
         Citra Sdn Bhd and Lucky Lamp International Limited.
         Should other shareholders also subscribe for the Rights
         Shares, the amount of Rights Shares to be subscribed
         pursuant to the undertaking will be reduced accordingly.

       * Conditions of the Proposed Rights Issue

            (i) Seloga remains listed on the Second Board of
                Bursa Malaysia Securities Berhad; and

           (ii) all the current lenders of Seloga confirm in
                writing before the announcement of the
                entitlement date for the Proposed Rights Issue,
                that the loans to Seloga are not in default.

       * Segi Resources Sdn Bhd, the holder of all the
         outstanding ICULS, on April 4, 2008, given its
         irrevocable agreement and undertaking to waive its
         rights under Clause 9.3(ii) of the Trust Deed dated
         April 18, 2003, entered between Seloga and Bumiputra-
         Commerce Trustee Berhad to participate in the Proposed
         Rights Issue to be undertaken by Seloga as if the
         outstanding ICULS have been converted into Seloga.

Effects of the Revised Proposals:

    * Issued and paid-up share capital

      The proposed utilization of share premium reserve of Seloga
      as at December 31, 2007, together with the credit arising
      from the Proposed Capital Cancellation to reduce the
      accumulated losses of Seloga will not have any effect on
      the issued and paid-up share capital of the company.

    * The Revised Proposals are not expected to have any effect
      on the earnings of Seloga and its subsidiaries for the
      financial year ending December 31, 2008, as the Revised
      Proposals are expected to be completed in the first quarter
      of 2009.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SOLUTIA INC: Has 60,766,560 Outstanding Shares at February 29
-------------------------------------------------------------
As of Feb. 29, 2008, Solutia Inc. had 60,766,560 shares of
common stock outstanding, according to Rosemary L. Klein,
Solutia's senior vice president, general counsel and secretary,
in a regulatory filing with the U.S. Securities and Exchange
Commission.

In addition, Solutia has warrants and options to purchase the
outstanding common stock.

A more detailed description of Solutia's capitalization as of
February 29 is available for free at:

    http://bankrupt.com/misc/Feb29summary.pdf

Ms. Klein notes that some third-party financial information Web
sites appear to be reporting or basing their calculation of
Solutia's capitalization on approximately 104,000,000 shares of
common stock outstanding, which as of February 29, is incorrect.

                        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'sUS$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.


SOLUTIA INC: Court Approves Settlement Pact With Solvay
-------------------------------------------------------
Solutia Inc., and Solvay Advanced Polymers LLC, are parties to a
certain purchase agreement, dated Sept. 1, 2002, as amended,
pursuant to which Solvay purchased adipic acid and
hexamethylenediamine from Solutia.  Solutia relates that the
Purchase Agreement, and its amendments, is still in full force
and effect with respect to the purchase of adipic acid.

On Jan. 1, 2007, Solutia and Solvay entered into a new purchase
agreement for the purchase of HMDA only.  Solvay owesUS$65,399
under the HMDA Agreement.

The exhibits attached to the Debtors' Fifth Amended Joint Plan
of Reorganization listed the Purchase Agreement as part of the
executory contracts to be assumed.  The Plan also provided that
entry of an order confirming the Plan would constitute approval
of the assumption of the Purchase Agreement, except as to any
unresolved cure objections.  The Plan was confirmed Nov. 29,
2007.

                Court Approves Settlement Agreement

On Nov. 9, 2007, Solutia sent Solvay a notice to assume the
Purchase Agreement with a proposed cure amount ofUS$0.  Solvay
objected and asserted a postpetition cure amount ofUS$335,718.

Solutia and Solvay have engaged in good-faith, arm's-length
negotiations in an attempt to resolve the dispute.  Judge Beatty
has approved the parties' stipulation, which provides that:

      * The cure amount due under the Purchase Agreement is
        US$335,718;

      * Solvay and Solutia will amend the Purchase Agreement;

      * Solvay owes US$65,399 to Solutia.  That amount will be
        set off the Cure Amount owed by Solutia, leaving a net
        balance of US$270,319 owed by Solutia to Solvay;

      * Upon payment of the Net Cure Amount, the parties will
        exchange releases of claims in connection with th
        assumption of the Purchase Agreement; and

      * Upon payment of the Net Cure Claim, Solutia will have
        been (i) deemed to satisfy all claims that may have been
        asserted by Solvay, and (ii) paid by Solvay in full for
        any amounts due under the HMDA Agreement for the period
        Jan. 1, 2007, through Dec. 1, 2007.

                         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 Second 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'sUS$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.


SOLUTIA INC: Harbinger Entities Disclose 30.1% Equity Stake
-----------------------------------------------------------
Seven parties disclosed in a joint Form 4 filing with the U.S.
Securities and Exchange Commission their ownership of
Reorganized Solutia Inc. securities:

      * Harbinger Capital Partners Master Fund I, Ltd. -- Master
        Fund;

      * Harbinger Capital Partners Offshore Manager, L.L.C. --
        Harbinger Management -- the investment manager of the
        Master Fund;

      * HMC Investors, L.L.C., Harbinger Management's managing
        member -- HMC Investors;

      * Harbert Management Corporation -- HMC -- the managing
        member of HMC Investors and the parent of HMCNY;

      * Philip Falcone, a shareholder of HMC and the portfolio
        manager of the Master Fund and Harbinger Capital Partners
        Special Situations Fund, L.P. -- Special Fund;

      * Raymond J. Harbert, a shareholder of HMC; and

      * Michael D. Luce, a shareholder of HMC

The non-derivative securities owned:

           Securities                  Securities
      Acquired / Disposed     Price       Owned      Ownership
      -------------------     -----    ----------    ---------
March 25, 2008 filing:
                  256,400  US$12.50    12,095,457       direct
                        0         0    12,095,457     indirect
                   25,000     11.90    12,120,457       direct
                        0         0    12,120,457     indirect
                  160,402     13.62    12,280,859       direct
                        0         0    12,280,859     indirect
                        -         -     6,026,461     indirect

March 26, 2008 filing:
                   45,000     14.30    12,325,859       direct
                        0         0    12,325,859     indirect
                  210,800     14.33    12,536,659       direct
                        0         0    12,536,659     indirect
                        -         -     6,026,461     indirect

The securities, except for the 6,026,461 shares, are indirectly
owned by Master Fund.  These securities may be deemed to be
beneficially owned by Harbinger Management, HMC Investors, HMC,
and Messrs. Falcone, Harbert, and Luce.

Special Fund indirectly owned 6,026,461 shares.  These
securities may be deemed to be beneficially owned by Harbinger
Capital Partners Special Situations GP, LLC -- HCPSS; HMC-New
York, Inc. -- HMCNY; HMC; and Messrs. Falcone, Harbert and Luce.
HCPSS is the general partner of the Special Situations Fund.
HMCNY is the managing member of HCPSS.  HMC wholly owns HMCNY.

                           *     *     *

In their joint first amendment to Schedule 13D filed with SEC,
as of March 28, 2008, the reporting parties may be deemed to
beneficially own these shares:

      Entity/Person                Shares Owned   % Ownership
      -------------                ------------   -----------
      Master Fund                    12,729,751        21.20%
      Harbinger Management           12,729,751        21.20%
      HMC Investors                  12,729,751        21.20%
      Special Fund                    6,026,461        10.10%
      HCPSS                           6,026,461        10.10%
      HMCNY                           6,026,461        10.105
      HMC                            18,756,212        31.30%
      Mr. Falcone                    18,756,212        31.30%
      Mr. Harbert                    18,756,212        31.30%
      Mr. Luce                       18,756,212        31.30%

According to Mr. William R. Lucas, Jr., on behalf the entities,
no borrowed funds were used to purchase the Shares, other than
any borrowed funds for working capital purposes in the ordinary
course of business.  He adds that the number of outstanding
shares is based on the 59,750,000 shares Solutia reported
outstanding as of Nov. 2, 2007, adjusted for warrants held by
the Reporting Persons.

Mr. Lucas says that there is no material change from the
Schedule 13D filed on March 11, 2008.

                         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 Second 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.


SUNWAY INFRA: Receives Take-Over Offer From Infra Bumitek
---------------------------------------------------------
Sunway Infrastructure Berhad has received a notice of take-over
offer from Infra Bumitek Sdn Bhd, through AFFIN Investment Bank
Berhad for:

     (i) 114,909,202 ordinary shares of MYR0.50 each in SunInfra
         not already owned by Infra Bumitek, representing 63.84%
         of the issued and paid-up share capital of SunInfra
         based on the Record of Depositors as at March 31, 2008,
         and all the new SunInfra Shares that may be allotted and
         issued pursuant to the exercise of the outstanding
         2003/2008 warrants prior to the close of the Offer not
         already owned by Infra Bumitek, at a cash offer price of
         MYR0.17 per SunInfra Share; and

    (ii) 30,000,000 Warrants in SunInfra, representing 100% of
         the Warrants of SunInfra based on the Record of
         Depositors as at March 31, 2008, not already owned by
         Infra Bumitek, at a cash offer price of 0.01 sen per
         Offer Warrant.

In accordance with the Malaysian Code on Take-Overs and Mergers,
1998, the Board will appoint an Independent Adviser to advise
the Independent Directors and minority shareholders of SunInfra
in relation to the Offer.  The appointment of the Independent
Adviser is subject to the approval of the Securities Commission,
in accordance with Part IV Section 15(8) of the Code.

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and such shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.


TRIPLC BERHAD: Appoints Mohammed Yusuf as Executive Director
------------------------------------------------------------
Mohd Khalid Bin Mohammed Yusuf was appointed as Triplc Berhad's
executive director.

Mr. Yusuf joined the company in 2005 as Senior General Manager
of Architecture rising to the profile of Project Director.
He owns 261,000 ordinary shares of MYR1.00 each in the company.

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


UBG BERHAD: Seeks Shareholders' Approval for Proposed Amendment
---------------------------------------------------------------
UBG Berhad is seeking its shareholders' approval at the 16th
Annual General Meeting to be convened on May 20, 2008, to the
proposed amendment to its Articles of Association.

The company said the Proposed Amendment will add clarity to and
streamline the Articles of Association of UBG with the
provisions of the Companies Act 1965 and the Listing
Requirements of Bursa Malaysia Securities Berhad.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.




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

AQUA TILES: Wind-Up Petition Hearing Set for June 13
----------------------------------------------------
A petition to have Aqua Tiles Ltd.'s operations wound up will be
heard before the High Court of Auckland on June 13, 2008, at
10:00 a.m.

SREL Limited filed the petition on February 4, 2008.

SREL Limited's solicitor is:

           Malcolm Whitlock
           Debt Recovery Group NZ Limited
           5 Short Street, Level 5
           Newmarket, Auckland
           New Zealand


AVENUE ONE: Fixes April 18 as Last Day to File Claims
-----------------------------------------------------
Creditors of Avenue One Estates Ltd. are required to file their
proofs of debt by April 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

           Jeffrey Philip Meltzer
           Michael Lamacraft
           Meltzer Mason Heath Chartered Accountants
           PO Box 6302, Wellesley Street
           Auckland 1141
           New Zealand
           Telephone:(09) 357 6150
           Facsimile:(09) 357 6152


BLUE CHIP: Taps Timothy Patrick Ward as Liquidator
--------------------------------------------------
On March 12, 2008, shareholders of Blue Chip Southland 2007 Ltd.
appointed Timothy Patrick Ward as the company's liquidator.

Creditors are required to file their proofs of debt by April 30,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

           Timothy Patrick Ward
           T. P. Ward, BDO Spicers
           Lexicon House, 123 Spey Street
           Invercargill
           New Zealand
           Telephone:(03) 218 2959
           Facsimile:(03) 218 2092
           e-mail: tim.ward@inv.bdospicers.com


COMPOUND PROPERTIES: Commences Liquidation Proceedings
------------------------------------------------------
Compound Properties Limited commenced liquidation proceedings on
March 11, 2008.  Grant Bruce Reynolds was appointed as
liquidator.

The liquidator can be reached at:

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


MARSDEN VILLAS: Faces Artscape Limited's Wind-Up Petition
---------------------------------------------------------
On October 24, 2007, Artscape Limited filed a petition to have
Marsden Villas Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 18, 2008, at 10:45 a.m.

Artscape Limited's solicitor is:

           J. Z. Ewart
           Ewart & Ewart
           130 St Georges Bay Road, Unit 2H
           Parnell, Auckland
           New Zealand
           Telephone:(09) 307 3589
           Facsimile:(09) 307 1560


OCTANE CREATIVE: Court to Hear Wind-Up Petition on May 9
--------------------------------------------------------
The High Court of Auckland will hear on May 9, 2008, at
10:45 a.m., a petition to have Octane Creative Productions
Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
Jan. 14, 2008.

The CIR's solicitor is:

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


PROGRESSIVE MARKETING: Shareholders Opt to Liquidate Business
-------------------------------------------------------------
Shareholders of Progressive Marketing Ltd. resolved to
voluntarily liquidate the company's business on March 11, 2008.
Grant Bruce Reynolds was appointed as liquidator.

The liquidator can be reached at:

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


REMUERA DENTAL: Appoints Mark van Rossem as Liquidator
------------------------------------------------------
Mark van Rossem was appointed liquidator of Remuera Dental
Accident and Emergency Clinic Ltd. on March 7, 2008.

Only creditors who were able to file their proofs of debt by
April 7, 2008, will be included in the company's dividend
distribution.

The liquidator can be reached at:

           Mark van Rossem
           TVR Chartered Accountants Limited
           PO Box 8155, Symonds Street
           Auckland
           New Zealand
           Telephone:(09) 373 4634
           Facsimile:(09) 368 1600


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

The company's liquidators are:

           Arron Leslie Heath
           Michael Lamacraft
           Meltzer Mason Heath, Chartered Accountants
           PO Box 6302, Wellesley Street
           Auckland 1141
           New Zealand
           Telephone:(09) 357 6150
           Facsimile:(09) 357 6152


WOODLAND DEVELOPMENTS: Taps Parsons and Kenealy as Liquidators
--------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Woodland Developments Ltd. on March 10,
2008.

The liquidators can be reached at:

           Dennis Clifford Parsons
           Katherine Louise Kenealy
           Indepth Forensic Limited
           PO Box 278, Hamilton
           New Zealand
           Telephone:(07) 957 8674
           Web site: http://www.indepth.co.nz




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

ALTANA PTE: Requires Creditors to File Claims by May 12
-------------------------------------------------------
Altana Pte. Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by May 12, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

           Noor Hasna D/O Jani
           c/o 4 Battery Road
           #15-01 Bank of China Building
           Singapore 049908


BAN HIN: Fixes May 23 as Last Day to File Claims
------------------------------------------------
Ban Hin Lee Investment Limited, which is in liquidation,
requires its creditors to file their proofs of debt by May 23,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Heng Lee Seng
           15 Hoe Chiang Road #12-02
           Tower Fifteen
           Singapore 089316


ESPLANADE INVESTMENTS: Creditors' Proofs of Debt Due April 25
-------------------------------------------------------------
Esplanade Investments Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by April 25, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SOUNDBUZZ MEDIA: Creditors' Proofs of Debt Due May 12
-----------------------------------------------------
Soundbuzz Media Pte. Ltd., which is in voluntary liquidation,
requires its creditors to file their proofs of debt by May 12,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

       Kon Yin Tong
       Wong Kian Kok
       Aw Eng Hai
       c/o 47 Hill Street #05-01
       Singapore Chinese Chamber of Commerce & Industry Building
       Singapore 179365




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

BANK OF AYUDHYA: Firm Created to Resolve Distressed Assets
----------------------------------------------------------
The GE Group and the Ratanarak family, the two largest
shareholders of Bank of Ayudhya, have set up an asset management
company to help resolve the bank's distressed assets, Bangkok
Post reports.  The asset management firm, named Alpha Capital
Asset Management Ltd, is 49% held by the GE Group and rest by
the Ratanarak family, the report adds.

According to Bangkok Post, GE is the largest single shareholder
of BAY, at 34.71%, followed by the Ratanarak family at 32%.

The two shareholders established Alpha Capital in December 2007,
with registered capital of THB100 million, the paper reports.
Alpha Capital was founded to purchase non-performing loans from
BAY, although it is open to purchasing assets from other
financial institutions, Bangkok Post relates.

BAY Chairman Veraphan Teepsuwan told Bangkok Post that Alpha
Capital would help clean up the bank's loan portfolio.  He added
any asset sale would be made transparently and in line with the
bank's commitment to good corporate governance to prevent
potential conflicts of interest, Bangkok Post says.

BAY, which has non-performing loans of THB69 billion, earlier
received shareholder approval to sell THB2.16 billion in assets
to Alpha Capital in the second quarter, Bangkok Post notes.  The
bank will divest THB16 billion in loans this year under a plan
to cut bad loans to THB53 billion by year-end, the report adds.

Yaowalak Poolthong, investment relations chief for BAY, told
Bangkok Post that the bank would dispose of its distressed
assets only through auctions open to all interested bidders.
Alpha Capital's recent bid for THB2.16 billion in bad loans was
by far the highest received by the bank, she added, the report
relates.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  It is Thailand's fifth largest
bank by assets and deposits. As of Dec. 31, 2007, it had total
assets of THB651 billion.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

It has branches in Hong Kong, Vietnam, Laos, and the Cayman
Islands.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2008, Moody's Investors Service upgraded the Bank of
Ayudhya Public Co. Ltd.'s bank financial strength rating to D
from D-.  At the same time, the bank's deposit and debt ratings
have been upgraded to Baa2/Prime-2 from Baa3/Prime-3.  The
outlook for all ratings is stable.  This rating action concludes
Moody's review of BAY's BFSR for possible upgrade as announced
Dec. 11, 2007.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating, effective September 2007.


BLOCKBUSTER INC: Makes US$1.3BB Unsolicited Bid for Circuit City
----------------------------------------------------------------
Blockbuster Inc. on Monday publicly announced an offer to
acquire Circuit City Stores Inc. for at least US$6 per share in
cash, or roughly US$1.3 billion, subject to due diligence.

The offer was initially made in a letter sent to Circuit City
chairman and chief executive officer Philip Schoonover on
Feb. 17, 2008, on behalf of the Blockbuster board of directors,
who fully supports the bid.

Blockbuster's US$1.3 billion buyout bid for Circuit City started
a controversy on Wall Street as capitalists wonder how could two
financially mixed up companies merge.  Stocks of each
corporation plummeted in 2007, Merissa Marr and Gary McWilliams
of Wall Street Journal report.

The letter reiterated Blockbuster's interest in pursuing an
acquisition of Circuit City.  The company noted that the cash
necessary would be generated through the issuance of additional
Blockbuster equity, in a rights offering to its existing
shareholders.  The company also added that the borrowing
capacity of the combined business would provide the remaining
cash proceeds.

To date, however, Circuit City has failed to provide due
diligence necessary to allow Blockbuster to make a definitive
proposal.

Blockbuster said it is making its proposal public because it
believes the shareholders of Circuit City must have the
opportunity to participate in determining the destiny of the
company.  In addition, as Blockbuster has other strategic
opportunities, its offer is conditioned upon timely commencement
of the due diligence process.

Blockbuster noted the combination of the two companies would
result in anUS$18 billion retail enterprise positioned to
capitalize on the growing convergence of media content and
electronic devices.  The transaction would allow both companies
to benefit from the revenue growth generated by their
complementary products, while the resulting synergies would
substantially improve consolidated financial performance,
thereby increasing shareholder value.

"Our proposal offers Circuit City a significant premium to its
existing stock price and creates a game-changing retail concept
with a sustainable competitive advantage," Jim Keyes,
Blockbuster chairman and chief executive officer, said.  "We
believe the combination will result in a compelling consumer
proposition that will drive significant revenue and margin
enhancements well as cost synergies."

"At Blockbuster, we have successfully deployed a series of
strategic initiatives designed to provide our customers with
convenient access to media content," Mr. Keyes continued.
"These strategic initiatives have already improved our financial
results. Driven by strong performance in our domestic same-store
revenues, we expect first quarter 2008 adjusted EBITDA to be
approximately US$110 million versus US$23 million for the same
period last year."

"Additionally, net income for the first quarter of this year
should beUS$30 million compared to a net loss ofUS$49 million
for the first quarter of 2007," Mr. Keyes continued.  "These
results are a clear demonstration that our strategy is working.
We look forward to engaging in further conversations with
Circuit City and reaching an agreement as soon as possible."

Circuit City is still assessing Blockbuster's proposal, WSJ
said.  Circuit City has also advised its stockholders not to
take any move, unless queries on the acquisition are answered.

According to WSJ, Blockbuster's extreme action to stay in
business is a sign that the DVD rental business is in the
process of  extinction.

WSJ says the bid has the "strong backing" of Blockbuster's
biggest shareholder, investor Carl Icahn, and the support of
dissident Circuit City shareholder Mark J. Wattles.  According
to WSJ, Mr. Wattles said he would support Blockbuster's bid and
would press for acceptance of any offer "north of US$6 a share."
Mr. Wattles also indicated Monday, WSJ relates, that he had
spoken to Mr. Icahn by phone and the billionaire investor
confirmed he would backstop the deal if needed.  Mr. Wattles has
launched a proxy battle for Circuit City, seeking to remove CEO
Schoonover, WSJ says.

                  About Circuit City Stores Inc.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has
two segments: domestic and international.

                    About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company also
operates in Taiwan, Thailand, and New Zealand.

At Jan. 6, 2008, the company's total debt, including capital
lease obligations was US$757.8 million compared with US$984.2
million in Dec. 31, 2006.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'.  The rating outlook is stable.  The company had
approximately US$991 million of debt outstanding as of
Sept. 30, 2007.




* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

April 25-27, 2008
  National Association of Bankruptcy Judges
    NABT Spring Seminar
      Eldorado Hotel & Spa, Santa Fe, New Mexico
        Web site: http://www.nabt.com/

May 1-2, 2008
  American Bankruptcy Institute
    Debt Symposium
      Hilton Garden Inn, Champagne/Urbana, Illinois
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 5-6, 2008
  Moody's Investors Service
    Islamic Bank Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 7-9, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

May 9, 2008
  American Bankruptcy Institute
    Nuts and Bolts for Young Practitioners - NYC
      Alexander Hamilton U.S. Custom House, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12, 2008
  American Bankruptcy Institute
    New York City Bankruptcy Conference
      Millennium Broadway Hotel & Conference Center, New York
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 12-14, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

May 13-16, 2008
  American Bankruptcy Institute
    Litigation Skills Symposium
      Tulane University, New Orleans, Louisiana
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 18-20, 2008
  International Bar Association
    14th Annual Global Insolvency & Restructuring Conference
      Stockholm, Sweden
        Web site: http://www.ibanet.org/

May 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

May 22, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

June 2-4, 2008
  Moody's Investors Service
    Corporate Credit Analysis Series: General Corporate Credit
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 5, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Contact: http://www.moodys.com/trainingservices

June 4-7, 2008
  Association of Insolvency & Restructuring Advisors
    24th Annual Bankruptcy & Restructuring Conference
      J.W. Marriott Spa and Resort, Las Vegas, Nevada
        Web site: http://www.airacira.org/

June 12-14, 2008
  American Bankruptcy Institute
    15th Annual Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa, Traverse City, Michigan
        Web site: http://www.abiworld.org/

June 18-20, 2008
  Moody's Investors Service
    Bank Credit Risk Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 19-21, 2008
  ALI-ABA
    Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities, and Bankruptcy
        Omni Hotel, San Francisco, California
          Web site: http://www.ali-aba.org/

June 23, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 24-25, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Singapore
        Web site: http://www.moodys.com/trainingservices

June 26-29, 2008
  Norton Institutes on Bankruptcy Law
    Western Mountains Bankruptcy Law Seminar
      Jackson Hole, Wyoming
        Web site: http://www.nortoninstitutes.org/

July 1-2, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 3, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 4, 2008
  Moody's Investors Service
    Analyzing and Rating Hybrid Securities
      Sydney, Australia
        Web site: http://www.moodys.com/trainingservices

July 10-13, 2008
  American Bankruptcy Institute
    16th Annual Northeast Bankruptcy Conference
      Ocean Edge Resort
        Brewster, Massachussets
          Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
  American Bankruptcy Institute
    4th Annual Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay
        Cambridge, Maryland
          Web site: http://www.abiworld.org/

August 16-19, 2008
  American Bankruptcy Institute
    13th Annual Southeast Bankruptcy Workshop
      Ritz-Carlton, Amelia Island, Florida
        Web site: http://www.abiworld.org/

August 20-24, 2008
  National Association of Bankruptcy Judges
    NABT Convention
      Captain Cook, Anchorage, Alaska
        Web site: http://www.nabt.com/

September 4-5, 2008
  American Bankruptcy Institute
    Complex Financial Restructuring Program
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 4-6, 2008
  American Bankruptcy Institute
    Southwest Bankruptcy Conference
      Four Seasons, Las Vegas, Nevada
        Web site: http://www.abiworld.org/

September 8, 2008
  Moody's Investors Service
    Financial Statement Adjustments and Ratios
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

September 22-23, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Singapore
        Web site: http://www.moodys.com/trainingservices

September 24-26, 2008
  International Women's Insolvency & Restructuring Confederation
    IWIRC 15th Annual Fall Conference
      Scottsdale, Arizona
        Web site: http://www.ncbj.org/

September 24-27, 2008
  National Conference of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      Desert Ridge Marriott, Scottsdale, Arizona
        Web site: http://www.iwirc.org/

October 9, 2008
  Turnaround Management Association
    TMA Luncheon - Chapter 11
      University Club, Jacksonville, Florida
        Web site: http://www.turnaround.org/

October 15-16, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
  Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 24, 2008
  Moody's Investors Service
    Hedge Fund Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 27, 2008
  Moody's Investors Service
    Economic Capital: Pillar II and ICAAP under Basel II
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    Sovereign and Sub-Sovereign Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
  Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

November 4-5, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Hong Kong, China
        Web site: http://www.moodys.com/trainingservices

November 11-12, 2008
  Moody's Investors Service
    Introduction to Collateralised Debt Obligations (CDOs)
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 13-14, 2008
  Moody's Investors Service
    Introduction to Credit Derivatives-Structures & Applications
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

November 17-19, 2008
  Moody's Investors Service
    Fundamentals of Debt Capital Markets and Instruments
      Singapore
        Web site: http://www.moodys.com/trainingservices

November 17-18, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Beijing, China
        Web site: http://www.moodys.com/trainingservices

November 20-21, 2008
  Moody's Investors Service
    Corporate Credit Rating Analysis
      Shanghai, China
        Web site: http://www.moodys.com/trainingservices

December 3-5, 2008
  American Bankruptcy Institute
    20th Annual Winter Leadership Conference
      Westin La Paloma Resort & Spa
        Tucson, Arizona
          Web site: http://www.abiworld.org/

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

May 7-10, 2009
  American Bankruptcy Institute
    27th Annual Spring Meeting
      Gaylord National Resort & Convention Center
        National Harbor, Maryland
          Web site: http://www.abiworld.org/

June 11-13, 2009
  American Bankruptcy Institute
    Central States Bankruptcy Workshop
      Grand Traverse Resort and Spa
        Traverse City, Michigan
          Web site: http://www.abiworld.org/

June 21-24, 2009
  International Association of Restructuring, Insolvency &
    Bankruptcy Professionals
      8th International World Congress
        TBA
          Web site: http://www.insol.org/

July 16-19, 2009
  American Bankruptcy Institute
    Northeast Bankruptcy Conference
      Mt. Washington Inn
        Bretton Woods, New Hampshire
          Web site: http://www.abiworld.org/

September 10-12, 2009
  American Bankruptcy Institute
    17th Annual Southwest Bankruptcy Conference
      Hyatt Regency Lake Tahoe, Incline Village, Nevada
        Web site: http://www.abiworld.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

December 3-5, 2009
  American Bankruptcy Institute
    21st Annual Winter Leadership Conference
      La Quinta Resort & Spa, La Quinta, California
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                          *********

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

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

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


                             *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Frauline
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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