TCRAP_Public/080421.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

             Monday, April 21, 2008, Vol. 11, No. 78

                             Headlines

A U S T R A L I A

ALLCO FINANCE: To Significantly Reduce Debt by June 2009
ALLCO FINANCE: Senior Management's Fund Under Liquidation
ALPINE STAIRCASE: Liquidator to Give Wind-Up Report on April 28
AUSTRALIAN URBAN: Placed Under Voluntary Liquidation
BRINKER AUSTRALIA: Supreme Court Directs Wind-Up Order

CHARMANT AUSTRALIA: Members' Final Meeting Set for April 28
CRUISER SALES: Commences Liquidation Proceedings
EAGLET GROUP: To Declare Ordinary Dividend on April 30
HEAMAR PTY: Members Receive Wind-Up Report
HERITAGE BUILDING: Moody's Reviewing C+ BFSR

LIFT CAPITAL: Dixons Seeking Standstill Agreement
KELE HIRE: Supreme Court Enters Wind-Up Order
LLANDILLO KENSIT: To Declare Dividend on April 24
OPES PRIME: IMF Australia to Fund Opes Clients' Suit Against ANZ
NEWCASTLE PERMANENT: Moody's Revises Outlook to Negative

PACIFIC WESTERN: Members to Receive Wind-Up Report on April 28
ZINIFEX LTD: Seeking to Develop New Mines With Customers
ZINIFEX LTD: Extends Allegiance Mining Offer to May 2
WATTS-U PTY: Members and Creditors to Meet on April 28


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

ABN AMRO: Liquidators Quit Post
ACTIVELAND LIMITED: Creditors' Proofs of Debt Due May 13
CG COMPANY LIMITED: Creditors' Proofs of Debt Due May 14
CHINA EASTERN: Aviation Authority to Impose Penalty for Strike
FOREST BOARD & PAPER: Appoints New Liquidators

INSTITUTE OF PROFESSIONAL: Creditors' Proofs of Debt Due May 13
JOHN & MICHAEL: Commences Liquidation Proceedings
KONICA MINOLTA: Commences Liquidation Proceedings
M & K DECORATION: Creditors' Proofs of Debt Due May 15
OASIS AIRLINES: Several Investors Express Interest in Airline

PRECISION PUBLISHING: Creditors' Proofs of Debt Due May 12
QUALITY DATA: Liquidator Quits Post
TARZAN CONTRACTORS: Liquidator Quits Post
UNITED ASIA: Members' Final Meeting Set for May 13


I N D I A

BHARTI AIRTEL: Schedules Earnings Call for April 25
BHARTI AIRTEL: Names Jai Menon as Customer Service & IT Director
DECCAN AVIATION: Gopinath, et al., Opt Out of Promoter Group
GENERAL MOTORS: To Realign Marketing & Field Operations
ICICI BANK: To Decide on Interest Rates After RBI's Statement

ICICI BANK: Don't Treat Derivatives Loss as NPA, Court Says
IFCI LTD: Board to Consider Audited Results on April 29
QUEBECOR WORLD: Wants to Assume Three Software Licensing Deals
QUEBECOR WORLD: E&Y Presents Monitor's Report to Quebec Court
QUEBECOR WORLD: Wants to Assume Yale Materials Contracts

TATA STEEL: To Raise INR750 Crore From Seven-Year Bond Issue


I N D O N E S I A

ANEKA TAMBANG: Seeks Shareholder Okay to Adjust Bid for Herald
ADAM AIR: Major Shareholders Set Terms for Saving Airline
PERUSAHAAN LISTRIK: Gets IDR5.7 Trillion Loan for Power Plants


J A P A N

AOZORA BANK: Chairman Expected to Resign in May
ELPIDA MEMORY: Posts JPY24 Bil. Net Loss for Year Ended March 31
FUJI HEAVY: To Discuss Year End Financial Results on April 28
JAPAN AIRLINES: To Strengthen Ties With Vietnam Airlines


K O R E A

HYUNDAI MOTOR: Signs 5-Year Technical Deal With Caparo India
MAGNACHIP SEMI: Opens Image Sensor Research Center in Pasadena


N E W  Z E A L A N D

ADVANCED TECHNOLOGY: Placed Under Voluntary Liquidation
AIR NEW ZEALAND: Report Confirms Compliance With Shanghai Crew
ALBANY LOANS: Court to Hear Wind-Up Petition on June 4
AMIRCO LTD: Appoints Grant and Khov as Liquidators
BLUE CHIP: Former Director Issued Early Warning

ELEGANT DECORS: Court to Hear Wind-Up Petition Today
GLENCAIRN FARMS: Subject to Wealleans' Wind-Up Petition
H4 CONSTRUCTION: Fixes April 25 as Last Day to File Claims
HANOVER FINANCE: Fitch Affirms Hanover Finance's IDR at BB+
HONG KONG CUISINE: Appoints Mason and Meltzer as Liquidators

MALA COFFEE: Subject to CIR's Wind-Up Petition
MERLOT HOMES: Faces EFS One's Wind-Up Petition
TAMAHINE HOLDINGS: To Close Down & Lay Off 50 Workers in July
WAYNE BLAKE: Subject to CIR's Wind-Up Petition
WESTERN BAY: Cynotech Buys Uncollected Loan Receivables


P H I L I P P I N E S

AES CORP: Closes US$930 Mil. Transfer of Philippine Assets
FEDDERS CORP: Wants Plan-Filing Period Stretched to May 31
PRC LLC: Court Extends Action Removal Period Until Next Hearing
PRC: Wants Epiq's Services to Include Voting & Tabulation Work
* S&P Affirms Philippine Sovereign Ratings With Stable Outlook


S I N G A P O R E

FLEXTRONICS: Completes Phase 1 of Arima Computer Acquisition


                          - - - - -


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

ALLCO FINANCE: To Significantly Reduce Debt by June 2009
--------------------------------------------------------
David Clarke, chief executive officer of Allco Finance Group,
wrote to shareholders last week to provide them with a status
report on the progress of the company's restructuring plan as
announced on February 25, 2008, and a summary of the company’s
half year results.

"As you will no doubt be aware, Allco’s business model and
strategy has been severely impacted by a rapid and largely
unanticipated crisis in global credit markets which, until quite
recently, had been a significant source of accessible funding
and helped to support our growth strategy.  Accordingly, I would
like to take this opportunity to clearly outline the immediate
steps we are taking to rectify our funding position, and the
actions we are taking to create a more stable business," Mr.
Clarke said.

                      Lending Facilities and
                   Business Restructuring Program

"It is important to point out that Allco is not in breach of any
of the financial covenants of its borrowing facilities.  We are
in constructive discussions with our lenders, however, to
restructure the terms and conditions of our lending facilities
as a Review Event occurred under these facilities earlier this
year.

"At the same time, we have commenced the implementation of an
aggressive business restructuring program to deliver a viable
business for the future.  This restructuring program focuses on
the core strengths of our business: Aviation, Shipping, Rail and
Real Estate.  The program also involves an exit from Financial
Assets and Infrastructure, including Allco disposing of certain
non-core assets to reduce debt.  We are currently in active
discussions with a number of parties and expect to be in a
position to make further announcements in due course.  Asset
sales, together with a repositioned business, will enable Allco
to significantly reduce debt by June 2009," Mr. Clarke said.

                Half Year Results to December 31, 2007

Mr. Clarke notes that while financial results for the six months
ended December 31, 2007, were slightly lower than the previous
corresponding period, the results demonstrated a solid
performance from the company's core asset classes.

                                 12/31/07        12/31/06
                                 --------        --------
Reported Net Profit After Tax   $83.9 million   $93.2 million
Basic Earnings per Share         24.2 cents      30.9 cents

According to Mr. Clarke:

    * The profit for the period includes significant one-off
      impairment charges, as well as a gain relating to the
      required adoption of certain accounting standards.

    * When reported profit is adjusted for net negative one-off
      items, our normalised Net Profit After Tax for the period
      was up 11% from the previous year.

    * Our core asset classes of Aviation, Shipping, Rail and Real
      Estate all performed well, with net revenue from these
      divisions growing on an overall basis to $201.4 million, an
      increase of 39.5% on the previous year.

    * Aviation: the number of owned and managed aircraft grew to
      54, up from 47 at 30 June 2007, with an additional 40
      aircraft on order.  There is no speculative buying -- all
      of our aircraft are 100% leased including those on order.

    * Shipping: we grew the owned and managed number of vessels
      to 38, up from 25 at 30 June 2007, with an additional 23
      vessels on order.  All of our delivered vessels are
      chartered, with 60% of future deliveries already chartered.

    * Rail: our diversified portfolio of assets grew to 3,104
      railcars (up from 2,742 at 30 June 2007) with an additional
      413 on order.  Our fleet of locomotives owned and managed
      fell to 39 (79 at 30 June 2007), with an additional 29 on
      order.  Australian rail assets are 100% leased or under
      refurbishment, and US rail assets are 98% leased.

    * Real Estate: assets under management grew from $2.9 billion
      at 31 December 2006 to $9.4 billion at the half-year,
      following the acquisition of Rubicon in early December
      2007.  We have commenced the implementation of measures
      designed to bridge the gap between net tangible assets of
      our listed Real Estate funds and their trading prices.

"Having regard to current circumstances, the Board determined on
the release of the half year results that there would be no
interim dividend paid to shareholders.  At this point in time,
it is not anticipated that a full year dividend will be paid,"
Mr. Clarke said.

                           Board Changes

David Coe, Gordon Fell and David Turnbull have stepped down,
with the Board now comprising a majority of independent non-
executive directors.  As indicated at the Annual General Meeting
late last year, the company is actively seeking to appoint
additional non-executive directors to the Board.

Bob Mansfield, currently Deputy Chairman, will undertake the
role of Chairman in the short term until a new Independent chair
is appointed.

                             Commitment

"In closing, I would like to emphasise that the Directors and
Allco’s senior management team are absolutely committed and
working very hard on behalf of shareholders to rebuild the
business and ensure that the current issues impacting our
operations do not recur," Mr. Clarke said.


                         About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

     -- Meeting a fast-approaching deadline to refinance at least
        US$250 million in debt.

     -- Ensuring there is enough cash to cover its continuing,
        and much larger, loan commitments.

     -- Renegotiating or pulling out of a recently announced
        joint venture deal to buy US$1.7 billion of US power
        stations, of which Allco would fund half by debt and
        equity.

     -- Signing the company's accounts, for which they will be
        personally liable, that would allow the suspension on
        Allco's beleaguered shares to be lifted.


ALLCO FINANCE: Senior Management's Fund Under Liquidation
---------------------------------------------------------
Chris Zappone of the Sydney Morning Herald reports that Allco
Principals Trust, a fund owned by senior management of Allco
Finance Group, is being liquidated.

"Realisation of APT's assets has commenced as part of the
winding up of APT; however, it is not clear how long the
realisation process will take," AFG said in a release to the
Australian Stock Exchange, the paper relates.  "All direct
subsidiaries of APT are presently in voluntary administration."

The company said APT's assets will not be fully liquated until
the administrators finish with APT's subsidiaries and any
remaining net values after APT pays it creditors will be
distributed to investors of Allco Hybrid Investment Trust.

According to the report, APT received $43.3 million in loans for
"working capital purposes".  As of June 30, 2007, APT had total
assets of $1.2 billion and debt of $1.0 billion.

Mr. Zappone relates that Allco Finance Group is working through
extensive negotiations with creditors including Commonwealth
Bank and Westpac over the $900 million in debt and $2 billion in
liabilities it holds.

                         About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

     -- Meeting a fast-approaching deadline to refinance at least
        US$250 million in debt.

     -- Ensuring there is enough cash to cover its continuing,
        and much larger, loan commitments.

     -- Renegotiating or pulling out of a recently announced
        joint venture deal to buy US$1.7 billion of US power
        stations, of which Allco would fund half by debt and
        equity.

     -- Signing the company's accounts, for which they will be
        personally liable, that would allow the suspension on
        Allco's beleaguered shares to be lifted.


ALPINE STAIRCASE: Liquidator to Give Wind-Up Report on April 28
---------------------------------------------------------------
Alpine Staircase Manufacturers Pty. Limited will hold a final
meeting for its members and creditors at 10:00 a.m. on April 28,
2008.  During the meeting, the company's liquidator, Adam
Shepard, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Adam Shepard
           32 Martin Place, Level 1
           Sydney, New South Wales
           Australia

                      About Alpine Staircase

Alpine Staircase Manufacturers Pty. Limited provides business
services.  The company is located at West Hoxton, in New South
Wales, Australia.


AUSTRALIAN URBAN: Placed Under Voluntary Liquidation
----------------------------------------------------
Australian Urban Property Pty. Ltd.'s members agreed on March 6,
2008, to voluntarily liquidate the company's business.  The
company has appointed Anthony Matthews to facilitate the sale of
its assets.

The liquidator can be reached at:

           Anthony Matthews
           Anthony Matthews & Associates
           46 Fullarton Road, Ground Floor
           Norwood
           Australia

                      About Australian Urban

Australian Urban Property Pty. Ltd. operates non-classifiable
establishments.  The company is located at Flinders Park, in
South Australia, Australia.


BRINKER AUSTRALIA: Supreme Court Directs Wind-Up Order
------------------------------------------------------
On March 10, 2008, the Supreme Court of New South Wales entered
an order to have Brinker Australia Pty. Limited's operations
wound up.  David Lewis Clout was appointed as liquidator.

The liquidator can be reached at:

           David Lewis Clout
           c/o Woodgate & Co.
           25 Bligh Street, Level 14
           Sydney, New South Wales 2000
           Australia

                      About Brinker Australia

Brinker Australia Pty. Limited operates eating places.  The
company is located at Wentworthville, in New South Wales,
Australia.


CHARMANT AUSTRALIA: Members' Final Meeting Set for April 28
-----------------------------------------------------------
Christopher R. Campbell, Charmant Australia Pty. Limited's
estate liquidator, will meet with the company's members on
April 28, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The company also declared a dividend on April 16, 2008.  Only
creditors who were able to file their proofs of debt by
April 15, 2008, were included in the company's dividend
distribution.

The liquidator can be reached at:

           Christopher R. Campbell
           Grosvenor Place
           225 George Street
           Sydney, New South Wales 2000
           Australia

                     About Charmant Australia

Charmant Australia Pty. Limited is a distributor of durable
goods.  The company is located at Castle Hill, in New South
Wales, Australia.


CRUISER SALES: Commences Liquidation Proceedings
------------------------------------------------
Cruiser Sales (Wholesale) (Qld.) Pty. Ltd.'s members agreed on
March 17, 2008, to voluntarily liquidate the company's business.
The company has appointed Robert James Chalmers to facilitate
the sale of its assets.

The liquidator can be reached at:

           Robert James Chalmers
           R J Chalmers & Co. Pty Limited
           273 Sussex Street, Level 2
           Sydney, New South Wales 2000
           Australia

                       About Cruiser Sales

Cruiser Sales (Wholesale) (Qld.) Pty. Ltd. is a distributor of
sporting and recreation goods.  The company is located at
Runaway Bay, in Queensland, Australia.


EAGLET GROUP: To Declare Ordinary Dividend on April 30
------------------------------------------------------
Eaglet Group Pty Ltd., which is in liquidation, will declare
first and final ordinary dividend on April 30, 2008.

Only creditors who were able to file their proofs of debt by
April 4, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

           Brett Harrison
           105 Macquarie Street
           Hobart, Tasmania 7000
           Australia
           Telephone:(03) 6223 2555
           Facsimile:(03) 6223 2556
           e-mail: info@pjc.com.au

                      About The Eaglet Group

The Eaglet Group Pty. Ltd. operates miscellaneous retail stores.
The company is located at Hobart, in Tasmania, Australia.


HEAMAR PTY: Members Receive Wind-Up Report
------------------------------------------
R. G. Shoobridge, Heamar Pty. Ltd.'s estate liquidator, met with
the company's members on April 16, 2008, and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

           R. G. Shoobridge
           Deloitte Touche Tohmatsu
           ANZ Centre, Level 9
           22 Elizabeth Street
           Hobart, Tasmania 7000
           Australia
           Telephone:(03) 6237 7000
           Facsimile:(03) 6237 7001

                         About Heamar Pty.

Heamar Pty. Ltd. operates miscellaneous retail stores.  The
company is located at Howrah, in Tasmania, Australia.


HERITAGE BUILDING: Moody's Reviewing C+ BFSR
--------------------------------------------
Moody's Investors Service says the tight liquidity environment
-- a result of the sub-prime crisis -- continues to impact the
Australian building society sector.

Accordingly, Moody's has placed on review for possible downgrade
the A2/P-1 deposit and debt ratings and the C+ bank financial
strength ratings of the Heritage Building Society.  At the same
time, the rating outlook for the A2 / P-1 / C+ ratings of
Newcastle Permanent Building Society was changed to Negative
from Stable.

"For both societies, the negative actions are the result of the
tight liquidity environment, which has reduced the availability
of long-term funding and dramatically increased the cost of
wholesale debt," says Marina Ip, a Moody's Assistant Vice
President/Analyst.

"However, both societies are implementing initiatives to enhance
their liquidity profiles," says Ip.  They have applied for an
Exchange Settlement Account, which would make their securities
eligible for repo with the central bank.  New Reserve Bank of
Australia rules offer the potential for the societies to
generate repo-eligible assets from their high quality mortgage
loan books.

"We also expect they will slow loan originations to reduce their
sensitivity to funding market pressures."

With regards to the specific rating actions, "Heritage's
business model is challenged by the closure of the RMBS market,
which provided roughly half of the society's funding pre-
crisis," notes Ip.

The society is successfully meeting its immediate funding needs
by tapping other sources. However, Heritage faces the prospect
of considerably slower business growth, given that the return of
RMBS market appetite -- at economic pricing levels -- does not
seem likely in the near term.

Longer-term, if the RMBS market remains less accessible than
before, the society's balance sheet will shrink as existing
securitised loans are repaid -- constraining its franchise,
unless alternative funding can be raised. Furthermore, the
average tenor of its funding tenor may decline, as new
borrowings are unlikely to match the tenor of RMBS.

On the positive side, Heritage's back book of securitised loans
has locked in a large amount of long-term funding at lower cost
than can be achieved today. The Society also has a larger
distribution network than its rivals, which should assist in
deposit raising.

"Further positives include the Society's very low risk profile,
sound capital position and solid franchise in its hometown of
Toowoomba and the surrounding Darling Downs region," says Ip.

Heritage's mutual status does restrict its capital raising
ability -- but at the same time eliminates the pressure for
returns felt by listed lenders, allowing the Society to slow
growth and consolidate its financial position during the crisis
period.

The rating review will focus on (i) outlook for the RMBS market,
(ii) diversification of funding, (iii) successful establishment
of an Exchange Settlement Account, and (iv) creation of a repo-
eligible securitisation.

"Meanwhile, Newcastle Permanent's rating is pressured by the
level of its short-term debt, which increased sharply during the
two years to June 2007, primarily via commercial paper
issuance," says Ip.  Short-term wholesale funding rose to 80% of
total wholesale funding, with wholesale funding in turn
comprising 29% of total funding.

Newcastle Permanent has since sought to reduce its reliance on
short-term wholesale funding by tapping the US private placement
market, where it sourced a modest amount in long-term debt
during the last calendar quarter of 2007.  This development,
coupled with a push to increase retail deposits, has improved
the society's funding profile.

Loan growth at Newcastle Permanent slowed dramatically to 2.3%
for the half year to 1H2008 compared to 11.7% for the full year
to FY2007.  "We view this move positively but note that it will
impact profit growth, in particular as Newcastle Permanent's
shorter funding profile has increased its sensitivity to current
higher funding costs" says Ip.

Newcastle Permanent also has a very low risk profile, strong
franchise in its home town and the Hunter Valley region, and
considerable capital buffer.

Newcastle Permanent Building Society is headquartered in
Newcastle, New South Wales.  It reported assets of AU$6.0
billion or approximately US$5.3 billion at December 31, 2007.

Heritage Building Society is headquartered in Toowoomba,
Queensland.  It reported assets of AU$6.9 billion (approximately
US$6.1 billion) at December 31, 2007.


LIFT CAPITAL: Dixons Seeking Standstill Agreement
-------------------------------------------------
Dixon Advisory is seeking a standstill agreement with Lift
Capital administrators McGrathNicol and lender Merrill Lynch
over shares that the firm believes belongs to its clients,
Katherine Jimenez of The Australian reports.

Dixon Advisory directors Daryl Dixon and Alan Dixon are
personally exposed to Lift Capital, the report relates.  Dixon
Advisory spokesman Alan Deans told Ms. Jimenez that the exposure
is very small.  "It's not material to their own financial
circumstances and it certainly wouldn't have any impact on the
business or its operation.  They are in there with other clients
fighting to get the best deal they can," Mr. Deans said, The
Australian reports.

Ms. Jimenez relates that the Dixons were in discussions with the
administrators and Merrill Lynch about their options.  "They are
saying it could take considerable time but they remain hopeful
of a positive outcome," Ms. Jimenez quotes Mr. Deans as saying.

                         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 held tomorrow, April 22, 2008.


KELE HIRE: Supreme Court Enters Wind-Up Order
---------------------------------------------
On March 3, 2008, the Supreme Court of New South Wales entered
an order to have Kele Hire & Sales Pty. Ltd.'s operations wound
up.

The company's liquidator is:

           Steven Nicols
           350 Kent Street, Level 2
           Sydney, New South Wales 2000
           Australia
           Telephone:(02) 9299 2289
           Facsimile:(02) 9299 2239
           e-mail: mail@bankrupt.com.au

                          About Kele Hire

Kele Hire & Sales Pty. Ltd. is involved with heavy construction
equipment rental and leasing.  The company is located at
Bardwell Park, in New South Wales, Australia.


LLANDILLO KENSIT: To Declare Dividend on April 24
-------------------------------------------------
Llandillo Kensit Pty. Ltd., which is in liquidation, will
declare first and final dividend for its unsecured creditors on
April 24, 2008.

Creditors are required to file their proofs of debt by April 23,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           R. L. Cardwell
           33 Montague Street
           Goulburn, New South Wales 2580
           Australia

                      About Llandillo Kensit

Llandillo Kensit Pty. Ltd. operates department stores.  The
company is located at Crookwell, in New South Wales, Australia.


OPES PRIME: IMF Australia to Fund Opes Clients' Suit Against ANZ
----------------------------------------------------------------
IMF Australia Ltd. will provide litigation funding to former
clients of Opes Prime Group Ltd., who are seeking either damages
or the return of equivalent shares sold by ANZ Banking Group
Ltd., the Australian Associated Press reports.

The Australian reports that IMF had 30 clients with exposure
ranging from AU$200,000 to AU$20 million.  Two Perth law firms,
Lavan Legal and Williams and Hughes, have been engaged to run
the case and proceedings are expected to begin in the Federal
Court within two weeks, according to The Australian.

The report relates that IMF Director Hugh McLernon said the
claim would focus on the difference between margin loans and
securities lending and borrowing arrangements, and the nature of
the payments being made.  "We think the question as to whether
the clients can get their value back does not necessarily
terms of the standard contract."

The Australian reports that Mr. McLernon identified three issues
involved:

    * The content of the contract between Opes and the investors.

    * The representations made about what the investors were
      signing.

    * Whether the Opes financial services guide complied with the
      Corporations Act.

According to Leonie Wood of The Age, Opes Prime's
administrators, John Lindholm and Adrian Brown of Ferrier
Hodgson, might also take a legal action against ANZ as they are
considering the status of various transactions by Opes Prime as
well as ANZ's move to secure its position as lead creditor.

Mr. Wood relates that the administrators' lawyer, Tony Troiani
of Mallesons Stephen Jaques, told Federal Court Judge Ray
Finkelstein that administrators expect unsecured creditors owed
AU$514 million to face "extremely large" losses.  Creditors are
scheduled to convene in early May and the administrators are
likely to seek approval to liquidate Opes Prime, The Age
reports.

Mr. Troiani told the judge more legal action lay ahead because
"there are likely to be issues between the liquidator and ANZ,"
The Age relates.  According to Mr. Wood, Mr. Troiani said if
there is a claim for the ANZ to give money back, then there was
a possibility of ANZ being "impeached" in its role as secured
creditor.

Mr. Troiani, The Age relates, said administrators at this stage
still have no funds and do not have access to Opes Prime's books
and records, which were in the hands of Opes Prime's receivers.

                         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.


NEWCASTLE PERMANENT: Moody's Revises Outlook to Negative
--------------------------------------------------------
Moody's Investors Service says the tight liquidity environment
-- a result of the sub-prime crisis -- continues to impact the
Australian building society sector.

Accordingly, Moody's has placed on review for possible downgrade
the A2/P-1 deposit and debt ratings and the C+ bank financial
strength ratings of the Heritage Building Society.  At the same
time, the rating outlook for the A2 / P-1 / C+ ratings of
Newcastle Permanent Building Society was changed to Negative
from Stable.

"For both societies, the negative actions are the result of the
tight liquidity environment, which has reduced the availability
of long-term funding and dramatically increased the cost of
wholesale debt," says Marina Ip, a Moody's Assistant Vice
President/Analyst.

"However, both societies are implementing initiatives to enhance
their liquidity profiles," says Ip.  They have applied for an
Exchange Settlement Account, which would make their securities
eligible for repo with the central bank.  New Reserve Bank of
Australia rules offer the potential for the societies to
generate repo-eligible assets from their high quality mortgage
loan books.

"We also expect they will slow loan originations to reduce their
sensitivity to funding market pressures."

With regards to the specific rating actions, "Heritage's
business model is challenged by the closure of the RMBS market,
which provided roughly half of the society's funding pre-
crisis," notes Ip.

The society is successfully meeting its immediate funding needs
by tapping other sources. However, Heritage faces the prospect
of considerably slower business growth, given that the return of
RMBS market appetite -- at economic pricing levels -- does not
seem likely in the near term.

Longer-term, if the RMBS market remains less accessible than
before, the society's balance sheet will shrink as existing
securitised loans are repaid -- constraining its franchise,
unless alternative funding can be raised. Furthermore, the
average tenor of its funding tenor may decline, as new
borrowings are unlikely to match the tenor of RMBS.

On the positive side, Heritage's back book of securitised loans
has locked in a large amount of long-term funding at lower cost
than can be achieved today. The Society also has a larger
distribution network than its rivals, which should assist in
deposit raising.

"Further positives include the Society's very low risk profile,
sound capital position and solid franchise in its hometown of
Toowoomba and the surrounding Darling Downs region," says Ip.

Heritage's mutual status does restrict its capital raising
ability -- but at the same time eliminates the pressure for
returns felt by listed lenders, allowing the Society to slow
growth and consolidate its financial position during the crisis
period.

The rating review will focus on (i) outlook for the RMBS market,
(ii) diversification of funding, (iii) successful establishment
of an Exchange Settlement Account, and (iv) creation of a repo-
eligible securitisation.

"Meanwhile, Newcastle Permanent's rating is pressured by the
level of its short-term debt, which increased sharply during the
two years to June 2007, primarily via commercial paper
issuance," says Ip.  Short-term wholesale funding rose to 80% of
total wholesale funding, with wholesale funding in turn
comprising 29% of total funding.

Newcastle Permanent has since sought to reduce its reliance on
short-term wholesale funding by tapping the US private placement
market, where it sourced a modest amount in long-term debt
during the last calendar quarter of 2007.  This development,
coupled with a push to increase retail deposits, has improved
the society's funding profile.

Loan growth at Newcastle Permanent slowed dramatically to 2.3%
for the half year to 1H2008 compared to 11.7% for the full year
to FY2007.  "We view this move positively but note that it will
impact profit growth, in particular as Newcastle Permanent's
shorter funding profile has increased its sensitivity to current
higher funding costs" says Ip.

Newcastle Permanent also has a very low risk profile, strong
franchise in its home town and the Hunter Valley region, and
considerable capital buffer.

Heritage Building Society is headquartered in Toowoomba,
Queensland.  It reported assets of AU$6.9 billion (approximately
US$6.1 billion) at December 31, 2007.

Newcastle Permanent Building Society is headquartered in
Newcastle, New South Wales.  It reported assets of AU$6.0
billion or approximately US$5.3 billion at December 31, 2007.


PACIFIC WESTERN: Members to Receive Wind-Up Report on April 28
--------------------------------------------------------------
Murray Smith, Pacific Western Pty. Limited's estate liquidator,
will meet with the company's members on April 28, 2008, at 10:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

           Murray Smith
           McGrathNicol
           10 Shelley Street, Level 9
           Sydney, New South Wales 2000
           Australia
           Telephone: +61 2 9338 2600
           Web site: http://www.mcgrathnicol.com

                       About Pacific Western

Pacific Western Pty. Limited provides electric services.  The
company is located at Sydney, in New South Wales, Australia.


ZINIFEX LTD: Seeking to Develop New Mines With Customers
--------------------------------------------------------
Jessie Riseborough of Bloomberg News reports that Zinifex Ltd.
is in talks with customers for partnerships to develop new
mines.

According to the report, Chief Executive Officer Andrew
Michelmore related at an industry luncheon in Melbourne on
Friday that they are seeing "customers who have the investment
expertise and the links to the market downstream."

"It might be where we are looking at an opportunity in another
country where maybe this does need some risk management by
bringing in other companies," he said, Bloomberg relates.

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.


ZINIFEX LTD: Extends Allegiance Mining Offer to May 2
-----------------------------------------------------
Zinifex Australia Limited has extended the offer period under
its takeover bid for all the ordinary shares in Allegiance
Mining NL.

The offer is now scheduled to close at 7 p.m. (Melbourne time)
on May 2, 2008.

The company's formal notice of variation states:

      Please note that the offer of $1.10 for each Allegiance
      share is final.

      Zinifex now holds more than 84% of Allegiance (as of
      April 17 date of this letter).  If Zinifex reaches 90%, it
      will be entitled, and intends, to compulsorily acquire the
      remaining Allegiance shares in which case payment for your
      shares could take significantly longer than if you accept
      the Offer.

      If, however, Zinifex's Offer closes before it acquires 90%,
      there is a strong likelihood that the share price of
      Allegiance will fall, as the share price will no longer be
      supported by the Zinifex Offer.

      Therefore I strongly urge you to accept the offer without
      delay.  Accepting shareholders will be paid within 5
      business days of receipt of a valid acceptance.

      If you have already accepted Zinifex's offer you need not
      take any action.

      If you have any queries in relation to how to accept the
      offer or any other matter relating to the takeover bid,
      please contact the Zinifex offer information line on:

           1300 658 985 (within Australia)
        +61 2 8986 9352 (outside Australia)

      Andrew Michelmore
      Chief Executive Officer
      ZINIFEX LIMITED

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.


WATTS-U PTY: Members and Creditors to Meet on April 28
------------------------------------------------------
Watts-U Pty. Limited will hold a final meeting for its members
and creditors at 10:30 a.m. on April 28, 2008.  During the
meeting, the company's liquidator, Adam Shepard, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Adam Shepard
          32 Martin Place, Level 1
          Sydney, New South Wales
          Australia

                        About Watts-U Pty.

Watts-U Pty. Limited is a distributor of women's, children's,
and infants' clothing and accessories.  The company is located
at Marrickville, in New South Wales, Australia.




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

ABN AMRO: Liquidators Quit Post
--------------------------------
On April 1, 2008, Paul David Stuart Moyes and Yeung Betty Yuen
stepped down as liquidator for ABN Amro Mellon Asia Limited,
which is undergoing liquidation.

The Troubled Company Reporter-Asia Pacific reported that on
September 24, 2007, the sole member of ABN Amro Mellon Asia
Limited passed a resolution to have the company's operations
wound up.


ACTIVELAND LIMITED: Creditors' Proofs of Debt Due May 13
--------------------------------------------------------
Creditors of Activeland Limited are required to file their
proofs of debt by May 13, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 7, 2008.

The company's liquidator is:

          Chan John Roy
          Hang Wai Commercial Building, 24th Floor
          231-233 Queen's Road East
          Wanchai, Hong Kong


CG COMPANY LIMITED: Creditors' Proofs of Debt Due May 14
--------------------------------------------------------
Creditors of C G Company Limited are required to file their
proofs of debt by May 14, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 28, 2008.

The company's liquidator is:

          Yip Pui Yee
          Prosperous Commercial Building, 24th Floor
          54-58 Jardine's Bazaar
          Causeway Bay, Hong Kong


CHINA EASTERN: Aviation Authority to Impose Penalty for Strike
--------------------------------------------------------------
China Eastern Airlines has been fined CNY1.5 million
(US$215,000) for the pilots' strike on March 31, Reuters
reports.

As previously reported by the Troubled Company Reporter-Asia
Pacific, some pilots of China Eastern Airlines' flights refused
to land at their destinations and instead returned to their
departure point on March 31.  The pilots were reportedly seeking
higher wages and freedom to work for another airline.  About
1,000 passengers were stranded at Kunming Airport in the
southern China.  A total of 21 flights from southeastern Yunnan
province were affected.  Some pilots and the general manager of
China Eastern's Yunnan unit were suspended.

According to Reuters, the General Administration of Civil
Aviation of China, China's aviation regulator, assessed the fine
and suspended the airline's operating licenses on certain routes
in southern China's Yunnan province after a probe found no
technical reasons to explain most of the flights' return.

The report relates that the operating licenses will be
transferred to other carriers.

"This incident exposed existing weaknesses in our management and
taught us a deep lesson," the airline said in a statement
released after the aviation regulator announced it was fining
the company, Thomson Dialog NewsEdge reports.

                       About China Eastern

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

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

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


FOREST BOARD & PAPER: Appoints New Liquidators
----------------------------------------------
Members of Forest Board and Paper Limited appointed Fok Hei Yu
and Desmond Chung Seng Chiong as the company's liquidators.

The liquidators can be reached at:

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


INSTITUTE OF PROFESSIONAL: Creditors' Proofs of Debt Due May 13
---------------------------------------------------------------
Creditors of Institute of Professional Property Managers Limited
are required to file their proofs of debt by May 13, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2008.

The company's liquidator is:

          Chan Kin Sand, Kenson
          Two Chinachem Plaza, Unit A, 6th Floor
          68 Connaught Road
          Central, Hong Kong


JOHN & MICHAEL: Commences Liquidation Proceedings
-------------------------------------------------
John and Michael Enterprise Limited's members agreed on April 2,
2008, to voluntarily liquidate the company's business.  The
company has appointed Lau Kwok Kwong Arthur to facilitate the
sale of its assets.

The liquidator can be reached at:

           Lau Kwok Kwong Arthur
           Tung Ming Building, Room 1202
           42 Des Voeux Road
           Central, Hong Kong


KONICA MINOLTA: Commences Liquidation Proceedings
-------------------------------------------------
Konica Minolta Photo Imaging (HK) Limited's members agreed on
March 31, 2008, to voluntarily liquidate the company's business.
The company has appointed Rainier Hok Chung Lam and John James
Toohey to facilitate the sale of its assets.

The liquidators can be reached at:

           Rainier Hok Chung Lam
           John James Toohey
           Prince's Building 22nd Floor
           Central, Hong Kong


M & K DECORATION: Creditors' Proofs of Debt Due May 15
------------------------------------------------------
Creditors of M and K Decoration Company Limited are required to
file their proofs of debt by May 15, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2008.

The company's liquidator is:

          To Sui Chui
          Yuen Long Trade Centre, Room 702-3
          99-100 Castle Peak Road
          Yuen Long, N.T.


OASIS AIRLINES: Several Investors Express Interest in Airline
-------------------------------------------------------------
Oasis Hong Kong Airlines investor Allan Wong Chi-yun disclosed
to The Standard that several potential investors have contacted
him showing their interest to invest in Oasis Airlines, and he
connected the interested parties to provisional liquidator KPMG.

Mr. Wong told The Standard he will decide after an upcoming
creditors' meeting whether he will step in with more funds to
save Oasis.  However, Mr. Wong hinted that the company's
business model may need to be changed, The Standard reports.

"In the beginning, I just wanted to help my friends," Mr. Wong
told reporters on the sidelines of the Bank of East Asia annual
general meeting, according to The Standard.

A person familiar with the situation told The Standard that
"numerous parties" have expressed interest in acquiring the
carrier, including some "well-known local individuals."  The
source further said, the report adds, that KPMG and the
company's existing shareholders are keen to keep the company
together, rather than selling it off piecemeal.

The Standard relates Mr. Wong holds a 17% stake in the airline.

                        About Oasis Airlines

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

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


PRECISION PUBLISHING: Creditors' Proofs of Debt Due May 12
----------------------------------------------------------
Creditors of Precision Publishing Limited are required to file
their proofs of debt by May 12, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2008.

The company's liquidator are:

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


QUALITY DATA: Liquidator Quits Post
-----------------------------------
On April 11, 2008, Huen Ho Yin stepped down as liquidator for
Quality Data Network Solution (HK) Limited, which is undergoing
liquidation.


TARZAN CONTRACTORS: Liquidator Quits Post
-----------------------------------------
On April 11, 2008, Huen Ho Yin stepped down as liquidator for
Tarzan Contractors Limited, which is undergoing liquidation.


UNITED ASIA: Members' Final Meeting Set for May 13
--------------------------------------------------
Members of United Asia Investment (HK) Limited will have their
final general meeting on May 13, 2008, at 12th Floor, No. 3
Lockhart Road, Wanchai, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Billy Li Sza Kuen
          No. 3 Lockhart Road, 12th Floor
          Wanchai, Hong Kong




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

BHARTI AIRTEL: Schedules Earnings Call for April 25
---------------------------------------------------
As previously reported by the Troubled Company Reporter-Asia
Pacific, Bharti Airtel Ltd's board of directors will hold a
meeting on April 25, 2008, inter alia, to consider and take on
record the company's financial results for the fourth quarter
and financial year ended March 31, 2008.

In a media release, Bharti Airtel said it will conduct an
earnings call for interested parties on the same day.  The call
will take place at 2:30 p.m. IST (5:00 p.m. in Singapore and
Hong Kong, 10:00 a.m. in U.K. and 5:00 a.m. in U.S. Eastern
Zone).  At the earnings call, member of Bharti Airtel's senior
management will present an overview on the performance of the
company and will respond to queries of the participants.

The numbers and pass codes for participants are:

India

   Toll, Bangalore: +91-80-44444003
   Toll, Mumbai: +91-22-44444003
   Toll, New Delhi: +91-11-44444003
   Pass code: 239946

Singapore

   Toll:  +65 6668 7512
   Pass code: 256125

Hong Kong

   Toll Free: 800 933 188
   Pass code: 256125

USA

    Toll Free: 1888 297 5258
    Pass code: 256125

UK

    Toll Free: 0800 89 8246
    Pass code: 256125

A live audio webcast of the event will be available at the
company's Web sites -- http://www.bhartiairtel.inand
http://www.airtel.in

A replay of the conference call will also be available one-hour
post the conference call, until April 29, 2008, 6:00 p.m (IST).
The recorded webcast would also be available until the time of
the company's next quarterly release.  The transcript would be
available on April 28, 2008, 6:30 p.m. (IST) at
http://www.bhartiairtel.in

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                           *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


BHARTI AIRTEL: Names Jai Menon as Customer Service & IT Director
----------------------------------------------------------------
Bharti Airtel Ltd has appointed Dr. Jai Menon as Director,
Customer Service & IT, with immediate effect.  Earlier, Dr.
Menon handled the portfolio of IT & Innovation.

In his expanded role at Airtel, Dr. Menon will provide a strong
emphasis on bringing in the integrated value of innovative
methods to provide “leadership through customer service and
responsiveness.”  He will continue to be a member of the Airtel
Management Board.

Dr. Menon takes over from former Customer Service Director,
Carol Borghesi, who has decided to relocate back to the UK.  In
her year and a half with Airtel, Carol has overseen tremendous
growth, transformational change and enhanced performance in
Customer Service.  Fault Management, Billing & Collection
performance, churn and productivity have improved significantly
across all 3 SBUs.  Carol led initiatives such as the
establishment of One Airtel Partner Management, Enterprise
Centralized Fault Management and B2C Service Management for
Mobility and Telemedia, very successfully.

Speaking on the move, Manoj Kohli, President & CEO, Bharti
Airtel, said " In order to realize our 2010 vision,  we are
taking additional steps to establish Customer Service as a
strategic differentiator for the Airtel brand.  Carol leaves the
Customer Service organization in a strong position to move to
the next generation.  Jai will focus on injecting
“responsiveness” into our service culture through two long term
strategic building blocks.  First, building comprehensive
modules for providing product and segment centric service
capabilities for all Airtel offerings and second, focus on
building an integrated leadership and organization within the
Customer Service team.”

In the near term, Dr. Menon is expected to focus on Customer
Service transformation projects.  He will also build linkages
between Marketing/Sales and Service functions so that our
customers get seamless, efficient and meaningful 360 experiences
from Airtel.

Earlier, as Director IT & Innovation, Dr. Menon has developed
and implemented technology and business constructs specifically
designed for IT needs of a rapid growth telecom sector. He had
architected the macro-outsourcing S1 utility computing models
for Bharti Airtel's IT & Content Services.

                      About Bharti Airtel

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                           *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


DECCAN AVIATION: Gopinath, et al., Opt Out of Promoter Group
------------------------------------------------------------
Captain G. R. Gopinath, Captain K. J. Samuel and Vishnu Singh
Rawal asked Deccan Aviation Ltd to de-classify them from the
company's promoter group category.

In a meeting on Thursday, Deccan Aviation's board of directors
considered and approved the request.  Hence, Capt. Gopinath, et
al., will be excluded from the promoter group and in any future
correspondence, including documents or filings with the stock
exchanges.

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

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


GENERAL MOTORS: To Realign Marketing & Field Operations
-------------------------------------------------------
General Motors Corp. disclosed plans to realign its U.S.
marketing and field operations into four retail channels:

    -- Chevrolet;
    -- Premium (Cadillac, Hummer, Saab);
    -- Buick-Pontiac-GMC; and
    -- Saturn.

Each channel will be focused on continuing to deliver world-
class products for their customer and build value for GM and
their dealers.

GM reported the appointment of four new leadership positions to
direct activities within this organization, effective June 1:

    * Ed Peper, 46, is appointed North America Vice President,
      Chevrolet Channel.

    * Susan Docherty, 45, is appointed North America Vice
      President, Buick-Pontiac-GMC Channel.

    * Mark McNabb, 47, is appointed North America Vice President,
      Premium Channel.

    * Jim Bunnell, 52, is appointed Executive Director, Channel
      Support Group.

Jill Lajdziak, 51, will continue to lead Saturn as General
Manager, and assume sales responsibility for that channel.

Bill Powell, 61, will continue his role as GM North America
vice-president, industry and dealer affairs.

Doug Herberger, 56, also continues his role as GM North America
vice-president, Service Parts Operations, and global process
leader for after-sales.

Docherty, McNabb, Peper and Bunnell, will report to Mark LaNeve,
North American vice-president vehicle sales service and
marketing, in their new assignments, as will Lajdziak, Powell,
and Herberger in their current assignments.

"These changes have been designed to improve all of our brands,
and achieve strongly profitable channels at both a wholesale and
retail level," Troy Clarke, GM North America president, said.
"We are further streamlining the organization to reduce
complexity, align resources to improve the consumer experience
and improve bottom line business results.  We expect that the
channels will work closely with GM's global product development
teams to ensure the products meet consumer needs.  This is the
next step in our continuing strategy to increase the
effectiveness of GM North America's operating model."

"The past few years have yielded demonstrated success with award
winning products such as the Chevy Silverado and Malibu, Buick
Enclave, GMC Acadia, Saturn Aura, and Cadillac Escalade and
CTS," Mark LaNeve, GM North America vice president, vehicle
sales service and marketing, said.  "Customers' opinions of our
products and brands have improved. We raised quality to world-
class levels and announced our 100,000 mile powertrain warranty,
the most comprehensive transferable warranty in the business.

"We also began focusing on a retail channel approach in 2002
with Buick-Pontiac-GMC.  We are transitioning our portfolio to
highly differentiated vehicles for each of our brands that truly
meet targeted customer needs.  This has resulted in stronger,
more focused models in each channel portfolio," Mr. LaNeve
added.

"A great example of this is the Buick Enclave which, within the
BPG Channel, replaced the Rendezvous, Rainier, Terraza and
Montana SV6.  The Enclave outsells all four combined and Enclave
is a true Buick in every sense of the word.

Today, the BPG channel covers a wide section of the market with
distinct products like the Buick Enclave crossover, Pontiac G8
rear-wheel-drive sedan, and Professional Grade GMC trucks.  The
announcements will build on that positive momentum by better
aligning the organization to our channels.  We are offering more
valuable products for customers and producing better results for
the business."

Mark McNabb joins GM beginning April 21st from Nissan Motor Co.,
where he was corporate vice-president Infiniti and senior vice-
president sales and marketing of Nissan North America.  Jim
Taylor, Cadillac divisional manager, Martin Walsh, Hummer
divisional manager, and Steve Shannon, Saab divisional manager
will report to him.

"Mark McNabb is a world-class executive with extensive
experience.  His background with Mercedes and Infiniti, in
addition to Nissan, make him uniquely suited for this new
position as the vice president of the premium brands," Mr.
LaNeve said.  "He is a great addition to our North American
team."

Ed Peper, a 23 year GM veteran, has served as Chevrolet General
Manager since April 2005.  He has had numerous assignments in
GM's field operations and central office, including general
manager of GM's Northeast Region and vice president of sales for
Saab Cars USA.

"Under Ed's leadership, Chevrolet led the U.S. industry in total
sales two of the past three years, on the strength of great new
products like the Chevy Malibu," Mr. LaNeve said.

Susan Docherty had been the Western Region's General Manager
since March 1, 2006.  She was General Manager of Hummer and had
worked at GM's Cadillac Division, responsible for launching the
Escalade family of vehicles.  She spent a good portion of her
career in marketing leadership assignments covering Europe and
Asia.

"Susan has a strong list of accomplishments supporting a variety
of GM regions and brands," Mr. LaNeve said.  "Her leadership
will help the BPG channel continue to gain strength and
customers."

Jim Bunnell, who had been general manager of BPG, will lead the
Channel Support Group collaborating with the channels on
business strategies to provide common processes and systems to
the channels.  He had previously been General Manager of GM's
North Central Region.

"Jim really led the way by being the first to run a retail
channel in the U.S.," Mr. LaNeve said.  "He will use that
experience to support the further development of all the
channels."

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                           *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants forced closure of many GM (B/Watch
Neg/B-3) plants, as well as plants of certain GM suppliers.  The
strike began after the expiration of the four-year master labor
agreement with American Axle.  Although S&P still expects
American Axle and the UAW to reach an agreement that will
reflect more competitive labor costs, the timing is unknown.

To resolve the CreditWatch listings, S&P's will assess the
strike's impact on the companies' credit profiles, particularly
liquidity, once production resumes.  S&P could lower the ratings
any time prior to a resolution of the Axle strike if the
liquidity of the companies becomes compromised, although
downgrades are not likely for another several weeks.

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

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

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


ICICI BANK: To Decide on Interest Rates After RBI's Statement
-------------------------------------------------------------
ICICI Bank Limited will only decide whether it will hike
interest rates after the Reserve Bank of India comes out with
its monetary policy for fiscal year 2009, The Financial Express
reports.

According to the FE, the banking regulator is set to make a
statement of the FY2009 policy on April 29.

"Liquidity is flush but inflation is high.  So, interest rates
should increase but I won’t speculate.  I will wait for policy
signals and market conditions," the Business Standard quoted
ICICI MD and CEO K. V. Kamath as saying.

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

                          *     *     *

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


ICICI BANK: Don't Treat Derivatives Loss as NPA, Court Says
-----------------------------------------------------------
The Hyderabad High Court ruled on Thursday that ICICI Bank
Limited cannot treat as non-performing assets the amount of
money NCS Sugars Ltd owes the bank, the Business Standard
reports.

According to the report, ICICI Bank and NCS Sugars are involved
in a dispute over losses that NCS sustained on derivative
products.  At last week's ruling, the court made it clear that
even if ICICI cannot treat the derivatives loss as NPA, the bank
is not restrained from proceeding against NCS Sugars on other
issues.  This week, the Hyderabad Court will continue hearing on
their dispute.

NCS is one of the firms that took ICICI Bank to court over
derivative deals.  Rediff News, on April 1, reported that home
furnishings company Sabare International commenced a lawsuit
against the bank over a foreign exchange derivative contract.
Sabare wants the Court to declare the contract void.

Many of the bank’s clients are working out alternative plans to
deal with the situation, one of them being out of court
settlements, the Standard quoted Joint MD and CFO Chanda Kochar
as saying.

In a statement last March, ICICI Bank admitted that the widening
of credit spreads in the international markets have resulted in
a negative mark-to-market impact on the credit derivatives and
fixed income investment portfolios of the bank and its overseas
banking subsidiaries.  The bank, however, believes there has
been no significant deterioration in actual credit quality of
the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an
aggregate exposure of US$2.2 billion in credit derivatives.  As
of January 31, 2008, the mark-to-market negative on this
portfolio due to movement of credit spreads was about
US$155 million of which US$88 million had been provided for in
the financial statements of the bank and its subsidiaries
for the nine months ended December 31, 2007.

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

                          *     *     *

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


IFCI LTD: Board to Consider Audited Results on April 29
-------------------------------------------------------
IFCI Ltd has informed the Bombay Stock Exchange that its board
of directors will hold a meeting on April 29, 2008, inter alia,
to approve the audited financial results for the quarter and
year ended March 31, 2008.

In the year ended March 31, 2007, IFCI booked a net profit of
INR8.98 billion compared to the net loss of INR741 million in
the prior financial year.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.


QUEBECOR WORLD: Wants to Assume Three Software Licensing Deals
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority
to assume three software licenses, cure the existing defaults
under each contracts, and provide each party with adequate
assurance of future performance:

    Debtor                   Party              Cure Amount
    ------                   -----              -----------
    Quebecor World           Blanchard System,  US$160,0000
    (USA) Inc.               Inc.

    Quebecor World           IO Integration,       US$45,000
    (USA) Inc.               Inc.

    Quebecor World           GMC Software          US$87,480
    Dittler Brothers Inc.    Technology, Inc.

Quebecor bought from Blanchard certain software licenses for
software entitled the DALiM MiSTRAL Pro with DALiM TWiST
Hardworker and the DALiM DiALOGUE Enterprise Server, along with
related annual maintenance services.  The Software is a Web-
based electronic asset and project management and job tracking
system.  The Debtors use the Software in their Premedia division
to electronically manage the premedia workflow among the
Debtors' Premedia locations and with their customers.  The
Software electronically manages and stores the entire premedia
workflow, allowing customers to upload, view and manipulate data
and image files via a web portal from any location; allowing the
Debtors to automate the premedia process of preparing files for
print and allowing the Debtors and their customers to
electronically sign-off on files for print via "soft-proofing"
technology.

Quebecor bought from IO Integration certain software licenses
for software entitled Xinet FullPress 10 User and Xinet
WebNative plus Venture, along with related installation and
training services.  The Software is part of a web-based
electronic asset management system from the software
manufacturer Xinet used by the Debtors in their Premedia
division to manage the digital assets of the Debtors' Premedia
customers.  The Software standardizes digital files and
automates premedia workflow, as well as allowing the Debtors'
customers to view, approve, download and repurpose images
online.

Quebecor bought from GMC Software one PrintNet T Standard
Designer Software License upgrade, along with related training
and annual maintenance services.  The Debtors have used the
PrintNet T Standard Designer Software in the operation
of their direct mail business in Atlanta for a number of years.
Direct mail comprises approximately 85% of QW Atlanta's
business.  The entire QW Atlanta direct mail platform utilizes
the Software.

Michael J, Canning, Esq., at Arnold & Porter LLP, in New York,
says asserts that the Debtors currently use the DALiM Software
and the Xinet Software for hundreds of their customers.  Buying
additional Licenses from the same vendor would be an efficient
use of the Debtors' assets as its employees are familiar with
the Software and the Software have already been successfully
integrated across Debtors' technology platform, Mr. Canning
says.  "Attempting to initiate a new software regime into the
Debtors' Premedia operations would be potentially disruptive to
the Debtors' Premedia business."

Mr. Canning also argues that the Upgrade is necessary to the
Debtors' direct mail business, as it allows QW Atlanta to
accommodate new data formats utilized by its customers within QW
Atlanta's current software platform, avoiding the need to
replace QW Atlanta's current platform in its entirety.  "Full
replacement of the platform with software from another vendor
would be substantially more costly and would be potentially
disruptive to QW Atlanta's business."

Mr. Canning adds that the generally favorable terms of the
Contracts, including a corporate discount from the vendor, make
it a valuable asset of the Debtors' bankruptcy estates.

                       About Quebecor World

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

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

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

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

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

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

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

                            *     *     *

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


QUEBECOR WORLD: E&Y Presents Monitor's Report to Quebec Court
-------------------------------------------------------------
Ernst & Young, Inc., the Court-appointed monitor of Quebecor
World Inc. and certain of its affiliates' bankruptcy proceedings
under the Companies' Creditors Arrangement Act, presented its
report to the Quebec Superior Court of Justice with respect to
the activities of the companies and certain events occurring
since Feb. 15, 2008.

                          CCAA Proceedings

On Feb. 19, 2008, the Quebec Superior Court of Justice
ordered:

    (a) the extension of the stay termination date to May 12,
        2008;

    (b) Ernst and Young to prepare a report on inter-company
        transactions:

    (c) that Quebecor World Inc. will be relieved of any
        obligation to call and hold an annual general meeting of
        shareholders on or before June 30, 2008, and Quebecor
        World is directed to call a meeting within three months
        following the lifting of the stay termination date; and

    (d) confirmation of various changes to the Initial Order as
        amended on Jan. 31, 2008.

                    Stabilization of Operations

(a) Overview

With significant progress to date, the Applicants are under
discussions with suppliers to re-establish supply arrangements
and credit terms during the stay period.

The Applicants have hired additional accounting staff to adapt
to a large volume of new information, increasing levels of time
sensitive payment requests and high volumes of manual
transactions.  The Applicants are also implementing procedures
to ensure that renegotiated vendor credit limits are respected.

The Applicants are working on a reconciliation of their
prepetition trade liabilities.  The analysis is ongoing as the
payment of prepetition payments permitted by the U.S.
Proceedings, the receipt and investigation of certain 20 day
administrative and reclamation claims, and the set-off rights
claimed by certain customers must be taken into consideration.

(b) Banking

In accordance with the terms of the Initial Order, a
C$20,000,000 negotiated indemnification amount was deposited to
the Canadian Bank of Commerce on February 21, 2008.

(c) Customers

The Applicants continue to negotiate and extend contracts in the
normal course.  Contract extensions have been reached with
several customers since filing, with several more significant
contracts subject to ongoing negotiations.  Management expects
that receipt of the Final DIP Order in the Chapter 11
proceedings will enable the Applicants to finalize negotiations
with several significant customers.

(d) Leases

The Applicants have entered into new leases for additional
office or warehousing space and as well as have renewed leases
for manufacturing premises.  The new leases have been small in
value and for relatively short periods of time (one to six
months), and the lease renewal for manufacturing premises was
done substantially on the same conditions as previously existed,
and is for a period of one year only.

      Cash Flow Results for the Six Weeks Ended March 23, 2008

As of March 23, 3008, the consolidated North American operations
of the Applicants produced negative cash flow of US$77,000,000,
approximately US$116,000,000 better than projected for the same
period in the cash flow forecast prepared by the Applicants.
According to management, the favorable variance is attributable
to a number of factors not reflected on the Cash Flow Forecast
including scrap paper sales, limited post-filing credit received
form suppliers, temporary deferral of several capital projects,
and a conservative forecast of certain payroll cost.

A copy of the actual cash flow results and the variances from
the cash flow forecast for the six weeks ended March 23, 2008 is
available for free at:

    http://bankrupt.com/misc/Quebecor_CashFlowResultMarch2008.pdf

      Cash Flow Forecast for the 13 Weeks Ending June 22, 2008

To assist their short term financial performance and ongoing
financing requirements during their restructuring proceedings,
the Applicants have prepared a revised cash flow forecast for
the 13 weeks ending June, 22, 2008.  Management is expecting to
incur an US$87,000,000 negative cash flow during the period.
Management anticipates, however, that the Applicants will be
marginally cash positive starting May as the Applicants move
through their normal seasonal business cycle.

The Revised Cash Flow Forecast does not require borrowings on
the US$400,000,000 Revolving Credit Loan Facility, outside of
the Letter of Credit Sub-Facility.

A full-text copy of the Revised Cash Flow Forecast is available
for free at: http://researcharchives.com/t/s?2a6b

                       Creditors Committee

A weekly call has been set-up with the professional advisors of
the AD Hoc Bondholder group, the Bank Syndicate and the Official
Committee of Unsecured Creditors; the Applicants; and E&Y to
identify and discuss emerging issues.

                      Ad Hoc Bondholder Group

The Ad Hoc Bondholder Group has created a subcommittee known as
the Ad Hoc Bondholder Subcommittee and has retained Milbank,
Tweed, Hadley, McCloy LLP as U.S. Counsel, to review and analyze
issues regarding the rank and priorities of various notes issued
by the Applicants.

            Official Committee of Unsecured Creditors

The Committee replaced Osler, Hoskin and Harcourt LLP with
Bennett Jones LLP as Canadian legal counsel upon identification
of a certain conflict by Osler Hoskin before its retention.

                            Governance

The Board of Directors of Quebecor World Inc. disclosed the
members of its Restructuring Committee:

    (a) Mr. Andre Caile,
    (b) Mrs. Michele Desjardins,
    (c) Mr. Jean La Couture,
    (d) Mr. Jean Neveu, and
    (e) Mr. Jacques Mallette

On March 24, 2008, the Restructuring Committee selected a
candidate for the Chief Restructuring Officer position.  The
terms and conditions of the CRO engagement are under discussion
and documentation.

                Status of Latin American Operations

As of April 1, 2008, the Applicants transferredUS$6,000,000 to
Mexico, Peru, Argentina, and the British Virgin Islands:

              Mexico                  US$2,500,000
              Peru                      2,500,000
              Argentina                   700,000
              British Virgin Islands      300,000

The Applicants are working on the transfer of the remaining
$4,000,000 to Colombia.  According to the Applicants, the
process
to transfer funds to Colombia is complicated because Colombian
laws prohibit funds transfers by way of an inter-company loan
from non-domestic sources and the Financing Facilities prohibit
them from investing in the equity of foreign subsidiaries.  The
Applicants are reviewing alternative mechanisms to effect the
cash transfer.

                   Status of European Operations

The Applicants are assessing their alternatives with respect to
the European operations.  As of April, 1, 2008, the Applicants
have transferred  EUR9,000,000 to finance its European
operations.

                  Operations in the United Kingdom

After being unable to renew a contract with the Associated
Newspaper Limited in 2005, Quebecor World PLC was unable to find
a replacement for this major contract.  Given the platform used
by QW UK, it was difficult to realign costs to match reduced
production volumes, resulting in operating losses and layoffs.
These difficulties were compounded by the intense competition in
the market driven by considerable overcapacity.

UK Administrators Ian Best and David Duggins of Ernst & Young UK
retained GVA Grimley to market and sell the QW UK fixed assets.
A team of 26 employees were retained to decommission the
equipment and make the assets ready for sale.  The
Administrators
estimate that the overall process, including the disassembly and
removal of equipment, will not be completed until the end of
2008.

The Administrators are marketing two properties where the
operations were conducted.  Holding costs, including insurance,
site clean-up and security costs, could be significant until the
properties are sold.

A meeting of the creditors of Quebecor World UK was held on
March 28, 2008, for the creditors to vote upon the proposal made
by the Administrators including to:

    (a) continue the realization of the assets;

    (b) perform an investigation of any claims QW UK may have
        against third parties;

    (c) continue the Administration, as required;

    (d) establish a creditors' committee;

    (e) enable the Administrators to perform a distribution under
        the Administration, if it is a more cost effective
        process than under a liquidation; and

    (f) move the company directly into a creditors' voluntary
        liquidation at the end of the Administration.

The Administrators have indicated that approximately 35
creditors were present at the meeting, most of whom were
employees.  The creditors voted in favor of the proposal and
have requested that a creditors' committee be formed.  The
Applicants say that a representative of Quebecor World S.A. will
sit on the creditors' committee.

Quebecor World UK has payables of approximately GBP70,000,000 of
which GBP41,000,000 are for pension related obligations and
GBP15,000,000 are for inter-company payables.

            Preparation of Restructuring Business Plan

The Applicants have begun the preparation of their five-year
business and financial plans with the advice and assistance of
UBS and input from Ernst & Young.  The business plans will
reflect the Applicants' expectations of future operating
performance during and after the CCAA and Chapter 11 processes.
Management expects that the preparation of the business plans
will be completed in May.

                       About Quebecor World

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

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

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

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

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

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

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

                            *     *     *

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


QUEBECOR WORLD: Wants to Assume Yale Materials Contracts
--------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to assume an unexpired master rental agreement and
associated rental schedules with Yale Materials Handling
Corporation, pay the cure amount necessary to cure the existing
defaults, and provide YMHC with adequate assurance of future
performance.

Quebecor World Inc., and Yale Materials Handling Corporation and
Yale Industrial Trucks Ontario LTD are parties to a master
rental agreement dated Sept. 17, 2003.  Under the Agreement,
Quebecor World and its affiliates may rent forklift trucks and
other materials handling equipment from YMHC, under a rental
schedule.

As of the bankruptcy filing, the Debtors and YMHC were parties
to 99 rental schedules covering 331 individual lift trucks in
use at the Debtors' facilities.  The remaining term of each
rental schedule varies according to the date on which a
particular Debtor Affiliate entered into the rental schedule,
with expiration dates falling between July 1, 2008, and Dec. 31,
2012.

As of April 7, 2008, the Debtors owe US$1,001,425 in unpaid
prepetition obligations and US$330,114 in unpaid postpetition
obligations to YMHC totaling US$1,331,539.  The amount owed is
required to cure the Debtors' defaults under the Rental
Agreement and pursuant to Section 365(b) of the Bankruptcy Code.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
says that in connection with the Debtors' assumption of the
Rental Agreement, YMHC has agreed to waive the hourly overtime
use charges for all current Leased Equipment incurred through
April 7, 2008.  In addition, YMHC has agreed that for the
Debtors' facilities in Olive Branch, Mississippi; Fernley,
Nevada; Jonesboro, Arkansas; and Merced, California, YMHC will
make available additional rental equipment that will reduce the
Debtors' utilization of the existing equipment at those
facilities to a level that ensures that the Debtors will not
exceed the allowable hours for each piece of equipment by the
end of the terms of the applicable Rental Schedules.  The
Debtors have agreed to add the equipment and pay the associated
rental costs so that the total allowed hours on the current
Leased Equipment will be within the total hourly utilization
allowed under the Rental Agreement and applicable Rental
Schedule at the end of the rental term.  Furthermore, YMHC has
agreed to waive certain administrative priority claims.

According to Mr. Canning, the Debtors have undertaken a review
of both their future equipment needs and their current
arrangement with YMHC.  In connection with their review, the
Debtors contacted five large equipment leasing companies other
than YMHC, as well as several smaller equipment lessors.  Mr.
Canning relates that a number of these lessors stated that they
would not enter into new rental agreements with the Debtors in
light of the pending Chapter 11 Cases.  "The remainder of the
potential lessors indicted that, while they might be willing to
lease equipment to the Debtors on a going forward basis, any
rental agreement would include substantial up-front payments and
provide for high interest charges.  In contrast, YMHC offered to
continue under the existing terms of the Rental Agreement,
subject to the Debtors' cure of existing monetary defaults."

The Debtors believe that the rates charged by YMHC for equipment
rental, the quality of the equipment offered by YMHC and the
level of maintenance and other services proved by YMHC in
connection with the Leased Equipment are competitive with other
potential equipment lessors.

Mr. Canning says assuming the Yale Rental Agreement is a sound
exercise of the Debtors' business judgment because access to
safe and well-maintained materials handling equipment is
essential to the efficient operation of the Debtors' businesses.

                       About Quebecor World

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

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

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

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

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

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

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

                            *     *     *

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


TATA STEEL: To Raise INR750 Crore From Seven-Year Bond Issue
------------------------------------------------------------
Tata Steel Ltd is considering raising up to INR750 crore by
issuing seven-year bonds, The Financial Express reports citing
unnamed sources close to the deal.

According to the report, the bonds carry 9.90% interest rate,
payable annually, with a put/call option at the end of the fifth
year.  Citibank NA is reportedly the sole arranger for the
issue.

The opening and closing dates of the bond issue were not
disclosed.

Fitch Ratings has assigned a National rating of 'AAA(ind)' to
the proposed issuance, and at the same time affirmed the
company's National Issuer rating at 'AAA(ind)' and its
Commercial Paper/Short Term Debt rating aggregating INR9.75
billion at 'F1+(ind)'.  The Outlook is Stable.

Moreover, Fitch Ratings have also assigned a national rating of
‘AAA’ to the company’s proposed non-convertible debenture
issuance of up to INR750 crore.

Tata Steel's ratings continue to reflect its position as a low-
cost steel producer in India with significant iron-ore and coal
linkages.  The company has geographically diversified operations
spread across Europe, India and South East Asia with an
established distribution network and successful refinancing of a
substantial proportion of its bridge facilities.

Fitch, however, warned that the lack of raw material linkage at
Tata Steel UK is a key concern, which needs to be addressed, in
order to underpin stability in EBITDA margins.

                        About Tata Steel

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

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

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




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

ANEKA TAMBANG: Seeks Shareholder Okay to Adjust Bid for Herald
--------------------------------------------------------------
PT Aneka Tambang will ask shareholders to give the company the
choice to adjust its offer price for Australia's Herald
Resources Limited, Bloomberg News reports.

According to the report, Corporate Secretary Bimo Budi Satriyo
said the company has yet to decide whether it will raise its
bidding price or not.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 1, 2008, Antam and Chinese zinc producer Shenzhen Zhongjin
Lingnan Nonfemet Co. joined together to submit an offer to
acquire Herald Resources for US$448-US$449 million.

Antam, Bloomberg relates, is battling a AU$2.25-a-share offer
from PT Bumi Resources to gain control of Herald's Dairi lead
and zinc project in Indonesia.

Prayoga Triyono, a shareholder, told the news agency that Antam
needs to have flexibility in case Bumi raises its bid.  "It's a
great move if Antam can win the Herald bid as it will add more
metals to its portfolio and reduce exposure to fluctuation in
nickel price."

Naila Firdausi of Bloomberg writes that Antam said Martokoesomo,
Prasetyo & Rekan estimated the fair value of Herald stock at
AU$3.51 each.  Bumi Resources, who said an independent report
put Herald's fair value between AU$2.62 and AU$3.29, plans to
meet shareholders on April 30 to revise its bid, Bloomberg
notes.

                     About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 17, 2008, that Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.
This concludes the review for possible upgrade which commenced
on October 22, 2007.

On Dec. 4, 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Indonesian state-owned
mining company PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


ADAM AIR: Major Shareholders Set Terms for Saving Airline
---------------------------------------------------------
Adam Air's major shareholders Global Transport Service and
Bright Star Perkasa agreed to support the airline provided that
certain conditions are met, The Jakarta Post reports.

According to the report, GTS Director and Adam Air Finance
Director Gustiono Kistanto said that GTS and Bright Star won't
provide financial support unless Adam Air's management explains
and takes responsibilities for a number of issues.  They want
the airline's management to explain past irregularities and
improve performance, particularly in safety, he added, the
report relates.

The Post relates that Mr. Kistanto said three complaints by the
shareholders' are currently under investigation:

    -- Adam Air recorded IDR3 billion earnings per month amid a
       report that its cargo services, between August 2007 and
       February 2008, transported at least 2,200 tons per month,
       which should be worth at least IDR10 billion;

    -- The airline's management used IDR2.1 billion for personal
       expenses between January 2007 and January 2008; and

    -- The airline's inventory report claimed the company had
       spent IDR120 billion on spare parts for airplanes but was
       unable to justify the expenditure.

President Director Adam Suherman told the news agency that all
the shareholders agreed to pay the company's 3,000 employees
their March salary, despite the suspension of operations.

                          About Adam Air

Adam Air, (incorporated as PT. Adam SkyConnection Airlines), --
http://www.adamair.co.id/-- is a privately owned airline based
in Jakarta, Indonesia.  It operates scheduled domestic services
to over 20 cities and international services to Penang and
Singapore.  Its main base is Soekarno-Hatta International
Airport, Jakarta.

Although sometimes referred to as a low-cost carrier, it markets
itself as an airline, which straddles between low-cost and
traditional carriers by offering on-board service with meals,
but at competitive prices, similar to the model adopted by
Singapore-based Valuair. Prior to the crash of flight 574, it
was the fastest growing low-cost carrier in Indonesia.

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2008, the Department of Transportation canceled Adam
Air's airline operations starting March 19 due to failure to
comply with the agency's safety standards.  Another TCR-AP
report noted that a leasing firm seized more than half of Adam
Air's fleet when the airline defaulted on payments.


PERUSAHAAN LISTRIK: Gets IDR5.7 Trillion Loan for Power Plants
--------------------------------------------------------------
Perusahaan Listrik Negara has secured a IDR5.7 trillion
syndicated loan from domestic banks to finance the construction
of a number of coal-fired power plants, Antara News reports

According to the report, this is in line with Indonesia's "crash
program" to develop an additional 10,000 megawatts of
electricity generation capacity.

Antara relates that five banks have agreed to extend financing
to the company:

    -- PT Bank Mandiri Tbk,
    -- PT Bank Negara Indonesia Tbk,
    -- PT Bank Rakyat Indonesia Tbk,
    -- PT Bank Mega Tbk, and
    -- PT Bank Central Asia Tbk.

Yogo Pratomo, a PLN official who chairs the crash program, told
Antara that the loan will finance the construction of five power
plants:

    -- the Suralaya coal-fired power plant for IDR740 billion;

    -- the Paiton power plant for IDR600 billion;

    -- the Labuan power plant for IDR1.19 trillion;

    -- the Indramayu coal-fired power plant for IDR1.27 trillion;
       and

    -- the Rembang power plant for IDR1.91 trillion.

                   About Perusahaan Listrik

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

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




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

AOZORA BANK: Chairman Expected to Resign in May
-----------------------------------------------
The Japan Times reports that its sources say Aozora Bank
Chairman Kimikazu Nomi is expected to resign next month due to a
standoff with Cerberus, the bank's top shareholder.

It's unclear who will replace Mr. Nomi, the report relates.

The Japan Times relates that Mr. Nomi relinquished the CEO post
on Feb. 21 and President Federico Sacasa assumed that post.

Last week, the bank disclosed that Hiroshi Amemiya retired from
the Board of Directors.

                         About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

The Troubled Company Reporter-Asia Pacific reported on April 2,
2008, that Fitch Ratings affirmed Japan's Aozora Bank's Long-
term foreign and local currency Issuer Default Ratings at 'A-',
Short-term foreign and local currency IDRs at 'F1', Individual
'C', Support '3', Support Rating Floor 'BB+' and senior
unsecured notes 'A-'.  The Outlook remains Stable.


ELPIDA MEMORY: Posts JPY24 Bil. Net Loss for Year Ended March 31
----------------------------------------------------------------
Elpida Memory, Inc., Japan's leading global supplier of Dynamic
Random Access Memory (DRAM), reported the preliminary financial
results for the fiscal year 2007 ended March 31, 2008.  The
company announced these preliminary results pursuant to Tokyo
Stock Exchange's requirement.  Final figures are expected to be
reported on April 25, 2008.

1. FY 2007 (April 1, 2007 to March 31, 2008) preliminary
    consolidated business results

    (Millions of Yen)

                                    Net Sales   Operating income
                                    ---------   ----------------
    Preliminary FY 2007 Results       405,000        (25,000)
    FY 2006 Results                   490,039         68,420
    Increase/decrease, yen            (85,039)       (93,420)
    Increase/decrease (%)                (17%)             –
    9 mo. ended Dec. 31, 2007         315,084            943
    9 mo. ended Dec. 31, 2006         345,854         53,488

                                 Ordinary income    Net income
                                 ---------------    ----------
    Preliminary FY 2007 Results       (40,000)       (24,000)
    FY 2006 Results                    63,636         52,943
    Increase/decrease, yen           (103,636)       (76,943)
    Increase/decrease (%)                   –              –
    9 mo. ended Dec. 31, 2007          (8,943)         5,699
    9 mo. ended Dec. 31, 2006          50,351         44,458

2. Overview of preliminary results

    Prices for Computing DRAM products (for PCs and servers)
    remained high in 2006 but from January 2007 began falling
    rapidly.  As of December 2007, the spot price for DDR2 SDRAM,
    a leading PC DRAM product, had declined by more than 80% in
    12 months.

    In the fourth quarter (4Q) of fiscal year 2007, market
    pricing conditions failed to recover, sending the company's
    selling prices even lower. Also the sales volume of high-
    value added products decreased.  Thus, even though the bit
    shipments increased largely the company estimates quarterly
    net sales of 90 billion yen (down 5% QoQ, down 40% YoY
    approximately). The QoQ bit shipment growth was 33% for the
    quarter (above our forecast of 20%), a result of a better
    than expected manufacturing volume and yields at the
    company's Taiwan-based manufacturing joint venture, Rexchip
    Electronics Corporation.

    Elpida reported a 4Q operating loss of around 26 billion yen,
    compared to an operating loss of 8.9 billion yen for the
    previous quarter. Based on an increase in the production on
    the 70nm process node per-chip costs were significantly
    lower, but the drop in the above-mentioned PC DRAM selling
    prices, changes in the product mix and yen appreciation all
    contributed to a drop in gross profit. Average selling price
    (ASP) for Elpida's DRAM products fell 26% QoQ mainly as a
    result of an increase in the PC DRAM sales volume. The
    company recognized an inventory write-down of slightly less
    than 5 billion yen.  Also, in regard to accounts receivable
    whose collection is doubtful the company plan to create a 2.6
    billion yen allowance for doubtful accounts.

    As a result, for the FY 2007 full term the company estimates
    net sales of 405 billion (down approximately 17% YoY), an
    operating loss of 25 billion and an ordinary loss of 40
    billion.  After accounting for the 22 billion yen sale of
    Hiroshima 200mm wafer fab equipment in the 1Q, the company
    estimates net losses of around 24 billion yen.

                         About Elpida Memory

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

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


FUJI HEAVY: To Discuss Year End Financial Results on April 28
-------------------------------------------------------------
Fuji Heavy Industries Ltd. will hold a briefing regarding its
financial statements for the year ended March 31, 2008, on
April 28, 2008.

As reported by the Troubled Company Reporter-Asia Pacific on
March 20, 2008, Fuji Heavy Industries Ltd. reported a net loss
of JPY179 million for the third quarter ended December 31, 2007,
as compared to the same period of last year's net income of
JPY247 million.

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies.  The Company has a global network.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


JAPAN AIRLINES: To Strengthen Ties With Vietnam Airlines
--------------------------------------------------------
Japan Airlines International Company Limited is set to
strengthen its ties with Vietnam Airlines as part of efforts to
reinforce the Oneworld global airline network, which has no
Southeast Asian member, Asia Pulse reports.

According to the report, JAL and Vietnam Airlines currently
operate joint flights between Japan and Vietnam under a code-
sharing agreement.

By reinforcing the alliance, Asia Pulse relates, the Japanese
firm will help Vietnam Airlines improve the quality of its
services and technologies to levels in line with Oneworld
standards and invite it to join the network.

                       About Japan Airlines

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

                         *     *     *

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

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

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




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

HYUNDAI MOTOR: Signs 5-Year Technical Deal With Caparo India
------------------------------------------------------------
Hyundai Motor Co. signed a five-year technical agreement with
Caparo India plc in Chennai to further cement its leading
position in India by entering the country's rapidly-growing
luxury bus market.

According to the CKD agreement with auto parts maker Caparo
India, which is part of the London-based Caparo Group, Hyundai
Motor will provide parts and production technology for the
buses, while Caparo India will build a 1,500 units-a-year
factory near Hyundai Motor India's current plant to locally
manufacture and sell the vehicles.  The CKD plant may begin
production by early 2009, initially producing 350 units.
According to the agreement, the plant will produce a total of
about 5,100 buses by 2013.

India's commercial vehicle market stood at 290,000 units in
2007, including 5,000 luxury buses.  This figure is expected to
double in the next two years, reaching 10,000 units by 2010 as
rapid economic development and demand for luxury transportation
increases in India.

"Long-distance travelling and demand for luxury buses in tourism
are continuing to increase as India builds new highways and as a
new middle-class emerges," a Hyundai official said.  "Hyundai,
with its high-performance and high-quality Aero bus, will create
a reverberation in the Indian commercial vehicle market, which
has been dominated by local makers such as Tata and Ashok
Leyland."

On top of its best-selling models in India such as Santro and
the i10, Hyundai Motor will now enter the country's commercial
vehicle market to boost market presence and strengthen its brand
name.

Mr. Choi Han-Young, President of Hyundai Motor's commercial
vehicle division, and Caparo India's President Mr. Sunil
Pahilajani, and about 80 other officials attended the signing
ceremony.

Hyundai will continue to aim for commercial vehicle sales of
100,000 units by 2010, entering the Top 10.

Hyundai currently has commercial vehicle CKD plants in six
countries, including China, Vietnam, Russia, Indonesia, Malaysia
and Iran.

                       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.


MAGNACHIP SEMI: Opens Image Sensor Research Center in Pasadena
--------------------------------------------------------------
MagnaChip Semiconductor Limited opened an Image Signal
Processing Advanced Research Center in Pasadena, California.

The new center will have as its mandate the development and
delivery of next-generation image enhancement and processing
technologies and architectures for CMOS image sensor customers
in the various end markets MagnaChip serves, including mobile
phones, PCs, notebook computers, and security applications.  In
particular, the R&D staff in the new center will prioritize
development of leading edge image processing techniques for
highly integrated, low-cost system-on-a-chip solutions, advanced
algorithms delivering quality levels comparable to digital still
cameras and technologies that enable next-generation small-pixel
products.

Robert Krakauer, President of MagnaChip commented, "The opening
of our new advanced research center is a reflection of our
continued commitment to the development of leading technology in
our imaging solutions business.  With the opening of this
center, we expect to further our technical expertise in image
enhancement as we continue to build our position in the market.
The center will work hand-in-hand with other MagnaChip design
centers worldwide, including the Advanced Pixel Research Center
in Portland, OR, imaging systems design center in Sunnyvale, CA,
and imaging systems design center in Seoul, Korea."

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

   1) B1 rating of the US$100 million five-year senior secured
      credit revolver

   2) B2 rating of the US$500 million aggregate floating and
      fixed-rate second-priority senior secured notes due 2011

   3) Caa1 rating of the US$250 million senior subordinated notes
      due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.



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

ADVANCED TECHNOLOGY: Placed Under Voluntary Liquidation
-------------------------------------------------------
Shareholders of Advanced Technology Products Ltd. met on
March 19, 2008, and resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt by April 28,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Daran Nair
           Nair & Associates Chartered Accountants Limited
           280 Great South Road
           Greenlane
           Auckland
           New Zealand
           Telephone:(09) 522 5182
           Facsimile:(09) 522 5183


AIR NEW ZEALAND: Report Confirms Compliance With Shanghai Crew
--------------------------------------------------------------
The Department of Labour confirmed that Air New Zealand had met
its obligations to its Shanghai-based crew, the New Zealand
Press Association reports.

Former immigration minister Tuariki John Delamere had accussed
Air New Zealand of paying Chinese flight attendants on Auckland-
Shanghai services little more than a quarter of their New
Zealand colleagues' wages, NZPA relates.

According to NZPA, a report issued by the Department of Labour
said: "In this case, it would appear that Chinese employment law
applied to the agreement between Air New Zealand and Chinese Air
Crew."

Air New Zealand said it was required to employ the Chinese air
crew through a Chinese Government organization, Foreign Aviation
Service Corporation, NZPA adds.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


ALBANY LOANS: Court to Hear Wind-Up Petition on June 4
------------------------------------------------------
A petition to have Albany Loans Ltd.'s operations wound up will
be heard before the High Court at Auckland on June 4, 2008, at
10:45 a.m.

Hopscotch Money NZ Limited filed the petition on February 4,
2008.

Hopscotch Money's solicitor is:

           Shane Kilian
           Duncan Cotterill
           CPO Building, Level l
           12 Queen Street
           Auckland
           New Zealand


AMIRCO LTD: Appoints Grant and Khov as Liquidators
--------------------------------------------------
On March 19, 2008, Damien Grant and Steven Khov were appointed
liquidators of Amirco Ltd.

Messrs. Grant and Khov are accepting creditors' proofs of debt
until April 25, 2008.

The liquidators can be reached at:

           Damien Grant
           Steven Khov
           Waterstone Insolvency
           PO Box 352, Auckland
           New Zealand
           Freephone: 0800Closed
           Facsimile: 0800FAXWSI


BLUE CHIP: Former Director Issued Early Warning
-----------------------------------------------
John Luxton, a former commerce minister and former director of
Blue Chip New Zealand, had warned Blue Chip's board in October
2006 that it did not have the information it needed for adequate
governance, despite numerous requests for information, NZPA
reports.

Mr. Luxton raised his concerns in his resignation letter, a copy
of which was sent anonymously to the New Zealand Herald.

"I no longer have confidence in the advice, judgment and
frankness of the managing director," Mr Luxton wrote of founding
shareholder Mark Bryers.  "I believe the serious problems facing
the company can be surmounted but I am not willing to have my
reputation dependent on a key person and fellow director whose
reports and work I would require to have continually verified."

According to NZPA, Mr. Luxton explained that he never raised the
problems in public because his first duty was to Blue Chip and
he thought it would do enormous brand damage to the organization
and prevent any opportunity of its trading its way through.

                       About Blue Chip NZ

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

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


ELEGANT DECORS: Court to Hear Wind-Up Petition Today
----------------------------------------------------
The High Court of Rotorua will hear today, April 21, 2008, at
10:45 a.m., a petition to have Elegant Decors Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
February 8, 2008.

The CIR's solicitor is:

           Julie Newton
           c/o 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


GLENCAIRN FARMS: Subject to Wealleans' Wind-Up Petition
-------------------------------------------------------
On February 27, 2008, Wealleans Petroleum Distributors Limited
filed a petition to have Glencairn Farms Ltd.'s operations wound
up.

The petition will be heard before the High Court of Rotorua
today, April 21, 2008, at 10:45 a.m.

Wealleans' solicitor is:

           Malcolm David Whitlock
           Whitlock & Co.
           c/o Baycorp House, Level 2
           15 Hopetoun Street
           Auckland
           New Zealand


H4 CONSTRUCTION: Fixes April 25 as Last Day to File Claims
----------------------------------------------------------
Creditors of H4 Construction Ltd. are required to file their
proofs of debt by April 25, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


HANOVER FINANCE: Fitch Affirms Hanover Finance's IDR at BB+
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of New Zealand-based (NZ)
Hanover Finance Limited (HFL) at Long-term foreign currency
Issuer Default Rating (IDR) 'BB+', Short-term IDR 'B',
Individual rating 'C/D' and Support rating '5'. It has also
assigned a Support Rating Floor of 'NF' to HFL. The Outlook is
Stable. At the same time, Fitch has affirmed and simultaneously
withdrawn Hanover Financial Services Limited's (HFSL) ratings of
'BB+' Long-term foreign currency IDR with Stable Outlook, 'B'
Short-term IDR, 'C/D' Individual and '5' Support rating. HFSL is
effectively a holding company with no rating requirements.

HFL's ratings reflect its small size and exposure to relatively
high-risk property development loans in New Zealand (NZ) and, to
a lesser extent, Australia. HFL relies on retail deposits for
more than 90% of total funding requirements and, like most NZ
finance companies, has been adversely affected by a slide in
retail investor confidence since 2006. This precipitated an
escalation of deposit redemptions and lower deposit reinvestment
rates across the finance company sector, and has been a major
contributing factor in the failure of numerous finance
companies. Despite these challenges, HFL's profitability ratios
have remained solid.

"Reinvestment rates for NZ finance companies appear unlikely to
improve significantly in the foreseeable future," noted John
Miles, Senior Director in Fitch's financial institutions group.
"HFL is responding appropriately to the current conditions by
ensuring it has sufficient liquid funds available to meet retail
withdrawals. It has done this, in part, by allowing its
portfolio to run down as loans are repaid. Since it is lending
less, HFL can afford to be particularly careful about the people
it lends to, which should underpin stronger asset quality,"
added Mr. Miles.

HFL's asset and liability maturity mismatch is managed via
detailed cash flow forecasts that are prepared regularly, based
on conservative assumptions regarding reinvestment rates and
loan repayments. As a measure of prudence, the company is also
carrying higher levels of liquid assets. HFL's asset quality
metrics are lumpy since individual loans are large relative to
the overall portfolio; there are currently four impaired loans
amounting to 85% of total impaired loans, however, HFL is
proactively managing these accounts and is expecting them to be
liquidated without requiring further provisions. Fitch notes
that HFL demonstrates a level of expertise in minimising losses
on such loans. Furthermore, the company is endeavouring to
significantly reduce related party loans. All of these actions
support the Stable Outlook, although HFL will need to maintain
its vigilance in what is likely to remain a challenging
environment.

HFL is NZ's third-largest privately-owned finance company with
total assets of NZD796 million at 31 December 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


HONG KONG CUISINE: Appoints Mason and Meltzer as Liquidators
------------------------------------------------------------
Rachel Mason and Jeffrey Philip Meltzer were appointed
liquidators of Hong Kong Cuisine Cafe Ltd. on March 20, 2008.

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

The liquidators can be reached at:

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


MALA COFFEE: Subject to CIR's Wind-Up Petition
----------------------------------------------
On February 11, 2008, the Commissioner of Inland Revenue filed a
petition to have Mala Coffee 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
           c/o 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


MERLOT HOMES: Faces EFS One's Wind-Up Petition
----------------------------------------------
On March 13, 2008, EFS One Limited filed a petition to have
Merlot Homes Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
June 20, 2008, at 10:45 a.m.

EFS One's solicitor is:

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


TAMAHINE HOLDINGS: To Close Down & Lay Off 50 Workers in July
-------------------------------------------------------------
The New Zealand Press Association reports that Tamahine Holdings
Ltd. said it would shut its doors on July 4 and lay off 50
employees.

According to NZPA, Tamahine Chairman Trevor Scott said over the
past 20 years, the factory had battled to cope with a
deregulated market which allowed a "flood of low cost Asian
imports".  This had been exacerbated by the recent Free Trade
Agreement with China and the high New Zealand dollar, Mr Scott
said, the report adds.

"After exploring all possible options the directors have decided
with regret and sadness that it is unsustainable to continue
manufacturing in New Zealand," NZPA quotes Mr. Scott as saying.

The report relates that about 50 jobs would be lost after the
factory permanently closes on July 4.

"It is sad to see another iconic New Zealand manufacturer
closing its local production. . . .   We all gave it our best
shot," he said, NZPA notes.

According to NZPA, plans were underway to sell Tamahine's
Intellectual Property including brands and designs.

Tamahine Holdings was a clothing and knitwear manufacturer based
in Dunedin City, Otago.  The company was behind the brands
McKenzie Country, Katie Cullen and Jackson Bay.


WAYNE BLAKE: Subject to CIR's Wind-Up Petition
----------------------------------------------
On December 5, 2007, the Commissioner of Inland Revenue filed a
petition to have Wayne Blake Builders Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
April 24, 2008, at 10:45 a.m.

The CIR's solicitor is:

           Michael Kinlim Yan
           c/o Inland Revenue Department
           Legal and Technical Services
           5-7 Byron Avenue
           PO Box 33150, Takapuna
           Auckland
           New Zealand
           Telephone:(09) 984 1514
           Facsimile:(09) 984 3116


WESTERN BAY: Cynotech Buys Uncollected Loan Receivables
-------------------------------------------------------
The New Zealand Press Association reports that Cynotech Holdings
is buying the loan receivables of Western Bay Finance, which
went into receivership in August 2006.

According to NZPA, Cynotech chairman Allan Hawkins said that the
receivables book had been sold after the receivership to a group
of investors.  Cynotech has arranged to buy the receivables not
yet collected.  The report relates that the face value of the
receivables bought by Cynotech was NZ$30 million, while the
purchase price of NZ$1.5 million was to be settled by a cash
payment of NZ$1 million and the issue of 3,125,000 Cynotech
shares at an issue price of NZ$0.16.

"The quality of the Western Bay receivables as they now stand is
not good, but the directors of Cynotech are confident that the
experienced credit team within the group will be able to collect
a significant amount of the receivables still outstanding," Mr
Hawkins said, according to NZPA.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on August 4,
2006, that Western Bay Finance was put into receivership,
leaving more than 3,000 investors in limbo.  Receivers Ferrier
Hodgson were called to assess the quality of Western Bay's loan
book, which has about 10,000 loans totaling NZ$53 million.

Jim Smylie established Western Bay Finance 17 years ago.



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

AES CORP: Closes US$930 Mil. Transfer of Philippine Assets
----------------------------------------------------------
The AES Corporation completed the US$930 million purchase and
transfer of assets of the 660 MW Masinloc coal-fired thermal
power plant located in Barangay Bula, Zambales Province, Luzon,
The Philippines.

"This acquisition is a key component of our strategy to invest
in areas where there is a significant need for new capacity and
offers AES an excellent entry point into the growing Philippine
economy through the lowest cost thermal plant in the system,"
Paul Hanrahan, AES president and chief executive officer, said.
"This is a particularly attractive investment because the
existing facility has the infrastructure in place to allow AES
to add an additional 600 MW of generation capacity."

"As AES has done through similar acquisitions in other parts of
the world, we expect to improve the overall efficiency and
output of the existing plant, providing more reliable energy to
the Philippine market," Mr. Hanrahan continued.

AES and its 8% minority partner International Finance
Corporation paid 100% of the purchase price upfront to complete
the Masinloc transaction in one step.  Including transaction
costs and completion of a planned upgrade program to improve
environmental and operational performance, the total project
cost is estimated at US$1,057 million.  The transaction funding
included US$635 million in secured non-recourse financing
comprised of a US$240 million, 18-year facility from IFC, a
US$200 million, 15-year facility from Asian Development Bank,
and a US$195 million, 10-year facility from a consortium of
banks including ING Bank, Security Bank, Bank of Philippine
Islands and Rizal Commercial Banking Corporation.  In addition,
over US$30 million of unsecured working capital facility
commitments have been obtained from three local banks.

"The impressive local and international group of commercial and
multilateral lenders reflects not only the strong fundamentals
of the project but also demonstrates the strength of the project
finance market in Asia," Mark Woodruff, executive vice president
and president of AES's asia and middle east region, said.

Approximately 60% of the electricity generated at the Masinloc
plant will be sold to electric distribution companies,
cooperatives and special economic zones via power supply
contracts of various tenors in place at the plant turnover.  The
remaining capacity will be sold through the wholesale power pool
or under new contracts.

AES provided the winning bid for the Masinloc facility in a
privatization auction conducted by the Power Sector Assets and
Liabilities Management Corporation.  Originally constructed in
1998, the plant utilizes coal from a variety of sources in the
Pacific Rim.  Through this acquisition, AES now operates the
Philippines' first privatized thermal plant.

AES has been operating in Asia since 1994.  AES's businesses in
the region include electric utilities and generation facilities
in China, India, Jordan, Oman, Pakistan, Qatar and Sri Lanka.
AES has more than 5,000 MW of generation capacity in the region.

                        About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation --
http://www.aes.com/-- a global power company,
operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                            *   *   *

As reported in the Troubled Company Reporter on Nov. 21, 2007,
AES (B1 Corporate Family Rating) completed its offer to purchase
up to US$1.24 billion of outstanding senior notes.  While no
ratings changed as a result, Moody's Investors Service said the
LGD point estimate on the company's senior secured credit
facilities were revised to LGD 1, 2%, from LGD 1, 3%, its second
priority secured notes to LGD 3, 38% from LGD 3, 41% and its
senior unsecured notes to LGD 4, 53% from LGD 4, 57%.


FEDDERS CORP: Wants Plan-Filing Period Stretched to May 31
----------------------------------------------------------
Fedders Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend, until
May 31, 2008, the exclusive period wherein they can file a
Chapter 11 plan of reorganization.

The Debtors also ask the Court to set July 30, 2008, as the
deadline for them to solicit acceptances of that plan.

The Debtors explained to the Court that another extension of the
exclusive plan-filing period will provide the Debtors with the
opportunity to complete the asset sale process and consummate
all of the closings contemplated by that process, and then,
develop, negotiate, and ultimately confirm a consensual plan.

As reported in the Troubled Company Reporter on April 4, 2008,
the Court further extend the Debtors' exclusive period to file a
Chapter 11 plan until April 14, 2008, and solicit acceptances of
that plan until June 13, 2008.

The Debtors have also proposed May 8, 2008, as the deadline to
file objections to the exclusive period extension, and May 15,
2008 as the extension hearing date.

                      About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.


PRC LLC: Court Extends Action Removal Period Until Next Hearing
---------------------------------------------------------------
The Honorable Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York extended, on an interim basis, the
deadline for PRC LLC and its debtor-affiliates to remove
prepetition causes of action pending a final hearing on the
Debtors' extension request.

The Court has yet to set the date of the final hearing.

The Debtors seek an extension of the removal period to the
earlier of:

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

   (ii) July 21, 2008.

As of April 1, 2008, PRC LLC is a party to some non-bankruptcy
causes of actions filed in various venues throughout the United
States, each of which was filed before the date of its
bankruptcy.

                           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)


PRC: Wants Epiq's Services to Include Voting & Tabulation Work
--------------------------------------------------------------
PRC LLC and its debtor-affiliates seek permission from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Epiq Bankruptcy Solutions as their voting and tabulation agent.

The Debtors seek to hire Epiq for the purpose of assisting with,
among other things, the solicitation and calculation of votes
and the distribution as required in furtherance of confirmation
of the Debtors' plan of reorganization, Alfredo Perez, Esq., at
Weil, Gotshal & Manges LLP, in Houston, Texas, relates.

In an effort to reduce administrative expenses related to Epiq's
retention, the Debtors seek authorization to pay Epiq's fees and
expenses, as set in the Epiq Agreement dated Jan. 18, 2008,
without the necessity of Epiq filing formal fee applications.

The Debtors believe that no additional information regarding
Epiq's disinterestedness to support the firm's employment as
voting and tabulation agent is required as they have received
authorization to retain Epiq as their claims and noticing agent.

                           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)


* S&P Affirms Philippine Sovereign Ratings With Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign
currency and 'BB+/B' local currency sovereign credit ratings on
the Republic of Philippines with a stable outlook.

The ratings reflect the sharply improved external liquidity
position, which, combined with fiscal consolidation efforts and
attendant decrease in external borrowing, is yielding a
substantially lower net external debt position.  This is
ameliorating one of the key vulnerabilities of the sovereign,
given that over 40% of its debt is denominated in foreign
currency.

The ratings also take into account continued efforts to increase
tax revenues from a low 14% of GDP and the country's track
record of steady economic growth.

"Despite these advances, a number of key debt ratios reveal a
still-high level of vulnerability to economic shocks or adverse
policy shifts than what is generally associated with this rating
category," said Standard & Poor's credit analyst Agost Benard.

Total public sector debt at 64.3% of 2007 GDP, is well above the
'BB' median 38.5% while debt-to-revenue ratio of 345%, against
the 'BB' median 146%, points to much weaker debt service
capacity.  In addition to the high public leverage, the low
revenue base is also a key reason behind an extended period of
meager public investment.

"This left the Philippine economy with inadequate
infrastructure, unable to fully exploit growth opportunities,"
Mr. Benard said.

The stable outlook on the rating balances increasingly robust
external liquidity and significant improvements in general
government and public sector financial performance, against
continued risks to revenue and deficit targets in light of weak
collection efficiency.

The outlook could be revised to positive on evidence that
revenue-generating capacity has undergone a fundamental
improvement. However, the outlook on the ratings could be
lowered if fiscal correction is endangered by stalling reforms
or weakening revenue effort, such that fiscal deficits begin to
rise, or that budget goals can only be met through continued
expenditure compression at the expense of future growth
prospects.




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

FLEXTRONICS: Completes Phase 1 of Arima Computer Acquisition
------------------------------------------------------------
Flextronics International Limited has completed phase one of a
two-phase acquisition of Arima Computer Corporation notebook and
server businesses.   Phase one include the acquisition of the
design and services group of Arima, which was completed in
March 28, 2008.

The second phase will include the acquisition of Arima's
notebook and server manufacturing facility in WuJiang China, and
is expected to close this month.  Arima Computer's notebook and
server business will become part of the Flextronics Computing
segment.  Upon completion of the two-phase transaction,
Flextronics will have acquired all of the Arima's design,
manufacturing and service resources related to notebook and
servers.

"Closing phase one of this acquisition significantly enhances
our ODM server offering and significantly strengthens our
position in the rapidly growing notebook market," said Sean
Burke, president of Flextronics Computing.  "We are pleased to
welcome Arima's talented design and service employees to our
team, as we continue to strengthen our world-class solutions for
the computing marketplace."

                       About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                         *     *     *

Flextronics International Ltd. continues to carry Moody's
Investors Service's "Ba1" probability of default and long-term
corporate family ratings with a negative outlook.

The company also carries Standard & Poor's Ratings Services'
"BB+" long-term local and foreign issuer credit ratings with a
negative outlook.



                          *********

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, Marie
Therese Profetana, 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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