TCRAP_Public/080418.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, April 18, 2008, Vol. 11, No. 77

                             Headlines

A U S T R A L I A

CENTRO PROPERTIES: Bankers Are Expected to Extend Debt Deadline
DORIGO PTY: Declares First Dividend
E & K TRENCHING: Final Meeting Set for Today
GLANVILLE HOLDINGS: Commences Liquidation Proceedings
GSW ENTERPRISES: Undergoes Liquidation Proceedings

LEWIN HOLDINGS: Placed Under Voluntary Liquidation
LIFT CAPITAL: Paladin Execs Sue Firm & Merrill Lynch
OPES PRIME: Victims of Collapse Not Assured of Pension
PAT KENNEDY: Members Receive Wind-Up Report
REDBANK PROJECT: S&P Lowers Long-Term Issue Rating to BB+

SANDGATE CORPORATION: Declares First Interim Dividend
SATEESH CHAND: Placed Under Voluntary Liquidation
SCALY DAZE: To Declare Dividend Today
TAMARAMA HOLDINGS: Members to Receive Wind-Up Report on April 28
WESTPLAN ENGINEERING: Commences Liquidation Proceedings


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

AGRICULTURAL BANK: Launches Fund Management Joint Venture
ALERIS: Moody's Holds B2 Rating and Revises Outlook to Neg.
ALTIKAY (HK) LIMITED: Creditors' Proofs of Debt Due May 12
BDS COMPANY: Court to Hear Wind-Up Proceedings on April 9
GB&F ASIA: Creditors' Proofs of Debt Due May 11

IIYAMA HONG KONG: Liquidator Quits Post
MAK KEE: Members' Final Meeting Set for May 16
MULTIFEILD INVESTMENT: Appoints New Liquidator
PETROLEOS DE VENEZUELA: President Promises 2 More Blocks to ONGC
PO YUEN: Court to Hear Wind-Up Proceedings on April 30

SUN YUEN: Creditors' Proofs of Debt Due April 21
THE GREAT DRAGON: Liquidators Quit Post
VSNL INTERNATIONAL: Commences Liquidation Proceedings


I N D I A

CABLE & WIRELESS: Non-Dominance Request Cues OUR Market Study
EMCO LTD: To Publish Audited Annual Results by June 30
INDUSTRIAL DEV'T BANK: To Consider FY 2008 Results on April 26
SPICEJET: High Ground-Handling Fees Prompt Pull-Out From Kochi
TATA MOTORS: To Launch Crossover Vehicle, Report Says

TATA POWER: To Raise INR3 Billion From Bond Issue
TATA STEEL: Denies Considering Hostile Takeover of AVG


I N D O N E S I A

GOODYEAR: Sets June 30 as Conversion Period for US$4 Mil. Notes
PT INDIKA: Fitch Says Proposed IPO Is Good for Firm
TELKOM INDONESIA: To Spend US$500 Million on Share Buyback
TELKOM INDONESIA: To File 2007 Annual Results by June 30


J A P A N

BANK OF IKEDA: Fitch Cuts Foreign and Local IDR to BB+ from BBB-
DELPHI: Wants Exclusivity Extended Beyond Plan Effective Date
DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA
JAPAN AIRLINES: To Pay US$110 Million Fine for U.S. Price-Fixing
LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating

MAZDA MOTOR: Exceeds Sales Forecast for Fiscal Year 2007
NIPPON PAPER: To Study Ethanol Production With Cosmo Oil
SOLO: Successful Management Turnaround Cues S&P's B- Rating


K O R E A

EUGENE SCIENCE: Auditor Raises Going Concern Doubt
HYNIX SEMICONDUCTOR: Hanwha Group Expresses Interest in Firm
HYUNDAI MOTOR: Opens US$790 Million Assembly Plant in China
HYUNDAI MOTOR: Labor Union Urges Company to Build Korean Plant
HYUNDAI MOTORS: Recalls 393,714 Sonata Cars in U.S.


M A L A Y S I A

MALAYSIAN AIRLINE: Europe Flights Remain Despite Alitalia Crises
PROTON: Slew of Resignations Won't Affect 2008 Performance


N E W  Z E A L A N D

AUCKLAND LUXURY: Wind-Up Petition Hearing Set for June 6
DECONTAMINATION SERVICES: Subject to CIR's Wind-Up Petition
EXTERNAL BUILDING: Fixes April 21 as Last Day to File Claims
GLADSTONE LTD: Creditors' Proofs of Debt Due April 24
HATAITAI COMMUNITY: Appoints Shephard and Dunphy as Liquidators

KAPITI FIRST: Appoints Shephard and Dunphy as Liquidators
PRICERITE HOMES: Commences Liquidation Proceedings
SOLOMON SCAFFOLDING: Taps Levin and Madsen-Ries as Liquidators


P H I L I P P I N E S

PRC LLC: Seeks May 8 Hearing to Consider Disclosure Statement
SAN MIGUEL CORP: Studying Geothermal Assets Up for Auction
UNIVERSAL ROBINA: Buys Back 500,000 More Shares


S I N G A P O R E

CANBUILD (SINGAPORE): Court to Hear Wind-Up Petition on April 25
GIMWAH PTE: Requires Creditors to File Claims by April 25
NOVA SYSTEMS: Wind-Up Petition Hearing Set for April 25
POLYONE CORP: S&P Affirms 'B+' Rating on US$80MM Unsecured Notes
UNITECH PROCESS: Wind-Up Petition Hearing Set for April 25


T H A I L A N D

BLOCKBUSTER INC: Fitch Won't Take Rating Actions on Circuit Deal
SIAM CITY BANK: Looking for Strategic Partner
TOTAL ACCESS: To Settle Fee Dispute With AIS Out of Court


* Large Companies with Insolvent Balance Sheets


                          - - - - -


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

CENTRO PROPERTIES: Bankers Are Expected to Extend Debt Deadline
---------------------------------------------------------------
Carolyn Cummins of The Age writes that bankers of Centro
Properties Group are moving closer to extending the deadline for
repayment of debt by a further six months to avoid the
appointment of an administrator and consequent asset fire sales.

Centro, relates Ms. Cummins, has until April 30 to repay the
first tranche of the AU$4.2 billion of outstanding debt to its
Australian bankers, but financiers are expected to confirm an
extension to the end of September.

According to Ms. Cummins, a six-month extension would be in
line with the repayment deadline for its US-based bankers and
bondholders.

Centro's management, led by chief executive Glenn Rufrano, is
believed to have made informal presentations to unit holders
this week updating them on the progress of the recapitalization
process, states The Age.

Also, Mr. Rufrano is believed to have told investors that he is
reviewing the decision to sell Centro's stake in its two
wholesale funds and just sell individual assets, writes Ms.
Cummins.  Ms. Cummins notes that buyers are said to be lining up
for single assets rather than a portfolio.

                      About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended June 30,
2007, the Company acquired New Plan Excel Realty Trust, Heritage
Property Investment Trust and Galileo Funds Management, as well
as assumed full ownership of its United States management
operations.

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


DORIGO PTY: Declares First Dividend
-----------------------------------
Dorigo Pty. Ltd., which is in liquidation, declared its first
dividend on April 11, 2008.

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

The company's liquidator is:

           Darren Weaver
           Ferrier Hodgson
           BankWest Tower, Level 26
           108 St Georges Terrace
           Perth, Western Australia 6000
           Australia

                         About Dorigo Pty.

Located at Northbridge, in Western Australia, Australia, Dorigo
Pty. Ltd. is an investor relation company.


E & K TRENCHING: Final Meeting Set for Today
--------------------------------------------
E & K Trenching & Boring Pty. Ltd. will hold a final meeting for
its members and creditors at 9:30 a.m. today, April 18, 2008.
During the meeting, the company's liquidator, Mark Pearce at
Pearce & Heers, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

            Mark Pearce
            Pearce & Heers Insolvency Accountants
            Christie Centre, Suite 3, Level 9
            320 Adelaide Street
            Brisbane
            Australia
            Telephone:(07) 3221 0055
            Facsimile:(07) 3221 8885

                      About E & K Trenching

E & K Trenching & Boring Pty. Ltd. is involved with water well
drilling business.  The company is located at Sale, in Victoria,
Australia.


GLANVILLE HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
Glanville Holdings Pty. Ltd.'s members agreed on Feb. 29, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Matthew L. Joiner to facilitate the sale of its
assets.

The liquidator can be reached at:

           Matthew L. Joiner
           PKF Chartered Accountants & Business Advisers
           10 Eagle Street, Level 6
           Brisbane, Queensland 4000
           Australia

                     About Glanville Holdings

Glanville Holdings Pty. Ltd. is a distributor of ornamental
shrub and provides tree services.  The company is located at
Marsden, in Queensland, Australia.


GSW ENTERPRISES: Undergoes Liquidation Proceedings
--------------------------------------------------
GSW Enterprises Pty. Ltd.'s members agreed on March 4, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Ross David Hannah to facilitate the sale of its
assets.

The liquidator can be reached at:

           Ross David Hannah
           57 Simpson Street
           Ardross, Western Australia 6153
           Australia

                       About GSW Enterprises

GSW Enterprises Pty. Ltd. is involved with electrical work.  The
company is located at Applecross, in Western Australia,
Australia.


LEWIN HOLDINGS: Placed Under Voluntary Liquidation
--------------------------------------------------
Lewin Holdings Pty. Ltd.'s members agreed on March 7, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Kimberley Andrew Strickland and Christopher Michael
Williamson to facilitate the sale of its assets.

The liquidators can be reached at:

           Kimberley Andrew Strickland
           Christopher Michael Williamson
           SimsPartners
           40 St George's Terrace, Level 12
           Perth, Western Australia 6000
           Australia

                        About Lewin Holdings

Lewin Holdings Pty. Ltd. is involved in the business of local
trucking without storage.  The company is located at Redcliffe,
in Western Australia, Australia.


LIFT CAPITAL: Paladin Execs Sue Firm & Merrill Lynch
----------------------------------------------------
Two Paladin Energy Ltd. executives launched legal proceedings
against Merrill Lynch and Lift Capital Partners Pty. Ltd. on
April 11 seeking to recover their shares, reports the Australian
Associated Press.

The AAP relates that Paladin Chairman Rick Crabb and company
secretary Gillian Swaby, in a statement to the Australian
Stock Exchange said it had "been informed by Merrill Lynch
that it has disposed of, on market, any shares it claims to have
acquired via Lift Capital Partners Pty Ltd."

Paladin Energy Limited has been previously advised by directors
of their margin lending facilities secured by shares in the
company.  A portion of shareholdings in Paladin held by Mr.
Crabb and Ms. Swaby are subject to margin loan facilities with
Lift Capital, namely 6,383,218 shares for Mr. Crabb and
7,038,345 shares for Ms. Swaby.  Mr. Crabb and Ms. Swaby
maintain that they have retained beneficial ownership of these
Paladin shares as they are not in default under their
facilities.  Mr. Crabb and Ms. Swaby had arranged for settlement
of these loan accounts prior to Lift Capital's appointment of a
voluntary administrator and have informed Paladin that they
remain ready willing and able to pay the full amount outstanding
under their facilities.  Paladin said it will closely monitor
the actions of Merrill Lynch in order to protect the interests
of all shareholders and will provide further updates as
information becomes available.

A 3-day trial has been provisionally listed to commence on
June 23, says the AAP.

According to the report, Paladin's lawyers Clayton Utz told
Justice Robert French that much of the proceedings would be
dealt with by "agreed facts and documents."

Merrill Lynch's lawyers, Blake Dawson Waldron, foreshadowed a
settlement claim but said they "want to have a look at it before
giving consent," states the AAP.

                        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 creditors will be convened on April 22, 2008.


OPES PRIME: Victims of Collapse Not Assured of Pension
------------------------------------------------------
Chris Merritt and Adele Ferguson of The Australian report that
the federal government and its regulators have refused to assure
victims of Opes Prime Group Ltd. that their superannuation is
safe.

Despite the seizure of assets in two self-managed superannuation
funds, the government said it was too early to say if any action
was needed, relates The Australian.

Mr. Merritt and Ms. Ferguson report that superannuation lawyers
said regulators should at least be trying to determine how many
people would lose their savings in the Opes Prime collapse.
Also, there is a need to determine whether the superannuation
losses were the result of negligence, criminality or a
regulatory loophole, adds The Australian.

According to The Australian, the Australian Prudential
Regulation Authority said self-managed super funds were
regulated by the tax office.

The Australian notes that there are 370,000 self-managed funds
in Australia holding AU$300 billion in assets.

ANZ Banking Group, relate Mr. Merritt and Ms. Ferguson, have
already seized and sold all assets that had been owned by the
family superannuation fund of Sydney solicitor Chris Murphy.
The loss of their super, notes The Australian, is worth
AU$700,000.

Another company called Goldstein Enterprises lost more than
AU$124,966 in cash and a further AU$304,314 from its super fund,
write Mr. Merritt and Ms. Ferguson.

According to the report, the Murphy family and Goldstein
Enterprises say their super fund assets had not been used to
secure margin loans.

An ANZ spokesman told The Australian that under the securities
pooling arrangement with Opes Prime, ANZ could not determine if
any of Mr. Murphy's claimed collateral was held by ANZ or
another lender to Opes Prime because it has "no direct knowledge
of any relationships between Opes Prime and its clients."

                          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.


PAT KENNEDY: Members Receive Wind-Up Report
-------------------------------------------
G. M. Carrello, Pat Kennedy Carpet Centre Pty. Ltd.'s estate
liquidator, met with the company's members on April 15, 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 June 6, 2007.

The liquidator can be reached at:

           G. M. Carrello
           c/o Dickson Carrello Insolvency Practitioners
           London House, Level 1
           216 St Georges Terrace
           Perth, Western Australia 6000
           Australia

                         About Pat Kennedy

Pat Kennedy Carpet Centre Pty. Ltd. operates floor covering
stores.  The company is located at Kalgoorlie, in Western
Australia, Australia.


REDBANK PROJECT: S&P Lowers Long-Term Issue Rating to BB+
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issue
rating on Redbank Project Pty Ltd.'s AU$261.5 million senior
secured debt to 'BB+' from 'BBB-', reflecting the project's
weaker-than-expected operational and financial performance.  The
ratings were removed from CreditWatch with negative
implications; the outlook is stable. At the same time, the
underlying rating on AU$170 million of bonds issued by RB Pass
Through Pty Ltd., a repackaging vehicle for part of Redbank's
senior debt, was lowered to 'BB+' from 'BBB-'.

Redbank, which operates a waste-coal-fired power plant in
Australia's Hunter Valley that commenced operations in 2001, is
100% owned by Babcock & Brown Power Ltd. (BBP).

"While some settling-in disruptions are expected of any new
plant, Redbank hasn't achieved the stable operations expected of
a plant with more than six years of operations," Standard &
Poor's credit analyst Rosalind Poh said.  "Problems relating to
the original design and quality-control issues have led to
higher-than-expected plant outages, which has exposed Redbank to
greater pool-price risks than initially predicted."

In addition, we consider variability in fuel-supply quality has
exacerbated the project's weaker-than-expected operational
performance.  We note that the plant was designed to run on a
mix of fuel, of which at least 50% was intended to be waste
coal; however, the project's adjacent mine has supplied lower-
than-expected quantities of waste-coal tailings, especially in
the past 12 months.

The project's credit metrics are weaker than we anticipated when
we initially assigned the debt ratings in 2004 and are not
expected to recover in the near term.  In addition, Redbank's
liquidity position may be unable to support unforeseen major
capital expenditure.  While the project is not guaranteed, we
note that Redbank would likely be supported in an emergency by
its parent, BBP.

The stable outlook reflects our expectation that Redbank will
meet its obligations under its power purchase and hedge
agreement, despite its operational challenges.  The outlook also
assumes that Redbank's plant license does not come under any
threat from lower use of waste-coal fuel.  A track record of
stable operations, stability in supply of waste-coal fuel as per
the development consent, and an independent view that the plant
can perform to design metrics could be positive for the ratings.
Conversely, the ratings could come under further pressure if
Redbank's operational metrics deteriorate further or design
issues escalate.

Redbank Project Pty. Limited engages in the generation and sale
of electricity to wholesale electricity market.  It uses black
coal and waste coal tailings as its fuel source.  The company
operates a coal waste power plant in New South Wales, Australia.
Redbank was founded in 2001 and is based in Warkworth,
Australia.


SANDGATE CORPORATION: Declares First Interim Dividend
-----------------------------------------------------
Sandgate Corporation Pty Ltd, which is in liquidation, declared
its first interim dividend on April 8, 2008.

Only creditors who were able to file their proofs of debt by
March 31, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

           Bryan Hughes
           Pitcher Partners
           140 St Georges Terrace, 17th Level
           Perth, Western Australia 6000
           Australia
           Telephone:(08) 9322 2022
           Facsimile:(08) 9322 1262

                     About Sandgate Corporation

Sandgate Corporation Pty. Ltd. is involved with the vineyard
business.  The company is located at Perth West, in Western
Australia, Australia.


SATEESH CHAND: Placed Under Voluntary Liquidation
-------------------------------------------------
Sateesh Chand & Sons Pty. Ltd.'s members agreed on March 7,
2008, to voluntarily liquidate the company's business.  The
company has appointed Timothy Paul Heesh and Terry Grant van der
Velde to facilitate the sale of its assets.

The liquidators can be reached at:

           Timothy Paul Heesh
           Terry Grant van der Velde
           c/o SV Partners Insolvency Accountants
           and Business Solutions
           Suite 6.03, Level 6
           135 King Street
           Sydney, New South Wales 2000
           Australia

                         About Sateesh Chand

Sateesh Chand & Sons Pty. Ltd. operates eating places.  The
company is located at Leichhardt, in New South Wales, Australia.


SCALY DAZE: To Declare Dividend Today
-------------------------------------
Scaly Daze Pty. Ltd., which is in liquidation, will declare its
first and final dividend today, April 18, 2008.

Only creditors who were able to file their proofs of debt by
April 9, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

           Gerald T. Collins
           PKF Chartered Accountants & Business Advisers
           10 Eagle Street, Level 6
           Brisbane, Queensland 4000
           Australia

                          About Scaly Daze

Scaly Daze Pty. Ltd. is a distributor of fish and seafoods.  The
company is located at Noosaville, in Queensland, Australia.


TAMARAMA HOLDINGS: Members to Receive Wind-Up Report on April 28
----------------------------------------------------------------
E. R. Verge, Tamarama Holdings Pty Ltd's estate liquidator, will
meet with the company's members on April 28, 2008, to provide
them with property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on December 17, 2007.

The liquidator can be reached at:

           E. R. Verge
           Melsom Robson
           Chartered Accountants
           Piccadilly Square West, Level 1, Unit 44B
           7 Aberdeen Street
           Perth
           Australia

                      About Tamarama Holdings

Located at Paradise Point, in Queensland, Australia, Tamarama
Holdings Pty. Ltd. is an investor relation company.


WESTPLAN ENGINEERING: Commences Liquidation Proceedings
-------------------------------------------------------
Westplan Engineering Pty Ltd's members agreed on Feb. 21, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Gregory John Cochrane to facilitate the sale of
its assets.

The liquidator can be reached at:

           Gregory John Cochrane
           20 Kings Park Road, 1st Floor
           West Perth, Western Australia 6005
           Australia

                     About Westplan Engineering

Westplan Engineering Pty. Ltd. is an operator of non-residential
buildings.  The company is located at Rockingham, in Western
Australia, Australia.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
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AGRICULTURAL BANK: Launches Fund Management Joint Venture
---------------------------------------------------------
Agricultural Bank of China has launched its fund management
joint venture in Shanghai, Jin Jing of China Daily reports.

ABC-CA Fund Management Co. Ltd, with a registered capital of
around CNY200 million (US$28.57 million), is 51.67% held by ABC,
33.33% held by France-based Credit Agricole Asset Management and
15% held by Aluminum Corporation of China, Mr. Jin says.

"The fund management joint venture is an important step for ABC
to diversify," Agricultural Bank President Xiang Junbo said, as
quoted by China Daily.  "It is also in line with our strategy to
build it into a bank with comprehensive services through
exploring new business sectors and mergers and acquisitions."

Mr. Jin relates that Agricultural Bank is the seventh bank in
China to set up a fund management company, following Bank of
China, Shanghai Pudong Development Bank, China Everbright Bank,
Bank of Communications, Industrial and Commercial Bank of China
and China Construction Bank.

Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


ALERIS: Moody's Holds B2 Rating and Revises Outlook to Neg.
-----------------------------------------------------------
Moody's Investors Service revised the rating outlooks for Aleris
International Inc., and Aleris Deutschland to negative from
stable.  At the same time, Moody's affirmed Aleris's B2
corporate family rating, the B2 rating on the senior secured
term loans at Aleris International and Aleris Deutschland
Holding GMBH due 2013, the B3 rating on its 9% senior unsecured
notes due 2014, and the Caa1 rating on its 10% senior
subordinated notes due 2016.

The change in outlook reflects the company's ongoing performance
challenges in light of weak end market conditions, principally
in the U.S. residential and transportation markets, the
continued high degree of leverage under which the company is
operating, and expectations for limited to negative free cash
flow over the near term.  The outlook also incorporates Aleris's
earnings sensitivity to volume levels, which Moody's expects to
decline again in 2008, although not by the magnitude seen in
2007.

The downside risks associated with a continued deterioration in
housing starts, residential investment, and transportation
spending, as well as a more broad-based global contraction, are
important factors in the rating.  Given Aleris's limited history
as a combined entity following the Corus acquisition in 2006, as
well as its subsequent bolt-on acquisitions in 2007, a pro forma
comparison of year-over-year shipment levels is challenging.
However, Moody's estimates that North American building and
construction volumes were down in the mid-teens during the
fourth quarter of 2007, challenging Aleris's sales and operating
margins.  As a result of these difficult operating conditions,
the company's interest expense exceeded its operating earnings
in FY2007.

Considering the "margin on metal" business model construct that
Aleris operates under, Moody's views Aleris's ability to
increase margins as limited resulting in the need to record
substantive volume improvements for earnings improvement, which
is viewed as unlikely over the near term.  However, Moody's
recognize the company's efforts to improve its fixed cost
position in 2008, including announcing multiple facility
closures in Tennessee, Ohio, Virginia, and Ontario.

Aleris's B2 corporate family rating reflects its high degree of
financial leverage, the sensitivity of its earnings to volume
levels, the ongoing execution risks for timely deleveraging,
particularly for a company with relatively thin margins and high
sensitivity to volume levels, and Aleris's propensity towards
acquisitions, which Moody's believes will be a continuing
impetus for growth over the intermediate term.  The rating also
considers the potential for increased supply of extruded
products from offshore sources, as well as competition from
other products.

At the same time, the ratings recognize Aleris's strong market
position as a major global supplier of aluminum rolled products,
its ability to pass through most of the cost pressures resulting
from changes in raw material prices, and its diverse geographic
and end market exposure, which helps protect the company from
regional or product specific weakness, demonstrated this year as
stronger European markets partially offset weakness in the North
American residential and transportation markets.  Also embedded
in the rating is Moody's expectation that Aleris will apply its
free cash flow generation to deleverage over the next several
years.  The B2 corporate family rating also considers the level
of liquidity available to Aleris under its asset backed bank
facility, which were it to dissipate significantly, could
negatively impact the rating.

Moody's last rating action on Aleris was Nov. 29, 2006, when its
corporate family rating was downgraded to B2 from B1 following
its merger with Texas Pacific Group in a leveraged transaction.

Headquartered in Beachwood, Ohio, Aleris is a leading global
producer of aluminum rolled products.  In 2007, the company
generated revenues of approximately US$6.0 billion.

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.


ALTIKAY (HK) LIMITED: Creditors' Proofs of Debt Due May 12
----------------------------------------------------------
Creditors of Altikay (HK) Limited are required to file their
proofs of debt by May 12, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Leung Chi Kin
          3 Lockhart Road, 12th Floor
          Wanchai, Hong Kong


BDS COMPANY: Court to Hear Wind-Up Proceedings on April 9
---------------------------------------------------------
On February 1, 2008, BDS Company Limited filed a petition to
have BDS Company Limited's operations wound up.

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

The petitioners' solicitor is:

           Tanner De Witt
           1806, Tower Two
           Lippo Centre
           89 Queensway, Hong Kong


GB&F ASIA: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
Creditors of GB&F Asia Limited are required to file their proofs
of debt by May 11, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 28, 2008.

The company's liquidators are:

          Chung Mui Yin Diana
          Yeung Betty Yuen
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


IIYAMA HONG KONG: Liquidator Quits Post
---------------------------------------
On April 11, 2008, Chan Sek Kwan Rays stepped down as liquidator
for Iyama Hong Kong Co. Limited, which is undergoing
liquidation.


MAK KEE: Members' Final Meeting Set for May 16
----------------------------------------------
Members of Mak Kee Transportation Limited will have their final
general meeting on May 16, 2008, in Room 1105, Knutsford
Commercial Building, 5 Knutsford Terrace, Tsimshatsui, in
Kowloon to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kwok Yui Cheong
          Knutsford Commercial Building, Room 1105
          5 Knutsford Terrace
          Tsimshatsui, Kowloon


MULTIFEILD INVESTMENT: Appoints New Liquidator
----------------------------------------------
Members of Multifeild Investment Limited appointed Kwong Loi
Hing as the company's liquidator.

The liquidator can be reached at:

           Kwong Loi Hing
           CMA Building, 20th Floor
           64-66 Connaught Road
           Central, Hong Kong


PETROLEOS DE VENEZUELA: President Promises 2 More Blocks to ONGC
----------------------------------------------------------------
Venezuela's President Hugo Chavez has promised to grant two
additional blocks to ONGC Videsh Limited, which signed an
Orinoco investment deal with Petroleos de Venezuela S.A., The
Economic Times reports.

As reported in the Troubled Company Reporter-Latin America on
April 10, 2008, Petroleos de Venezuela collaborated with ONGC
Videsh to explore and produce oil and natural gas in Venezuela.
ONGC Videsh was planning a joint venture with the company for
the operation of the San Cristobal oil block, which may hold 250
million metric tons in reserves.  Petroleos de Venezuela
reportedly will hold a 60% stake in Petrolera IndoVenezolana,
the joint venture with ONGC Videsh, while ONGC will hold the
remaining 40%.  ONGC Videsh will invest some US$450 million in
the project.

President Chavez told The Economic Times that the deal is
dependent upon the approval from Venezuela's "technical team"
and that he believes the team's technical evaluation "will be
positive."

Kerry Laird at Rigzone said the technical evaluation could take
up to six months.

President Chavez commented to Kerry Laird at Rigzone, "For some
time now, we have started diversifying our oil market.  In the
past, the sole market was US.  Today, apart from US, we have
markets in Caribbean, Africa, Europe and in Asia. And even in
China; 300,000 barrels per day oil is sent to China and the goal
is one million barrels per day.  Now, with India, we are happy
with the first step ... [a] very important step.  We have
approved the presence of India in an oilfield here."

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

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

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

                         *     *     *

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


PO YUEN: Court to Hear Wind-Up Proceedings on April 30
------------------------------------------------------
On March 5, 2008, Hang Seng Bank Limited filed a petition to
have Po Yuen (To's) Machine Factory 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' solicitors are:

           Messrs. Li Kwok & Law
           Man Yee Building, Units 1204-06
           68 Des Voueux Road Central
           Hong Kong


SUN YUEN: Creditors' Proofs of Debt Due April 21
------------------------------------------------
Creditors of Sun Yuen Cheong Cafe (B) Limited are required to
file their proofs of debt by April 21, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          E. T. O'Connell
          Queensway Government Office
          66 Queensway, 10th Floor
          Hong Kong


THE GREAT DRAGON: Liquidators Quit Post
---------------------------------------
On April 11, 2008, Jacky Muk and Edward Middleton stepped down
as liquidators for The Great Dragon Fund Limited, which is
undergoing liquidation.


VSNL INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
VSNL International (Hong Kong) Limited's members agreed on
March 31, 2008, to voluntarily liquidate the company's business.
The company has appointed Desmond Chung Seng Chiong and Hei Yu
Fok to facilitate the sale of its assets.

The liquidators can be reached at:

           Desmond Chung Seng Chiong
           Hei Yu Fok
           Hong Kong Clun Building, 14th Floor
           3A Charter Road, Central
           Hong Kong




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

CABLE & WIRELESS: Non-Dominance Request Cues OUR Market Study
-------------------------------------------------------------
Business News Americas reports that Cable & Wireless Plc's
request for a declaration of non-dominance in the market has
resulted Jamaica's Office of Utilities Regulation to inform
tenders for a consultancy contract to carry out a survey of
local fixed telephony and international outgoing calls.

According to the report, OUR had declared C&W dominant in August
2003.

OUR in a press release said, "The market survey is expected to
provide critical statistical data on consumers' behavior as well
as the market conditions in which carriers and service providers
operate within the markets for telecommunications services in
Jamaica."

The contract is to last seven weeks.  Interested firms must
submit proposals to OUR by 3:00 p.m. local time on April 30, the
report says.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.


                         *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carried a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's Ratings Services,
which said the outlook is stable.  S&P rates its short-term
local and foreign issuer credit at B.


EMCO LTD: To Publish Audited Annual Results by June 30
------------------------------------------------------
Emco Ltd will publish its audited results for the year ended
March 31, 2008, on or before June 30, according to a filing with
the Bombay Stock Exchange.

For the year ended March 31, 2007, the company posted a net
profit of INR405.97 million on income totaling INR6.56 billion.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


INDUSTRIAL DEV'T BANK: To Consider FY 2008 Results on April 26
--------------------------------------------------------------
Industrial Development Bank of India Ltd's board will hold a
meeting on April 26, inter alia, to consider the audited annual
accounts for the year ended March 31, 2008.  The board may also
recommend a dividend for the year 2007-08, if any.

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

                          *     *     *

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


SPICEJET: High Ground-Handling Fees Prompt Pull-Out From Kochi
--------------------------------------------------------------
Due to, among others, costly ground-handling fees, SpiceJet Ltd
pulled out from Kerala's Kochi airport on April 14, P.R. Sanjai
writes for livemint.com.  SpiceJet used to operate flights from
Kochi to Mumbai and Banglore, twice daily.

According to the livemint report, the Kochi airport is charging
a ground-handling fee of INR35,000 while international airports
of Bangalore and Mumbai are charging INR18,000 and INR2,500,
respectively, for every single flight.

Other reasons that prompted the withdrawal is the planned repair
on Kochi's runway and non-availability of slots in Mumbai to
reschedule operations, the livemint report says.

Cochin International Airport Ltd is planning to close the
airport runway for six months starting this November to repair
it.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft.  SpiceJet has integrated with various travel related
Web sites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA MOTORS: To Launch Crossover Vehicle, Report Says
-----------------------------------------------------
Tata Motors Limited plans to introduce a crossover vehicle,
Sudha Menon writes for livemint.com citing unnamed people
familiar with the situation.

According to the report, Mr. Menon's sources said Tata Motors'
planned addition to its portfolio will combine the comforts of a
luxury car with features of a sports utility vehicle.  The new
vehicle, Mr. Menon continues, is designed in collaboration with
Tata Motors European Technical Centre Plc.

Production of the crossover, which will be at Tata Motors' Pune
facility, is expected to start in June-July for launch in
October-November, the livemint report cites a unnamed vendor
familiar with the situation as saying.

A company executive who did not wish to be identified told Mr.
Menon that about 50% of the vendors have already been frozen for
the model and the rest will be tied up in the next few weeks.

Tata's crossover is expected to compete with established
products including Toyota Kirloskar Motor Pvt. Ltd’s Innova and
General Motors India Pvt. Ltd’s Chevrolet Tavera, Mr. Menon
notes.

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: To Raise INR3 Billion From Bond Issue
-------------------------------------------------
Tata Power Company Ltd plans to raise INR3 billion by issuing
bonds this week, Reuters reported on Wednesday citing unnamed
market sources.

According to Reuters, the bond has a 10-year bullet maturity,
and a book-building range of 10.0-10.1%.  Standard Chartered is
the sole arranger to the issue, which opened on Tuesday and will
close on April 22.

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 STEEL: Denies Considering Hostile Takeover of AVG
------------------------------------------------------
In a news release, Tata Steel Ltd said it “did not contemplate
any hostile takeover of AVG [Mineracao] and does not have any
plans to undertake the same.”

Tata Steel's denial came after reports that the company made a
hostile bid to acquire the Brazilian iron ore mining firm owned
by MMX Mining and Metallics S.A.

Citing various media reports, the Troubled Company Reporter-Asia
Pacific reported on April 15 that Tata Steel offered to acquire
AVG.  The reports didn't disclose how much Tata offered for the
Brazilian company but The Economic Times estimated that the
transaction could cost the Indian company around INR1,000 crore.

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

AVG, which currently has annual production capacity of 2.3
million tonnes, was purchased by MMX in 2007 for US$224 million.
AVG's assets include a producing mine in the area known as Serra
Azul, Minas Gerais, and some mining rights and leases in the
Serra Azul area.  MMX put AVG on the block recently after
selling two iron ore projects in Brazil to Anglo American for
US$5.5 billion in cash, the Steel Guru Web site relates.  Also
interested to buy AVG are Nucor, POSCO, Techint and Rio Tinto,
reports say.

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

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

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




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

GOODYEAR: Sets June 30 as Conversion Period for US$4 Mil. Notes
---------------------------------------------------------------
The Goodyear Tire & Rubber Company's remaining 4.00% convertible
senior notes due June 15, 2034 are now convertible at the option
of the holders and will be convertible through June 30, 2008,
the last business day of the current fiscal quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on April 15,
2008, was greater than 120% of the conversion price in effect on
such day.  The notes have been convertible in previous fiscal
quarters.

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered on or prior to June 30,
2008.  If shares are delivered, cash will be paid in lieu of
fractional shares only.  Issued in July 2004, the notes are
currently convertible at a rate of 83.0703 shares of common
stock per US$1,000 principal amount of notes, which is equal to
a conversion price of US$12.04 per share.

During the fourth quarter of 2007, Goodyear completed an
exchange offer for outstanding notes for a cash payment and
shares of common stock.  Approximately 99% of the outstanding
notes were exchanged.  As a result, less than $4 million in
aggregate principal amount of notes remain outstanding.  If all
remaining outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 0.3 million.

The notes could be convertible after June 30, 2008, if the sale
price condition is met in any future fiscal quarter or if any of
the other conditions to conversion set forth in the indenture
governing the notes are met.

                         About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, Indonesia, among others.  Goodyear employs more
than 80,000 people worldwide.

                           *     *     *

As reported by the Troubled Company Reporter on March 7, 2008,
Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating to 'BB-' from 'B+' and senior unsecured
debt rating   to 'B+' from 'B-/RR6'.


PT INDIKA: Fitch Says Proposed IPO Is Good for Firm
---------------------------------------------------
Fitch Ratings has said that the announcement by Indonesia-based
PT Indika Energy Tbk (Indika - Long-term foreign and local
currency Issuer Default Rating 'B'/Stable), previously known as
PT Indika Inti Energi, on April 15, 2008, of a proposed initial
public offering selling up to 20% of the company's common shares
should provide the company an additional avenue of funding and
an improved capital structure.

More than half of the proceeds from the proposed IPO will be
used to facilitate its expansion plan to acquire, explore and
develop coal assets in Indonesia, while the balance is earmarked
for investment in energy and infrastructure projects and for
working capital and general corporate purposes in energy
services.  Indika's total budgeted capital expenditure over the
next five years is estimated to be around US$580 million.  Fitch
notes that in addition to the potential IPO proceeds, the
company still retains a portion of the US$250 million proceeds
from notes issued in May 2007 in cash totaling US$103.5 million
(IDR974.7 billion), on top of the US$92.7 million (IDR873.4
billion) cash and cash equivalents as at December 31, 2007.

However, Fitch notes that there is some uncertainty on the size
and quality of the company's incremental future cash flows
arising from these new investments and acquisitions, given that
the specific targets have not been finalised.  Nonetheless, a
successful implementation of these plans, which are
complementary to Indika's existing businesses, could result in
greater synergies across the company's major business
activities.  The agency will continue monitoring the progress of
these transactions and an in-depth analysis will be conducted
once more complete information related to the IPO and use of
proceeds has been obtained.

Established in 2000, Indika is a privately-owned investment
holding company with investment assets including a 46% stake in
PT Kideco Jaya Agung - Indonesia's third largest coal producer,
and a 100% stake in Tripatra Group (PT Tripatra Engineers and
Constructors and PT Tripatra Engineering) - leading engineering
and construction companies in Indonesia.  In 2007, Indika posted
revenue of IDR2,377 billion and net income of IDR265 billion.


TELKOM INDONESIA: To Spend US$500 Million on Share Buyback
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to spend around
US$500 million to buy back its shares, Reuters reports, citing
Chairman Tanri Abeng.

The report relates that the company's shares have fallen about
10% in 2008.  Harry Su, an analyst at BNP Paribas in Jakarta,
told Reuters that the buying of shares is good timing and is
likely to help the shares.

According to Reuters, the company has already obtained
shareholder approval to buy back up to IDR2 trillion worth of
its shares this year, but will need to seek approval to increase
the amount.  "We still want to proceed with a further share
buyback programme.  However it has to be approved at a
shareholders meeting, which we are planning to hold in around
June 2008," Telkom spokesman Harsya Denny Suryo, was quoted by
Reuters as saying.

                   About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed
wireless service, leased lines, and data transport through
affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


TELKOM INDONESIA: To File 2007 Annual Results by June 30
--------------------------------------------------------
PT Telekomunikasi Indonesia Tbk. will file its audited
consolidated financial statements for the year ended
December 31, 2007, after March 31, 2008, at the latest June 30,
2008, that is in compliance with the United States Securities
and Exchange Commission requirements.

In line with Bapepam-LK Regulation N0.X. K. 7 dated March 30
2007, regarding "Deadline for the filing of Financial Statement
and Annual Reports for Public Companies whose shares are Listed
in the Indonesian Stock Exchange and Other Foreign Stock
Exchange," the deadline for the filing of Telkom's Audited
Financial Statements to Bapepam does not follow the March 31st
deadline as regulated based on the Bapepam Regulation No.X.K.2
regarding "Financial Statements Filing Obligation" and will
comply with the deadline as stipulated in U.S. SEC.

The company is currently in the process of completing its
Integrated Audit of 2007 by KAP Haryanto Sahari dan Rekan, a
member firm of PricewaterhouseCoopers, covering audit of
the Company's Internal Control over Financial Reporting and
audit on the Company's Financial Statements.  The audit of the
company's financial statements is conducted in accordance with
Generally Accepted Auditing Standard in Indonesia and United
States of America.  The company's financial statements disclose
certain significant differences in generally accepted accounting
principles in Indonesia and United States of America and the
reconciliation of the differences.

                      About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed
wireless service, leased lines, and data transport through
affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.




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

BANK OF IKEDA: Fitch Cuts Foreign and Local IDR to BB+ from BBB-
----------------------------------------------------------------
Fitch Ratings downgraded Japan's Bank of Ikeda's Long-term
foreign and local Issuer Default Ratings, Short-term foreign and
local IDRs, Individual rating and the ratings of its
subordinated bonds.  Ikeda's ratings, which were placed on
Rating Watch Evolving on 21 February 2008, were removed from RWE
at the same time.  Meanwhile, its Support rating and Support
Rating Floor were upgraded.  The Outlook is Stable.  Ikeda's
ratings are now as:

   -- Long-term foreign and local currency IDRs: downgraded to

      'BB+' from 'BBB-';

   -- Short-term foreign and local currency IDRs: downgraded
      to 'B' from 'F3';

   -- Individual rating: downgraded to 'D' from 'C/D';

   -- Support Rating: upgraded to '3' from '4';

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

   -- Dated subordinated debts: downgraded to 'BB' from 'BB+'

The Outlook is Stable.

This rating action follows the downward revision of Ikeda's end-
March 2008 forecast announced on 11 April 2008.  The bank
revised the forecast of its bottom-line profit to negative JPY55
billion from the initial forecast of JPY6 billion, as the bank's
performance was impacted by the expanding unrealised losses on
available-for-sale securities investments.  Ikeda will book an
impairment charge for all investments, where market values have
fallen by more than 30%, and the total impairment at end-March
2008 is expected to amount to JPY22.52 billion.  Total net
realised losses on securities investments, which will impact
Ikeda's profits and losses directly including the aforementioned
impairment, will be JPY63.5 billion.  Unrealised losses on the
investment portfolio at end-March 2008, which will be deducted
from the bank's Tier 1 capital, declined to JPY7.5bn from
JPY55bn at end-December 2007.

Fitch views favourably the disposal of most of the securities
carrying unrealised losses and the reduction in the balance of
the securities investment by more than 60% during the three
months to end-March 2008, as this should mitigate future market
risks.  However, as a result of the expected net loss and the
unrealised losses, Ikeda's Tier 1 capital ratio is estimated to
exceed 5% only slightly at end-March 2008, even taking JPY30
billion of preferred stocks issued in March 2008 into account.
The bank forecasts its net income for fiscal year to end-March
2009 to improve to JPY12 billion.  Even reflecting the improved
net income, the bank's capitalisation is estimated to remain
weaker than its peers with similar ratings.  The current thin
level and slow recovery of capital led to Fitch downgrading its
Long-/Short-term IDRs and Individual rating.

On the other hand, Ikeda commenced negotiations with Senshu
Bank, a subsidiary of Bank of Tokyo-Mitsubishi UFJ (BTMU:
'A+'/Stable), for a possible consolidation.  BTMU expressed its
support to the deal on 22 April, 2008.  If there is a successful
conclusion to the transaction, it may result in strengthening of
Ikeda's relationship with BTMU and having higher ratings.  In
addition, as the bank's size and market share expand, it might
also lead to a higher possibility of state support.  As the
negotiation is still underway, its Support rating was upgraded
by only one notch to '3' from '4'.  It will be further reviewed
during the course of the year, where greater certainty over
consolidation with the BTMU group may lead to positive rating
actions.


DELPHI: Wants Exclusivity Extended Beyond Plan Effective Date
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend their
exclusive periods to:

    (a) file a plan of reorganization until 30 days after
        substantial consummation of the confirmed First Amended
        Joint Plan of Reorganization or any modified Plan; and

    (b) solicit acceptances of that Plan until 90 days after
        substantial consummation of the First Amended Plan or
        modified Plan.

Out of an abundance of caution and to ensure clarity with their
stakeholders, including their customers and supplies, the
Debtors seek an extension of the Exclusive Periods to prevent
any lapse in exclusivity, John Wm. Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois,
clarifies.

A further extension of the Exclusive Periods, Mr. Butler says,
is justified by the significant progress the Debtors have made
toward emerging from Chapter 11.  After obtaining confirmation
of the First Amended Plan, the Debtors secured exit financing
and met all other conditions to the effectiveness of the Plan
and Investment Agreement and were prepared to emerge from
Chapter 11.

The Debtors' efforts to emerge from Chapter 11, however, were
affected by severe dislocations in the capital markets that
began late in the second quarter of 2007 and that have continued
through the present, according to Mr. Butler.  Although the
Debtors eventually obtained the exit financing required by the
First Amended Plan, the turbulence in the capital markets was a
principal cause of the delay in the Debtors' emergence from
Chapter 11 before the end of 2007, he maintains.  Moreover, the
decision by Appaloosa Management L.P. and the other Plan
Investors to not honor their commitments in the parties' New
Equity Purchase and Commitment Agreement prevented the Debtors
from emerging on April 4, 2008.

Nevertheless, the Debtors have accomplished numerous other tasks
related to many different aspects of the cases to emerge from
Chapter 11 protection, including:

    -- obtaining Court approval to perform under modified pension
       funding waivers issued by the Internal Revenue Service;

    -- reducing the aggregate amount of Trade and Other Unsecured
       Claims below the US$1,450,000,000 amount set by the Plan;

    -- obtaining the Court's permission to sell their bearings
       business;

    -- completing the sale of their interiors and closures
       business to Inteva Products, LLC; and

    -- commencing the offering of rights to purchase shares of
       Reorganized Delphi Corp. common stock, which closed
       March 31, 2008.

The unresolved contingencies relating to emergence
notwithstanding the Plan Investors' failure to perform, and the
size and complexity of the Debtors' cases, also justify a
further extension of the Exclusive Periods, Mr. Butler relates.

Under Section 1129(c) the Bankruptcy Code, the Court may confirm
only one plan of reorganization.  The Court confirmed the First
Amended Plan on Jan. 25, 2008.  Since the Plan Confirmation
Order cannot be revoked unless "procured by fraud," in
accordance with Section 1144, no other plan of reorganization
may now be filed or solicited in the Debtors' bankruptcy cases,
Mr. Butler asserts.  As a result, the Exclusivity Periods will
inevitably extend until the Debtors consummate the First Amended
Plan or any modified plan, he notes.

The Debtors are paying their bills as they come due, including
the statutory fees paid quarterly to the U.S. Trustee, Mr.
Butler assures Judge Drain.  The Debtors have also extended the
maturity date of their US$4,500,000,000 debtor-in-possession
financing facility to July 1, 2008, and anticipate negotiating
financing through Dec. 31, 2008, to provide additional comfort
to creditors and other stakeholders that they will continue to
meet their obligations as they come due.

Although the Debtors are seeking a further extension of the
Exclusivity Periods, they nonetheless anticipate emerging from
Chapter 11 "as soon as reasonably practicable."

The Court will convene a hearing to consider the Debtors'
request on April 30.  Objections are due April 23.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet
showedUS$11,446,000,000 in total assets and US$23,851,000,000 in
total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 123; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on April 11, 2008,
Moody's Investors Service withdrawn Delphi Corp.'s prospective
debt ratings for its emergence financing.  Although Delphi was
successful in arranging commitments for its first lien term
loans ofUS$1.7 billion, a first lien revolving credit ofUS$1.6
billion and General Motors Corporation and a GM affiliate agreed
to accept up toUS$2.825 billion of second lien term debt, equity
participants in the financing structure have filed a notice of
termination on their earlier undertaking to provideUS$2.55
billion of capital.  The absence of equity funding terminates
Delphi's plans to emerge from bankruptcy by April 4, 2008.

Ratings being withdrawn are those listed in Moody's earlier
releases which were: Corporate Family Rating, (P)B2; Probability
of Default, (P)B2; Outlook, Stable;US$1.5 billion first lien
term loan, (P)Ba2 (LGD-2, 17%);US$2.8 billion second lien term
loan, (P)B2 (LGD-4, 52%); and Speculative Grade Liquidity
rating, SGL-2.

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'s
revised second lien term loan to (P)B2 from (P)B3 and affirmed
the company's Corporate Family Rating and Probability of Default
Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2,
first lien term loan rating of (P)Ba2, and stable outlook.   The
revision to the rating on the second lien facility follows a
change in the composition of the term loans from the structure
Moody's rated on March 14, 2008.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.

S&P has revised its expected issue-level ratings because changes
to the structure of the proposed financings have affected
relative recovery prospects among the various term loans.  S&P's
expected ratings are:

    a) The US$1.7 billion "first out" first-lien term loan B-1 is
       expected to be rated 'BB-', with a '1' recovery rating,
       indicating the expectation of very high recovery in the
       event of payment default.

    b) The US$2 billion "second out" first-lien term loan B-2 is
       expected to be rated 'B', with a '4' recovery rating,
       indicating the expectation of average recovery in the
       event of payment default.

    c) The US$825 million second-lien term loan is expected to be
       rated 'B-', with a '5' recovery rating, indicating the
       expectation of modest recovery in the event of payment
       default.


DELPHI CORP: Mulls Suing Plan Investors for Reneging on New EPCA
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates believes that Plan
Investors A-D Acquisition Holdings, LLC, Harbinger Del-Auto
Investment Company, Ltd., Merrill Lynch, Pierce, Fenner & Smith
Inc., UBS Securities LLC, Goldman, Sachs & Co., and Pardus DPH
Holding LLC wrongfully terminated the New Equity Purchase and
Commitment Agreement and disputes the allegations that it
breached the New EPCA or failed to satisfy any condition to the
Plan Investors' obligations.

At the time ADAH delivered its April 4 Termination Notice, the
representatives of Delphi's exit financing lenders, General
Motors Corp., the Official Committee of Unsecured Creditors, the
Official Committee of Equity Security Holders, and all other
parties needed for the Debtors' successful closing and emergence
from Chapter 11, other than the Plan Investors, were present and
were prepared to move forward.  Moreover, all actions necessary
to consummate the Plan, including obtainingUS$6,100,000,000 of
exit financing, were taken other than the concurrent closing and
funding of the New EPCA.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan relates in a regulatory filing with the Securities
and Exchange Commission that Delphi's Board of Directors has:

    (a) formed a special litigation committee; and

    (b) engaged independent legal counsel to consider and pursue
        any and all available equitable and legal remedies,
        including the commencement of legal action in the U.S.
        Bankruptcy Court for the Southern District of New York to
        seek all appropriate relief, including the Plan
        Investors' specific performance of their obligations
        under the New EPCA.

Pursuant to the New EPCA, the Plan Investors committed to
purchase US$800,000,000 of convertible preferred stock and
approximately US$175,000,000 of common stock in the reorganized
company.  In addition, the Plan Investors committed to purchase
any unsubscribed shares of common stock in connection with an
approximately US$1,600,000,000 rights offering that was made
available to unsecured creditors subject to satisfaction of
other terms and conditions.

As of April 4, 2008, the Plan Investors collectively own
125,739,448 shares of Delphi common stock, representing 22.31%
of the 563,477,461 shares of Delphi Common Stock outstanding as
of Jan. 31, 2008.  Delphi shares traded atUS$0.11 per share at
the close of business on April 11.

            ADAH Delivers Supplemental Termination Letter

As reported in the Troubled Company Reporter on April 7, 2008,
Delphi Corp.'s Plan Investors terminated the parties' New Equity
Purchase and Commitment Agreement on April 4, 2008, interrupting
Delphi's efforts to close its Plan of Reorganization.

The closing had been scheduled to occur on April 4 pursuant to
the New EPCA between Delphi and Plan Investors A-D Acquisition
Holdings, LLC, Harbinger Del-Auto Investment Company, Ltd.,
Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC,
Goldman, Sachs & Co., and Pardus DPH Holding LLC.

Several hours prior to the April 4 scheduled closing, ADAH,
affiliate of lead Plan Investor Appaloosa Management L.P.,
delivered to Delphi a letter, stating that that letter
"constitutes a notice of immediate termination" of the New EPCA.

The April 4 Termination Notice alleges that:

    (1) Delphi has breached certain provisions of the New EPCA;

    (2) ADAH is entitled to terminate the New EPCA; and

    (3) the Plan Investors are entitled to aUS$82,500,000 fee
        plus certain expenses and other amounts.

ADAH subsequently delivered to Delphi a supplement to the April
4 Termination Notice on April 5, 2008, stating that that
supplemental letter constitutes a "notice of an additional
ground for termination" of the New EPCA.  The April 5 letter
cited Section 12(d)(iii) of the Investment Agreement based on
the Plan not having become effective on or before April 4, 2008.

The New EPCA provided that if the closing date under the
agreement has not occurred by April 4, 2008, ADAH may terminate
the agreement from and after April 5, 2008.

ADAH added that it would continue to actively engage in
discussions to resolve outstanding issues with Delphi in a
mutually acceptable manner, including considering mutually
acceptable alternative transactions wherein it would participate
in a capacity different than that envisioned by the New EPCA.

A full-text copy of the April 4 Termination Notice is available
for free at http://ResearchArchives.com/t/s?2ab1

A full-text copy of the April 5 Termination Notice is available
for free at http://ResearchArchives.com/t/s?2ab2

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than
75 million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet
showedUS$11,446,000,000 in total assets and US$23,851,000,000 in
total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 123; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on April 11, 2008,
Moody's Investors Service withdrawn Delphi Corp.'s prospective
debt ratings for its emergence financing.  Although Delphi was
successful in arranging commitments for its first lien term
loans ofUS$1.7 billion, a first lien revolving credit ofUS$1.6
billion and General Motors Corporation and a GM affiliate agreed
to accept up toUS$2.825 billion of second lien term debt, equity
participants in the financing structure have filed a notice of
termination on their earlier undertaking to provideUS$2.55
billion of capital.  The absence of equity funding terminates
Delphi's plans to emerge from bankruptcy by April 4, 2008.

Ratings being withdrawn are those listed in Moody's earlier
releases which were: Corporate Family Rating, (P)B2; Probability
of Default, (P)B2; Outlook, Stable;US$1.5 billion first lien
term loan, (P)Ba2 (LGD-2, 17%);US$2.8 billion second lien term
loan, (P)B2 (LGD-4, 52%); and Speculative Grade Liquidity
rating, SGL-2.

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'s
revised second lien term loan to (P)B2 from (P)B3 and affirmed
the company's Corporate Family Rating and Probability of Default
Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2,
first lien term loan rating of (P)Ba2, and stable outlook.   The
revision to the rating on the second lien facility follows a
change in the composition of the term loans from the structure
Moody's rated on March 14, 2008.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.

S&P has revised its expected issue-level ratings because changes
to the structure of the proposed financings have affected
relative recovery prospects among the various term loans.  S&P's
expected ratings are:

    a) The US$1.7 billion "first out" first-lien term loan B-1 is
       expected to be rated 'BB-', with a '1' recovery rating,
       indicating the expectation of very high recovery in the
       event of payment default.

    b) The US$2 billion "second out" first-lien term loan B-2 is
       expected to be rated 'B', with a '4' recovery rating,
       indicating the expectation of average recovery in the
       event of payment default.

    c) The US$825 million second-lien term loan is expected to be
       rated 'B-', with a '5' recovery rating, indicating the
       expectation of modest recovery in the event of payment
       default.


JAPAN AIRLINES: To Pay US$110 Million Fine for U.S. Price-Fixing
----------------------------------------------------------------
Agence France Press writes that Japan Airlines International Co.
has agreed to pay a US$110 million criminal fine and pleaded
guilty for its role in a price-fixing scandal tied to air cargo
shipments.

According to senior Justice Department antitrust official,
Thomas Barnett, JAL "engaged in a conspiracy" in the United
States and other countries to cut out competition by fixing the
rates on international shipments of air cargo to and from
America and elsewhere, relates AFP.

Mr. Barnett adds that the "price-fixing conspiracy inflicted a
heavy toll on American businesses and consumers," states AFP.

James Rowley at Bloomberg News writes that the cargo charges
reflected a base rate plus surcharges for fuel and security that
JAL imposed after the Sept. 11 terrorist attacks.

Mr. Rowley notes that the plea agreement was announced as
Japan's Fair Trade Commission raided freight forwarders and
shipping companies as part of a price-fixing probe.

JAL, which has participated in the scheme from on or about
April 1, 2000, to February 2006, said it had "fully" cooperated
with the U.S. government probe, reports AFP.

AFP relates that JAL had set aside JPY11.5 billion (around
US$113 million) in the expectation it would have to pay a fine
to settle the investigation.

Mr. Rowley relates that according to the airline's public
relations manager, JAL decided the plea agreement is the "best
resolution" of the matter.

                        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, by the Troubled Company Reporter-
Asia Pacific, 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 by the TCR-AP on Oct. 10, 2006, Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.

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


LAZARD GROUP: Moody's Reaffirms Positive Outlook on Ba1 Rating
--------------------------------------------------------------
Moody's Investors Service reaffirmed its positive outlook on the
Ba1 senior unsecured rating of Lazard Group LLC.  The rating
outlook was initially assigned on March 19, 2007.

Notwithstanding the counter-cyclical nature of some of Lazard's
revenue streams, Moody's will continue to assess the company's
operating performance in coming quarters (and business pipeline
going forward) to determine how Lazard's revenue model and
expense flexibility perform in the current challenging market
environment, the first significant market downturn faced by
Lazard since its 2005 IPO and recapitalization.

Management's intentions with respect to financial policy,
including leverage, remain a critical rating factor.  Since the
ratings were assigned in 2005, the company has increased the
aggregate amount of its outstanding debt by issuing in 2007 an
additional $600 million of senior debt to fund acquisitions and
increase available cash.  Moody's will continue to monitor
Lazard's progress towards achieving (and subsequently
sustaining) debt leverage of 2.5x or less, a level that is more
consistent with a rating in the Baa category.  To the degree
that revenues are constrained by an increasingly difficult macro
environment, sustaining leverage at around 2.5x could pose a
challenge for Lazard, though debt reduction would help in this
regard.

Moody's said that since initially rating Lazard in 2005, the
firm has made a successful transition into a public company and
has generated solid profitability.  Moreover, since its IPO,
Lazard has been successful at retaining and recruiting advisory
professionals to its platform.  Lazard's asset management
business has also gained traction and is now generating
increased levels of net new assets and has become a solid
earnings contributor to the firm.

The rating agency, however, expressed concern that the turmoil
across global capital markets has led to a very challenging
operating environment, with the prospect for revenue and
earnings growth equally challenging.  Though Lazard has not been
burdened by the large asset concentrations and valuation write-
downs born by the more capital-markets intensive firms, the
company in 2008 must nonetheless demonstrate that it can
profitably contend with some of the same global headwinds
bearing down on the industry.

Looking ahead, Moody's expects that industry M&A volumes over
the next year- a major driver of Lazard's advisory revenue --
will come in significantly below the level generated in 2007.
Given that much of the industry-wide volume decline is expected
to be centered in sponsor-related transactions, Lazard should be
relatively well positioned to compete for available advisory
engagements, given the strength of the firm's relationships with
strategic corporate buyers and sellers.  Nevertheless, Lazard is
not immune from an industry-wide contraction in M&A.

Moody's also noted on the plus side that Lazard's restructuring
practice is likely to benefit from a projected increase in
corporate defaults, with the resultant restructuring revenue
helping to partially offset a decline in M&A revenues.  Lazard's
much improved asset management business should continue
generating a sustainable level of revenue, further reducing the
likelihood of significantly negative earnings volatility.

These ratings of Lazard Group LLC were affirmed with a positive
outlook:

   -- US$600 million 6.85% Senior Notes due 6/15/2017 rated Ba1;

   -- US$550 million 7.125% Senior Notes due 5/15/2015 rated Ba1;

   -- US$287.5 million Senior Notes due 2035 associated with its
      Equity Securities Units also rated Ba1.

                         About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.


MAZDA MOTOR: Exceeds Sales Forecast for Fiscal Year 2007
--------------------------------------------------------
Mazda Motor Corporation has beaten its full-year sales forecast
for fiscal year 2007, announcing that consolidated global retail
sales exceeded 1.36 million vehicles.

This is an increase of nearly 5 percent over FY2006 and is
Mazda’s best recorded consolidated global sales result achieved
since FY2000.

    - Consolidated global sales volume increases 4.7 percent over
      fiscal year 2006; the best Mazda global sales result
      recorded since FY2000;

    - Best sales in the European market in 17 years since 1990;

    - USA increases sales by 5.0 percent over fiscal year 2006;
      and

    - Record sales volumes in 12 countries

A total of 12 overseas markets (UK, Russia, Portugal, Canada,
Mexico, Australia, New Zealand, Israel, Saudi Arabia, Chile,
Ecuador, and Venezuela) achieved their best ever sales in FY2007
with Europe also celebrating a very successful year with record
sales of 326,586 units – a 7.4 percent increase from a year ago.
  This is Mazda’s best sales performance in the region in 17
years.  Three countries - the UK, Russia and Portugal - set new
fiscal year sales records while other key markets, including
France and Austria, also achieved year-on-year sales gains.

In a challenging market, Mazda’s North American operation
achieved a year-on-year increase of 6.8 percent, with sales in
the United States at 294,725 units, up 5.0 percent.  Canada and
Mexico both reported best ever results in FY2007, with Canada up
5.8 percent year-on-year to 88,507 units, and Mexico recording a
significant 84.0 percent increase with 18,011 unit sales.

Mazda sold 255,741 vehicles in its home market of Japan in
FY2007, and achieved a 0.2 percent increase in market share, to
4.8 percent.  In other key markets, Australia and Israel each
achieved another year of best ever sales, at 79,292 units, up
18.0 percent, and 34,673 units, a 57.8 percent increase,
respectively.

Mazda’s global sales volume increase of 4.7 percent over FY2006
to 1,363,022 units was driven by continued healthy global sales
of Mazda3 (known as the Mazda Axela in Japan), and strong sales
of the 2008 World Car of the Year award-winning Mazda2 (Demio in
Japan), which was launched in July 2007 to global markets.  Also
contributing significantly were the brisk sales of Mazda CX-9,
which won the 2008 North American Truck of the Year accolade.

Daniel T. Morris, senior managing executive officer responsible
for marketing and overseas sales, said, "This was an outstanding
global sales result for the first year of the Mazda Advancement
Plan.  Our efforts have resulted in Mazda selling more than 1.36
million units globally, another year of consistent sales growth.

"These excellent results are due to the tireless efforts of
Mazda employees, our distributors, dealers and suppliers, and
all the people who do business with us, working together as one
team.  I’m especially pleased to see the enthusiastic reception
our products are receiving from customers around the world, and
we appreciate them putting their trust in the Mazda brand."

"Mazda has recorded brisk sales of the all-new Demio and Atenza,
and actually increased its market share despite the industry
slowdown and very challenging sales conditions in Japan," said
Masazumi Wakayama, Mazda’s senior managing executive officer in
charge of domestic business and customer service.  "The second
half of the fiscal year also saw Mazda increase sales by 2.1
percent compared to 2006, showing that people are responding
very positively to our products."

Based on the Mazda Advancement Plan roadmap, Mazda is aiming for
further product-led growth while striving to improve brand value
and business efficiency.  The Hiroshima-based company is
committed to delivering vehicles of the highest quality and
providing exceptional service to its many valued customers
around the world.  Looking ahead with optimism, Mazda will never
waiver in providing a driving experience with its hallmark
Zoom-Zoom DNA, by offering cars that "look inviting to drive,
are fun to drive, and make you want to drive them again."

                        About Mazda Motor

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 Troubled Company Reporter-Asia Pacific 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+.


NIPPON PAPER: To Study Ethanol Production With Cosmo Oil
--------------------------------------------------------
Nippon Paper Chemicals Co., Ltd., a Nippon Paper Group company,
and Cosmo Oil Co., Ltd. have agreed to conduct feasibility
studies of biomass ethanol production at Gotsu Mill of Nippon
Paper Chemicals, the only mill in Japan where sulfite pulp is
produced.

Biomass ethanol production requires urgent research for
developing a production method using inedible cellulosic
materials such as grasses or woods that are not used as food
materials and will not affect food provision.  One of the
technical challenges that must be addressed to enable the method
is overcoming the difficulty of producing sugar, a raw material
of ethanol, from cellulose or hemicellulose (saccharification
process).

At Gotsu Mill of Nippon Paper Chemicals, the process of sulfite
pulping generates black liquor, which contains an abandance
[sic] of sugar as the raw material of ethanol.  This has led the
two companies to recognize that studies at Gotsu Mill, focusing
on the pulping and black liquor fermentation technologies of
Nippon Paper Chemicals, will be a practical step forward for the
production of second-generation biomass ethanol.  The companies
have consequently decided to conduct feasibility studies,
including scrutiny of the technical challenges.

Over this year, the companies will study the cutting-edge
technologies in Japan and other countries, evaluate the
properties and other aspects of the black liquor at Gotsu Mill,
and make preliminary evaluations of the application for
saccharification, the productivity of ethanol fermentation, and
other aspects.  The companies also plan to identify technical
issues, to bolster their competitiveness and consider the
possibility of stepping up biomass ethanol production.

                        About Nippon Paper

Nippon Paper Group, Inc. -- http://www.np-g.com/-- is a
Japan-based holding company mainly engaged in the paper
manufacturing business.  The Company is active in four business
segments.  Its Paper and Pulp segment manufactures and sells
foreign paper, paperboards and paper pulp, as well as paper for
household, newspaper and phone directory use.  This segment is
also involved in the import sale and overseas sale of paper
products.  The Paper-related segment offers processed paper
products, such as paper containers and adhesive-related
products, in addition to cardboards, chemical products and
others.  Its Wooden Material, Construction Material and Civil
Engineering-related segment is engaged in the purchase and sale
of wooden materials, the purchase, manufacture and sale of
construction materials and the civil engineering-related
business.  The Others segment is involved in the distribution
business, the manufacture and sale of soft drinks, the supply of
electrical power and the leisure business, among others.

The Troubled Company Reporter Asia-Pacific reported on March 28,
2008, that Standard & Poor's Rating Agency affirmed its BB+
long-term corporate credit rating with a positive outlook on
Nippon Paper Group Inc. and its major subsidiary, Nippon Paper
Industries Co. Ltd.  At the same time, Standard & Poor's
affirmed its 'BB+' long-term corporate credit ratings on Nippon
Paper Group and Nippon Paper Industries.


SOLO: Successful Management Turnaround Cues S&P's B- Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services raised all its ratings on
Solo Cup Co. by one notch and removed them from CreditWatch
where they had been placed with positive implications on Oct.
24, 2007.  The corporate credit rating was raised to 'B-' from
'CCC+'.  The outlook is stable.

At the same time, S&P assigned a recovery rating of '6' to the
company's subordinated debt.  The 'CCC' subordinated debt rating
and recovery rating of '6' indicate S&P's expectations for
negligible (0% to 10%) recovery for subordinated debtholders in
a payment default.

"The upgrade reflects management's successful turnaround of
operations via various initiatives and significant debt
reduction with asset sale proceeds," said Standard & Poor's
credit analyst Cynthia Werneth.

Importantly, S&P believe that with improving operating
performance and continued modest debt reduction, the company has
a reasonable chance of remaining in compliance with increasingly
restrictive covenants in its bank credit facilities during the
next several quarters.  S&P also note that the improving
financial trends are likely to facilitate a more favorable
renegotiation of these covenants, if necessary.

At Dec. 30, 2007, total adjusted debt was about US$965 million.
S&P adjust debt to include about US$200 million of capitalized
operating leases and US$10 million of after-tax unfunded
postretirement liabilities.  Although debt leverage has
declined, it remains aggressive, above 6x on an adjusted basis.

With annual revenues from continuing operations of about
US$2.1 billion, Highland Park, Illinois-based Solo is one of the
largest providers of disposable paper and plastic cups, plates,
and cutlery to foodservice distributors, quick-service
restaurants, and retailers in the U.S.

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets.  Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names.  The company was established in 1936 and has a global
presence with facilities in Asia, including Japan; Canada;
Europe; Mexico; Panama; and the United States.




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

EUGENE SCIENCE: Auditor Raises Going Concern Doubt
--------------------------------------------------
Eugene Science, Inc.'s independent accountants in Los Angeles,
California, raised substantial doubt about the company's ability
to continue as a going concern after auditing the financial
statements for the years ended December 31, 2007 and 2006.

The auditor noted that the company has suffered recurring losses
from operations and had working capital deficiencies as of
December 31, 2007, and 2006.

In a regulatory filing with the U.S. Securities and Exchange
Commission dated April 14, 2008, Eugene Science disclosed that
it has experienced recurring losses since 2000 and has negative
cash flows from operations.  With the loss continuing, the
company’s net loss amounted to US$2,454,462 for the year ended
December 31, 2007, and its working capital deficiency was
US$14,639,965 as of December 31, 2007.

According to the company, its ability to continue as a going
concern is also contingent upon its ability to secure additional
financing, initiating sale of its product and attaining
profitable operations.

In May 2005, plant sterols, the main ingredient of CZTM series,
was formally approved as a health function food ingredient by
the Korean Food & Drug Administration, making it possible for
the company to advertise the cholesterol-lowering function of
CZTM and food enriched with CZTM.  The company expects that the
favorable change in the regulation will strongly help in selling
CZTM to major food companies.  The company has also developed
new capsule products that are efficient and convenient in
delivering the health function of CZTM.  The company is actively
developing sales channels for CZTM and the capsule products.

The company also plans to strengthen the cooperation with its
international partners to restart shipping to overseas markets.
The company expects to sell CZTM to major food companies through
its international strategic partners. For marketing the CZTM
capsules, the Company established a distribution channel in the
United States in 2006.

In addition, management is pursuing various sources of equity
financing, although there can be no assurance that the company
will be able to secure financing when needed or obtain financing
on terms satisfactory to the company.

                    Financial Statements Filed

Eugene Science and its subsidiaries' consolidated balance sheets
as of December 31, 2007, showed strained liquidity with
US$1,113,302 assets available to pay US$15,753,267 debts coming
due within the next 12 months.  The company reported total
assets of US$2,746,819, total liabilities of US$18,268,702, and
total stockholders' deficit of US$15,521,883.

At December 31, loans payable consisted of:

                                                         2007
                                                         ----
Notes payable to Kook Min Bank
with interest at 18% to 21%,
unsecured, due on demand, and
guaranteed by chief executive officer.
These loans are in default.                     US$1,337,620

Note payable to Korea Technology
Credit Guarantee Fund (KOTEC), a
government operated fund, with
interest at 21%, and guaranteed
by corporate officer. The loan was
restructured in July 2007.                      US$2,112,520

Note payable to National Agricultural
Cooperative Federation (NACF) with
interest at 4.6% to 18%, unsecured,
due on demand and guaranteed by
KOTEC and corporate officer.
The loan is in default.                         US$1,365,934

Note payable to Shinhan Bank with
interest at 18% due on demand.
The loan is in default.                           US$304,148

Note payable to a customer (Hokuyo)
with interest at 3%, unsecured, and
due on demand. The note is in default.          US$2,012,775

Notes payable to unrelated parties
with interest at 9%, unsecured
and due on demand.                                US$438,066

Notes payable to employees with
interest at 9% to 10%, unsecured,
and due on demand.                                 US$70,470

Government loan, non-interest bearing,
unsecured, payable on demand.                      US$42,550

    Total notes payable:                         US$7,684,083

    Less: current portion                        US$5,548,996

    Long-term debt, net of current               US$2,135,087

Principal maturities of notes payable over the next five years:

      Years ending December 31,                    Amount
      -------------------------                    ------
           2008                              US$5,571,563
           2009                                         -
           2010                                    92,635
           2011                                   222,324
           2012 and thereafter                  1,797,561

                                    Total:   US$7,684,083
                                             ============

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

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


HYNIX SEMICONDUCTOR: Hanwha Group Expresses Interest in Firm
------------------------------------------------------------
Reuters reports that Hanwha Group expressed an interest in Hynix
Semiconductor Inc.  According to Reuters, Hanwha's interest in
Hynix raised hopes the long-awaited sale of a US$4.8 billion
stake in the world's No. 2 memory chip maker would start soon.

According to Reuters, a Korea Economic Daily article wrote that
Chemical-and finance-focused Hanwha Group is seeking to
diversify its business portfolio, and is eyeing a potential
acquisition in Hynix.

Ju Cheol-beom, a Hanwha Group spokesman, told the news agency on
Wednesday that they are interested in a number of M&A targets in
the market but he denied reports that his company seeks to buy a
stake in Hynix.

In a separate report, Ju Cheol-beom told Reuters on Thursday
that "Our focus on Daewoo does not rule out interest in other
firms such as Hynix."  Hanwha, according to the report, may bid
for Daewoo Shipbuilding and Marine Engineering.

                   About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.
The company has operations in Russia, and the United States.

                            *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.  At the same time, Moody's assigned a
Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance.  Moody's said the outlook for the ratings is
stable.


HYUNDAI MOTOR: Opens US$790 Million Assembly Plant in China
-----------------------------------------------------------
Hyundai Motor Company opened its second automotive assembly
plant in China on April 8.  The new plant, which cost US$790
million and took 24 months to build, will produce Yuedong, a
variant of the all-new Elantra which has been modified to suit
the tastes and needs of the Chinese car buyer.

The new plant, capable of initially building 200,000 units
annually, is owned and operated by Beijing Hyundai Motor Co., a
50-50 joint venture between Hyundai Motor Co. and Beijing
Automotive Industry Holding Co. With the completion of this new
plant, BHMC's production capacity now reaches 500,000 units
annually. And as more new models are added to BHMC's lineup of
products, the production capacity of the second plant will be
increased to 300,000 by 2010, bringing BHMC's total capacity to
600,000 and reaching a market share of about 8%.

Attending the official opening ceremony for the new plant were
Hyundai Chairman and CEO Mong-Koo Chung, Mayor of Beijing Guo
Jin Long as well as almost 600 other company executives, high-
ranking government officials, parts suppliers and media members.

"By expanding its production capacity to 600,000 units a year,
Beijing Hyundai now surely stands as the greatest automaker in
China. Starting with the Yuedong Elantra, we will continuously
introduce a new stream of vehicles tailored exclusively for
China –cars which reflect the needs and preferences of our
Chinese customers," said Chairman Chung.

"With the newly opened technical center, we will strengthen our
brand power and secure improved price competitiveness and
although many changes can be expected on the Chinese automotive
landscape, I am convinced that Beijing Hyundai will steadily
develop into the best company in the Chinese automotive industry
through the close cooperation between Hyundai Motor Co. and
Beijing Automotive Industry Holdings," he added.

The new plant, which will be able to simultaneously produce four
different models from one line, encompasses Hyundai MotorˇŻs
most modern technologies and expertise.  The plant will
initially produce only the Yuedong and new models will be
introduced one by one by 2010. Hyundai's existing No. 1 plant in
China currently produces five models: EF Sonata, NF Sonata,
Elantra, Tucson, and Accent.

The land area of the new plant, which is located nearby the
first plant, is 1.15 million sq. meters, while the building is
240,000 sq. meters.  Construction began in April 2006. The
technical center is built on 165,000 sq. meters of land,
including facilities such as a design center, engine testing
center and proving ground.  The technical center will focus on
developing strategic models for the Chinese market and ways to
improve price competitiveness and quality.

                    About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company re-established itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.


HYUNDAI MOTOR: Labor Union Urges Company to Build Korean Plant
--------------------------------------------------------------
Hyundai Motor Company's labor union urged the company to build a
Korean plant to maintain job security for domestic workers and
questioned the company's plan to expand overseas, Antara News
reports.

According to the report, analysts note that the company has been
building overseas factories as part of its bid to shield itself
from labor strikes at home and currency fluctuations.

Hyundai opened its second automotive assembly plant in China on
April 8.  The new plant, which costs US$790 million and took 24
months to build, will produce Yuedong, a variant of the all-new
Elantra, which has been modified to suit the tastes and needs of
the Chinese car buyer, the company said.

Reuters notes that the company's affiliate Kia Motors Corp. is
also building its first plant in the U.S.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company re-established itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.


HYUNDAI MOTORS: Recalls 393,714 Sonata Cars in U.S.
---------------------------------------------------
Hyundai Motor Co. has recalled 393,714 Sonata passenger cars in
the United States to fix a problem with the air bag system in
the front passenger seat, the Associated Press reports.

The company told the news agency that the recall affects 2006-
2008 Sonata vehicles equipped with an advanced air bag system.

Hyundai, the report relates, said it received some complaints on
system malfunction.  Hyundai spokesman Miles Johnson said the
company was not aware of any injuries and was conducting the
recall to "ensure the safety for our customers," the report
adds.

The recall is expected to begin in late May.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company re-established itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.




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

MALAYSIAN AIRLINE: Europe Flights Remain Despite Alitalia Crises
----------------------------------------------------------------
Malaysian Airline System Bhd’s flights to southern Europe are
unaffected despite the crisis its code-sharing partner,
Alitalia, is facing now, the EdgeDaily reports.

“Our code-share arrangement with Alitalia is proceeding as
normal.  On the contrary, we continue to enjoy healthy passenger
traffic between MAS and Alitalia,” the EdgeDaily quoted
Malaysian Airlines' managing director Datuk Seri Idris Jala.

Alitalia's future is uncertain with the failure of possible
takeover by Air-France and KLM group, according to varied
sources.

In April 2007, Malaysian Airlines and Alitalia inked a code-
sharing agreement that will allow them to gain access to each
other’s networks between Malaysia and Australia and the southern
part of Europe, including Milan, Madrid and Geneva, the
EdgeDaily adds.

If Alitalia will wind up its operations, Malaysian Airlines'
solution is to reassign its passengers to other carriers to
destinations in southern Europe and Australia, the EdgeDaily
relates citing Mr. Seri.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


PROTON: Slew of Resignations Won't Affect 2008 Performance
----------------------------------------------------------
Proton Holdings Bhd.'s managing director Datuk Syed Zainal
Abidin Mohamed Tahir said that the company will not face any
setback as a result of the imminent departure of some personnel
and is on track to achieve good results this year, the EdgeDaily
reports.

In a separate report by Jose Barrock and Surin Murugiah of the
EdgeDaily, as of April 15, a total of nine personnel, although
unsubstantiated, are leaving Proton, which includes key
officials: Datuk Kamarulzaman Darus, who is the director of
manufacturing; and Abdul Wahab Mohamed Khalid who is the head of
engineering.

The EdgeDaily relates that Mr. Syed Zainal brushed aside
suggestions that the company would face difficulties in
replacing key manufacturing and engineering staff who were
leaving, saying it was part and parcel of the industry.

Proton also told the EdgeDaily that the company has appointed
Vimala Menon as director of finance and corporate affairs
division.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.




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

AUCKLAND LUXURY: Wind-Up Petition Hearing Set for June 6
--------------------------------------------------------
A petition to have Auckland Luxury Shuttles & Car Rental Ltd.'s
operations wound up will be heard before the High Court of
Auckland on June 6, 2008, at 10:45 a.m.

Van Extras Limited filed the petition on March 5, 2008.

Van Extras' solicitor is:

           M. M. Edwards
           Fortune Manning, gen-i Tower
           66 Wyndham Street, Level 12
           PO Box 4139, Auckland
           New Zealand


DECONTAMINATION SERVICES: Subject to CIR's Wind-Up Petition
-----------------------------------------------------------
On February 11, 2008, the Commissioner of Inland Revenue filed a
petition to have Decontamination Services Ltd.'s operations
wound up.

The petition will be heard before the High Court of Auckland on
June 4, 2008, at 10:00 a.m.

The CIR's solicitor is:

           Julie Newton
           Inland Revenue Department
           Legal and Technical Services
           First Floor Reception
           224 Cashel Street
           PO Box 1782, Christchurch 8140
           New Zealand
           Telephone:(03) 968 0807
           Facsimile:(03) 977 9853


EXTERNAL BUILDING: Fixes April 21 as Last Day to File Claims
------------------------------------------------------------
Creditors of External Building Products Ltd. are required to
file their proofs of debt by April 21, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

           Paul Graham Sargison
           Gerald Stanley Rea
           c/o Gerry Rea Partners
           PO Box 3015, Auckland
           New Zealand
           Telephone:(09) 377 3099
           Facsimile:(09) 377 3098


GLADSTONE LTD: Creditors' Proofs of Debt Due April 24
-----------------------------------------------------
Creditors of Gladstone Ltd. are required to file their proofs of
debt by April 24, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 19, 2008.

The company's liquidators are:

           Craig Andrew Young
           Raymond Gordon Burgess
           Restructuring Services Limited
           PO Box 87340, Meadowbank
           Auckland
           New Zealand
           Telephone:(09) 525 7236
           Facsimile:(09) 525 1824


HATAITAI COMMUNITY: Appoints Shephard and Dunphy as Liquidators
---------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of Hataitai Community Creche Inc. on February 13,
2008.

The liquidators can be reached at:

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


KAPITI FIRST: Appoints Shephard and Dunphy as Liquidators
---------------------------------------------------------
On March 14, 2008, shareholders of Kapiti First National Ltd.
appointed Iain Bruce Shephard and Christine Margaret Dunphy as
the company's liquidators.

The liquidators can be reached at:

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


PRICERITE HOMES: Commences Liquidation Proceedings
--------------------------------------------------
Pricerite Homes Ltd. commenced liquidation proceedings on
March 17, 2008.  Grant Bruce Reynolds was appointed as
liquidator.

Creditors are required to file their proofs of debt by April 20,
2008, to be included in the company's dividend distribution.

The liquidator can be reached at:

           Grant Bruce Reynolds
           c/o Reynolds & Associates Limited
           PO Box 259059, Greenmount
           Auckland
           New Zealand
           Mobile:(09) 526 0743
           Facsimile:(09) 526 0748


SOLOMON SCAFFOLDING: Taps Levin and Madsen-Ries as Liquidators
--------------------------------------------------------------
On March 13, 2008, Henry David Levin and Vivien Judith Madsen-
Ries were appointed liquidators of Solomon Scaffolding Services
Ltd.

Only creditors who were able to file their proofs of debt by
April 17, 2008, will be included in the company's dividend
distribution.

The liquidators can be reached at:

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




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

PRC LLC: Seeks May 8 Hearing to Consider Disclosure Statement
-------------------------------------------------------------
PRC LLC and its debtor-affiliates asked the Honorable Martin
Glenn of the U.S. Bankruptcy Court for the Southern District of
New York  to convene a hearing on May 8, 2008, to consider
approval of the Disclosure Statement explaining their Joint Plan
of Reorganization dated April 1, 2008.

Any party-in-interest who opposes the Disclosure Statement may
file a formal objection no later than May 1, 2008.  Any
Disclosure Statement Objection should be filed in writing in the
English language, stating (i) the name and address of objecting
party, (ii) the amount and nature of the party's claim or
interest, and (iii) the basis and nature of the objection to the
Disclosure Statement.

The Debtors also urged the Court to set a hearing for the
confirmation of the Plan on June 19, 2008.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, asserted that the Debtors' Disclosure Statement
provides "adequate information" regarding the Debtors' Plan
pursuant to Section 1125 of the Bankruptcy Code.

Mr. Perez maintained that the Disclosure Statement contains,
among others, a discussion of an overview of the Plan, the
operation of the Debtors' businesses, the Debtors' indebtedness,
and information regarding pending claims and administrative
expenses.

The Debtors informed the Court that on April 10, 2008, they
provided a copy of the Disclosure Statement to (i) the U.S.
Trustee; (ii) the SEC; (iii) the attorneys for the Official
Committee of Unsecured Creditors; and (iv) all other parties-in-
interest.

                        Solicitation Package

The Debtors proposed to mail solicitation packages no later than
May 15, 2008, to the Voting Classes of creditors.  They include
creditors holding Class 4 Allowed Prepetition First Lien Claims,
Class 5 Allowed Prepetition Second Lien Claims, Class 6A General
Unsecured Claims, and Class 6B Convenience Claims.

The Solicitation Package will consist of:

    (a) the Disclosure Statement Order;

    (b) the Confirmation Hearing Notice;

    (c) the appropriate form of ballot to accept or reject the
        Plan, in substantially the forms prescribed in the
        Disclosure Statement Order, with instructions and with a
        return envelope;

    (d) the Disclosure Statement, together with the Plan; and

    (e) other materials as the Court may direct.

Solicitation Packages distributed to holders of claims and
interests in the unimpaired classes or a non-voting impaired
class will contain a copy of (i) the Confirmation Hearing Notice
and (ii) a Notice of Non-Voting Status.

The Debtors will also serve these parties a copy of the
Disclosure Statement Order, the Confirmation Hearing Notice, the
Disclosure Statement and other materials as the Court may direct
to:

      * the U.S. Trustee;
      * the attorneys for the Creditors' Committee;
      * the Securities and Exchange Commission;
      * the District Director;
      * all persons or entities listed in the Schedules;
      * parties entitled to notice pursuant to the Court\u2019s
        Case Management Order; and
      * any other known holders of claims against or equity
        interests in the Debtors.

                         Voting Record Date

Pursuant to Rule 3017(d) of the Federal Rules of Bankruptcy
Procedures, the Debtors ask the Court to set May 8, 2008, as the
Voting Record Date for purposes of determining which creditors
are entitled to vote on the Plan.

                      Ballots & Voting Deadline

The Debtors proposed to distribute ballots based on Official
Form  No. 14, modified to include certain additional appropriate
and relevant information for the Voting Class, to creditors in
classes entitled to vote on the Plan.

The Debtors further proposed that each Ballot must be properly
executed, completed, and delivered to Epiq Bankruptcy Solutions,
LLC, as the Debtors' voting and tabulation agent no later than
4:00 p.m. on June 9, 2008, by by first-class mail, overnight
courier, or hand delivery.

Any Ballot that is (i) received after the Voting Deadline, (ii)
illegible or contains insufficient information to permit
identification of the claimant, (iii) cast by a person or entity
that holds a non-voting claim, (iv) unsigned, (v) transmitted to
Epiq by facsimile or other means will not be considered valid
ballots.

                   Tabulation & Voting Procedures

For purposes of voting, each claim within a class of claims
entitled to vote to accept or reject the Plan may be temporarily
allowed in an amount equal to the amount of the claim as set
forth in the Schedules.

If any creditor seeks to challenge the allowance of its claim
for voting purposes, that creditor may seek to have its claim
temporarily allowed in a different amount pursuant to Rule
3018(a) of the Federal Rules of Bankruptcy Procedure by filing a
motion in Court.

The last ballot cast by a voting creditor that is received
before the Voting Deadline be deemed to reflect the voter's
intent, and thus, to supersede any prior Ballots.

Whenever a creditor casts a Ballot that is properly completed,
executed, and timely returned to Epiq, but does not indicate
either an acceptance or rejection of the Plan, that Ballot will
be deemed to reflect the voter's intent to accept the Plan.

Whenever a creditor casts a Ballot that is properly completed,
executed, and timely returned to Epiq, but indicates both an
acceptance and a rejection of the Plan, that Ballot will be
deemed to reflect the voter's intent to accept the Plan.

                    Confirmation Objections

Any response or objection to the approval of the Plan must be
filed with the Court by June 12.  The Debtors intend to serve
replies to any confirmation objections no later than June 17.

Any confirmation objection must be:

    -- filed in writing with the Court;

    -- state the nature of the objection or response and its
       legal basis; and

    -- be served upon the Debtors' counsels, the U.S. Trustee,
       and other professionals retained by the Debtors including
       Chadbourne & Park LLP, Bingham McCutchen LLP, Blank Rome
       LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

                           About PRC LLC

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

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

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

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

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

The Debtors' consolidated financial condition as of Dec. 31,
2007 showed total assets of US$354,000,000 and total debts of
US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SAN MIGUEL CORP: Studying Geothermal Assets Up for Auction
----------------------------------------------------------
Francis H. Jardeleza, senior vice president, general counsel and
corporate secretary of San Miguel Corporation confirmed, in a
regulatory filing with the Philippine Stock Exchange, that the
company is studying major geothermal assets intended for auction
by the Philippine government.

Mr. Jardeleza was reacting to a report by The Philippine Star
dated April 14, 2008, which indicated that "San Miguel president
Ramon S. Ang said the Company is looking at three major
geothermal assets to be put on the auction block by the
government, which include the 192.5-megawatt Palinpinon
geothermal plant. . . ."

Mr. Jardeleza clarifies that studies are continuing and no
decisions have been made.  As stated in the full news article,
Mr. Jardeleza says, the company will only pay the right and
reasonable price for an acquisition.

                          About San Miguel

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

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

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


UNIVERSAL ROBINA: Buys Back 500,000 More Shares
-----------------------------------------------
Universal Robina Corporation Corporate Secretary Rosalinda F.
Rivera disclosed to the Philippine Stock Exchange that the
company bought back 500,000 shares on April 16, 2008 -- 200,000
shares at PHP13.50 and 300,000 shares at PHP13.25 -- under its
share buyback program.

Outstanding shares after the transaction total 2,178,304,881,
while treasury shares after transaction total 43,546,600.

URC, headquartered in Manila, Philippines and listed on the
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It has production
facilities in Thailand, Malaysia, China, Indonesia, and Vietnam,
with sales/marketing offices in Hong Kong and Singapore.  URC is
also engaged in Agro-industrial products, sugar milling, flour
milling and packaging businesses in the Philippines.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
January 25, 2008, Moody's Investors Service changed the outlook
to positive from stable for the Ba3 foreign currency bond rating
of URC Philippines Ltd., which is guaranteed by Universal Robina
Corporation.  This rating action follows Moody's decision to
change the outlook of Philippines' Ba3 foreign currency country
ceiling to positive from stable.  At the same time, Moody's has
affirmed the Ba2 local currency corporate family rating of URC
with a stable outlook.




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


CANBUILD (SINGAPORE): Court to Hear Wind-Up Petition on April 25
----------------------------------------------------------------
A petition to have Canbuild (Singapore) Pte Ltd.'s operations
wound up will be heard before the High Court of Singapore on
April 25, 2008, at 10:00 a.m.

Soon Li Heng Civil Engineering Pte Ltd filed the petition on
April 1, 2008.

Soon Li's solicitor is:

           Messrs. Tan Kok Quan Partnership
           8 Shenton Way #47-01
           Singapore 068811


GIMWAH PTE: Requires Creditors to File Claims by April 25
---------------------------------------------------------
The Gimwah Pte Ltd requires its creditors to file their proofs
of debt by April 25, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

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


NOVA SYSTEMS: Wind-Up Petition Hearing Set for April 25
-------------------------------------------------------
The High Court of Singapore will hear on April 25, 2008, a
petition to have Nova Systems Pte. Ltd.'s operations wound up.

The Koen Hwat filed the petition on April 2, 2008.

The Koen Hwat's solicitor is:

           Straits Law Practice LLC
           36 Robinson Road #18-00 City House
           Singapore 068877


POLYONE CORP: S&P Affirms 'B+' Rating on US$80MM Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue
rating and '4' recovery rating on PolyOne Corp.'s $80 million
issuance of 8.875% unsecured notes due 2012, indicating the
expectation for average (30% to 50%) recovery in the event of a
payment default.  PolyOne will use the proceeds of these notes
to pay down a portion of its outstanding debt.  The notes are an
add-on to PolyOne's 8.875% senior unsecured notes, which the
company issued on April 23, 2002.

The issue and recovery ratings on PolyOne's 8.875% existing
senior unsecured notes and 7.5% unsecured debentures remain
unchanged at 'B+' and '4', respectively.  PolyOne also has a
guarantee and security agreement and several unsecured debt
issuances, which S&P do not rate.

The corporate credit rating on the company is 'B+' and the
outlook is stable.

"The ratings on PolyOne reflect a weak business profile, low
margins, and a highly leveraged financial profile," said
Standard & Poor's credit analyst Paul Kurias.  "Partially
offsetting factors include the company's leading market
positions in several plastic product lines and its integration
into chlor-alkali through an affiliate company."

                        About PolyOne

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


UNITECH PROCESS: Wind-Up Petition Hearing Set for April 25
----------------------------------------------------------
A petition to have Unitech Process Equipment Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on April 25, 2008, at 10:00 a.m.

The Koen Hwat filed the petition on April 2, 2008.

The Koen Hwat's solicitor is:

           Straits Law Practice LLC
           36 Robinson Road #18-00 City House
           Singapore 068877




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

BLOCKBUSTER INC: Fitch Won't Take Rating Actions on Circuit Deal
----------------------------------------------------------------
Fitch Ratings will not take any rating action following
Blockbuster's (IDR rated 'CCC'; Stable Outlook) announcement
that it is pursuing an acquisition of Circuit City Stores, Inc.
in an all cash offer in the range of US$6 to US$8 per share,
subject to due diligence.  The bid represents a total enterprise
value of approximately US$1.1 billion to US$1.4 billion.  The
all cash proposal is intended to be funded with the issuance of
additional Blockbuster equity, probably in a rights offering to
the company's existing shareholders.  A portion of the financing
will likely come from its credit facility.  Blockbuster expects
the closing of the transaction to be the beginning of 2009.

Blockbuster is the leading player in the home video rental
industry with US$5.5 billion in revenues in 2007.  The company's
strong brand recognition and broad geographical coverage have
resulted in Blockbuster capturing approximately 40% market share
in the rental market.  However, operating performance continued
to soften in 2007 with EBITDA margin decreasing 250 basis points
to 3.2% as a result of store closures and investments in the
online business.  Therefore, credit metrics have deteriorated
with 2007 adjusted debt/EBITDAR and EBITDAR coverage of interest
and rents at 7.1 times and 1.1x, respectively.  Given the weak
2007 operating results, the company implemented a turnaround
strategy which includes cost-containment efforts and modified
pricing on its Total Access, Unlimited Total Access and mail-
order-only plans.  Fitch expects the initiatives will help
improve operating EBITDA margin in 2008.

Circuit City, a consumer electronics retailer, produced net
sales of US$11.7 billion and an operating loss of US$353.6
million in 2007.  The company's gross margin contracted 291
basis points to 20.7% due to decreases in product margins and
extended warranty net sales.  Circuit City had approximately
US$68 million of debt outstanding at the end of fiscal 2007.  At
Feb. 29, 2008, the company's domestic segment operated 682
Superstores and 11 other locations and its international segment
operated through 779 retail stores and dealer outlets in Canada.

Beyond the weak operating results of Blockbuster and Circuit
City and concerns regarding Blockbuster's ability to
successfully integrate the acquired operations, Fitch needs to
understand the operational strategy of the combined entity.  In
addition, while an equity infusion could be beneficial, the
combined entity would still be highly leveraged.  Fitch will
continue to evaluate any impact to the ratings upon disclosure
of the final purchase price, financing for the transaction and
potential synergies to be realized if a definitive agreement can
be reached.

                    About Blockbuster Inc.

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


SIAM CITY BANK: Looking for Strategic Partner
---------------------------------------------
Bangkok Post reports that Siam City Bank hopes to sign up a
strategic partner within the next few years, according to bank
chairman Sompol Kiatphaibool.

The report relates that Mr. Sompol said he hoped that the Bank
of Thailand and the Financial Institutions Development Fund
could complete a deal either "this year or next year."
According to Bangkok Post, the FIDF is the single largest
shareholder of SCIB at 47.58%, and is currently reviewing
tenders by investment banks for a mandate to advise the central
bank unit on the sale of its shares.

The report adds that Mr. Sompol said SCIB would take its time in
selecting the right partner, adding that the bank had been
approached by a number of foreign financial institutions about a
partnership.

According to Mr. Sompol, Bangkok Post relates, the bank is
looking for a strategic partner that:

    -- can help strengthen the bank, both in terms of business
       operations and its image,

    -- has a strong reputation and connections with overseas
       investors, and

    -- has technology know-how.

Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.

Operations are carried out primarily in Thailand.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 6,
2007, that Fitch affirmed these ratings of Thailand's Siam City
Bank:

    -- Long-term foreign currency Issuer Default rating at 'BB',
    -- Short-term foreign currency rating at 'B',
    -- National Long-term rating at 'A-(tha)',
    -- National Short-term rating at 'F1(tha)',
    -- Individual rating at 'D',
    -- Support rating at '4', and
    -- Support Rating Floor at 'B+'.

The Outlook on the ratings is Stable.


TOTAL ACCESS: To Settle Fee Dispute With AIS Out of Court
---------------------------------------------------------
Total Access Communications or DTAC and Advanced Info Service
have agreed to settle a dispute concerning AIS's THB2.17 billion
in unpaid network roaming fees out of court, Bangkok Post
reports.

According to Bangkok Post, both companies are major shareholders
of Digital Phone (DPC).  An arbitration tribunal earlier ruled
in favor of DTAC's claim against DPC for two unpaid installments
of roaming fees, the report quotes Thana Theinachariya, chief
commercial officer of DTAC.

Specifically, Bangkok Post relates that on March 25, the
tribunal granted DTAC 80% of the amount claimed, or
US$14.84 million, plus interest at the rate of 9.5% per year
from Oct 1, 2003.

The report adds that AIS, which took over DPC from Samart
Corporation, ceased payment of two installments totaling THB2.17
billion after the takeover.

Mr. Thana told Bangkok Post that the two companies want a quick
resolution while a court battle could take more than five years,
which is "a waste of time."

Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 15,
2008, that Fitch Ratings removed all the ratings of Thailand's
Advanced Info Service Public Company Limited and Total Access
Communication Public Company Limited from Rating Watch Negative,
on which it was placed in February 2007.  This rating action
follows the agency's view that concerns on policy, legal and
regulatory risks are now reduced to the level that should not
have an adverse impact on AIS and DTAC, in terms of future
investment and shareholder support.  At the same time, Fitch has
affirmed the ratings of AIS and DTAC, as:

   * AIS:

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

   * DTAC:

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




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

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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration NL           ALX      18.20      -42.75
Austar United Communications
   Limited                         AUN     525.67     -234.87
Austindo Resources
   Corporation N.L.                ARX      62.77      -15.88
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining N.L.               CRS      16.00      -13.81
Evans & Tate Ltd                  ETW     103.76      -50.22
Hutchison Telecommunications
   (Aust) Ltd.                     HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Renison Consolidated Mines NL     RSN      38.83       -3.94
Tooth & Co. Ltd.                  TTH     120.47      -87.64
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
   (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)
   Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
   Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
   Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning Int. Co-op
   Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
   Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
   Investment Co.               000736      19.88      -15.67
Dongxin Electrical Carbon
   Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
   Limited                         231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited                8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
   Group Limited                  1188      46.98      -14.92
Fujian Changyuan Investment
   Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                 600734     114.76      -16.98
Guangdong Meiya Group
   Co., Ltd.                    000529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co., Ltd.                    000557      48.71      -59.63
Guangzhou Oriental
   Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
   Co., Ltd                     600242      15.23      -46.94
Hainan Dadonghai Tourism
   Centre Co., Ltd              000613      18.34       -8.39
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                     600187     113.45      -74.67
Hisense Electric Co., Ltd         921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                    600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.         600892      17.12       -0.39
Hunan Genuine New Material
   Group Co.,Ltd                000156      77.57      -77.92
Jiangsu Chinese Online
   Logistics Co. Ltd.           000805      13.75      -32.33
Jiaozuo xin'an Science &
   Technology Co                000719      50.82      -25.45
Junefield Department Store
   Group Ltd.                      758      12.93       -5.39
Lan Bao Technology Information
   Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial
   Dev (Group)                  600139      23.90      -15.65
New City China Development Ltd    456     253.47      -25.03
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Salt Lake Industry
   Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
   Co., Ltd.                    600381      55.58      -55.04
Regal Real Estate
   Investment Trust               1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                       000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd        600656      66.75      -13.42
Shanghai Xingye Housing
   Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding
   Co., Ltd.                    000633     103.86       -3.16
Shenzhen China Bicycle
   Co., (Hlds) Ltd.             000017      34.21     -238.76
Shenzhen Dawncom Business
   Tech & Service               000863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                    000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co.,Ltd.               000034      69.92      -53.39
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                    000517      77.23      -17.78
SunCorp Technologies Limited     1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
   Ltd                          600234      19.47      -89.51
Tianjin Marine Shipping
   Co. Ltd                      600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                     600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                     600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
   Equipment Inc.               000622      40.27      -14.34
Yun Sky Chemical (Int)
   Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
   Co., Ltd.                    000688      25.83     -175.37
Zhang Jia Jie Tourism
   Development Co.Ltd           000430      51.01       -8.25


INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Balaji Distiller                  BLD      45.66      -74.20
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
   Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
HMT Limited                       HMT     316.41     -175.33
IFB Inds Ltd.                    IFBI      40.50      -70.82
India Steel Works Limited         ISI      56.76       -1.47
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Modi Rubber Ltd                   MDR      38.41      -28.82
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      19.20      -18.86
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
   Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85
Tata Teleservices (Maharashtra)
   Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51


INDONESIA

Ades Waters Indonesia Tbk        ADES      25.94      -24.09
Argo Pantes Tbk                  ARGO     217.96      -15.70
Citatah Tbk                      CTTH      21.87       -0.42
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Fatrapolindo Nusa Industri Tbk   FPNI      25.81       -0.72
Jakarta Kyoei Steel Works Tbk    JKSW      29.30      -39.32
Karwell Indonesia Tbk             KRW      35.71       -3.11
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
   Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      17.60       -6.99
Teijin Indonesia Fiber
   Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN

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


KOREA

Ados Co., Ltd.                 036270      18.22      -32.17
Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.             20180     740.50     -158.45
E-Rae Electronics Industry
   Co., Ltd                      45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Hantel Co. Ltd.                041940      34.36       -1.78
nTorino Corporation Inc.       032590      35.94       -9.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      77.37       -4.76
Seji Co., Ltd.                 053330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

CNLT Far East Berhad             CNLT      45.12       -3.71
Foremost Holdings Berhad         FMST      10.97       -0.08
Harvest Court Industries  Bhd     HAR      10.81       -5.62
Lityan Holdings Berhad            LIT      23.34      -26.55
Mangium Industries Bhd           MANG      14.36      -18.73
Megan Media Holdings Berhad      MMHB      40.91     -248.31
PanGlobal Berhad                  PGL     178.78     -171.24
Paxelent Corp                    PAXE      15.68       -3.47
Putera Capital Berhad            PCAP      10.56       -4.70
Sunway Infrastructure Berhad      SIB     399.84      -10.08
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries
   Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.                AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources
   Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
   Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE

ADV Systems Auto                  ASA      21.96       -7.54
Chuan Soon Huat Industrial
   Group Ltd                       CSH      42.09       -3.64
Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
HLG Enterprise                   HLGE     123.41       -7.36
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     201.79      -59.61
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC      56.00      -32.80


TAIWAN

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


THAILAND

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry
   Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic
   Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
ITV Public Company Limited        ITV      44.70      -73.07
Kuang Pei San Food Products
   Public Co.                   POMPUI      18.78      -14.07
Living Land Capital PCL            LL      10.65       -3.16
New Plus Knitting Public
   Company Limited                 NPK      10.08       -2.03
Quality Construction
   Products PCL                   QCON      76.13     -293.83
Safari World Public Company
   Limited                      SAFARI     128.58      -13.64
Sahamitr Pressure Container
   Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.18       -6.79
Sri Thai Food & Beverage Public
   Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch Public
   Company Limited                 USC     103.61      -48.62




                          *********

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

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

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


                             *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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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