TCRAP_Public/080417.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, April 17, 2008, Vol. 11, No. 76

                             Headlines

A U S T R A L I A

BESMAC PTY: Liquidator to Present Wind-Up Report on April 21
CHRYSLER LLC: Confirms New OEM Product Pacts With Nissan Motor
CONNECT BROKERAGE: Placed Under Voluntary Liquidation
EMPIRE OFFICE: Final Meeting Slated for April 21
GLEN KINROSS: Creditors Receive Wind-Up Report

KANBAY AUSTRALIA: Final Meeting Set for April 18
LIFT CAPITAL: Financial Experts Fall Victims to Fallout
NEXUS PRINT: Placed in Receivership Due to Mounting Debts
OPES PRIME: Melewar Wins Second Injunction Against ANZ Bank
PACIFIC LINER: Liquidator to Give Wind-Up Report Tomorrow

PACIFIC PAPER: Final Meeting Slated for April 21
PINETHORPE PTY: Members Receive Wind-Up Report
PP ED PTY: Liquidator to Give Wind-Up Report on April 21
REVLON INC: Posts Preliminary Results for 2008 First Quarter
REVLON INC: Receives Requisite Approvals for Reverse Stock Split

ST. GEORGE BANK: Kicks Off Samurai Bond Presentation in Japan
THREE SPRINGS: Final Meeting Set for April 18
VAMTEL PTY: Placed Under Voluntary Liquidation


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

BALLY TOTAL: Discloses Plan Distribution for Former Stockholders
BANK OF CHINA: Members' Final Meeting Set for May 5
BII FINANCE: Members' Final Meeting Set for May 5
BOMBARDIER INC: S&P Lifts Ratings to BB+ from BB; Removes Watch
CHINA CONSTRUCTION: Discloses Interest in Foreign Acquisition

CHINA EASTERN: Posts CNY586 Million Profit for 2007
CITIC GROUP: More Cautious in Acquisitions Despite High Yuan
COASTAL SHIPPING: Members' Final Meeting Set for May 5
EFFECO LIMITED: Members' Final Meeting Set for May 5
EXCELLENCE FOOD: Court to Hear Wind-Up Proceedings on April 23

FOREVER WIN: Court to Hear Wind-Up Proceedings on May 21
HAINAN AIRLINES: Applies to Open Two Routes to Africa
HK LINK TOURS: Court to Hear Wind-Up Proceedings on April 30
INFORMATION SECURITY: Appoints New Liquidators
JOYFUL PLACE: Liquidator Quits Post

LI BAO: Members' Final Meeting Set for May 3
SHENZHEN BANK: 1st Quarter Net Income Up 80-90% to CNY535 Mil.
SUN SWIMS: Members' Final Meeting Set for May 16
YUEN WUI: Court to Hear Wind-Up Proceedings on April 23
* Moody's Puts Neg. Outlook on China Property Development Sector


I N D I A

DCM SHRIRAM: IFCI Brings In Lokanath Mishra to Board
ICICI BANK: Board to Consider Audited Annual Results on April 26
TATA MOTORS: Court Permits Tata to File Reply to Singur Petition
TATA POWER: Gov't Asks Firm to Join Hands With Reliance Energy
TATA POWER: To Publish Audited Annual Results by June 30


I N D O N E S I A

ADARO INDONESIA: Sees 2008 Coal Output to Increase 5%
DIRGANTARA INDONESIA: Wins European Award for Best Supplier
DIRGANTARA INDONESIA: To Deliver 1 Chopper to AirForce This Year
MEDCO ENERGI: Signs 3 Gas Sales Purchase Deals Worth US$900MM


J A P A N

IHI CORP: R&I Says Change in March Estimate Has Minimal Impact
JAPAN AIRLINES: Fitch Holds 'BB-' IDR; Revises Outlook to Stable
MAZDA MOTOR: Recalling 170,300 Cars Due to Program Defects


K O R E A

REMY WORLDWIDE: Court Sets April 23 Hearing on Case Closure


M A L A Y S I A

ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30
ASPEN TECH: Posts US$9MM Net Loss in Quarter Ended Sept. 30
LITYAN HOLDINGS: Court Extends Restraining Order to August 6
MANGIUM INDUSTRIES: Enters Addendum With Global Emerging
MERGE ENERGY: To Hold Extraordinary General Meeting on April 29


N E W  Z E A L A N D

ALPHA EMPLOYMENT: Placed Under Voluntary Liquidation
EXPOS NEW ZEALAND: Placed Under Voluntarily Liquidation
FIRST CHOICE: Court to Hear Wind-Up Petition on April 18
LLOYD & STEVENSON: Appoints Parsons and Kenealy as Liquidators
NIKKI CARLEY: Fixes April 25 as Last Day to File Claims

PLANET HEALTH: Appoints Fatupaito and McCloy as Liquidators
SUNCERN PROPERTIES: Shareholders Opt to Liquidate Business
TOP DRAWER: Undergoes Liquidation Proceedings
TRAINING CONTRACT: Creditors' Proofs of Debt Due Today
UNITED DIESEL: Fixes June 12 as Last Day to File Claims


S I N G A P O R E

BUKOM OILFIELD EQUIPMENT: Proofs of Debt Due May 12
BUKOM OILFIELD (SINGAPORE): Proofs of Debt Due May 12
BULL INFORMATION: Requires Creditors to File Claims by May 11
ISO-BUILD CORPORATION: Court Enters Wind-Up Order
SEA CONTAINERS: Court OKs Navigant Consulting as Pension Advisor

SEA CONTAINERS: Panel Obtains International Judicial Assistance
SPECTRUM BRANDS: S&P Holds CCC+ Rating & Revises Outlook to Dev.


T H A I L A N D

BLOCKBUSTER INC: Circuit City Bid Won't Affect S&P's Ratings Now


                          - - - - -


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

BESMAC PTY: Liquidator to Present Wind-Up Report on April 21
------------------------------------------------------------
Besmac Pty. Ltd. will hold a final meeting for its members
and creditors at 9:00 a.m. on April 21, 2008.  During the
meeting, the company's liquidator, John Georgakis at Ernst &
Young, will provide the attendees with property disposal and
winding-up reports.

The company declared its first and final dividend on April 9,
2008.  Only creditors who were able to file their proofs of debt
by April 8, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                          About Besmac Pty.

Besmac Pty. Ltd. is a distributor of paper; coated and laminated
packaging.  The company is located at Mount Waverley, in
Victoria, Australia.


CHRYSLER LLC: Confirms New OEM Product Pacts With Nissan Motor
--------------------------------------------------------------
Chrysler LLC and Nissan Motor Co., Ltd., disclosed two new
agreements for the supply of products between both companies.
As reported in the Troubled Company Reporter on Jan. 24, 2008,
Nissan agreed to supply Chrysler with a new car based on the
Nissan Versa sedan for limited distribution in South America on
an Original Equipment Manufacture basis in 2009.

This new OEM exchange benefits both companies through range
extension and the utilization of global manufacturing capacity.

Highlights of the new agreement:

    * Nissan will manufacture an all-new, fuel-efficient small
      car based on a unique Chrysler concept and design.  This
      new segment entry for Chrysler will be sold in North
      America, Europe and other global markets in 2010, and
      manufactured at Nissan's Oppama Plant in Japan.

    * Chrysler will manufacture a full-size pickup for Nissan.
      Based on a Nissan unique design, this truck will be
      manufactured at Chrysler's Saltillo (Mexico) Assembly
      Plant.  In order to accommodate this product, Chrysler will
      shift volume from Mexico to its U.S.-based assembly plants
      that produce pickup trucks.  Sales of the pickup in North
      America will start in 2011.

This latest OEM supply agreement extends a long standing product
exchange relationship between the two corporations, with Nissan
affiliate JATCO already supplying Chrysler with transmissions
since 2004.

"Forging the right tactical partnerships is critical to the
long-term success of Chrysler," Tom LaSorda, Chrysler LLC
President and Vice Chairman, said.  "It also builds on the
Company's inherent strengths, including the ability to respond
rapidly and creatively to emerging opportunities."

"In January, we said we would continue to look for additional
OEM opportunities with Chrysler," Carlos Tavares, Executive Vice
President, Nissan Motor Company, said."  This latest agreement
builds on Nissan's proven track record to deliver win-win
product exchanges with multiple manufacturers around the world."

Since the signing of the first OEM agreement in January, the two
companies have also agreed to maintain an open dialogue to
explore further product-sharing opportunities.

                        About Nissan Motor

Headquartered in Tokyo, Japan, Nissan Motor Co., Ltd. --
http://www.nissan-global.com/-- provides automotive products
and services that deliver superior measurable values to all
stakeholders in alliance with Renault.  Nissan is present in all
major global auto markets selling a comprehensive range of cars,
pickup trucks, SUVs and light commercial vehicles under the
Nissan and Infiniti brands.  Nissan employs 224,000 people
worldwide.

                          About Chrysler

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services revised its recovery rating
on Chrysler's US$2 billion senior secured second-lien term loan
due 2014.  The issue-level rating on this debt remains unchanged
at 'B', and the recovery rating was revised to '3', indicating
an expectation for 50% to 70% recovery in the event of a payment
default, from '4'.  Both the issue-level and recovery ratings on
Chrysler's $7 billion first-lien term loan due 2013 remain
unchanged.  The issue-level rating on this debt is 'BB-' with a
recovery rating of '1', indicating an expectation for 90% to
100% recovery in the event of a payment default.


CONNECT BROKERAGE: Placed Under Voluntary Liquidation
-----------------------------------------------------
Connect Brokerage Pty. Ltd.'s members agreed on March 7, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Anthony Robert Cant and Simon Patrick Nelson to
facilitate the sale of its assets.

The liquidators can be reached at:

           Anthony Robert Cant
           Simon Patrick Nelson
           Romanis Cant, Chartered Accountants
           106 Hardware Street
           Melbourne
           Australia

                      About Connect Brokerage

Connect Brokerage Pty. Ltd. is a distributor of fabricated metal
products.  The company is located at Heathmont, in Victoria,
Australia.


EMPIRE OFFICE: Final Meeting Slated for April 21
------------------------------------------------
Empire Office Supplies Pty. Ltd. will hold a final meeting for
its members and creditors at 10:00 a.m. on April 21, 2008.
During the meeting, the company's liquidator, John Georgakis at
Ernst & Young, will provide the attendees with property disposal
and winding-up reports.

The company declared its first and final dividend on April 9,
2008.  Only creditors who were able to file their proofs of debt
by April 8, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                        About Empire Office

Empire Office Supplies Pty. Ltd. is a distributor of
stationeries and office supplies.  The company is located at
Mount Waverley, in Victoria, Australia.


GLEN KINROSS: Creditors Receive Wind-Up Report
----------------------------------------------
Terrence James Smith, Glen Kinross Investments Pty. Ltd.'s
appointed estate liquidator, met with the company's members on
April 10, 2008, and provided them with property disposal and
winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Dec. 20, 2007.

                        About Glen Kinross

Located at Wavell Heights, in Queensland, Australia, Glen
Kinross Investments Pty. Ltd. is an investor relation company.


KANBAY AUSTRALIA: Final Meeting Set for April 18
------------------------------------------------
Kanbay Australia Pty. Ltd. will hold a final meeting for its
members and creditors at 4:00 p.m. on April 18, 2008.  During
the meeting, the company's liquidator, John Georgakis at Ernst &
Young, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                      About Kanbay Australia

Kanbay Australia Pty. Ltd. provides computer related services.
The company is located at Melbourne, in Victoria, Australia.


LIFT CAPITAL: Financial Experts Fall Victims to Fallout
-------------------------------------------------------
The collapse of Lift Capital has affected business experts and
as many as 80 financial planning firms, Katherine Jimenez and
Lisa Macnamara write for The Australian.

Among those affected is high-profile business commentator Max
Walsh, a director in Dixon Advisory -- a financial
planning firm, Ms. Jimenez and Ms. Macnamara relate.

Dixon Advisory Managing Director Alan Dixon confirmed to The
Australian that "some directors and staff have an exposure to
Lift Capital."

"For privacy reasons, we don't want to disclose exactly which
ones," Mr. Dixon told The Australian.  According to report, Mr.
Dixon said that the total exposure of directors and staff was
"less than 1% of funds under administration" -- which stands at
AU$2.5 billion.

Ms. Jimenez and Ms. Macnamara relate that Dixon Advisory is
seeking a standstill agreement with administrators McGrathNicol
and backers Merrill Lynch over shares the firm believes belongs
to its clients.

Another victim is a 32-year-old Sydney financial planner who
estimates that he could lose AU$270,000 in the Lift fallout and
has registered to be part of any class action that law firm
Slater & Gordon is considering, relates The Australian.  The
adviser, who did not want to be identified, told The Australian
he felt totally deceived about the lack of information about the
title of ownership of shares.

The Australian quotes the financial planner as saying, "I know
as a financial planner if we don't disclose something that
materially could affect our clients, we'd get struck off, so the
onus should have been on these guys to disclose the possibility
that title might have been transferred to a third party.  They
wouldn't have got any business if all of their 1600 clients knew
that because no one in their right mind would give up beneficial
ownership when you could walk into a CBA or ANZ and just open an
account there."

Financial services software provider Bravura Solutions advised
the Australian Securities Exchange that its CEO and managing
director, Iaian Dunstan, and the group's chief executive
director, Simon Woodfull, had margin-lending accounts
with Lift, Ms. Jimenez and Ms. Macnamara report.  The Australian
quotes the company as saying, "Mr. Dunstan and Mr. Woodfull
advise that there has never been a default by them in relation
to either of their margin loans and that they believe they
retain beneficial title to their shares."

                       About Lift Capital

Lift Capital -- http://www.liftcapital.com.au/-- is an
Australian owned, independent (non-bank owned) financial
services provider, specialising in lending against structured
equity products principally against listed shares and interests
in managed funds.  The company's products enable its clients to
borrow money to invest in a wide range of assets.  Lift Capital
may take a mortgage over these assets to secure the loan.

The Troubled Company Reporter-Asia Pacific reported on April 14,
2008 that Lift Capital was placed under voluntary
administration.  The administrators will focus on gathering
information to convey to creditors and investors.

A meeting of creditos will be convened for April 22, 2008.


NEXUS PRINT: Placed in Receivership Due to Mounting Debts
---------------------------------------------------------
Receivers have been appointed to Nexus Print Solutions as it
failed to meet debt payments, Meredith Booth writes for The
Advertiser.

PPB director Peter Mack, appointed as receiver by major creditor
BankWest, said the  the hope was to sell the $10 million
turnover, 60-employee business as a going concern, relates The
Advertiser.

The Advertiser reports that according to Nexus-appointed
administrator Meertens, Nexus owes BankWest about AU$5 million
and unsecured creditors about AU$1.2 million as well as taxes of
about AU$800,000.

Nexus, writes Ms. Booth, was formerly called Gillingham
Printers.  Ms. Booth notes that Gillingham bought rival printer
Van Gastel in October 2006 for an estimated AU$3.5 million.

Nexus, a 97-year-old printing company, provides books, packaging
and catalogue printing and binding services.


OPES PRIME: Melewar Wins Second Injunction Against ANZ Bank
-----------------------------------------------------------
The Australian Associated Press reports that mining group
Melewar Steel Ventures and the head of Conquest Mining have won
a second injunction to prevent ANZ Banking Group from selling
shares it seized from stockbroker Opes Prime Group Ltd.

According to the report, early Wednesday, New South Wales
Supreme Court Justice William Windeyer refused to continue the
injunction over the sale of shares held by ANZ.

But Justice Keith Mason granted the second injunction after
plaintiffs appealed against Justice Windeyer's decision, the AAP
relates.  The injunction will expire tomorrow at 4:15 p.m.

The AAP relates that Melewar holds 32 million shares in
Gindalbie, an iron ore producer, and shares in Conquest Mining.

According to the AAP, Melewar's parcel of shares were held
across Opes Prime's financiers -- ANZ, Merrill Lynch and
Dresdner -- with ANZ holding 8.5 million of the shares.  ANZ has
been selling shares held in Opes Prime to recoup loans it made
to Opes Prime.

                         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.


PACIFIC LINER: Liquidator to Give Wind-Up Report Tomorrow
---------------------------------------------------------
Pacific Liner Services Pty. Ltd. will hold a final meeting for
its members and creditors at 12:00 noon on April 18, 2008.
During the meeting, the company's liquidator, John Georgakis at
Ernst & Young, will provide the attendees with property disposal
and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on May 4, 2007.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                        About Pacific Liner

Pacific Liner Services Pty. Ltd. provides business services.
The company is located at Perth, in Western Australia,
Australia.


PACIFIC PAPER: Final Meeting Slated for April 21
------------------------------------------------
Pacific Paper Marketing Australia Pty. Ltd. will hold a final
meeting for its members and creditors at 11:00 a.m. on April 21,
2008.  During the meeting, the company's liquidator, John
Georgakis at Ernst & Young, will provide the attendees with
property disposal and winding-up reports.

The company declared its first and final dividend on April 9,
2008.  Only creditors who were able to file their proofs of debt
by April 8, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                        About Pacific Paper

Pacific Paper Marketing Australia Pty. Ltd. is a distributor of
paper, coated and laminated packaging.  The company is located
at Mount Waverley, in Victoria, Australia.


PINETHORPE PTY: Members Receive Wind-Up Report
----------------------------------------------
Ivor Worrell, Pinethorpe Pty. Ltd.'s appointed estate
liquidator, met with the company's members on April 7, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

           Ivor Worrell
           Worrells Solvency & Forensic Accountants
           102 Adelaide Street, 8th Floor
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3225 4334
           Facsimile:(07) 3225 4311
           Website: http://www.worrells.net.au

                       About Pinethorpe Pty.

Located at Runaway Bay, in Queensland, Australia, Pinethorpe
Pty. Ltd. is an investor relation company.


PP ED PTY: Liquidator to Give Wind-Up Report on April 21
--------------------------------------------------------
PP Ed Pty. Ltd. will hold a final meeting for its members and
creditors at 2:00 p.m. on April 21, 2008.  During the meeting,
the company's liquidator, John Georgakis at Ernst & Young, will
provide the attendees with property disposal and winding-up
reports.

The company declared its first and final dividend on April 9,
2008.  Only creditors who were able to file their proofs of debt
by April 8, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                            About PP Ed

PP Ed Pty. Ltd. is a distributor of paper; coated and laminated
packaging.  The company is located at Mount Waverley, in
Victoria, Australia.


REVLON INC: Posts Preliminary Results for 2008 First Quarter
------------------------------------------------------------
Revlon Inc. reported preliminary results for the first quarter
of ended March 2008.

For the three months ended March 31, 2008 the preliminary
results reflected a net loss of US$5 million compared to the
final results for the three months ended March 31, 2007.

Net sales in the first quarter of 2007 benefited from the
initial shipments related to the launch of Revlon Colorist
haircolor, which was the primary driver of the change in net
sales year-over- year.

The significant improvement in preliminary operating income, net
loss and adjusted EBITDA in the first quarter of 2008 compared
to the same period last year was primarily driven by continuing
cost improvements, and the non-recurrence of brand support
related to the launch of Revlon Colorist haircolor in the first
quarter of last year.  The company continued to support brands
worldwide with comparable levels of dollar spending compared to
the first quarter of last year, excluding the brand support on
Revlon Colorist.

Operating income, net loss and Adjusted EBITDA in the first
quarter of 2008 include approximately US$6 million of proceeds
related to the sale of a non-core trademark.  Operating income,
net loss and Adjusted EBITDA in the first quarter of 2007
include US$4.3 million of restructuring charges and a US$4.4
million benefit from the reduction of lease liability related to
the consolidation of office space in New York.

"We believe that a reverse stock split is in the best interest
of our stockholders because we expect it will allow our stock to
be more attractive to a broader range of institutional and other
investors, would reduce certain of our costs, such as listing
fees, and would be intended to satisfy our compliance with the
NYSE's price criteria for continued listing," David Kennedy,
Revlon president and chief executive officer said.  "Our strong
preliminary financial results for the first quarter of 2008
continue to build upon our performance in 2007, which was our
best year in many years."

"These results continue to validate our strategy, and we remain
committed to our focus on increasing the value of our Company by
building the Revlon brand and generating profitable sales growth
and positive free cash flow," Mr. Kennedy said.

The Troubled Company Reporter reported on April 8, 2008 that
Revlon Inc.'s Dec. 31, 2007 balance sheet showed total assets of
US$889.3 million, total liabilities of US$1,971.3 million and
total stockholders' deficiency of US$1,082 million.

The report also cited a net loss in the full year 2007 was
US$16.1 million compared to a net loss of US$251.3 million in
the full year 2006.  Adjusted EBITDA in the full year 2007 was
US$224.5 million, compared to an Adjusted EBITDA of US$78.2
million last year.

                        About Revlon Inc.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in Asia-
Pacific, including Australia, China, Hong Kong, Singapore, and
Taiwan.

                           *     *     *

As reported by the Troubled company Reporter on Apr. 8, 2008,
Revlon Inc. released financial results for the full year and
fourth quarter ended Dec. 31, 2007.  At Dec. 31, 2007, the
company's balance sheet showed total assets of US$889.3 million,
total liabilities of US$1,971.3 million and total stockholders'
deficiency of US$1,082 million.  Net loss in the full year 2007
was US$16.1 million compared to a net loss of US$251.3 million
in the full year 2006.

As reported in the Troubled Company Reporter on Nov. 8, 2007,
The company's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.


REVLON INC: Receives Requisite Approvals for Reverse Stock Split
----------------------------------------------------------------
Revlon Inc.'s board of directors approved the reverse stock
split.  MacAndrews & Forbes Holdings Inc. and certain of such
entity's affiliates and related parties also delivered to the
company an executed written consent of stockholders approving
the reverse stock split.

MacAndrews & Forbes, which is wholly owned by Ronald O.
Perelman, chairman of Revlon's board of directors, beneficially
owns approximately 58% of Revlon's class A common stock and
approximately 60% of Revlon's combined shares of class A and
class B common stock, which together represent approximately 74%
of the combined voting power of Revlon's class A and class B
common stock.  As a result of MacAndrews & Forbes' approval, no
further stockholder approval or action is necessary.

The same 1-for-10 reverse stock split ratio will be used to
effect the reverse stock split of both Revlon class A and class
B common stock; accordingly all stockholders will be affected
proportionately.  No fractional shares will be issued in
connection with the reverse stock split.  Shares that would
otherwise have resulted in fractional shares from the reverse
stock split will be collected and pooled by Revlon's transfer
agent and sold in the open market.  The proceeds will be
allocated to the stockholders' respective accounts who are
entitled to receive cash in lieu of fractional shares.

The number of common shares subject to Revlon's outstanding
employee and director stock options and unvested employee and
director restricted stock, as well as the relevant exercise
price per share, will be proportionately adjusted to reflect the
reverse split.  The number of shares authorized for issuance
under Revlon's stock plan will also be reduced by the same 1-
for-10 split ratio.

Revlon Inc. plans to file shortly with the SEC an information
statement on schedule 14C which will include additional
information about the reverse stock split.  The company's board
of directors set April 21, 2008 as the record date for
stockholders of record entitled to receive the information
statement on Schedule 14C.  It is expected that the reverse
stock split will be consummated in May or June of 2008.

While the company intends to effect the reverse stock split as
soon as practicable, subject to market and other customary
conditions, there can be no assurances that the reverse stock
split will be consummated or that it will achieve its intended
effect of resulting in an increased per share price of Revlon
class A common stock or its other intended effects.  The company
reserves the right, in its discretion, to abandon the reverse
stock split at any time prior to filing the applicable charter
amendment with the Delaware Secretary of State.

Investors may obtain a copy of the information statement on
Schedule 14C when and if it is made available, at the SEC's Web
site at http://www.sec.govor by contacting:  Abbe F. Goldstein,
senior vice president, investor relations and corporate
communications, at (212) 527-4000.

                         About Revlon Inc.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in Asia-
Pacific, including Australia, China, Hong Kong, Singapore, and
Taiwan.

                           *     *     *

As reported by the Troubled company Reporter on Apr. 8, 2008,
Revlon Inc. released financial results for the full year and
fourth quarter ended Dec. 31, 2007.  At Dec. 31, 2007, the
company's balance sheet showed total assets of US$889.3 million,
total liabilities of US$1,971.3 million and total stockholders'
deficiency of US$1,082 million.  Net loss in the full year 2007
was US$16.1 million compared to a net loss of US$251.3 million
in the full year 2006.

As reported in the Troubled Company Reporter on Nov. 8, 2007,
The company's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.


ST. GEORGE BANK: Kicks Off Samurai Bond Presentation in Japan
-------------------------------------------------------------
Cecile Lefort of Reuters writes that St. George Bank launched a
three-day non-deal Samurai bond roadshow on April 16.  According
to the report, Samurai bonds are yen-dominated bonds issued by
foreign borrowers in Japan.

Reuters reports that St. George has started the lengthy Samurai
issue documentation process in Japan.  Daiwa, Nikko Citigroup
and UBS are hosting the presentations to potential Samurai bond
investors, relates Reuters.

Bankers interviewed by Ms. Lefort say that St. George could be
in the position to sell an inaugural Samurai bond later this
year.  The bankers added that St. George is one of several
likely candidates to enter the Japanese bond market, conveys Ms.
Lefort.

                      About St. George Bank

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

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

                            *     *     *

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


THREE SPRINGS: Final Meeting Set for April 18
---------------------------------------------
Three Springs Talc Pty. Ltd. will hold a final meeting for its
members and creditors at 1:00 p.m. on April 18, 2008.  During
the meeting, the company's liquidator, John Georgakis at Ernst &
Young, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           John Georgakis
           Ernst & Young
           8 Exhibition Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9288 8000

                        About Three Springs

Three Springs Talc Pty. Ltd. is a distributor of miscellaneous
non-metallic minerals.  The company is located at Belmont, in
Western Australia, Australia.


VAMTEL PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Vamtel Pty. Ltd.'s members agreed on March 4, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Nick Combis and Peter Dinoris to facilitate the sale
of its assets.

The liquidators can be reached at:

           Nick Combis
           Peter Dinoris
           Vincents Chartered Accountants
           239 George Street, Level 27
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3854 4555
           Facsimile:(07) 3236 2452

                        About Vamtel Pty.

Located at Nimbin, in New South Wales, Australia, Vamtel Pty.
Ltd. is an investor relation company.




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

BALLY TOTAL: Discloses Plan Distribution for Former Stockholders
----------------------------------------------------------------
Bally Total Fitness Holding Corp. and its debtor-affiliates
notified the U.S. Bankruptcy Court for the Southern District of
New York that, pursuant to their First Amended Joint Prepackaged
Chapter 11 Plan of Reorganization, they were set to make an
initial distribution to holders of Class 7 Old Common Stock.

Under the interim distribution, the Debtors were to distribute
US$12,778,669 to the holders of Old Common Stock, which
corresponds to US$0.31 per share.

The Debtors may make further distributions to the Holders of Old
Common Stock upon the resolution of remaining Claims under
Section 510(b) of the Bankruptcy Code filed against their
bankruptcy estates, Andrew K. Glenn, Esq., at Kasowitz, Benson,
Torres & Freidman LLP, in New York, informed Judge Lifland.

Approximately US$3.5 million has been reserved by Bally's
disbursing agent, pending disallowance of certain outstanding
claims that were filed in Bally's chapter 11 case.  These
reserved funds may fund a second distribution to holders of Old
Common Stock, but such a distribution is subject to satisfactory
resolution of the outstanding claims.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.

Bally Total and its affiliates filed for Chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.

(Bally Total Fitness Bankruptcy News Issue No. 14; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


BANK OF CHINA: Members' Final Meeting Set for May 5
---------------------------------------------------
Members of Bank of China Group Investment (Beijing) Limited will
have their final general meeting on May 5, 2008, at Jardine
House, 5th Floor, 1 Connaught Place, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Lee Yat Wah Walter
          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place, Hong Kong


BII FINANCE: Members' Final Meeting Set for May 5
-------------------------------------------------
Members of BII Finance Company Limited will have their final
general meeting on May 5, 2008, in Room 1520 on the 15th Floor
of Leighton Centre at 77 Leighton Road, Causeway Bay, in Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Chung, Yau Yan Sammy
          Leighton Centre, 15th Floor
          77 Leighton Road, Causeway Bay
          Hong Kong


BOMBARDIER INC: S&P Lifts Ratings to BB+ from BB; Removes Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term
corporate credit and senior unsecured debt ratings on Montreal-
based Bombardier Inc. to 'BB+' from 'BB'.  At the same time, S&P
removed the ratings from CreditWatch, where they were placed
Dec. 3, 2007.   S&P also assigned a '4' recovery rating to the
senior unsecured notes, indicating the expectation for average
(30%-50%) recovery in the event of a payment default.  The
outlook is stable.

"Our rating action on Bombardier reflects the material
improvement in its financial measures and liquidity, and
management's focus on financial health and cost efficiency,"
said Standard & Poor's credit analyst Greg Pau.

It also reflects the company's leading market positions in the
business aircraft and transportation business, its increasing
geographic diversity, and recent demand recovery, particularly
in the commercial aircraft business.  These positive factors are
partially offset by the cyclicality of each individual business
segment, substantial execution risk in new aircraft programs,
and thin operating margins in the transportation business.

The US$1 billion debt reduction and US$826 million contribution
to pension plan assets, together with improved operating cash
flow in fiscal 2008, resulted in a material improvement in cash
flow and leverage measures.  Bombardier's financial measures,
supported by strong liquidity, are now more appropriate for the
rating level.

Bombardier's wide product range of business aircraft and
established transportation track record and expertise in Europe
support its strong market positions in aerospace and
transportation.  The increasing geographic and customer
diversity, with only 35% of its revenue generated in North
America, should reduce the exposure to the financially weak U.S.
airline industry and to the slowing U.S. economy.

This, together with its improved financial flexibility, should
place Bombardier in a better position to weather the next
downturn in the cyclical aerospace and transportation industries
and to support the capital spending required for its businesses.

In fiscal 2008, continued firm demand and favorable business
conditions in both its aerospace and transportation divisions
led to strong order acquisition and a significant increase in
total backlog.  While current business conditions are benign,
Bombardier's aerospace business remains exposed to significan t
cyclicality and event risks.  Although demand in transportation
is more stable, project implementation issues or credit risk
could erode traditionally thin operating margins.

The likelihood that Bombardier will proceed with the planned
110- to 130-seat C-Series aircraft program is now higher, given
the commitment of a prominent engine supplier and expressed
interest by some potential buyers.  Market demand should be
supported by the C-Series' projected fuel efficiency and
replacement need of aged aircraft in operation.  Standard &
Poor's has considered the potential financial impact of the C-
series program and expects the company to be able to support the
program with a moderate degree of cost escalation or delays.

The stable outlook reflects that Bombardier's improved financial
flexibility and geographic diversification should place the
company in a better position to weather a cyclical downturn.
S&P could raise the ratings or revise the outlook to positive if
the company improves its financial measures by further reducing
debt and maintaining strong cash flow.  Conversely, the ratings
could be lowered or the outlook revised downward if management
adopts a more aggressive set of financial targets, or if
Bombardier's liquidity position and free cash flow substantially
weaken due to market disruption or aggressive capital
expenditure.

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.


CHINA CONSTRUCTION: Discloses Interest in Foreign Acquisition
-------------------------------------------------------------
China Construction Bank is interested in foreign acquisitions,
although it is not pursuing talks with any possible targets,
Chairman Guo Shuqing said at a regional meeting of the World
Economic Forum in the Mexican resort of Cancun, Reuters reports.

According to Noel Randewich of Reuters, Mr. Guo said that the
bank had eyed several U.S. banks for possible tie-ups and is
also interested in Latin American banks.

China Construction, which is 8.5% owned by Bank of America
Corp., has also disclosed it would set up a committee including
its chairman, president and several board members to make
decisions on overseas acquisition investments, Reuters says.

                     About China Construction

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

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

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


CHINA EASTERN: Posts CNY586 Million Profit for 2007
---------------------------------------------------
China Eastern Airlines Corporation Limited has turned a profit
of CNY586 million in 2007, reversing the previous year's CNY3
billion loss, Xinhua News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
April 14, 2008, Chongqing Dongjin Management Consultancy Co.,
Ltd. had predicted that China Eastern Airlines will report
profits in 2007 due to substantial RMB appreciation.

According to Xinhua News, China Eastern's 2007 revenue rose 14%
year-on-year to CNY43.53 billion, in which 96% or CNY41.77
billion was earned from air transport business.  Revenue from
domestic passenger services increased 19% to CNY23.91 billion,
while international passenger revenue increased 20% to CNY12.31
billion, and the rest of the revenue came from cargo services,
Xinhua relates.

In 2007, Xinhua notes, China Eastern achieved CNY155 million in
returns on investment, up from CNY67.91 million in 2006.

The company's operating costs, Xinhua relates, rose 7% to
CNY37.65 billion, which fuel costs accounted for CNY15.12
billion or 40.9%, up 11.69 percentage points from 2006.

The company forecasts that in 2008, it will carry 42.95 million
passengers and 1.07 million tons of cargo, Xinhua 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.


CITIC GROUP: More Cautious in Acquisitions Despite High Yuan
------------------------------------------------------------
CITIC Group, parent company of China's largest brokerage, said
that the yuan's rise and domestic economic strength will make it
more cautious and selective in targeting overseas acquisitions,
Reuters reports.

CITIC Securities, CITIC Group's brokerage arm, narrowly wriggled
free from a proposed investment in Bear Stearns, which is being
sold on the cheap to JPMorgan, because Chinese regulators did
not approve the deal in time, Reuters says.

"Now we will only offer to buy overseas if the target is
extremely attractive," Chang Zhenming, CITIC's president, told
Reuters in an interview at the Boao Forum in southern China.
"As you know, the yuan will keep rising and by holding yuan
assets we can enjoy easy gains from the appreciation," he added.

But the group, which also encompasses China's seventh-largest
bank, far from ruled out venturing overseas, Reuters notes.

Mr. Chang disclosed to Reuters that CITIC Securities was in
talks with many financial institutions and focused mainly on
opportunities in Asia, especially tie-ups with well-known
investment banks in the region.  CITIC Securities has said
before that, despite the Bear Stearns collapse, it still
intended to expand abroad, potentially by teaming up with
foreign investment banks, the report adds.

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services said that it
had removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.  At the same time,
Standard & Poor's also removed the BB+ foreign currency issue
rating on the group's senior unsecured debt from CreditWatch.


COASTAL SHIPPING: Members' Final Meeting Set for May 5
------------------------------------------------------
Members of Coastal Shipping Limited will have their final
general meeting on May 5, 2008, in Rooms 903-908 of Kai Tak
Commercial Building at 317-319 Des Voeux Road, Cantral, in Hong
Kong, to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Leung Shu Yin, William
          Kai Tak Commercial Building, Room 903-908
          317-319 Des Voeux Road
          Cantral, Hong Kong


EFFECO LIMITED: Members' Final Meeting Set for May 5
----------------------------------------------------
Members of Effeco 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 liquidator is:

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


EXCELLENCE FOOD: Court to Hear Wind-Up Proceedings on April 23
--------------------------------------------------------------
On March 3, 2008, Kuok Long Kan filed a petition to have
Excellence Food Supply Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Chong Yan-tung Chris
           Revenue Tower, 30th Floor
           5 Gloucester Road
           Wanchai, Hong Kong


FOREVER WIN: Court to Hear Wind-Up Proceedings on May 21
--------------------------------------------------------
On March 18, 2008, Bank of China (Hong Kong) Limited filed a
petition to have Forever Win Building Material Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Gallant Y. T. Ho & Co.
           Jardine House, 5th Floor
           No. 1 Connaught Place
           Central, Hong Kong


GREAT CHINA: Hires CCG Elite for Investor Relations Program
-----------------------------------------------------------
Great China International Holdings, Inc., has retained CCG Elite
to conduct its investor relations program.

Great China was founded in 1989.  The company engages in the
development and commercialization of premium private residential
and commercial properties and the management of commercial
buildings in the City of Shenyang, China.  The company, through
its indirect wholly owned subsidiary, Shenyang Maryland
International Industry Co., Ltd., was one of the first private
property developers in China.

The company currently owns and manages the President Building,
which has 20 tenants comprised of Fortune 500 multinational
corporations.  For the year ended Dec. 31, 2007, rental income
and property management fees accounted for 55% of revenue, while
proceeds from the sale of properties constituted the remaining
revenue.

"As one of the largest non-state-owned real estate developers in
the northeastern China, we believe Great China International is
well positioned to take advantage of the strong demand for
property development in the region," commented Frank Jiang,
Chief Executive Officer and Chairman of Great China
International.  "We intend to capitalize on these growth
opportunities and continue to maintain our core competencies in
premium real estate development and commercial property
management.  We look forward to working with CCG Elite to
increase our visibility within the investment community."

"Demand for both residential and commercial properties in
Shenyang should continue to grow very quickly," commented
Crocker Coulson, president of CCG Elite.  "We believe Great
China International offers an attractive opportunity for
investors seeking an established leader with strong prospects
for growth."

                         About CCG Elite

CCG Elite is a global, full-service investor relations firm,
headquartered in Los Angeles, Calif., with offices in New York
City, Newport Beach, Calif., Dallas, Texas, Hong Kong, Beijing,
Shanghai and Tel Aviv.  CCG Elite is uniquely positioned to
provide outsourced, high-level investor relations solutions to
its clients, combined with an in-depth understanding of Asia's
corporate culture and economic environment, to convey their
story to funds and broker-dealers located in the U.S.  For
further information, contact CCG Elite directly, or visit the
company's Web site at http://www.ccgelite.com/

                        About Great China

Founded in 1989, Great China International Holdings'
(OTCBB:GCIH) wholly owned subsidiary, Shenyang Maryland
International Industry Co., Ltd., is one of the largest non-
state-owned real estate developers in Northeast China.  The
company's core business is premium residential and commercial
development and management.  It currently owns and manages the
President Building, which was completed in April 2002, with 25
tenants comprised of Fortune 500 companies, including General
Electric (China) Co., Ltd., Johnson & Johnson, Kodak and Philip
Morris.  The company's prior developments included the Maryland
Building, Roma Resort Garden, Qiyun New Village, Peacock Garden,
University Campus of Shenyang Teacher's University, and
Chenglong Garden, mostly located in Shenyang.

                        Going Concern Doubt

The Company was in default on US$35,642,750 of bank loans and
US$20,000,000 of additional current bank loans as of June 30,
2006.  Moreover, the Company also had a working capital deficit
of US$114,827,084 as of June 30, 2006.  Murrell, Hall, McIntosh
& Co., PLLP expressed a substantial doubt on the Company's
ability to continue as a going concern after it audited the
company's second quarter and first half report for the period
ended June 30, 2006.


HAINAN AIRLINES: Applies to Open Two Routes to Africa
-----------------------------------------------------
According to the Civil Aviation Administration of China, Hainan
Airlines has applied to open two routes to Africa starting
August, China Hospitality News reports.

If it gets approval, Hainan Airlines will be the third air
company in China that has opened routes to Africa, following
China Southern Airlines and China Eastern Airlines, China
Hospitality News says.

The two routes Hainan Airlines plans to open are: a nonstop
route from Beijing to Egypt's capital Cairo with three flights
per week, operated using Airbus A340 aircraft; and a route from
Beijing to Johannesburg via Guangzhou with two flights per week
also using A340 aircraft, China Hospitality News relates.

                       About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

The airline currently holds Xinhua Far East China Rating's CC
issuer credit rating that was placed on October 31, 2005.


HK LINK TOURS: Court to Hear Wind-Up Proceedings on April 30
------------------------------------------------------------
On March 5, 2008, Li Wai Sze Gloria filed a petition to have
Hong Kong Link Tours Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 30, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Chong Yan-tung Chris
           Revenue Tower, 30th Floor
           5 Gloucester Road
           Wanchai, Hong Kong


INFORMATION SECURITY: Appoints New Liquidators
----------------------------------------------
Members of Information Security Limited appointed Paul Jeremy
Brough and Edward Simon Middleton as the company's liquidators.

The liquidators can be reached at:

           Paul Jeremy Brough
           Edward Simon Middleton
           Alexandra House, 27th Floor
           16-20 Charter Road
           Central, Hong Kong


JOYFUL PLACE: Liquidator Quits Post
-----------------------------------
On April 3, 2008, Suen Man Fai stepped down as liquidator for
Joyful Peace Limited, which is undergoing liquidation.

As reported in the Troubled Company Reporter-Asia Pacific, the
company started to liquidate its business on September 11,
2007.


LI BAO: Members' Final Meeting Set for May 3
--------------------------------------------
Members of Li Bao Chang Company Limited will have their final
general meeting on May 3, 2008, at Lippo Leighton Tower, 14th
Floor, 103 Leighton Road, Causeway Bay, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Dong Jian-hua
          Lippo Leighton Tower, 14th Floor
          103 Leighton Road, Causeway Bay,
          Hong Kong


SHENZHEN BANK: 1st Quarter Net Income Up 80-90% to CNY535 Mil.
--------------------------------------------------------------
China's Shenzhen Development Bank's first quarter net profit
rose 80-90% to CNY535 million from a year earlier, due to growth
in loans and deposits, higher interest margins, a rise in income
from intermediary business and a lower effective corporate tax
rate, Reuters reports.

According to the report, the company estimated its earnings per
share would rise 56 to 63% from the year-ago result of CNY0.27.
The company's shares on issue had risen following a bonus issue
in June 2007 related to a share reform, the report relates.

Edmund Klamann of Reuters writes that the bank also estimated
that its capital adequacy ratio for the first quarter would
exceed 8%, the minimum regulatory requirement.  The ratio stood
at 5.77% at the end of 2007, the same report notes.

                   About Shenzhen Development Bank

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

The Troubled Company Reporter-Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned E+ for the
bank's Financial Strength Rating.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.


SUN SWIMS: Members' Final Meeting Set for May 16
------------------------------------------------
Members of Sun Swims Limited will have their final general
meeting on May 16, 2008, in Room 1001-3 of Manulife Provident
Funds Place, 10th Floor at 345 Nathan Road, Kowloon, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Henry Fung
         Manulife Provident Funds Place, Room 1001-3, 10th Floor
         345 Nathan Road
         Kowloon, Hong Kong


YUEN WUI: Court to Hear Wind-Up Proceedings on April 23
-------------------------------------------------------
On March 3, 2008, Lam Kin Man filed a petition to have Yuen Wui
Engineering Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

           Chong Yan-tung Chris
           Revenue Tower, 30th Floor
           5 Gloucester Road
           Wanchai, Hong Kong


* Moody's Puts Neg. Outlook on China Property Development Sector
----------------------------------------------------------------
Moody's Investors Service has a negative outlook for China's
property development sector as tighter credit conditions are
likely to prevail over the next 12-18 months and, at the same
time, business prospects have become much more challenging.

"The overall sector has negative prospects in the near and
medium term because developers face challenges in funding their
capital expenditure with domestic and overseas funds, while also
facing a more problematic sales environment," Moody's says in a
new report.

The report -- entitled Chinese Property Developers: Greater Risk
from Tighter Liquidity and a More Volatile Market -- is authored
by Peter Choy, a VP/Senior Credit Officer, and Kaven Tsang, an
Assistant Vice President/Analyst.

Moody's rates a total of 13 Chinese developers, of which 8 have
stable outlooks, 2 negative and 3 are on review for possible
downgrade.

"Despite the risks, Moody's maintains a stable rating outlook
for many individual rated developers," says Choy, adding, "Some
still have cash available from bond and equity issuances in
2007, and Moody's has positioned ratings to withstand some
underperformance against expectations. "

"In addition, according to our scenario analysis, most rated
developers can withstand tightened bank lending and a 25% fall
in their projected sales for 2008," says Choy. "This situation,
however, assumes they make no further acquisitions which eat
into their existing balance-sheet liquidity."

The wide-ranging report looks in detail at the sector's key
rating issues -- tighter funding, regulatory intervention,
increased supply, and rising interest rates -- but says that
liquidity is currently its main focus.

"In particular, our report has focused on issuers' liquidity and
accordingly has implemented some stress tests on this issue,"
says Tsang, adding, "The results show, as indicated above, that
many show some resilience to disappointing sales outcomes."

Another threat to credit profiles comes from the possibility
that larger developers may take advantage of a softening market
to acquire weaker smaller entities, the report says.  Such deals
or expansions of land banks could place the liquidity and
financial or asset profiles of acquirers at risk.

At the same time, the report says prudent financial policies are
necessary if ratings are to be maintained.

"The current demanding business environment is testing the
developers' ability to manage their rapid growth plans, and
those that fail to maintain strict financial discipline and, in
particular, disciplined liquidity profiles, risk downward
pressure on their ratings," says Choy.

Longer term, the opportunities in China's property sector remain
favorable, the report says.  The secular trends of a relatively
low level of urbanization, high income growth, a high savings
rate, and increasing demand for better living standards all
provide support.




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

DCM SHRIRAM: IFCI Brings In Lokanath Mishra to Board
----------------------------------------------------
DCM Shriram Industries Ltd has informed the Bombay Stock
Exchange that IFCI Ltd has nominated Lokanath Mishra as director
on the company's board effective April 14, 2008.

The new director replaces S. P. Arora.

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group.  The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals.  DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan.  Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.

In November 2007, CRISIL revised its ratings on DCM Shriram's
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
the company's financial risk profile over the next 12 months.
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.


ICICI BANK: Board to Consider Audited Annual Results on April 26
----------------------------------------------------------------
ICICI Bank Ltd's board of directors will hold a meeting on
April 26, 2008, inter alia, to consider the audited annual
accounts for the year ended ended March 31, 2008, a filing with
the Bombay Stock Exchange says.

The board will also consider at the meeting the recommendation
of dividend on preference and equity shares for the financial
year.

The bank's audited financial results for the year ended
March 31, 2007, shows growth in net profit of 22% to
INR31.10 billion from the INR25.40 billion booked in 2006.  The
bank's total income increased from INR184.87 billion for the
year ended March 31, 2006, to INR289.23 billion in 2007.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings on Feb. 5, 2007, gave ICICI Bank's Subordinated
Debt a BB rating.  The bank currently carries Moody's Investors
Service's Ba2 Foreign Long Term Bank Deposits rating, which was
places on Feb. 5, 2003.


TATA MOTORS: Court Permits Tata to File Reply to Singur Petition
----------------------------------------------------------------
The Supreme Court has granted Tata Motors Ltd permission to file
a reply on a petition seeking to close down the Singur project.
Tata Motors wants to present its views about a dispute relating
to the facility where it plans to roll out Tata Nano.

As reported by the Troubled Company Reporter-Asia Pacific on
March 13, 2007, the Government of West Bengal signed an
agreement with West Bengal Industrial Development Corporation
for Tata Motors to build a plant for its INR1-lakh Nano at
Singur.  The plans raised protests from the locals because of
the transfer of agricultural land required for the factory.

Kedar Nath Yadav, a practising lawyer, filed the petition to
halt the Singur project questioning the Calcutta High Court's
decision that held as legal the acquisition of land by the West
Bengal government for the project, the Press Trust of India
relates.  On Tuesday, the Supreme Court allowed Tata Motors to
become a party to the dispute and asked the company to file its
reply within to weeks.  Chief Justice K.G. Balakrishnan has
scheduled the next hearing for May 13.

Tata Motors asserted that it had already started work on the
project and doled out around INR7 billion, the Indo-Asian News
Service states.  Tata expects to roll out the Nano from the
Singur Plant late this year.  As previously reported in the
TCR-AP on Feb. 22, Tata Motors Managing Director Ravi Kant was
cited as saying that the company will roll out in October this
year the ultra-cheap car that was unveiled on Jan. 10.

Tata Motors further claimed that WBIDC had already compensated
land owners affected by the project with as much as
INR900 million.  As part of the small-car project, Tata Motors
has also initiated community development programs in Singur
including training youths from families that have lost their
lands.

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.


TATA POWER: Gov't Asks Firm to Join Hands With Reliance Energy
--------------------------------------------------------------
According to a report at livemint.com, India's Ministry of
Environment and Forests has asked Tata Power Company Ltd to
submit an integrated proposal with competitor Reliance Energy
Ltd for a coal-handling jetty, conveyor system, green belt,
mangrove afforestation and utilization of wastewater at the
Maharashtra coast where the two companies are building power
plants.

The government has asked the two companies to share some
infrastructure for their Maharashtra power plants, which have a
combined capacity of 4,400MW, to lessen the impact on the
environment, the report explains.

The combined proposal, livemint says, will be submitted to a
committee which studies environmental impact assessments.

The report relates that Tata Power and Reliance Energy were
previously  engaged in a lengthy dispute over a plot of land
allotted for a project at Shahpur in Raigad district,
Maharashtra.  Both claimed a lien on the land but the state
government later prevailed on Reliance to scale down its initial
project plan so that both companies could set up power projects
there, livemint adds.  Pursuant to a compromise, Reliance
reportedly relocated its 1,600MW gas power project elsewhere.

Livemint quoted an unnamed power sector analyst as saying,
"Joining hands will save on duplicate infrastructure
development, and it will be helpful for both companies."

Tata Power Company Ltd -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                           *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA POWER: To Publish Audited Annual Results by June 30
--------------------------------------------------------
Tata Power Company Ltd has informed the Bombay Stock Exchange
that it will publish its audited results for the year ended
March 31, 2008, by June 30, 2008.

Tata Power's audited financial results for the quarter ended
March 31, 2007, showed net profit of INR7.59 billion on revenues
of INR67.44 billion.

Tata Power Company Ltd -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                            *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.




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

ADARO INDONESIA: Sees 2008 Coal Output to Increase 5%
-----------------------------------------------------
PT Adaro Indonesia expects its coal production to increase by
about 5% to 40 million tonnes this year, Reuters reports citing
Sandiaga Uno, an Adaro shareholder.

Mr. Uno told the news agency that Adaro is "still on track" to
raise between US$400-500 million in its initial public offering,
probably around September.  "We are concerned about the markets,
but we will keep monitoring them.  The preparation is still
going on and hopefully we can finalise it soon," Mr. Uno was
quoted by Reuters as saying.

                      About Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 31,
2008, that Moody's Investors Service upgraded PT Adaro
Indonesia's corporate family rating to Ba2 from Ba3.  This
action concludes the review for possible upgrade, which
commenced on November 6, 2007.  Moody's said the outlook on the
rating is stable.


DIRGANTARA INDONESIA: Wins European Award for Best Supplier
-----------------------------------------------------------
PT Dirgantara Indonesia received the Best Performance Supplier
2007 award from Spirit AeroSystems Europe Limited, The Jakarta
Post reports.

According to the report,  Simon J. Collins, Spirit AeroSystems
spokesman, said the award was intended to show appreciation for
DI's leading-edge manufacturing ability and delivery system.

DI President Director Budi Santoso said the award is a token of
trust that helps boost their confidence in competing in the
global market, The Jakarta Post relates.

Citing Mr. Budi, the report says, the company would finish 15
sets of Airbus A380 wing components and parts this year and 25
more sets over the next three years.  The company was also
producing 30 sets of Airbus A320 wing components and parts each
month, the report relates.

Mr. Budi told the news agency that within two years the airline
hopes to double its 1% share in the global airplane components
assembly market, an industry whose size could reach US$5 billion
this year.

Yuli Tri Suwarni of The Post writes that in line with growing
global demand for airplanes and the company's improving
performance, orders for components come from foreign
manufacturers including Airbus, Boeing, Bombardier, EADS, CASA
and Eurocopter are expected to grow significantly.  The airline
is also receiving local orders, including from the Indonesian
government for three Superpuma air fighters, the report adds.

                    About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

On Oct. 29, 2007, the TCR-AP reported that the Indonesian
Supreme Court accepted an appeal filed by PT Dirgantara
Indonesia over the Commercial Court's bankruptcy ruling.
Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Jakarta Post related.  Under the existing
bankruptcy law, the finance minister is the only party that is
allowed to take a state-owned company to the bankruptcy court,
the report explains.


DIRGANTARA INDONESIA: To Deliver 1 Chopper to AirForce This Year
----------------------------------------------------------------
PT Dirgantara Indonesia will finish one of the three Super Puma
helicopters based on Indonesian Airforce's order by the end of
2008, while the rest will be finished the next year.

Dirgantara President Budi Santoso said that the first Super Puma
has been through 90% of its completion.

Vice Chairman of Indonesian Airforce I Gusti Made Oka said that
the Army has budgeted US$25 million to buy the Dirgantara
products, and would like to have 18 more units of Super Puma.
Besides helicopters, Dirgantara has two units of Eurocopter-725
on Airforce's order.

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

On Oct. 29, 2007, the TCR-AP reported that the Indonesian
Supreme Court accepted an appeal filed by PT Dirgantara
Indonesia over the Commercial Court's bankruptcy ruling.
Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Jakarta Post related.  Under the existing
bankruptcy law, the finance minister is the only party that is
allowed to take a state-owned company to the bankruptcy court,
the report explains.


MEDCO ENERGI: Signs 3 Gas Sales Purchase Deals Worth US$900MM
-------------------------------------------------------------
Medco Energi Internasional Tbk, through its unit, PT Medco E&P
Indonesia, as the operators of Block-A in Nangroe Aceh
Darussalam and South Sumatara Extension block, has signed a Gas
Sales Purchase Agreement with PT Perusahaan Listrik Negara.  In
addition, Medco Energi through JOB Pertamina-PetroChina, as the
operator of the Turban block, where the company owns 25% stake,
also signed a GSPA with PT Petro Kimia Gresik in East Java.

The company will supply gas from Block A in Nanggroe Aceh
Darussalam a total of 85 TBTU to PLN (east Aceh) for a period of
17 years commencing in 2010.  The total gas sales originating
from Alur Ramong, Alur Siwah and Julu Rayeu fields is estimated
to be US$565.99 million.

In addition, from its SSE block, the company will supply a total
of 71.61 TBTU of gas for six years to PLN's Pusat Listrik
Keramasan, South Sumatera starting in 2008, and to the delivery
point of PGN's Pagardewa, South Sumatera.  With the signing of
the amendment of the agreement, the total value has increased by
US$103.83 million from the previous GSPA, which now becomes
US$320.93 million.

From the Tuban Block's Lengowangi field, JOB will be supplying a
total of 6.0 TBTU of gas to PKG in East Java from 2009 until
2011 with estimated total gas sales value of US$30.25 million.

Lukman Mahfoedz, president director of Medco E&P, says "The
total contract value of one contract amendment and two new gas
sales agreement is US$917.17 million."

"This signing further marks Medco E&P's continued commitment for
the national energy policy in supporting the domestic industry,"
adds Mr. Lukman.

Rashid I. Mangunkusumo, MedcoEnergi's director of corporate
growth, further says "The company has been assisting in ensuring
the availability of gas supply for various industries in
Indonesia such as fertilizers, chemicals, and electricity."

                        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).




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

IHI CORP: R&I Says Change in March Estimate Has Minimal Impact
--------------------------------------------------------------
IHI Corp. has revised downward its projections for March 2008 on
April 10.  Consolidated operating loss has widened to JPY18
billion from the previous estimate of JPY15 billion, and the
current net profit projected at JPY26 billion will decline to
around JPY20 billion.  This is the third downward revision
following last September and December and mainly due to the
increasing operating loss in the Energy and Plant Operation
which is derived from the delay in negotiating project cost
increase, hike in steel and components costs and subcontractor
fees, and appreciation of yen.   Furthermore, IHI has posted as
extraordinary loss the writedowns on the assets related with
space development business which pressed down the current net
profit.

When IHI largely amended its estimate in the end of September
2007, R&I changed the Rating Outlook to Negative because the
risk management framework at the Energy and Plant Operation
was insufficient.  Profit of the relevant operation was amended
again and it seems the inherent risk is still significant
because its profit estimate is not fully managed.  On the other
hand, the Aeroengine and Space Operation and Industrial
Machinery Operation including automotive turbo chargers are
performing well and posting profit.  R&I maintains its view that
IHI's fundamental profit and financial base remain intact given
the abundant latent profit from properties held mainly in
Tokyo's Toyosu district and that IHI has certain financial
cushion.  R&I considers the current revision will have limited
impact on the rating given the minor adjustments.  R&I will
continue to observe how IHI develops its risk management
framework at the Energy and Plant Operation and the overall
profit outlook.

                          About IHI Corp.

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

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


JAPAN AIRLINES: Fitch Holds 'BB-' IDR; Revises Outlook to Stable
----------------------------------------------------------------
Fitch Ratings revised the Outlook on Japan Airlines Corporation
and its wholly-owned operating subsidiary, JAL International
Co., Ltd.'s Long-term Issuer Default ratings to Stable from
Negative.  At the same time, Fitch has affirmed both companies'
Long-term IDRs and ratings of outstanding bonds at 'BB-'.  The
Outlook revision follows JAL's operational turnaround and better
liquidity.

"JAL's accelerated restructuring efforts since FYE06, including
an overhaul of flight networks, reduction of capacity, and
cutting of personnel expenses - as well as a favourable domestic
supply/demand balance and robust international demand - have
supported a steady improvement in yield and unit revenue," says
Satoru Aoyama, Director in Fitch's Asia-Pacific Corporate team.
These improvements have enabled JAL to absorb high fuel costs
while boosting earnings and operating cash flow.  Moreover, the
impact of a series of safety errors in the second half of FYE05
to FYE06 has subsided.  These errors had caused a shift in
passengers away from JAL, which prompted JAL to expand discount
programs to gain passengers back, which resulted in a slow
turnaround in operating results.

The Outlook revision also reflects JAL's improved leverage and
better liquidity.  Disposals of non-core assets and a series of
common share and preferred share issues (July-August 2006 and
March 2008: JPY148 billion and JPY151.5 billion), combined with
an improved cash flow generation, led to a constant reduction in
debt and leverage.  Total adjusted debt declined to JPY1,627.1
billion at end-H108 (including Fitch Ratings' estimate of off-
balance sheet lease liabilities of JPY653 billion), from
JPY1,876.2 billion at FYE06.  Leverage also improved, to 5.8x in
the last 12 months to end-H108, from 7.8x in FYE07 and 9.2x in
FYE06.

Much-needed capital - to support significant capex requirements
- has also been provided by these new equity issues, combined
with state-owned Japan Bank for International Cooperation's
import programme which guarantees payments of an airline's
borrowing for up to 80% of the purchase prices of aircraft and
engines.  Moreover, the most recent capital raising indicates
better liquidity and solid relationships with its financiers,
having been subscribed by its key relationship banks and various
business counterparts.  This point is particularly important
since the previous rating action (Outlook revision to Negative
in December 2006) was prompted partly by Fitch's concerns over
JAL's ability to refinance maturing debt and fund its capex
requirements amidst reports of the safety errors and weak
earnings.

As JAL plans for another year of very high jet fuel prices, a
further increase in air fares is critically important to
achieving its earnings targets.  However, as concerns mount over
the resilience of the Japanese consumer in the face of rising
prices and stagnant wage trends, additional fare increases may
threaten positive demand trends.  Fitch is also concerned with
the increasing competition in the domestic air passenger market,
which has already weakened profitability of the domestic
passenger business.  Therefore, positive-rating trends depend
largely on the resilience of travel demand, a further increase
in yields and unit revenues, and reduction of non-fuel costs.

"As the Japanese airline sector faces a possible cyclical
downturn in the near future, it will become increasingly more
difficult to rely on air fare increases and fuel surcharges to
offset the impact of high jet fuel prices.  JAL would probably
need additional restructuring and efficiency improvement efforts
in order to maintain the current momentum in its earnings and
credit quality improvements," adds Mr. Aoyama.

                       About Japan Airlines

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

                          *     *     *

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

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


MAZDA MOTOR: Recalling 170,300 Cars Due to Program Defects
----------------------------------------------------------
Mazda Motor Corp. began recalling the Demio and two other
passenger cars on April 10 due to computer program defects in
their engine control systems, reports The Auto Channel.

According to the report, a total of 170,300 units made between
March 2005 and October 2007 are being recalled.  Due to the
defects, braking distances may be longer than normal,
notes the report.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.




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

REMY WORLDWIDE: Court Sets April 23 Hearing on Case Closure
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing, on April 23, 2008, to consider the request of
Remy Worldwide Holdings Inc. for a final decree closing its
Chapter 11 case.

Douglas P. Bartner, Esq., at Shearman & Sterling LLP, in New
York, relates that as contemplated and required by the Plan and
the Confirmation Order, all documents and agreements necessary
to implement and complete the Plan have been executed.  "After
the Effective Date, the Reorganized Debtors substantially
consummated the Plan, and substantial distributions thereunder
have been made," he says.

On Dec. 20, 2007, all of the Chapter 11 case of each Debtor
other than Remy Worldwide Holdings Inc. were closed.  Mr.
Bartner relates that Remy International's estate has been "fully
administered" and the Plan has been substantially consummated.
He notes:

    -- the Confirmation Order has become final and the Effective
       Date of the Plan has occurred;

    -- there are no deposit requirements in the Plan;

    -- the property required to be transferred under the Plan has
       been substantially transferred in that all anticipated
       distributions have been made;

    -- to the extent required, Remy International has assumed the
       management of the property dealt with by the Plan; and

    -- Remy International has no remaining motions, contested
       matters, or pending adversary proceedings by or against
       them before the Court.

Remy Worldwide filed a final report for its case pursuant to
Local Rule 5009-1(c).  On or before April 30, Remy Worldwide
will: (i) complete all remaining quarterly reports, and (ii) pay
all quarterly fees due and owing to the U.S. Trustee.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.  Greenberg Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

The Debtors obtained confirmation from the Court of a Joint
Prepackaged Plan of Reorganization on Nov. 20, and the Plan
became effective December 5, 2007.

(Remy Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).




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

ASPEN TECH: Earns US$45.5 Million in Fiscal Year Ended June 30
--------------------------------------------------------------
Aspen Technology Inc. filed on Friday its Annual Report on Form
10-K for the fiscal year ending June 30, 2007, including the
restatement of prior period results.

Net income was US$17.9 million in the fourth quarter of fiscal
2007.  This represented a significant increase compared to net
income of US$3.9 million in the same period of fiscal 2006.
Preferred stock discounts and dividends totaled US$3.9 million
in the fourth quarter of fiscal 2006 and zero in the fourth
quarter of fiscal 2007, resulting in net income applicable to
common shareholders of US$17.9 million and US$52,000 in the
fourth quarter of fiscal 2007 and 2006, respectively.

For the fourth quarter ended June 30, 2007, AspenTech reported
total revenue of US$101.4 million, an increase of 27% from the
fourth quarter of the prior fiscal year, and above the company's
original guidance of US$85 million to US$89 million.  Within
total revenue, license revenue wa sUS$68.0 million, an increase
of 52%, and services revenue wasUS$33.4 million, a decrease of
4%, compared to the fourth quarter of fiscal 2006, respectively.

Brad Miller, chief financial officer of AspenTech, said "We are
pleased to bring approximately nine months of comprehensive
review of our financial accounts to a close with the filing of
our fiscal 2007 10-K and first quarter fiscal 2008 10-Q
financial statements.   Our work included a detailed examination
and restatement of prior financial statements, as well as a
review of all significant accounting policies and processes.

"Although it took longer than expected, we believe it was in the
long-term interest of our shareholders and will benefit the
company as we look to scale the business in the years ahead.
With this significant body of work now behind us, we are highly
focused on completing our overall goal of bringing our financial
statements current and becoming relisted on a national
securities exchange."

Mark Fusco, chief executive officer of AspenTech, said "While
the finance department has been focused on completing our
financial statement filings, the company's customer facing
operations have continued to execute at a high level.  Following
a record fiscal 2007 performance, the company has generated
year-over-year license bookings growth of 25% during the first
nine months of fiscal 2008, including 31% year-over-year growth
during the third quarter."

Fusco added, "The company ended the third fiscal quarter with a
strong financial position highlighted by US$137 million in cash,
an increase fromUS$132 million at Dec. 31, 2007, and net of
US$12 million used during the third quarter to retire our
previously existing Key Bank secured borrowing facility.  We
continue to be optimistic about the company's long-term
fundamental outlook based on our industry leading domain
expertise, unique suite of aspen ONE solutions and solid demand
in our core markets."

AspenTech's income from operations, determined in accordance
with generally accepted accounting principles, was US$24.0
million in the fourth quarter of fiscal 2007, exceeding the mid-
point of the company's original guidance of approximately US$16
million and representing an operating margin of 23.7%.  This
compares to operating income of US$7.7 million in the fourth
quarter of fiscal 2006, which represented an operating margin of
9.7%.

GAAP operating expenses in the fourth quarter of fiscal 2007
included US$3.1 million of non-cash stock-based compensation,
US$1.3 million of non-cash amortization of intangibles
associated with previous acquisitions,US$1.0 million in
restructuring charges due to the company's continued office
consolidations, and US$800,000 in incremental auditing and
professional fees associated with bringing the company's
financial statements current - the combination of which reduced
the company's operating margin by approximately 6 percentage
points.  These items reduced the prior year's operating margin
by approximately 8 percentage points.

                Fiscal Year 2007 Financial Results

For the fiscal year ended June 30, 2007, AspenTech reported
total revenue of US$341.0 million, an increase of 16% from
fiscal 2006.   Within total revenue, license revenue was
US$199.8 million, an increase of 30%, and services revenue was
US$141.3 million, an increase compared to US$140.7 million, in
fiscal 2006, respectively.

AspenTech's income from operations, determined in accordance
with GAAP, was US$55.4 million in fiscal 2007, representing an
operating margin of 16.2%.  This compares to operating income of
US$18.8 million in fiscal 2006, which represented an operating
margin of 6.4%.

GAAP operating expenses in fiscal 2007 included US$11.1 million
of non-cash stock-based compensation,US$6.5 million of non-cash
amortization of intangibles associated with previous
acquisitions, US$4.6 million in restructuring charges due to the
company's continued office consolidations, andUS$800,000 in
incremental auditing and professional fees associated with
bringing the company's financial statements current - the
combination of which reduced the company's operating margin by
approximately 7 percentage points.  These items reduced the
prior fiscal year's operating margin by approximately 7
percentage points.

Net income was US$45.5 million in fiscal 2007, compared with net
income of US$6.5 million in fiscal 2006.

Net income applicable to common shareholders was US$38.2 million
in fiscal 2007, which was net of US$7.3 million in preferred
stock discounts and dividends.  This represented a significant
increase compared to a loss attributable to common shareholders
of US$8.9 million in fiscal 2006, which was net of US$15.4
million in preferred stock discounts and dividends.

AspenTech had cash and cash equivalents of US$132.3 million at
June 30, 2007, an increase of approximately US$31.5 million from
$100.8 million at the end of March 31, 2007.

                  Summary of Restatement Effects
                of Prior Period Financial Results

The company's Annual Report on Form 10-K for fiscal 2007
included the restatement of its financial statements for fiscal
years ended June 30, 2006, and 2005, in addition to the first
three quarters of the year ended June 30, 2007.

On June 11, 2007, the company announced that it had identified
errors related to the accounting for sales of installment
receivables.  In particular, the company determined that certain
sales of installments receivable did not meet criteria for true
sale accounting on an ongoing basis.

As a result, two new balance sheet accounts were created -
Collateralized Receivables and the related Secured Borrowing
liability.  The restated consolidated balance sheet as of
June 30, 2006, includes the recording ofUS$211.3 million in
collateralized receivables, the related recording ofUS$182.4
million in secured borrowings, and the elimination ofUS$19.0
million in retained interest in sold receivables.

As previously stated, the company views this newly reported
liability as self funding, with collections of collateralized
receivables servicing the liability.  The company does not
believe that this accounting conclusion alters its arrangements
with its customers, and it has not changed its economic
relationship with the financial institutions.

The summary impact to income/loss from operations related to the
restatement of installments receivable, in addition to
correcting other errors in the company's previously reported
financial statements, was:

  -- Income from operations improved from US$28.1 million as
     previously reported to US$31.4 million as restated for the
     nine months ended March 31, 2007;

  -- Income from operations in fiscal 2006 was US$18.8 million
     both as previously reported and as restated;

  -- Loss from operations in fiscal 2005 improved from a
     previously reported operating loss of US$70.0 million to a
     restated operating loss of US$59.0 million.

On Feb. 11, 2008, the company announced it had identified errors
relating to its historical accounting for income taxes for
certain international tax obligations, primarily arising from
transactions among consolidated subsidiaries or from revaluation
of foreign currencies.  As a result, the company increased tax
provisions for these potential obligations in the applicable
period in the amounts of US$4.1 million for the nine months
ended March 31, 2007, US$3.2 million for the year ended June 30,
2006, US$6.8 million for the year ended June 30, 2005, and
US$4.6 million as of June 30, 2004.

The summary impact on net income or loss as a result of the
restatement was:

  -- Net income for the nine months ended March 31, 2007 as
     restated was US$27.6 million, a decrease from US$31.9
     million as previously reported;

  -- Net income for fiscal 2006 as restated wasUS$6.5 million, a
     decrease fromUS$12.8 million as previously reported;

  -- Net loss for fiscal 2005 as restated was US$69.1 million, an
     improvement from US$73.6 million as previously reported.

In addition, in the calculation and disclosure of deferred tax
balances, errors were identified for the book or tax accounting
treatment for certain items.  These errors resulted in the
incorrect disclosure of components of the company's deferred
taxes and the related offsetting valuation allowance within the
income tax footnote.

Accordingly, the deferred tax balances included in the income
tax footnote and the offsetting valuation allowance has been
restated as of June 30, 2006.  As these net deferred tax assets
had a full valuation allowance, the adjustments to deferred tax
assets had no net impact on the company's consolidated balance
sheet or statements of operations.

Ending cash balances were not affected as a result of the
restatement; however, the presentation of the cash flow
statement was restated.  The net proceeds from the sale of
installments receivable were previously classified in cash flows
from operations and have been restated as cash flows from
financing activities.  Payments made on secured borrowings are
now similarly classified as cash flows from financing
activities.

Annual collections relating to installments receivable that were
previously transferred to a financing institution are recognized
as cash flows from operations.  The company did not previously
recognize these collections within its cash flow statement
following the transfer of the installments receivable to the
financing institution.

                 Liquidity and Capital Resources

a) Operating Cash Flow

In fiscal 2007, operating activities provided US$55.7 million of
cash as net income, plus non-cash expenses for stock-based
compensation and depreciation and amortization totaling
US$30.5 million, was partially offset by a US$30.9 million
increase in installments receivables, primarily related to the
sale of receivables to Key Bank, the proceeds from which are
presented as a component of cash from financing activities.
Accrued expenses increased by US$1.8 million due to increases in
accruals for income taxes and professional fees associated with
the restatement of the company's financial statements.

b) Borrowings Collateralized by Receivable Contracts

      (i) Traditional Programs

The company historically has maintained arrangements with
financial institutions providing for borrowings that are secured
by the company's installment and other receivable contracts, and
for which limited recourse exists against the company.

As of June 30, 2007, the company had outstanding secured
borrowings of US$180.3 million that were secured by
collateralized receivables totaling US$183.2 million.

Availability under these arrangements is dependent upon the
company's generation of additional customer receivables and the
financial institutions' willingness to continue to enter into
these transactions.  The company estimates that there was in
excess of US$64.0 million available under the Traditional
Programs
at June 30, 2007.

     (ii) Securitization of Accounts Receivable

The securitization transactions in fiscal 2005 and 2007 include
collateralized receivables whose value exceeds the related
borrowings from the financial institutions.  The company
receives and retains collections on these securitized
receivables after all borrowing and related costs are paid to
the financial institution.   The financial institutions' rights
to repayment are limited to the payments received from the
collateralized receivables.

The carrying value of the collateralized receivables at June 30,
2007, under these arrangements was US$61.9 million and the
secured borrowings totaled US$25.8 million.

    (iii) Fiscal 2005 Securitization

On June 15, 2005, the company securitized and transferred
installments receivable with a net carrying value of 71.9
million and received cash proceeds of US$43.8 million.  The
transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
has been accounted for as a secured borrowing.  These borrowings
are secured by collateralized receivables and the debt and
borrowing costs are repaid as the receivables are collected.

     (iv) Fiscal 2007 Securitization

On Sept. 29, 2006, the company entered into a three-year
revolving securitization facility and securitized and
transferred installments receivable with a net carrying value of
US$32.1 million and received cash proceeds of US$20.0 million.
The transfers of installments receivable to the securitization
facility did not qualify as a sale for accounting purposes and
have been accounted for as a secured borrowing.  These
borrowings are secured by collateralized receivables and the
debt and borrowing costs are repaid as the receivables are
collected.

In December 2007, the company paid the outstanding amount of the
Fiscal 2005 securitization at its carrying value.

The company had been in violation of certain covenants related
to the Fiscal 2007 Securitization due to the delay in filing its
financial statements and other violations.  In March 2008, the
company paid the outstanding amount of the Fiscal 2007
Securitization at its carrying value plus a termination fee of
US$800,000, and this securitization is no longer available.

c) Credit Facility

In January 2003 and through subsequent amendments, the company
executed a loan arrangement with Silicon Valley Bank.  This
arrangement provides a line of credit of up to the lesser of
(1)US$15.0 million or (2) 70% of eligible domestic receivables,
and a line of credit of up to the lesser of (1)US$10.0 million
or (2) 80% of eligible foreign receivables.

As of June 30, 2007, there were US$7.4 million in letters of
credit outstanding under the line of credit, and there
wasUS$13.1 million available for future borrowing.  On Oct. 16,
2007, the company executed an amendment to the Loan Arrangement
that adjusted the terms of certain financial covenants,
including modifying the date the company must provide monthly
unaudited and annual audited financial statements to the bank.

The loan arrangement expires in May 2008.  The company is
currently in negotiations to either: (i) extend this line of
credit with the company's current lender and amend the terms of
the facility; or (ii) obtain a facility from another lender.

                     Contractual Obligations

The company's total contractual obligations, which primarily
consisted of operating leases for the company's headquarters and
other facilities, sub-contractor purchase commitments, and other
debt obligations, totaled US$62.9 million at June 30, 2007.
Other than these, there were no other commitments for capital or
other expenditures.

Total contractual future sublease rental income as of June 30,
2007, was US$7.2 million, which is not included.

On Sept. 5, 2007, the company entered into an additional
sublease agreement related to its former office space in
Cambridge, Massachusetts, effective Oct. 1, 2007, for
approximately 50,000 square feet that expires on Sept. 30, 2012.
This new sublease agreement represents US$5.5 million of
scheduled sublease payments not included in the total.

Effective Sept. 1, 2007, the landlord terminated a portion of
the company's lease in Houston, Texas with respect to
approximately 14,000 square feet of the original leased space.
This termination agreement has not been included in the total
and represents future reductions of US$2.6 million in lease
payments.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$528.9 million in total assets, US$391.7 million in
total liabilities, and US$137.2 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the year ended June 30, 2007, are available for
free at http://researcharchives.com/t/s?2a82

                         About AspenTech

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

                          *     *     *

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


ASPEN TECH: Posts US$9MM Net Loss in Quarter Ended Sept. 30
-----------------------------------------------------------
Aspen Technology Inc. reported a net loss of US$9.0 million in
the first fiscal quarter ended Sept. 30, 2007, compared with a
net loss of US$1.6 million in the same period ended Sept. 30,
2006.

Net loss applicable to common shareholders was US$9.0 million in
the first quarter of fiscal 2008 compared to net loss applicable
to common shareholders of US$5.3 million in the same period in
fiscal 2007.

For the quarter ended Sept. 30, 2007, AspenTech reported total
revenue of US$64.8 million, compared to US$64.2 million in the
first quarter of fiscal 2007.  License revenue was US$31.1
million, an increase of 11%, and services revenue was US$33.7
million, a decrease of 6%, compared to the first quarter of
fiscal 2007.

AspenTech's loss from operations, determined in accordance with
GAAP, was US$8.4 million in the first quarter of fiscal 2008.
This compares to an operating loss of US$17,000 in the first
quarter of fiscal 2007.

GAAP operating expenses in the first quarter of fiscal 2008
included US$2.5 million of non-cash stock-based compensation,
US$7.2 million in restructuring charges due to the previously
announced move of the company's headquarters, and US$1.5 million
in incremental professional services fees associated with
completing the financial restatement.  In the first quarter of
fiscal 2007, the company's GAAP operating expenses included
US$1.7 million in non-cash stock-based compensation, US$1.9
million in amortization in intangibles andUS$1.4 million in
restructuring charges.

AspenTech had cash and cash equivalents of US$129.5 million at
Sept. 30, 2007, a decrease of approximately US$2.8 million from
US$132.3 million at the end of June 30, 2007.

                       Operating Cash Flow

For the three months ended Sept. 30, 2007, operating activities
provided US$22.3 million of cash.  A net loss of US$9.0 million
was offset by non-cash expenses for stock-based compensation and
depreciation and amortization totaling US$5.3 million, a US$14.5
million decrease in installments and accounts receivable, a
US$3.0 million decrease in unbilled services, a US$1.2 million
decrease in prepaid expenses and other current assets, and a$4.8
million increase in accounts payable and accrued expenses.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$507.9 million in total assets,US$378.0 million in
total liabilities, and US$129.9 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2a83

                         About AspenTech

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

                          *     *     *

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


LITYAN HOLDINGS: Court Extends Restraining Order to August 6
------------------------------------------------------------
Lityan Holdings Berhad has been informed by its solicitors that
the High Court of Malaya has granted an extension of Restraining
Order for a period of 120 days effective from April 9, to
August 6, 2008, pursuant to Section 176(10) of the Companies
Act, 1965 covering Lityan and its subsidiaries, namely:

    a) Lityan Systems Sdn. Bhd.;
    b) Imageword (M) Sdn. Bhd.;
    c) Integrated Telecommunication Technology Sdn. Bhd.;
    d) Konsortium Jaya Sdn. Bhd;
    e) Impianas Sdn. Bhd.;
    f) Sistem Komunikasi Gelombang Sdn. Bhd.;
    g) Lityan Marketing Sdn. Bhd.;
    h) Lityan Management Sdn. Bhd.;
    i) Digital Transmission Systems Sdn. Bhd.;
    j) Imagebase Sdn. Bhd.;
    k) Slam Atomised Metal Sdn. Bhd.;
    l) Hi Pro Edar (M) Sdn. Bhd.;
    m) Lityan Foreign Equities Sdn. Bhd.;
    n) Advanced Business Solutions (M) Sdn. Bhd.;
    o) Teem Business Solutions Sdn. Bhd.;
    p) Lityan Applications Sdn. Bhd.;
    q) Kirium Solutions Sdn. Bhd.;
    r) KJ Telecommunications Sdn. Bhd.; and
    s) KJ Mobidata Sdn. Bhd.

The Restraining Order was applied in order to facilitate the
Proposed Restructuring Scheme.

The company does not expect the Restraining Order to have a
material effect on the financial and operational matters of
Lityan and its subsidiaries.

In addition, Lityan also obtained an order from the High Court
to convene meetings with its creditors and members in relation
to the Proposed Restructuring Scheme pursuant to Section 176(1)
of the Act with a period of 120 days from April 9 to August 6,
2008.

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

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


MANGIUM INDUSTRIES: Enters Addendum With Global Emerging
--------------------------------------------------------
In relation to Mangium Industries Bhd.'s proposed disposal of
its subsidiary, Mangium Plantations Sdn Bhd's entire issued and
paid-up share capital to Global Emerging Markets Forestry
Investors LLC for a total cash consideration of US$6.025
million, the company has entered into an addendum with Global
Emerging.  The details of addendum include:

    (a) the balance consideration of US$4,475,000 will be reduced
        to US$4,162,500 -- which is net of retention sum of
        US$1,000,000 and the disputed sum of MYR1,000,000 -- to
        be paid to the company on the completion date;

    (b) in respect of the retention sum of US$1,000,000, it will
        now be released by Global Emerging's solicitors (acting
        as stakeholder) upon receipt of a written confirmation
        from SAFODA that the outstanding 11,000 hectares of the
        Forest Plantation have been identified and allocated
        specially to Mangium Plantations for the purposes set out
        in the Timber Agreements and the same has been verified
        in writing by Global Emerging to its absolute
        satisfaction by December 31, 2012; and

    (c) the disputed sum of MYR1,000,000 will be retained in an
        escrow account maintained by Global Emerging's
        solicitors to hold as stakeholder until and unless there
        is a decision of one arbitrator in respect of the amount
        paid by Mangium Plantations to a creditor.  In the event
        that the decision of the arbitrator is made in favor of
        Mangium, the disputed sum will be released to Mangium and
        vice versa.

In addition, the Proposed Disposal had been duly completed on
April 15, 2008.  Consequently, Mangium Plantations has ceased to
be a subsidiary of the company.

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The TCR-AP reported that Mangium Industries, on May 22, 2007,
became an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
capital.  As an affected listed issuer, Mangium is required to
formulate and implement a plan to regularize its financial
condition within a timeframe stipulated by relevant authorities.


MERGE ENERGY: To Hold Extraordinary General Meeting on April 29
---------------------------------------------------------------
Merge Energy Bhd. will hold an Extraordinary General Meeting at
10:00 a.m. on April 29, 2008, at Gallery 6, Level 3, Concorde
Hotel, 3 Jalan Tengku Ampuan Zabedah C9/C, in 40100 Shah Alam,
Selangor Darul Ehsan, for the purpose of considering and if
thought fit, passing these resolutions, with or without any
modifications:

(1) Ordinary Resolution

     * related party transaction to be entered into between Mewah
       Kota Sdn Bhd, a wholly owned subsidiary company of Merge
       Energy and Jalur Cahaya Sdn Bhd in relation to the Letter
       of award to Mewah Kota from Jalur Cahaya for a total
       contract value of MYR90 million;

     * that subject to all other relevant approvals (if required)
       being obtained, approval will be given to Merge Energy, to
       accept and undertake the Proposed Project by Mewah Kota in
       accordance with and upon the terms and conditions of the
       letter of award in respect of the Proposed Project dated
       March 7, 2008; and

     * that the the company's directors are empowered and
       authorized to do all acts, deeds and things and to
       execute, sign, deliver and cause to be delivered on behalf
       of the Company all the documents and agreements as may
       be necessary or expedient to give effect to and complete
       the Proposed Project, and to assent to any modifications,
       variations, additions or amendments to the terms of the
       Proposed Project in a manner as the directors may in their
       discretion deem fit or expedient for the benefit of the
       company, and to take all steps as they consider necessary
       or expedient in connection with the Proposed Project.

                         About Merge Energy

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company was classified as an affected listed
issuer pursuant to the Amended Practice Note No. 17/2005 whereby
the company's shareholders' equity on consolidated basis is less
than 25% of its issued and paid-up share capital of MYR67.00
million.




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

ALPHA EMPLOYMENT: Placed Under Voluntary Liquidation
----------------------------------------------------
Shareholders of Alpha Employment Training Ltd. met on March 17,
2008, and resolved to voluntarily wind up the company's
operations.  Douglas Bruce Ellison was appointed as liquidator.

The liquidator can be reached at:

           Douglas Bruce Ellison
           PO Box 8722, Symonds Street
           Auckland 1015
           New Zealand
           Telephone:(09) 303 2200
           Facsimile:(09) 307 2074


EXPOS NEW ZEALAND: Placed Under Voluntarily Liquidation
-------------------------------------------------------
Expos New Zealand Ltd. commenced liquidation proceedings on
March 10, 2008.

Creditors are required to file their proofs of debt by April 18,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Kevin J. Gilligan
           PO Box 26022, Epsom
           Auckland 1344
           New Zealand
           Telephone: (09) 834 4486
           e-mail: kgill@ihug.co.nz


FIRST CHOICE: Court to Hear Wind-Up Petition on April 18
--------------------------------------------------------
A petition to have First Choice Construction Ltd.'s operations
wound up will be heard before the High Court of Auckland on
April 18, 2008, at 10:45 a.m.

Neville Warwick Woods filed the petition on October 3, 2007.

Neville Warwick's solicitor is:

           N. W. Wood
           c/o Rice Craig, Barristers & Solicitors
           8-10 Queen Street
           PO Box 72440, Papakura
           Auckland
           New Zealand
           Telephone:(09) 299 6900
           Facsimile:(09) 299 6107


LLOYD & STEVENSON: Appoints Parsons and Kenealy as Liquidators
--------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Lloyd & Stevenson Ltd. on March 12,
2008.

The liquidators can be reached at:

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


NIKKI CARLEY: Fixes April 25 as Last Day to File Claims
-------------------------------------------------------
Creditors of Nikki Carley Ltd. are required to file their proofs
of debt by April 25, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 17, 2008.

The company's liquidator is:

           Kim S. Thompson
           PO Box 1027, Hamilton
           New Zealand
           Telephone:(07) 834 6813
           Facsimile:(07) 834 6104


PLANET HEALTH: Appoints Fatupaito and McCloy as Liquidators
-----------------------------------------------------------
On March 12, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Planet Health 2003 Ltd.

Creditors are required to file their proofs of debt by June 12,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

           Vivian Judith Fatupaito
           Colin Thomas McCloy
           c/o PricewaterhouseCoopers
           188 Quay Street, Auckland
           New Zealand
           Telephone:(09) 355 8000
           Facsimile:(09) 355 8013


SUNCERN PROPERTIES: Shareholders Opt to Liquidate Business
----------------------------------------------------------
Shareholders of Suncern Properties (Khyber Pass) Ltd. met on
March 14, 2008, and resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
April 11, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

           Douglas Kim Fisher
           Auckland
           New Zealand
           Telephone:(09) 630 0491
           Facsimile:(09) 638 6283


TOP DRAWER: Undergoes Liquidation Proceedings
---------------------------------------------
The Top Drawer Furniture Co. Ltd. commenced liquidation
proceedings on March 14, 2008.

Creditors are required to file their proofs of debt by April 25,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

           John Trevor Whittfield
           Boris van Delden
           McDonald Vague
           PO Box 6092, Auckland
           New Zealand
           Telephone:(09) 303 0506
           Facsimile:(09) 303 0508
           Web site: http://www.mvp.co.nz


TRAINING CONTRACT: Creditors' Proofs of Debt Due Today
------------------------------------------------------
Creditors of Training Contract 2002 Ltd. are required to file
their proofs of debt today, April 17, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


UNITED DIESEL: Fixes June 12 as Last Day to File Claims
-------------------------------------------------------
United Diesel Limited requires its creditors to file their
proofs of debt by June 12, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

           Vivian Judith Fatupaito
           Colin Thomas McCloy
           c/o PricewaterhouseCoopers
           188 Quay Street, Auckland
           New Zealand
           Telephone:(09) 355 8000
           Facsimile:(09) 355 8013




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

BUKOM OILFIELD EQUIPMENT: Proofs of Debt Due May 12
---------------------------------------------------
Creditors of Bukom Oilfield Equipment Leasing Pte Ltd are
required to file their proofs of debt by May 12, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

           Chee Yoh Chuang
           Lim Lee Meng
           18 Cross Street
           #08-01 Marsh & McLennan Centre
           Singapore 048423


BUKOM OILFIELD (SINGAPORE): Proofs of Debt Due May 12
-----------------------------------------------------
Bukom Oilfield Services (Singapore) 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:

           Chee Yoh Chuang
           Lim Lee Meng
           18 Cross Street
           #08-01 Marsh & McLennan Centre
           Singapore 048423


BULL INFORMATION: Requires Creditors to File Claims by May 11
-------------------------------------------------------------
Bull Information System (S) Pte Ltd. requires its creditors to
file their proofs of debt by May 11, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

           Lau Chin Huat
           c/o 6 Shenton Way
           #32-00 DBS Building Tower Two
           Singapore 068809


ISO-BUILD CORPORATION: Court Enters Wind-Up Order
-------------------------------------------------
On April 4, 2008, the High Court of Singapore entered an order
to have Iso-Build Corporation Pte Ltd's operations wound up.

The petition against the company was filed by KCC (Singapore)
Pte Ltd.

Iso-Build's liquidator is:

           The Official Receiver
           c/o URA Centre (East Wing)
           45 Maxwell Road #05-11/#06-11
           Singapore 069118


SEA CONTAINERS: Court OKs Navigant Consulting as Pension Advisor
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware gave authority to the Official
Committee of Unsecured Creditors in Sea Containers Ltd. and its
debtor-affiliates' Chapter 11 cases to employ Navigant
Consulting, Inc., nunc pro tunc, to Feb. 15, 2008.

The Court authorized the SCL Committee to use Navigant
Consulting's services in connection with any disputes concerning
the claims or rights of the various pension schemes in the
bankruptcy cases, including consulting and testifying expert in
adversary proceedings and contested matters.

Judge Carey ruled that Navigant Consulting may testify on
pending matters concerning the SCL Committee's objections to the
proofs of claim filed by the trustee of the pension schemes.
However, Judge Carey reminded the SCL Committee to notify the
Debtors if it intends to use the firm's services for additional
matters because Navigant Consulting's services will not include
matters other than Pension Issues.

Navigant Consulting's services should not duplicate the efforts
of Houlihan, Lokey Howard & Zukin, the SCL Committee's financial
advisors, Judge Carey maintained.

The Debtors previously tried to block approval of the SCL
Committee's application.  They asserted, among other
contentions, that Navigant Consulting's retention will render
duplicative, overly broad services, which the firm may not be
qualified to provide.

"The SCL Committee seeks to use Navigant to establish the amount
of the Scheme's claims under the so-called "prudent investor"
rate applied in some U.S. bankruptcy cases.  But the hearing on
the Debtors' motion for approval of the pension settlement . . .
is not a forum for the determination of the prudent investor
rate on the merits," the Debtors told the Court.

The Committee of Unsecured Creditors of Sea Containers Services
Limited supported and joined in the Debtors' objection.  The
SCSL Committee argued that it was unclear from the Application
whether Navigant Consulting and the firm's purported expert have
the experience and expertise to perform an appropriate rate
calculation on claims by the U.K. Pension Schemes, particularly
in light of the unique provisions of applicable U.K. law.

In response to the objections, the SCL Committee told the Court
that the Proposed Settlement is a compromise between "the
Debtors, the powerful Scheme's Trustee, and their surrogates on
their special-purpose SCSL Committee.  Only the SCL Committee is
left to raise a meaningful challenge on behalf of the estates'
unsecured creditors."

The SCL Committee explained that the only calculations that lie
behind the Settlement were performed by Mercer Human Resources
Consulting Limited on behalf of the Pension Schemes.  The SCL
Committee further asserted that expert advice and cross-border
experience are needed concerning the Mercer Human's
calculations, and that will be provided by Navigant Consulting.
Hence, the SCL Committee asked the Court to approve the
Application.

                       About Sea Containers

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

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

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

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

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

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


SEA CONTAINERS: Panel Obtains International Judicial Assistance
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Ltd. and its debtor-affiliates' Chapter 11 cases obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to issue certain
letters of request for international judicial assistance
pursuant to the Hague Convention of March 18, 1970, on taking of
evidence in civil or commercial matters regarding Mercer Human
Resources Consulting Limited and Neville Hosegood.

William  H. Sudell, Jr., Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, related that the claims
asserted by the Sea Containers 1983 Pension Scheme and the Sea
Containers 1990 Pension Scheme are based almost exclusively on
work performed by the Pension Trustees' actuary, Mercer Human.
Mercer Human calculated the Scheme Claims based on the estimated
cost of purchasing annuities to discharge the Pension Schemes'
liabilities pursuant to Section 75 of the U.K. Pensions Act of
2004.

The Debtors have produced Mercer Human's summary report for the
actuarial valuations, however, none of the work papers,
actuarial valuation program, methodology or other analysis
supporting Mercer Human's conclusions have been furnished to the
Court or the SCL Committee, Mr. Sudell told Judge Carey.

Mr. Sudell also related that in the Debtors' proposed settlement
of the Pension Claims, both the proposed accepted amount of the
Pension Claims, and the amount reserved by the Debtors for
certain equalization claims is based on work performed by Mercer
Human.

The Pension Trustees and the Official Committee of Unsecured
Creditors of Sea Containers Services Ltd. refused to accept
service of a subpoena on behalf of Mercer Human, Mr. Sudell
informed the Court.  Accordingly, the SCL Committee needs to
proceed through the Hague Convention to obtain relevant
documents from Mercer Human, and depose Mr. Hosegood.  After
obtaining relevant documents from Mercer Human and Mr. Hosegood,
the SCL Committee intends to object to the Settlement, he added.

Mr. Suddell asserted that issuance of the Letters of Request is
procedurally authorized by Rule 28(b) of the Federal Rules of
Civil Procedure and Article 1 of the Hague Convention.

Judge Carey also rules that the attachments to each of the
Letters of Request may be modified to waive any portion without
further Court order upon agreement of the Debtors, the SCL
Committee, SCSL Committee and the Pension Schemes.

                       About Sea Containers

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

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

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

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

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

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


SPECTRUM BRANDS: S&P Holds CCC+ Rating & Revises Outlook to Dev.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Atlanta, Georgia-based Spectrum Brands Inc. to developing from
negative.  At the same time, Standard & Poor's affirmed all of
its ratings on the company, including the 'CCC+' corporate
credit rating.   Approximately US$2.6 billion of funded debt is
affected by this
action.

"The revised outlook reflects the company's improvement in
liquidity expected over the near term as a result of more
stabilized operating performance in recent quarters," said
Standard & Poor's credit analyst Patrick Jeffrey.  "This has
contributed to enhanced cash balances and revolver availability,
as well as improved cushion under its senior secured leverage
covenant."

Spectrum Brands remains in the process of selling assets which,
if successful, could help further enhance liquidity.  "However,"
said Mr. Jeffrey, "we remain concerned about the company's
liquidity and its ability to meet its financial covenants on a
longer-term basis as it remains highly levered, generates
negative free cash flow, and could face further operating
challenges given the weak economic environment."

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company has approximately 8,400 employees worldwide.




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

BLOCKBUSTER INC: Circuit City Bid Won't Affect S&P's Ratings Now
----------------------------------------------------------------
Standard & Poor's Ratings Services said that Dallas-based
Blockbuster Inc.'s (B-/Negative/--) bid for Circuit City will
not have an immediate effect on the video rental company's
ratings or outlook.  Blockbuster has launched a bid to acquire
Richmond, Virginia-based Circuit City for at least $6 per share,
or approximately US1 billion.  The company has stated that
financing would be a combination of cash and equity.  S&P remain
concerned that the acquisition could significantly increase
Blockbuster's leverage, and it may be difficult for the company
to secure the necessary funding to consummate the transaction.

Blockbuster's operations have been challenged for a number of
years due to the declining video rental industry and increased
competition for the home entertainment market.  Circuit City has
performed poorly in the consumer electronics markets, especially
against its main competitor, Best Buy Co. Inc.  S&P will
continue to monitor the ratings as additional information about
the proposed transaction becomes available.

                      About Blockbuster Inc.

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.




                          *********

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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