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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, April 23, 2008, Vol. 11, No. 80

                            Headlines

A U S T R A L I A

ABC LEARNING: Inks US$700 Mil. Sale Deal With Morgan Stanley
DARE GALLERY: Deloitte Intends to Sell Company as Going Concern
CHRYSLER LLC: Tentatively Rehires Laid-Off Workers, Report Says
HASBRO INC: Earns US$37.5 Million in First Quarter 2008
OPES PRIME: Ferrier Hopes on a Deed of Company Arrangement


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

ASIA GLOBAL: Zhong Yi Expresses Going Concern Doubt
CHINA EASTERN: Not Paying Dividends for FY 2007, Reuters Says
CHINA SOUTHERN: Launches New Service to Iran
CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage
DANA CORP: Appoints Gary Convis as Chief Executive Officer

FERRO CORP: Revises First-Quarter 2008 Estimates
HECURLES INC: Earns US$32.4 Million in Quarter Ended March 31
HEXCEL CORP: Earns US$23.2 Million in First Quarter 2008
HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
HOPSON DEVELOPMENT: S&P Puts BB Credit Rating on Negative Watch

NINGBO BIRD: Incurs CN7593.6 Million Second Annual Loss
SHIMAO PROPERTY: 2007 Profit Up 80% on Apartments Sales
YRC WORLDWIDE: Amended Credit Pact Continues US$950MM Facility
YRC WORLDWIDE: Renews Asset-Backed Securitization Facility
YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans

ZTE CORPORATION: Licenses SPIRIT DSP's Voice Solution
* Fitch Says Taiwanese Securities Firm is Strong


I N D I A

DECCAN AVIATION: To Conclude Kingfisher Merger on June 1
TATA POWER: To Enter Memorandum of Understanding with Bhel


I N D O N E S I A

PERUSAHAAN LISTRIK: To Sign IDR7.3 Trillion Loan This Month


J A P A N

ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
DELPHI: Names Ronald Pirtle as President of Delphi Powertrain
MITSUBISHI MOTORS: S&P Lifts Long-term Corp. Credit Rating to B+
XERIUM TECH: Ernst & Young Expresses Going Concern Doubt


K O R E A

AMKOR TECH: Eric Larson Named EVP for Product Management Group
AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
CITIBANK KOREA: Moody's C- BFSR Unaffected by Parent's 1Q Loss
EG SEMICON: Largest Shareholder Sells 7.53% Company Stake
GENEXEL-SEIN: Sets KRW1,030 Per Share Price on Rights Issue

KAFCO C&I: Changes Name to JeKang Holdings


M A L A Y S I A

GOLD BRIDGE: 18th Annual General Meeting Set for May 14
SOLUTIA INC: Court Approves Settlement Pact With Air Liquide
SOLUTIA INC: Nitro Residents File US$267,745 Tort Claims
SOLUTIA INC: Court OKs Payment of US$197 Mil. to Professionals
SOLUTIA INC: EOI Eyes Acquisition of Queeny Plant for US$1 Mil.

SUNWAY INFRASTRUCTURE: Appoints PM Securities as Adviser
WONDERFUL WIRE: Defaults on MYR61,346,641 Loan Obligations


N E W  Z E A L A N D

ALSTOM NEW ZEALAND: Liquidator Fixes April 24 Claims Bar Date
AMBITION WHOLESALERS: First Meeting of Creditors Held
BLACK ROCKS CAFE: Proofs of Claim Must Be Filed by May 26
CAPRICE ACQUISITIONS: Court to Hear Wind-Up Petition on April 28
GLASS EARTH: St. Andrew Sells 18.3MM Shares to Private Investors

HARVEST BUILDERS: Faces Bunnings' Wind-Up Petition
JAYTECH INTELLIGENT: Faces Security Merchants' Wind-Up Petition
MONTE CECILIA HOUSE TRUST: Faces Wind-Up Petition
OFFICE ELVES GROUP: Court to Hear Wind-Up Petition on June 4
PAPAKURA LIQUOR: Court to Hear Wind-Up Petition on May 30

PJM PROPERTIES: Commences Voluntary Liquidation
QUICK FREIGHT: Court to Hear Wind-Up Petition on April 28
RICHTER INVESTMENTS: Appoints Gillespie and Young as Liquidators
SKELLERUP HOLDINGS: Sells Non-Core Businesses for NZ$12.1 Mil.
TE UKI TAMARIKI OU COOK ISLAND: Appoints Liquidators

TRANSPREAD INTERNATIONAL: Court to Hear Wind-Up Petition June 6
WXY LIMITED: Creditors Must File Claims by April 28


P H I L I P P I N E S

LEPANTO CONSOLIDATED: Nine Individuals Named as Directors
PHIL. LONG DISTANCE: May Face Penalties Over Halted Services
SWIFT FOODS: Normal Operations at Risk on Huge Current Debts
* Philippine Debt Increased to PHP3.732 Trillion in 2008


S I N G A P O R E

E2O COMMUNICATIONS: Creditors' Proofs of Debt Due on May 5
FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact
PRIME AFRICA: Filing Proofs of Debt Due on May 5
SINGAPORE AFRICA: Requires Creditors to File Claims by May 5
SOUTHERN AFRICA: Creditors' Proofs of Debt Due on May 5


T H A I L A N D

FEDERAL-MOGUL: Asbestos Trust Wants Pneumo Claims Holders Barred


X X X X X X X X X

* Fitch Says Asian Banks Have Modest Exposure to CDOs & SIVs
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ABC LEARNING: Inks US$700 Mil. Sale Deal With Morgan Stanley
------------------------------------------------------------
A.B.C. Learning Centres Limited has signed a definitive
agreement with Morgan Stanley Private Equity for the sale of a
60% interest in its US business, Learning Care Group Inc., in a
transaction that values 100% of the US business at
US$700 million.

The transaction will reduce ABC’s net debt by AU$485 million,
with an additional US$30 million payable shortly after June 30,
2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity’s
interest three years after closing.

Eddy Groves, CEO of ABC, said, "The transaction represents an
excellent opportunity to crystallize the value of the US
business and reduce ABC’s gearing, while maintaining exposure to
the upside potential of the attractive US childcare market."

"Morgan Stanley Private Equity brings not only significant
financial firepower, but also a real commitment to growing the
business to a level that would not have been achievable by ABC
standalone within the same timeframe."

"We have undertaken a comprehensive process to realize the value
in our US business, achieving a price that compares favorably
with similar transactions that were completed in more conducive
market conditions."

"This transaction significantly de-risks our business, and
addresses concerns about the capital required to grow the US
business.  It also allows the management team to spend more time
focusing on the Australian and New Zealand operations."

ABC and Morgan Stanley Private Equity expect the transaction to
close within 90 days, following regulatory approval, funding of
the committed financing facility for the joint venture and
consent of ABC’s senior lenders.

                  Overview of Transaction

   * Represents an Enterprise Value of US$700 million (AU$753
     million), compared with US$775 million as per the
     announcement on March 5, 2008, reflecting the deterioration
     in credit markets since that time;

   * Sale price implies a multiple of 12.7 times EBITDA of the
     last twelve months, comparing favorably with recent
     transactions in the sector;

   * Will reduce net debt by AU$485 million, with an additional
     US$30 million payable at the end of FY09 by way of an earn-
  
     out;

   * ABC retains a 40% interest in the US business and has a
     call option to buy back Morgan Stanley Private Equity’s
     interest three years after closing;

   * Does not represent a trigger event which would allow the
     holders of ABC’s existing reset convertible notes to
     require an exchange of their notes

                 Funding of Joint Venture

The joint venture will be funded through an equity contribution
by the partners of US$432 million, comprising US$247 million
cash equity from Morgan Stanley Private Equity and a roll-over
of ABC’s 40% stake valued at US$185 million.  In addition, ABC
will retain US$20 million of preferred equity.

In addition, Barclays Capital, the investment banking division
of Barclays Bank PLC, has committed to provide US$215 million of
first lien facilities comprised of a US$40 million revolving
facility and a US$175 million term loan.  The revolving facility
will be undrawn at close.

Barclays Capital has also been engaged by ABC and Morgan Stanley
Private Equity to arrange up to US$55 million of potential
mezzanine financing which would reduce the partners’ equity
contribution and result in incremental cash proceeds to ABC of
approximately AU$24 million.

If the US joint venture is unsuccessful in securing mezzanine
financing with Barclays Capital, Morgan Stanley Private Equity
has the option to provide mezzanine financing of up to US$55
million resulting in incremental proceeds to ABC of
approximately AU$24 million as above, or decrease its equity
ownership in the joint venture to a minimum of 55% which would
result in a reduction in cash proceeds to ABC of approximately
AU$22 million (Under this scenario, Morgan Stanley Private
Equity would have an option to increase its stake back to 60%
within three years.)

           No Convertible Notes will be Issued

After carefully considering a number of factors including
current market conditions and the prevailing ABC share price,
the Company has decided not to issue any convertible notes to
Morgan Stanley Private Equity.

                    Reduction of Net Debt

The reduction of ABC’s net debt resulting from this transaction
will amount to AU$485 million (compared to approximately AU$600
million assumed in the announcement on March 5, 2008).  This
comprises Morgan Stanley Private Equity’s equity investment, the
new debt raised by the US joint venture and the transfer of
existing liabilities to the US joint venture.  In addition, ABC
will retain US$20 million of preferred equity in the US joint
venture.  The proceeds will increase by approximately AU$24
million (to AU$509 million) if the additional US$55 million of
mezzanine debt is raised by the joint venture.  They could also
decrease by about AU$22 million (to AU$463 million) if no
mezzanine debt is raised and MSPE elects to let ABC increase its
stake to 45%.3 (Under this scenario, Morgan Stanley Private
Equity would have an option to increase its stake back to 60%
within three years.)

ABC has initiated a dialog with its senior lending banks whose
consent will be required prior to the closing of the
transaction.

ABC’s net debt balance is expected to be reduced further
following the sale of the UK Vouchers business and of ABC’s
property portfolios.

ABC has received expressions of interest in relation to its UK
Vouchers business and has opened a data room to selected
parties.  The transaction is expected to close by end of FY08
and to generate a capital profit in excess of AU$100 million.

At the time of its 1H FY08 results presentation ABC announced
plans for the sale of property and related assets totaling
approximately AU$250 million.  Since then, ABC has received
proceeds for the sale of approximately AU$40 million of the
AU$50 million Australia and New Zealand property portfolio and
US Property #1 (value of approximately AU$50 million) will be
transferred to the US business following the successful
completion of the joint venture with Morgan Stanley Private
Equity.  ABC expects to sell the remaining property and related
assets of approximately AU$150-160 million in FY09.

ABC continues to be in compliance with all the financial
covenants under its existing banking facilities.

             Partnership for Growth and Returns

This transaction represents an excellent opportunity for ABC to
realize significant value for its US business at an attractive
price, whilst retaining a material ongoing stake in an important
growth market.  In addition, the transaction will significantly
reduce the Company’s net debt.

Eddy Groves said, "In Morgan Stanley Private Equity we have a
strong financial partner who shares our vision for the business
and backs the existing management team to deliver it."

William Davis, CEO of Learning Care Group, Inc., said, "This
marks the next chapter in Learning Care Group’s history as we
continue to work towards our vision of operating the highest
quality early education and childcare facilities across the
United States."

Steve Trevor, Co-Head of Morgan Stanley Private Equity, said,
"We are pleased to reach agreement on this transaction and are
excited to partner with ABC to jointly facilitate Learning Care
Group’s continued growth."

                Changes in Corporate Structure

Following the partial sale of its US business, ABC plans to
significantly simplify the Australian operations of the group by
unwinding the Regional Management Company  structure that is
currently in place.

The removal of the RMC structure will provide the benefits to
ABC:

   * Enables optimal allocation of relief staff between
     childcare centers (under the RMC structure, it was costly
     to ABC for the relief staff to work in multiple RMCs);

   * Significantly decreases labor costs through reduced
     reliance on contract and agency staff; and

   * Reduces administrative costs due to simplified corporate
     structure.

In order to realize these benefits, ABC expects to incur one-off
restructuring costs of approximately AU$30 million.

ABC also intends to review all current commercial arrangements
with suppliers and other service providers.

Financial Impact on ABC, Revised FY08 Guidance and FY09 Outlook

Whilst the financial impact of the US transaction cannot be
calculated precisely until closing, it is expected to result in
a book loss in the vicinity of AU$280 million including all
transaction expenses, based on preliminary estimates.  
Approximately AU$65 million of this expected book loss is
attributable to unfavorable exchange rate movements since the
acquisition of the US operations.

The partial sale of the US operations will be dilutive to
underlying EPS post completion due primarily to the
deconsolidation of EBITDA (which amounted to AU$59 million in
the last twelve months to December 2007) and a higher average
interest rate of approximately 7.5% due to the pay-down of US$
denominated debt.  This will be partially offset by interest
expense savings resulting from the debt reduction, the coupon on
ABC’s preferred equity in the US joint venture and ABC’s share
of the post-tax profits of the US joint venture.

Assuming the US transaction and the RMC restructure occur on
June 30, 2008, ABC’s reported EPS guidance for FY08 will reduce
to AU$(0.19) – (0.17) per share due to additional one-off losses
of AU$0.53 per share (net of taxes), relative to the guidance of
AU$0.34 – AU$0.36 provided on April 8, 2008.

In addition to non-recurring items such as the loss from
deconsolidation and RMC restructuring costs, there are a number
of factors which have negatively impacted ABC’s operating
performance in Australia and New Zealand in FY08, meaning that
the FY08E earnings guidance does not represent the full
annualized run-rate of potential earnings.  These factors
include:

   * Delayed center acquisitions in 2H FY08 (resulting in lower
     than expected earnings contribution from these centers);

   * Significant increases in wage and on-costs without
     corresponding fee increases;

   * Temporary costs of agency and contract staff due to staff
     allocation issues (to be significantly reduced following
     unwinding of RMC structure);

   * Wages inefficiency due to sub-optimal roster management;

   * Bi-annual fee reviews (vs. a single annual fee increase at
     the start of each fiscal year) and lower fee increases at
     the beginning of 2H FY08 than originally planned; and

   * Sub-optimal management of occupancy levels.

ABC’s financial performance in FY09 and beyond will now be
almost entirely driven by its Australian and New Zealand
childcare operations.  ABC expects strong underlying center
EBITDA growth by addressing the above factors and a number of
other key initiatives.

Key initiatives for ABC’s Australian and New Zealand centers in
FY09 include:

   * Like-for-like revenue growth from existing centers;

   * Improved occupancy management by optimizing waiting lists;

   * Increased number of multiple-day enrollments so children
     can benefit from the strong educational curriculum;

   * Maximizing existing contracts as a registered training
     provider;

   * Reduced wages inefficiency through improved roster
     management;

   * Lower administrative costs, optimized staff allocation and
     reduced use of outside staff agencies following RMC
     restructure;

   * Full-year contribution from centers acquired during FY08
     (including delayed center acquisitions added to the
     portfolio in June 2008); and

   * Contribution from non-material acquisitions/new
     developments during FY09.
Additional underlying EBITDA will be generated by the UK
Nurseries business and there will be further earnings
contribution from ABC’s 40% share of the post-tax profits of the
US joint venture.

                        Changes to Board

Sallyanne Atkinson, ABC’s Chairman since listing in 2001 has
advised the Company of her intention to stand down as Chairman
with effect from May 30, 2008.  She will be replaced by David
Ryan, currently a non-executive director of ABC and Chairman of
the Audit Committee.  Sallyanne will work closely with David
over the coming weeks to hand over her responsibilities and
ensure a smooth transition.

Sallyanne Atkinson said, "I feel proud to have been able to
guide ABC from its listing in 2001 through its growth into the
world’s leading private childcare provider.  I have always been
focused on and energized by the thousands of children and
families who have relied on ABC for the highest quality early
childhood education and care.  After seven years in this role, I
now believe that it’s time for a change.  I’m pleased to hand
over to David to lead the Board through the next chapter in
ABC’s development.  I have great faith and confidence in the
Company’s future."

Eddy Groves said, "On behalf of the Company, I would like to
thank Sallyanne for her years of commitment to ABC.  She has
made a substantial contribution as founding chairman and will be
missed."

Bill Bessemer, non-executive director and Martin Kemp, executive
director have also advised of their intention to stand down as
directors of ABC.  Bill will retire today and Martin will retire
at the next Board meeting on April 24, 2008.

ABC would like to thank Bill and Martin for their contributions
as Directors.

ABC is in advanced discussions with two candidates for
independent non-executive director positions and is targeting a
further one or two non-executive directors.  ABC will make
announcements in relation to non-executive director appointments
in due course.

The new Board will review the Company’s governance structures
and processes to ensure that these best represent the interests
of shareholders.  The Board is also committed to strengthening
the Company’s disclosure and market communications.

David Ryan said, "I am delighted to take on the role of Chairman
of ABC.  I am optimistic about the prospects for the Company
given our commitment to reduce leverage, the underlying quality
of ABC’s Australian and New Zealand businesses and the trends
underpinning the growth of the childcare sector."

                Changes to Senior Management

James Black, who joined ABC as Treasurer in March 2006 and has
served as ABC’s Chief Financial Officer since September 2006,
has informed the Company that he will leave for personal
reasons.  James had previously informed the Company of his
intention to retire as CFO, but agreed to stay on to support the
business through the last ten months.  ABC regrets that James is
leaving and would like to thank him for his contribution.

Eddy Groves said, "James has had a 20 year association with ABC,
and during that time has made a significant contribution to the
Company and been a tremendous support. On behalf of everyone at
ABC, I would like to sincerely thank James for his loyalty and
hard work and wish him well for the future."

John Gadsby, currently Group Financial Controller, will serve as
interim CFO.  John is a member of the Institute of Chartered
Accountants in Australia and prior to joining ABC spent 15 years
working with Deloitte Touche Tohmatsu, including 6 years as an
Audit Partner.  ABC has initiated an executive search for a
permanent replacement for James.

ABC recently appointed Matthew Horton as General Counsel/Company
Secretary.  Prior to joining ABC, Matthew held various senior
legal and commercial roles at Rio Tinto, most recently as
General Manager, Joint Ventures, Rio Tinto Coal Australia.  
Consistent with the Company’s commitment to improve market
communications, ABC has appointed Andrew Barber as Head of
Corporate Affairs/Investor Relations.  Andrew was previously a
Senior Research Analyst at QIC.

                       About ABC Learning

A.B.C. Learning Centres Limited provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  Consequently, stock trading was halted as the
company entered talks on "indications of interest" for parts of
its business.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.


DARE GALLERY: Deloitte Intends to Sell Company as Going Concern
---------------------------------------------------------------
Deloitte Touche Tohmatsu, the voluntary administrator appointed
to Dare Gallery, disclosed the plans to market the company as a
going concern, My Small Business reports.  The plan was divulged
at a creditors' meeting.

According to Inside Retailing, citing Deloitte partner Tim
Norman, there is no plan to liquidate the furniture chain's
stocks while sale talks are in progress.

The company was placed in voluntary administration due to a rise
in interest rates and slow returns in the business, various
reports note.

Mr. Norman will provide an update at a May 2 creditors' meeting,
several reports say.

Dare Gallery is a furniture retailer.  Founded in 1996, the
company operates 13 stores including six in Victoria.  The
company was owned by Steve and Janet Sheppard and run from a
warehouse and logistics centre in Bayswater, in Melbourne's
east.  Mr. Sheppard, the company's founder and sole director,
had held a senior position at furniture retailer Freedom.


CHRYSLER LLC: Tentatively Rehires Laid-Off Workers, Report Says
---------------------------------------------------------------
Chrysler LLC has taken back some third shift employees it laid-
off in March 2008 under a 199-day Enhanced Temporary Employees
contract, Dani Maxwell of 13 News reports.  The workers will
begin work on May 5, with a starting pay of US$14 an hour with
no benefits or vacation time.

As reported in the Troubled Company Reporter on March 11, 2008,
around 1,100 workers were laid-off as Chrysler LLC formally
shuts down its plant in Belvidere, Illinois.  The closure of the
plant, which produces the company's line of Dodge Caliber, Jeep
Patriot, and Jeep Compass brands, is part of the automaker's
move to consolidate operations, streamline production, and
generally reduce costs.  Chrysler already took measures such as
tossing away duplicative car models, moving far-flung operations
to its headquarters, and made deals with Daimler AG to access
new technology.

The company's moves came after it lost its tooling battle with
Plastech Engineered Products Inc.  As previously reported, the
U.S. Bankruptcy Court for the Eastern District of Michigan
denied the company's request to pull out tooling equipment from
Plastech's plants.  However, the parties have agreed to
subsequent supply deals.

The Belvidere plant's third shift workers began work in July
2006 when Chrysler decided to turn off its robotic body shop.  
As their employment drew to a close, the company stationed extra
security at the plant to prevent rumored violence when the
workers went out.

                        About Chrysler LLC

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

                          *     *     *

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

Both the issue-level and recovery ratings on Chrysler's
US$7 billion first-lien term loan due 2013 remain unchanged.  
The issue-level rating on this debt is 'BB-' with a recovery
rating of '1', indicating an expectation for 90% to 100%
recovery in the event of a payment default.


HASBRO INC: Earns US$37.5 Million in First Quarter 2008
-------------------------------------------------------
Hasbro, Inc. reported net earnings of US$37.5 million
or US$0.25 per diluted share, compared to US$32.9 million or
US$0.19 per diluted share in first quarter ended March 30, 2008.

The company has net revenues of US$704.2 million, an increase of
US$78.9 million or 13% compared to US$625.3 million a year ago,
or an increase of 9%, net of the favorable foreign exchange
impact of US$25.4 million.

    * Net revenues of US$704.2 million, an increase of US$78.9   
      million or 13% compared to US$625.3 million a year ago, or
      an increase of 9% absent the impact of foreign exchange;

    * Net earnings of US$37.5 million, or US$0.25 per diluted    
      share, compared to US$32.9 million, or US$0.19 per diluted
      share last year;

    * Growth driven primarily by TRANSFORMERS and LITTLEST PET   
      SHOP, as well as PLAYSKOOL, STAR WARS, BABY ALIVE, MY      
      LITTLE PONY and board games;

    * During the quarter, the Company spent a total of US$156.0  
      million to repurchase 6.1 million shares of common stock   
      at an average price of US$25.63 per share.

“We had a strong 2007 and the momentum continues in 2008, with
growth driven primarily by TRANSFORMERS and LITTLEST PET SHOP,
as well as PLAYSKOOL, STAR WARS, BABY ALIVE, MY LITTLE PONY and
board games,” said Alfred J. Verrecchia, President and Chief
Executive Officer.

“While it’s early in the year and there is still a lot of
business to be done, our first quarter performance reinforces
the confidence we have in achieving our full-year financial
goals,” Verrecchia concluded.

Effective at the beginning of fiscal 2008, the Company
reorganized the reporting structure of its operating segments.  
The Company’s Mexican operations have been transferred from the
North American segment to the International segment, and the
North American segment has been renamed the U.S. and Canada
segment.  The attached schedule provides a summary of 2007
segment results reclassified in the 2008 segment reporting
format.

Net revenues for the U.S. and Canada segment for the quarter
were US$428.5 million, an increase of 6% compared to
US$406.1 million in 2007, with strong performances from
TRANSFORMERS, LITTLEST PET SHOP, STAR WARS and board games.  The
U.S. and Canada segment reported an operating profit of US$37.3
million compared to US$45.8 million last year.  The decrease in
operating profit is primarily due to investments the Company is
making to grow its business, including the Wizards of the Coast
digital initiative and the CRANIUM acquisition.

Net revenues for the International segment for the quarter were
US$248.3 million, an increase of 22% compared to US$202.7
million in 2007, or an increase of 12%, net of the favorable
foreign exchange impact of US$21.9 million.  All major product
categories were up significantly, reflecting growth in core
brands including TRANSFORMERS, LITTLEST PET SHOP, PLAYSKOOL, MY
LITTLE PONY and board games.  The International segment reported
an operating profit of US$13.0 million compared to a (US$1.8)
million loss in 2007.  This improvement is primarily a
reflection of higher revenues.

“We are very pleased with the results we reported and we
continue to believe we should grow both revenues and earnings
per share in 2008.  Our balance sheet is strong and we continue
to generate good cash flow, which is being returned to
shareholders via our increased dividend and the share buyback
program,” said David Hargreaves, Executive Vice President and
Chief Financial Officer.

During the quarter, the Board of Directors increased the May
2008 quarterly dividend by US$0.04 per share, or 25%, to US$0.20
per share.  This is the fifth consecutive annual increase and
the highest it has been in the history of the Company.  
Additionally, the Company spent a total of US$156.0 million to
repurchase 6.1 million shares of common stock at an average
price of US$25.63 per share.

                         About Hasbro

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                         *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


OPES PRIME: Ferrier Hopes on a Deed of Company Arrangement
----------------------------------------------------------
The administrators of Opes Prime Group Ltd. said that a deed of
company arrangement was an alternative to liquidation, if Opes'
financiers agreed to it and if the administrators and Opes
creditors believed it to be a better option, reports the
Australian Associated Press.

AAP relates that John Lindholm of Ferrior Hodgson told reporters
that a deed of company arrangement could sometimes provide a
better outcome than liquidation as it could avoid "years of
litigation."

Mr. Lindholm is quoted by AAP as saying, "For that to happen, we
would have to make commercial arrangements with several
parties."

Mr. Lindholm added that if some Opes creditors were to oppose a
deed of company arrangement, Opes would have to be liquidated,
states AAP.

AAP reports that the Federal Court of Australia granted the
administrators an extension of the convening period for a second
meeting of creditors to Opes Prime and an associated company
called Leveraged Capital until June 23, 2008.

Robert Strong, counsel for the administrators told Justice Ray
Finkelstein that the administrators wanted the extension so they
could consider the outcome of Opes litigation currently before
the court when advising Opes creditors at their next meeting,
notes AAP.

Katherine Jimenez of The Australian writes Mr. Lindholm said
that the outcome of the Beconwood case would be "a large part of
what our strategy would be."

The Australian added that even if Ferrier Hodgson got an
extension, it would still be issuing an interim report on
creditors this week.

                     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.



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

ASIA GLOBAL: Zhong Yi Expresses Going Concern Doubt
---------------------------------------------------
Zhong Yi (Hong Kong) C.P.A. Company Limited raised substantial
doubt about the ability of Asia Global Holdings Corp. to
continue as a going concern after it audited the company's
financial statements for the year ended Dec. 31, 2007.  The
auditor pointed to Asia Global’s substantial losses.

The management stated that as of Dec. 31, 2007, the company had
an accumulated deficit of $15,798,089.  Additionally, the
company has incurred losses over the past several years.  
Management has taken certain actions and continues to implement
changes designed to improve the company’s financial results and
operating cash flows.  The actions involve certain cost-saving
initiatives and growing strategies, including a business
expansion in Media & Advertising business by increasing number
of distributors and setup of a new direct sales office in China,
and cost-saving plan in TV Entertainment business and
distribution of new TV programs in China.  Management believes
that these actions will enable the company to improve future
profitability and cash flow in its continuing operations through
Dec. 31, 2008

The company posted a net loss of $5,908,545 on net revenues of
$10,783,574 for the year ended Dec. 31, 2007, as compared with a
net loss of $9,871,113 on net revenues of $5,179,174 in the
prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed $5,348,259 in total assets, $3,189,056 in total
liabilities and $2,159,203 in total stockholders' equity.  

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2ae6

                         About Asia Global

Headquartered in Hong Kong, China, Asia Global Holdings Corp.
(OTC BB: AAGH.OB) -- http://www.asiaglobalholdings.com/-- was
incorporated in the Nevada on Feb. 1, 2002, as Longbow Mining
Inc.  On May 12, 2004, Longbow Mining Inc. changed its name to
BonusAmerica Worldwide Corporation.  On June 6, 2006, the
company changed its name to Asia Global Holdings Corp.  AAGH is
focused on building businesses in China and other emerging
regions and markets in Asia and worldwide.  The company has
subsidiaries participating in media and advertising, marketing
services and internet commerce.  During 2007, AAGH entered the
television entertainment market, where it plans to sell
advertising slots that air during the broadcast of Who Wants To
Be A Millionaire? TV show in China.  The company also has
offices in the United States and in mainland China.


CHINA EASTERN: Not Paying Dividends for FY 2007, Reuters Says
-------------------------------------------------------------
China Eastern Airlines Corporation Limited will not pay
dividends for fiscal year 2007, Reuters reports.

According to Macau Daily Times, China Eastern Airlines posted a
net profit of CNY586.5 million for 2007, compared with a net
loss of CNY2.99 billion in 2006, on increased passengers and a
stronger domestic currency.

The company's revenue in 2007 rose by 14% from a year earlier to
CNY43.53 billion, the Times notes.

The airline, the Times relates, carried 39.2 million passengers
in 2007, up 11.8% from the previous year while cargo and mail
traffic was up 5.25% at 940.1 million tonnes.

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.


CHINA SOUTHERN: Launches New Service to Iran
--------------------------------------------
China Southern Airlines has launched its new service to Teheran,
Iran, offering Sky Pearl Club frequent flyers very special
mileage bonuses.

China Southern Airlines is also starting double daily service
between Beijing - Seoul and Beijing - Hong Kong.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

Major business and vacation destinations served in China
include: Beijing, Chengdu, Guangzhou, Guilin, Hong Kong,
Kunming, Shanghai, Shenzhen and Wuhan and as well as
International service, including: Amsterdam, Bangkok, Fukuoka,
Hanoi, Ho Chi Minh City, Islamabad, Kuala Lumpur, Jakarta,
Lagos, Los Angeles, Manila, Melbourne, Moscow, Osaka, Paris,
Penang, Phnom Penh, Seoul, Singapore, Sydney and Tokyo.

As reported on March 3, 2008, Fitch Ratings affirmed China
Southern Airlines Co. Ltd.'s Long-term Foreign Currency and
Local Currency Issuer Default Ratings at 'B+'.  Fitch said the
outlook on the ratings remains stable.


CULLIGAN INT'L: S&P Cuts Rating to B- on High Leverage
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on water
services provider Culligan International Co., including the
corporate credit rating (to 'B-' from 'B') and the issue-level
and recovery ratings.  

S&P removed the ratings from CreditWatch, where they had been
placed with negative implications on Nov. 30, 2007, because of
fiscal 2007 operating results that were below our expectations.
The outlook is stable.  Total debt outstanding at the company
was about US$831 million as of Dec. 31, 2007.

"The downgrade primarily reflects a decline in financial
performance resulting from weak organic growth during the year,
and the company's high leverage," said Standard & Poor's credit
analyst Kenneth Shea.  For the full year 2007, adjusted EBITDA
declined 15%, reflecting a 1% decline in organic sales (total
sales increased a modest 3% due to favorable currency exchange
translations), narrowed gross margins, inventory
rationalization, and costs associated with the transition to a
new third-party distribution center.  These factors were
partially offset by the favorable impact of lower product costs
achieved from some manufacturing outsourcing initiatives.  

Culligan International Company is a U.S. operating subsidiary of
Culligan Holding S.ar.l., and the principal borrower under the
rated debt facilities.  Culligan is a global provider of water
treatment products and services for household and commercial
applications.

The company has operations in China, the United Kingdom, France,
Italy and Argentina, among others.


DANA CORP: Appoints Gary Convis as Chief Executive Officer
----------------------------------------------------------
Reorganized Dana Corp. named Gary L. Convis as its chief
executive officer.  Mr. Convis was appointed to Dana's new Board
of Directors in January 2008 after retiring from Toyota Motor
Corporation, where he had spent more than 20 years culminating
in his role as Chairman of Toyota Motor Manufacturing, Kentucky.

"We are delighted to welcome Gary as Chief Executive Officer,"
Dana Executive Chairman John Devine, who had served as the
company's acting CEO since January, said.  "Gary is widely
respected as one of the leading experts in lean manufacturing
and management systems, including the Toyota Production System.  
Along with his strong leadership and global industry experience,
we believe he is an ideal choice as our new Chief Executive."

"I am honored by the Board's confidence in me to lead Dana," Mr.
Convis said.  "I'm also eager to join with our people in
establishing world-class manufacturing systems and returning
this great company to the leadership ranks of the global
automotive supply industry."

Mr. Convis comes to Dana after more than four decades spent at
Toyota, General Motors Corporation, and Ford Motor Company.  He
became the first American president of Toyota's largest plant
outside Japan, Toyota Motor Manufacturing, Kentucky, in
2001.  He was named chairman of TMMK in 2006 and retired in
2007.    Prior to this, in 2003, he was the first American
manufacturing executive appointed by Toyota Motor Corporation to
be a managing officer of TMC, as well as Executive Vice
President of Toyota Motor Engineering & Manufacturing North
America, Inc.  Prior to serving in these roles, Convis spent 16
years at New United Motor Manufacturing, Inc., a joint venture
between GM and Toyota.  Previously, he spent more than 20 years
in various roles with GM and Ford Motor Company.

Mr. Convis earned a bachelors degree in mathematics with a minor
in physics from Michigan State University.  He will continue to
serve as a member of Dana's board.  He is also a board member of
Cooper-Standard Automotive Inc. and Compass Automotive Group,
Inc.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/     
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or      
215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008.  The
outlook is negative.
           
At the same time, Standard & Poor's assigned Dana's
US$650 million asset-based loan revolving credit facility due
2013 a 'BB+' rating (two notches higher than the corporate
credit rating) with a recovery rating of '1', indicating an
expectation of very high recovery in the event of a payment
default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


FERRO CORP: Revises First-Quarter 2008 Estimates
------------------------------------------------
Ferro Corporation said that earnings per share for the 2008
first quarter are now expected to be in the range of 16 to 18
cents, including approximately 10 cents per share in special
charges, or 26 to 28 cents excluding special charges.  As
reported by Thomson First Call, analysts expect first-quarter
earnings of 20 cents per share, excluding special charges.

Previously, the company had estimated that earnings for the
quarter would be in the range of 12 to 17 cents per share,
including 5 cents of special charges.  The Company now expects
net sales for the first quarter to be approximately US$600
million, exceeding its previous estimates of sales between
US$550 million and US$575 million.

The increased sales are due to better than expected sales
volume, product pricing actions and favorable changes in foreign
exchange rates.  The improved earnings outlook is primarily the
result of better than forecasted results from the Company’s
Inorganic Specialties Group and lower than anticipated selling,
general and administrative expenses.

The company’s revised first-quarter earnings estimate includes
pretax costs of approximately US$3.3 million related to a
previously announced manufacturing interruption at its
Bridgeport, New Jersey manufacturing location in December 2007.  
The manufacturing issues at the site have been corrected and are
not expected to impact future financial results.

“It is encouraging to announce improved performance estimates in
the midst of difficult macroeconomic conditions,” said Ferro
Chairman, President and Chief Executive Officer James F. Kirsch.
“The people of Ferro have been working hard to restructure our
business, reduce costs and manage the extraordinary volatility
in raw material costs.  We have built a strong foundation for
sustainable improvement in the business, and it is beginning to
translate into improved results for our shareholders.  We will
continue on the path we have established to complete our
restructuring programs and improve our business operations
across the entire company.”

                   About Ferro Corporation

Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a  
supplier of technology-based performance materials for
manufacturers.  Ferro materials enhance the performance of
products in a variety of end markets, including electronics,
solar energy, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  Headquartered in Cleveland, Ohio, the
company has approximately 6,300 employees globally and reported
2007 sales of US$2.2 billion.

The company has subsidiaries in Argentina, Australia, France,
Germany, Brazil, China, Spain , Hong Kong and Korea, among
others.

Ferro Corp. carries Moody's corporate family rating of B1 with a
positive outlook.  This ratings was assigne don May 2007.


HECURLES INC: Earns US$32.4 Million in Quarter Ended March 31
-------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
March 31, 2008 of US$32.4 million, or US$0.29 per diluted share,
as compared to US$80.3 million, or US$0.70 per diluted share,
for the first quarter of 2007.  The first quarter of 2007
included approximately US$0.41 per diluted share from the
resolution of IRS audit items for the years 1993-2003.

Net income from ongoing operations for the first quarter of 2008
was US$38.9 million, or US$0.35 per diluted share, an increase
of 13% per diluted share compared to US$35.7 million, or US$0.31
per diluted share, in the first quarter of 2007.

Net sales in the first quarter of 2008 were US$558.3 million, an
increase of 11% from the same period last year.  Volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 5% during the quarter, while mix was 2%
unfavorable.

Net sales in the first quarter of 2008 increased in all major
regions of the world versus the prior year.  Sales increased 6%
in North America, 25% in Latin America, 15% in Europe (3%
excluding the impact of the Euro), and 15% in Asia Pacific.

Reported profit from operations in the first quarter of 2008 was
US$67.4 million, a decrease of 4% compared with US$70.2 million
for the same period in 2007.  Profit from ongoing operations in
the first quarter of 2008 was US$74.6 million, an increase of 3%
compared with US$72.2 million in the first quarter of 2007.

Cash flow from operations for the quarter ended March 31, 2008
was US$29.7 million as compared to US$25.8 million for the same
period last year.

"The first quarter results continue to demonstrate both the
strength of our global businesses and of our Company," said
Craig A. Rogerson, President and Chief Executive Officer.  "We
delivered another quarter of strong sales growth, solid earnings
and cash flow against the backdrop of a challenging U.S. economy
and elevated and escalating raw material costs."

Interest and debt expense was US$16.7 million in the first
quarter of 2008, down US$0.5 million or 3% compared with the
first quarter of 2007, reflecting lower outstanding debt
balances and improved debt mix, partially offset by losses on
cross currency interest rate swaps.

Total debt was US$807.6 million at March 31, 2008, an increase
of US$11.6 million from year-end 2007.  Cash and cash
equivalents were US$99.1 million at March 31, 2008, as compared
to US$116.5 million at year-end 2007.

Capital spending was US$22.1 million in the first quarter as
compared to US$24.2 million in the same period last year.  Cash
outflows for severance, restructuring and other exit costs were
US$6.1 million in the quarter.

The company purchased 1.3 million shares of common stock at a
cost of US$23.3 million during the first quarter of this year.  
The company has now purchased 4.1 million shares for
US$77.7 million under its US$200 million authorization.

                Segment Results – Ongoing Basis

In the Aqualon Group, net sales increased 17% while profit from
ongoing operations was flat in the first quarter as compared
with the first quarter of 2007.  All business units had
increased sales in the first quarter as compared to the prior
year.  In the aggregate, the sales increase was driven by 14%
higher volume, including 2% from the 2007 specialty surfactants
acquisition, 1% higher prices and 5% favorable rates of
exchange, partially offset by 3% unfavorable product mix.

Coatings and construction sales increased 19% in the first
quarter of 2008 as compared to the same period of last year, due
to 15% higher volume, 1% increased pricing and 7% favorable
rates of exchange, partially offset by 4% negative mix. Sales
into the coatings markets were up 19% in the first quarter of
2008 as compared to the same period of last year.  Strong volume
growth in China, the Middle East, South America and Eastern
Europe, offset a soft North American market.  Construction
market sales increased 19% as compared to the first quarter of
last year. Strong growth was achieved in Asia, the Middle East
and Eastern Europe, whereas other regions were lower.  Pricing
improvements were achieved in both the coatings and construction
markets.

Regulated industry sales increased 14% in the first quarter of
2008 as compared to the same period of last year, primarily due
to 5% higher volume, 3% improved product mix, 2% increased
pricing and 4% favorable rates of exchange.  Sales were higher
in all segments. Sales increased in the pharmaceutical, personal
care and food markets by 29%, 14% and 6%, respectively, as
compared to the first quarter of last year.  Growth was achieved
in all major regions of the world.

Energy and specialties sales increased 15% in the first quarter
of 2008 as compared to the same period of last year.  The
increase was due to 19% higher volumes, 1% higher prices, and 3%
favorable rates of exchange, partially offset by 8% unfavorable
product mix.  Energy sales increased 12% and specialties
increased 18%, as compared to the prior year.  Sales of both
energy and specialty businesses grew in most major regions of
the world. Price increases were achieved across all product
families.

Profit from ongoing operations was flat, primarily as a result
of the higher volume and the associated contribution margin,
increased selling prices, lower pension expenses and favorable
rates of exchange, offset by higher raw material, transportation
and utility costs and planned and unplanned shutdowns.  Margins
were adversely impacted as price increases did not fully offset
higher raw material, freight and utility costs, and by the
previously announced incident at our methylcellulose joint
venture in China and a planned maintenance shutdown at the
company's Doel, Belgium MC plant.

"Aqualon’s strong top line growth reflects our global scale and
presence as well as continued growth in fast growing markets
including China, the Middle East and Latin America," said Mr.
Rogerson.  "Aqualon’s global diversity enabled us to offset
weaker demand in some of our North American markets."

In the Paper Technologies and Ventures Group, net sales in the
first quarter increased 7% and profit from ongoing operations
increased 7% compared with the same quarter in 2007.

Paper Technologies sales increased 2% due to 6% favorable rates
of exchange, partially offset by 1% lower prices, and 3%
unfavorable product mix. Volume in the aggregate was flat. Sales
in fast growing markets were up 16% compared to the prior year.  
Modest price increases were achieved in North America while
pricing was lower in both Europe and Asia.  Sales of new
products continued to drive growth in overall sales and
profitability.

Ventures sales increased 23% primarily due to 7% higher volume,
7% higher prices, 4% improved product mix, and 5% favorable
rates of exchange.  Sales increased in all Ventures business
units. Significant growth was achieved in both building products
and synthetic lubricants.  Pricing was favorable in most Venture
businesses.

The increase in profit from ongoing operations reflects
favorable rates of exchange, higher volume and improved selling
prices in Ventures, and lower pension costs, partially offset by
higher raw material and utility costs, and increased SG&A costs.

"The Venture businesses continue to deliver improved results,
while many of our global Paper Technology markets are growing
more modestly," commented Mr. Rogerson. "Sales of higher margin
new products continue to support margins overall."

                          Outlook

"We remain optimistic about revenue, earnings and cash flow
growth in 2008," said Mr. Rogerson. "We expect significant raw
material, freight and utility cost headwinds, but expect
announced and additional price increases to partially offset
these costs.  Despite these challenges, we expect profitability
to improve through higher utilization of our recent capacity
expansions and the impact of our new product introductions.  We
continue to pursue acquisition opportunities to expand our
product offerings and accelerate value creation for our
shareholders."

                        About Hercules Inc.

Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets.

Outside the United States, the company has subsidiaries in
Argentina, Bahamas, Belgium, Brazil, Hong Kong, India, Indonesia
and France.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on April 10,
2008, Standard & Poor's Ratings Services raised its ratings on
Hercules Inc., including the corporate credit rating to 'BB+'
from 'BB'.   The outlook is stable.


HEXCEL CORP: Earns US$23.2 Million in First Quarter 2008
--------------------------------------------------------
Hexcel Corporation results for the first quarter of 2008.  Net
sales from continuing operations during the quarter were
US$344.5 million, 21.9% higher than the US$282.6 million
reported for the first quarter of 2007.  Operating income for
the first quarter was US$36.4 million, compared to US$29.9
million for the same quarter last year.  The 2008 operating
income included US$2.7 million of pension settlement expense
associated with the termination of Hexcel’s U.S. defined benefit
pension plan.

Net income from continuing operations for the first quarter of
2008 was US$23.2 million, or US$0.24 per diluted share, compared
to US$14.8 million or US$0.15 per diluted share in 2007.  
Adjusted net income from continuing operations for the first
quarter of 2008 was US$0.23 per share, which excludes the one-
time items of the termination of Hexcel’s U.S. defined pension
plan and the US$2.5 million reversal of valuation allowances
against U.S. deferred tax assets.

              Chief Executive Officer Comments

Mr. Berges commented, “This was a strong start for 2008 and
continues the momentum from the second half of 2007.  Sales and
adjusted operating income for the quarter were again at record
levels, and we’re well on our way to hitting our full year
guidance as our adjusted diluted earnings per share (excluding
the one-time items) for the quarter was a solid US$0.23, as
compared to US$0.15 last year.”

“Sales for commercial aerospace were up sharply across the
board, a total of 29.6% in constant currency over the first
quarter of 2007; limiting our ability to serve other industrial
markets for the third quarter in a row.  We are accelerating our
plans for adding capacity to support what we now see as the
continued strong demand. We are now making first fiber on our
new Spanish line, and have begun to qualify product from our new
German and French prepreg plants.  We expect each of them to
cover their incremental costs in the second half of this year.
The new China prepreg plant for wind energy and our next carbon
fiber line are expected to begin production by October.  We are
now targeting the remaining tranche of our previously announced
carbon fiber and precursor capacity to come on line in the
second half of next year versus the original 2010 target.”

“We are in discussions with all of our customers who serve the
B787 to understand their demand plans for the coming quarters.  
While it’s too early to comment on the impact of the delay to
our sales, we have updated our estimated sales content per B787
to now be in the US$1.3 – US$1.6 million range, up from prior
estimates of US$1.0 - US$1.3 million. A380 sales continued their
steady recovery though they are still below the levels in the
first half of 2006. Despite the recent negative news about U.S.
airline profitability and the economy in general, Airbus and
Boeing continue to expand their huge backlog with reported first
quarter orders exceeding deliveries by 2.5 times.”

“We are reaffirming all of our guidance targets including
operating margins of 12 – 12.5% even though sales inflated by
current exchange rates could depress the ratio and the B787
schedule impact is likely to reduce our near term outlook for
that program.  We now expect our full year earnings to be at the
high end of the US$0.90-US$0.95 range.”

                           Markets

Commercial Aerospace

Commercial aerospace sales of US$191.9 million grew 33.3% (29.6%
in constant currency) for the quarter over first quarter 2007.
Sales to Airbus and its subcontractors grew over 35% in the
quarter and were about equal to the total sales from Boeing and
its subcontractors.

Sales to “other aerospace” which includes a wide range of
aircraft producers as a group were up over 25% for the fifth
consecutive quarter as both regional jets and turboprop build
rates have been strong.

Industrial

Industrial sales of US$78.3 million for the first quarter of
2008 had trends generally consistent with those of the second
half of 2007 with sales other than wind energy down from the
prior year due to soft winter recreation sales and capacity
constraints.  On a constant currency basis, industrial sales
were down 4.9% for the quarter compared to first quarter 2007,
but essentially flat sequentially.

Wind energy revenue had strong double digit growth both
sequentially and year over year as new prepreg capacity is now
coming on line in our Austrian operations.  The company now
expects wind to be more than 50% of our industrial segment sales
for the year.

Space & Defense

Space & Defense sales of US$74.3 million for the quarter were
10.9% higher compared to the first quarter of 2007 in constant
currency.  In the aggregate, this market performed as expected
with continued strength in global rotorcraft sales which now
account for almost half of this segment.

Exchange rate impacts

With the average dollar to the Euro rate about 14% weaker in the
first quarter of 2008 as compared to 2007, the impact of
exchange rates on this quarter’s results are significant.  There
are several impacts to Hexcel; our European aerospace sales are
primarily denominated in dollars, but have a significant portion
of their costs in Euros and GBP; more than one-third of our
total sales are denominated in Euros and GBP, so the weakening
dollar causes these sales (and their related costs and profits)
to translate higher; and we have overhead costs, capital
expenditures, working capital accounts, etc. denominated in
Euros and GBPs that all translate into higher balances as the
dollar weakens.  The company's guidance included a net-after-
hedging reduction of operating income in 2008 by over US$5
million as compared to 2007.

But should the dollar continue to weaken as it has this quarter,
every 5% move of the dollar results in an increase in annualized
sales of approximately US$25 million and operating income
decrease of about US$1 million.

These impacts, of course, reduce the company's gross margin and
operating income percentages.  The difference in exchange rates
lowered this quarter’s total company gross margin by about 150
basis points and operating income by over 100 basis points as
compared to last year.

Operations

Gross margin decreased to 23.3% for the quarter compared to
25.3% for the first quarter of 2007.  The benefits of higher
volume were offset by the impact of exchange rates and about
US$3 million of incremental costs and start-up activities
associated with the new facilities in Spain, France, Germany and
China.

All of the above expansion costs and almost all of the exchange
exposure is in our Composite Materials segment who provide
materials to wind energy and to our European commercial
aerospace customers.  This segment’s adjusted operating income
of 15.6% would have been over 17% on a constant dollar basis and
about 18% excluding the new plant costs.  While we have little
control over currency swings, the company says it expects the
incremental costs of all but the China plant to be at least
break-even at the operating level for the second half of 2008.

Adjusted operating income for our Engineered Products segment
increased to 12.0% as compared to 8.8% in 2007.  Last year’s
results were impacted by the start-up and research and
technology costs associated with the development and
qualification of our new HexMC(R) products.

Tax

The tax provision was US$9.6 million for the first quarter of
2008 which included a US$2.5 million benefit from the reversal
of valuation allowances against U.S. deferred tax assets.  
Excluding this benefit, the effective tax rate for the quarter
was 38.5%.  The company continues to review strategies to
improve our tax efficiency.

Cash

Total debt, net of cash as of March 31, 2008 was US$345.3
million, an increase of US$57.5 million during the quarter.

Approximately US$35 million of the increase was in accounts
receivable as a result of the higher sales.  Other uses of cash
during the first quarter included the final cash contributions
to the U.S. defined pension plan and annual cash incentive
awards, as well as other working capital needs arising from
sales growth.

Capital spending for the quarter was US$43.9 million compared to
US$15.6 in the first quarter of 2007, primarily due to the
accelerated progress being made on our fiber expansion plans.  
High first quarter capital spending, as well as additions to
inventory for growing sales contributed to the increase in
accounts payable.

The company completed the termination of the U.S. defined
benefit pension plan, which resulted in a US$2.7 million charge
during the quarter and US$6.4 million in cash contributions to
the plan.  In total, the charges for the termination were
US$12.1 million with cash contributions to the plan of just
under US$10 million.  The anticipated savings is approximately
US$2 million per year in pension costs.

Hexcel will host a conference call at 10:00 A.M. ET, tomorrow,
April 22, 2008 to discuss the first quarter results and respond
to questions. The telephone number for the conference call is
(913) 312-0693 and the confirmation code is 9942911. The call
will be simultaneously hosted on Hexcel’s web site at
www.hexcel.com/investors/index.html. Replays of the call will be
available on the web site for approximately three days.

                    About Hexcel Corporation

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil

                       *     *     *

Hexcel carries Moody's Ba3 corporate family rating with a stable
outlook.  This rating was placed on April 2007.


HEXCEL CORP: Annual Stockholders Meeting Scheduled on May 8
-----------------------------------------------------------
Hexcel Corporation's Annual Meeting of Stockholders will be held
on May 8, 2008 at 10:30 a.m.

The meeting will be at the Community Room, Two Stamford Plaza,
281 Tresser Boulevard in Stamford, Connecticut.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
composites company.  The company develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications such as wind turbine blades.  The company has
subsidiaries in Austria, the United Kingdom, Spain, Hong Kong,
Japan and Brazil

                        *     *     *

Hexcel carries Moody's Ba3 corporate family rating with a stable
outlook.  This rating was placed on April 2007.


HOPSON DEVELOPMENT: S&P Puts BB Credit Rating on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Hopson Development Holdings Ltd. on CreditWatch
with negative implications, following the company's result
announcement.  At the same time, the 'BB' issue rating on
Hopson Development Holdings' US$350 million senior unsecured
notes due 2012 and Chinese renminbi (RMB) 1.83 billion zero-
coupon convertible bonds due 2010 have also been placed on
CreditWatch with negative implications.

"The CreditWatch reflects Hopson Development Holdings' weakening
liquidity position as a result of higher-than-expected capital
commitments and debt level, and the new management's execution
of an aggressive growth strategy in a challenging operating
environment," said Standard & Poor's credit analyst Bei Fu.

With less than Hong Kong dollar (HK$) 2 billion cash at the end
of 2007, the company would need to arrange for funding to meet
its current capital commitment of RMB9 billion due in 2008,
although, according to the company, the deadline for a portion
of the amount is negotiable.  With contracted sales of only
RMB1.2 billion in the first quarter of 2008, presale proceeds
alone are unlikely to be sufficient to meet the capital
commitment requirement, unless sales pick up substantially later
this year.

"This depends largely on a recovery in market sentiment," Ms. Fu
said.  "In addition, the usage of presale proceeds could become
more restrictive, depending on the enforcement of government
regulations."

The CreditWatch is likely to be resolved within the next two
months as Standard & Poor's is in the process of reviewing its
ratings on Hopson Development Holdings after meeting the company
recently.  The ratings could be lowered by a notch or the
outlook revised to negative if we believe the capital commitment
is likely to continue to put heavy pressure on the company's
liquidity position in the medium term.

Hopson Development Company Holdings Limited is one of the
largest property developers in China.  Its principal businesses
are residential developments in four major cities -- Guangzhou,
Beijing, Shanghai and Tianjin -- and their surrounding areas.


NINGBO BIRD: Incurs CN7593.6 Million Second Annual Loss
-------------------------------------------------------
Ningbo Bird Co. Limited posted second annual loss in three years
after competitors Nokia Oyj and Samsung Electronics Co. gained
more market shares by introducing cheaper models, John Liu and
Zhao Yidi of Bloomberg News report.

According to the report, the company recorded a CNY593.6 million
(US$84.8 million) net loss, or CNY0.77 a share, compared with a
restated net income of CNY33.6 million a year earlier.   

Meanwhile, the report notes, sales fell 33.1% to CNY4.57 billion
from a restated CNY6.83 billion.

John Liu and Zhao Yidi of Bloomberg write that the company's
market share plunged after Nokia and Samsung introduced more
models priced at CNY400 or less to win consumers in small towns
and rural areas.  

According to research firm Analysys International, Nokia's
market share increased 35% in the fourth quarter, while
Samsung's share rose to 13% from 9%, and Motorola Inc.'s tumbled
to 12% from 24%, the report says.

Meanwhile, Lenovo Group Ltd. increased its share of the market
to 6% in the fourth quarter from 4.7% a year earlier, according
to Analysys International, Bloomberg notes.

The research firm said Ningbo Bird's share fell to 3% from 4.3%,
the report adds.

                      About Ningbo Bird

Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in  
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.

                         *     *     *

Xinhua Far East China Ratings gave the company a BB- issuer
credit rating on April 5, 2006.


SHIMAO PROPERTY: 2007 Profit Up 80% on Apartments Sales
-------------------------------------------------------
Shimao Property Holdings Limited reported an 80% increase in its
2007 profit as it sold more apartments amid surging home prices
in China, Kelvin Wong of Bloomberg News reports.

According to the report, the company recorded a net profit of
CNY4.1 billion (US$586 million), or CNY1.26 a share, from
CNY2.28 billion, or CNY0.85, in 2006, while sales rose 34% to
CNY9.28 billion.

Excluding earnings from property revaluations, Shimao's profit
rose 61% from to CNY2.9 billion yuan in 2007, that is close to
the CNY2.97 billion median estimate from 16 analysts surveyed by
Bloomberg.

Kelvin Wong of Bloomberg writes that Chinese developers may face
slowing growth after the government sought to curb home prices
by reducing lending.

The report relates that in the first half of 2007, Shimao
benefited from higher real estate values as smaller builders
were forced out of business by government austerity measures.  

Deputy Chairman Jason Hui told the news agency that Shimao
Property plans to set up, seek strategic investors this year,
and sell shares in the second half of 2009.   The company
intends to sell between 20% and 30% of the unit to investors,
and aims to operate over 7,000 rooms in 15 five-star hotels in
China by 2010, Mr. Hui said, the report notes.

                     About Shimao Property

Shimao Property Holdings Limited -- http://www.shimaogroup.com/  
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan 17,
2008, Moody's Investors Service changed the outlook for Shimao
Property Holdings Limited's Baa3 issuer and bond ratings to
negative from stable.

On June 13, 2007, that Standard & Poor's Ratings Services said
that its rating on Shimao Property Holdings Ltd. (BB+/Stable/--)
was not immediately affected by the company's recent proposal to
inject most of its retail and commercial assets into A-
sharelisted Chinese property company, Shanghai Shimao Co. Ltd.,
in return for ultimate controlling ownership in the company.

In addition, on July 24, 2007, Fitch Ratings assigned a Long-
term Foreign Currency Issuer Default Rating of 'BB+' to China-
based Shimao Property Holdings Limited.  Simultaneously,
Fitch has assigned issue ratings of 'BB+' to Shimao's
US$350 million senior notes due 2016 and USD250m senior floating
rate notes due 2011, respectively.  The Outlook for the IDR is
Stable.


YRC WORLDWIDE: Amended Credit Pact Continues US$950MM Facility
--------------------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, with certain of its foreign subsidiaries,
entered into Amendment No. 1 to the Credit Agreement, dated as
of Aug. 17, 2007, among the company, the foreign subsidiaries
and the lenders and agents party.

The Credit Agreement, as amended, continues to provide the
Company with a US$950 million senior revolving credit facility,
including sublimits available for borrowings under certain
foreign currencies, and a US$150 million senior term loan.

The Credit Agreement Amendment:

     -- increases, until such time as the company receives a
        rating of BBB- or better from Standard & Poor’s and Ba1
        or better from Moody’s, in each case with a stable
        outlook (the “Fall Away Event”), the company’s Total
        Leverage Ratio (as defined in the Credit Facility) from
        3.0x to (i) 3.75x for each of the fiscal quarters ended
        March 31, June 30 and Sept. 30, 2008 and (ii) 3.5x for
        each fiscal quarter thereafter; this was a proactive
        amendment however, as the company’s Total Leverage Ratio
        for the fiscal quarter ended March 31, 2008 was below
        3.0x;

     -- increases the interest rates and fees applicable to the
        revolving credit facility and term loan as set forth in
        the definition of “Applicable Rate” in Section 1.01 of
        the Credit Facility; effective with this amendment, the
        interest rate on amounts outstanding under the revolving
        credit facility and term loan is LIBOR plus 100 basis
        points and LIBOR plus 125 basis points, respectively,
        and the facility fee for the revolving credit facility
        is 25 basis points; the company expects interest expense
        to increase US$1.5 – 4.0 million annually with this
        amendment;

     -- requires the company and its domestic subsidiaries to
        pledge the following collateral (i) receivables not
        secured by the ABS facility or the company’s captive
        insurance companies, (ii) intercompany notes not secured
        by the ABS facility, (iii) fee-owned real estate parcels
        that have an estimated internal market value of
        US$2.5 million or greater, (iv) 100% of the stock of all
        domestic subsidiaries of the Company and (v) 65% of the
        stock of first-tier foreign subsidiaries of the company
        other than the company’s captive insurance companies;

     -- requires the Company and its subsidiaries to pledge
        additional assets, including rolling stock and the
        remaining real estate if the Total Leverage Ratio
        exceeds 3.5x at the end of any Test Period (as defined
        in the Credit Facility) or if the company receives a
        rating of BB- or worse from Standard & Poor’s and Ba3 or
        worse from Moody’s prior to the Fall Away Event;

     -- requires each domestic subsidiary of the company except
        for YRRFC to guarantee the credit facility; and

     -- modifies certain negative covenants (and in certain
        instances introduces new negative covenants) related to
        permitted liens, permitted acquisitions, permitted asset
        sales (and certain related mandatory prepayments from
        the proceeds thereof) and restricted payments.

Upon the occurrence of the Fall Away Event, (i) security
interests in pledged collateral will be released, (ii) all
negative covenant provisions (including the company’s Total
Leverage Ratio) and the mandatory prepayment provision will
revert to pre-Credit Agreement Amendment levels and concepts and
(iii) only material domestic subsidiaries and subsidiaries of
the Company that guarantee certain other indebtedness of the
Company or its subsidiaries will remain as guarantors.

The holders of USF Bonds and Roadway Bonds, each as defined in
the Credit Facility, will receive an equal and ratable lien
(pursuant to the terms of the respective bond indentures) in
certain assets that are pledged under the Credit Facility.

Pursuant to Section 1008 of the USF Bond indenture, holders of
USF Bonds are entitled to an equal and ratable lien with respect
to stock of the “significant” subsidiaries of YRC Regional
Transportation and any intercompany debt among Regional and its
“significant” subsidiaries.

Currently, the “significant” subsidiaries are USF Holland, USF
Reddaway and YRC Logistics Services.  Pursuant to Section
4.06(a) of the Roadway Bond indenture, holders of Roadway Bonds
are entitled to an equal and ratable lien with respect to stock
of subsidiaries of Roadway LLC, intercompany debt among Roadway
and its subsidiaries and certain property owned by Roadway and
its subsidiaries, including certain real estate and rolling
stock.

A full-text copy of Amendment No. 1, dated as of April 18, 2008,
to the Credit Agreement, dated as of August 17, 2007, among the
Company, the Canadian Borrower, the UK Borrower, the financial
institutions party thereto and JPMorgan Chase Bank, National
Association, as Administrative Agent, may be viewed for free at:

               http://ResearchArchives.com/t/s?2af0

                     About YRC Worldwide Inc.

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.


YRC WORLDWIDE: Renews Asset-Backed Securitization Facility
----------------------------------------------------------
YRC Worldwide Inc. disclosed in a regulatory filing that on
April 18, 2008, it renewed its asset-backed securitization
facility.

The renewed facility will expire on April 16, 2009.

The renewed facility:

     (i) reduces the financing limit available under the ABS
         facility from US$700 million to US$600 million,

    (ii) reduces the letters of credit sublimit from
         US$325 million to US$125 million,

   (iii) modifies the Total Leverage Ratio consistent with the
         Credit Agreement Amendment recently entered,

    (iv) increases the loss and discount reserve requirements
         and

     (v) increases the administrative fee (calculated based on
         financing limit) and program fee (calculated based on
         utilization) to 50 basis points and 75 basis points,
         respectively.

The interest rate under the ABS facility for conduits continues
to be a variable rate based on A1/P1 rated commercial paper
(weighted average interest rate of 3.35% at March 31, 2008),
plus the program fee.  The interest rate for Wachovia Bank,
National Association is one-month LIBOR, plus 100 basis points,
as Wachovia will no longer use a conduit to purchase receivables
under the ABS facility.  The Company expects interest expense to
increase up to US$4.0 million annually with this renewal.

The ABS facility utilizes the accounts receivables of these
subsidiaries of the company:

     -- Yellow Transportation, Inc.;
     -- Roadway Express, Inc.;
     -- USF Holland Inc.; and
     -- SF Reddaway Inc.

Yellow Roadway Receivables Funding Corporation, a special
purpose entity and wholly owned subsidiary of the Company,
operates the ABS facility.  Under the terms of the renewed ABS
facility, the Originators may transfer trade receivables to
YRRFC, which is designed to isolate the receivables for
bankruptcy purposes.  A third-party conduit or committed
purchaser must purchase from YRRFC an undivided ownership
interest in those receivables.  The percentage ownership
interest in receivables that the conduits or committed
purchasers purchase may increase or decrease over time,
depending on the characteristics of the receivables, including
delinquency rates and debtor concentrations.

In connection with the renewal of the ABS facility, the Company
unconditionally guaranteed to YRRFC the full and punctual
payment and performance of each of the Originators obligations
under the ABS facility.  YRRFC has pledged its right, title and
interest in the guarantee to the Administrative Agent, for the
benefit of the purchasers, under the Third Amended and Restated
Receivables Purchase Agreement.

A full-text copy of the Third Amended and Restated Receivables
Purchase Agreement may be viewed for free at:

               http://ResearchArchives.com/t/s?2af1

                     About YRC Worldwide Inc.

YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is  
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore.  The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally.  Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.

The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.



YRC WORLDWIDE: Fitch Holds Ratings on Amended & Restated Loans
--------------------------------------------------------------
Following the announcement that YRC Worldwide Inc. (NASDAQ:
YRCW) has amended and restated its credit facility agreement,
Fitch Ratings has taken these rating actions on YRCW and its
Roadway LLC and YRC Regional Transportation, Inc. subsidiaries:

YRC Worldwide Inc.

   -- Issuer Default Rating (IDR) affirmed at 'BB+';
   -- Credit facilities affirmed at 'BB+';
   -- Senior unsecured downgraded to 'BB' from 'BB+'.

Roadway LLC

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

YRC Regional Transportation, Inc.

   -- IDR affirmed at 'BB+';
   -- Senior notes downgraded to 'BB' from 'BB+'.

Fitch's ratings apply to approximately US$1 billion in
consolidated debt and a US$950 million revolving credit
facility.  The Rating Outlook for YRCW is Negative.

The most significant revisions to YRCW's credit facility are a
change in the facility's leverage covenant and a pledge of
collateral to secure the facility.  The leverage covenant, which
is based on the ratio of balance sheet debt to 12 months EBITDA,
has been raised to 3.75 times (x) for the first three quarters
of 2008.  The ratio will then decline to 3.5x in the fourth
quarter of 2008 through the facility's maturity in 2012.  The
prior leverage covenant was 3.0x for the duration of the
agreement.  In the event of certain credit ratings upgrades, the
collateral securing the credit facility will be released, the
leverage ratio covenant will decline to 3.0x and certain other
provisions in the credit facility will revert back to their pre-
amended status.

In return for the loosened covenant, YRCW has agreed to secure
the facility with a combination of hard assets (primarily real
estate), a portion of various subsidiaries' accounts receivable
not already pledged as collateral under YRCW's asset backed
securitization (ABS) facility agreement, 100% of the capital
stock of YRCW's U.S. subsidiaries, 65% of the stock of certain
first-tier foreign subsidiaries and a security interest in
certain intercompany notes.  According to the indenture covering
the outstanding US$225 million in Roadway notes due in December,
the Roadway notes will also be secured by certain Roadway
collateral pledged to the credit facility, including certain
Roadway properties.  In addition, the capital stock of the YRC
Regional Transportation subsidiaries that has been pledged as
collateral for the credit facility will also be shared as
collateral with the two series of outstanding YRC Regional
Transportation notes.

In addition to the revisions to its credit facility, YRCW has
also accelerated the renewal of its ABS facility.  The facility
had been scheduled to mature next month.  The ABS facility,
which is essentially a receivables sales program, is a key
component of the company's liquidity, and YRCW regularly uses it
for cash borrowings, as well as to back letters of credit.  The
limit on the renewed facility has been reduced to US$600 million
from US$700 million, however, to account for the actual level of
receivables generally available to support the program.

The loosening of the leverage covenant significantly reduces the
likelihood of a near-term default on the credit facility.  
Although YRCW has been slowly reducing its debt load over the
past several years, a very weak industry demand environment has
driven a sharp decline in YRCW's EBITDA over the past 12 months.  
Full-year EBITDA declined to US$489 million in 2007 from US$837
million in 2006, raising the company's year-end EBITDA leverage
to 2.5x from 1.5x. With the sharp decline in EBITDA, concern had
been growing recently that YRCW's EBITDA leverage would come
uncomfortably close to, or might exceed, the prior covenant
level of 3.0x by mid-2008. The addition of 75 basis points to
the covenant in the first three quarters of this year is
expected to provide sufficient headroom to avoid a covenant-
triggered default in the near term.  However, the covenant
level's decline to 3.5x in the fourth quarter and beyond could
be a concern if industry conditions continue to worsen
throughout the year.

The downgrade of the senior unsecured ratings reflects the
addition of collateral to secure the credit facility, which has
put the holders of the company's existing unsecured notes in a
junior position in YRCW's capital structure.  In addition,
although the Roadway and YRC Regional Transportation notes are
now secured by some collateral, Fitch believes the collateral
coverage of these notes is relatively low, effectively putting
holders of these notes in a position similar to that of the
unsecured holders.  As a result, Fitch has downgraded the
secured Roadway and YRC Regional Transportation notes, as well.

The Negative Rating Outlook reflects the near-term challenges
that YRCW continues to face with the slowing of the U.S.
economy.  Although industry shipment levels appear to be
stabilizing somewhat, they are stabilizing at weakened levels,
and there are no indications yet of a significant improvement in
demand in the near term.  Should a persistently weak industry
environment drive further declines in YRCW's financial
performance, Fitch may downgrade the ratings further.


ZTE CORPORATION: Licenses SPIRIT DSP's Voice Solution
-----------------------------------------------------
ZTE Corporation has licensed SPIRIT DSP's voice solution to
empower ZTE's HD (High Definition) video conferencing systems
with outstanding quality voice, giving end-users a rich
communication experience.

In 2007, ZTE topped the global CDMA market at 43% of the world's
total CDMA shipments.  With SPIRIT's solution built inside ZTE's
HD conferencing systems, end-users will experience HD quality
communication, offering enhanced realism from significantly
improved picture and sound quality.

The high-end videoconferencing market is surging very fast.
Research firm IDC expects sales to nearly triple this year to
US$169 million from just US$64 million last year, and reach US$1
billion by 2011.

"We found SPIRIT's solution to far exceed all known similar
software products in terms of quality, scalability and
reliability.  With SPIRIT's solution, there is no delay,
transcoding or noise aggregation on the server side – the
quality is magnificent and the software's ability to scale is
almost limitless.  We're pleased to be working with SPIRIT,"
said Huang Qiang, Chief Engineer of Multimedia Terminals Network
Division at ZTE.

"This relationship with ZTE marks another major milestone in
SPIRIT's commitment to continue supplying the world's leading
communications equipment providers with the most advanced, high-
definition communication technologies," said Alex Kravchenko, VP
Sales at SPIRIT.  "ZTE is a global telecom equipment supplier,
and we're excited to be working with such a global established
player to deliver perfect quality voice to the world."

                        About SPIRIT

SPIRIT DSP -- www.spiritDSP.com -- employs 140 professionals,
and has been in the international software licensing business
since 1992.  A bootstrap company, SPIRIT has been profitable for
15 years.  For the last 10 years, SPIRIT's focus has been on
voice and video communication software products.  SPIRIT counts
among its customers Adobe, Agere, Arima, ARM, Atmel, Blizzard
Entertainment, BT plc., Cisco, Compal, deltathree, Flextronics,
Ericsson, HP, HTC, Huawei, Importek, Korea Telecom, Kyocera, LG,
MediaRing, Microsoft, NEC, Nortel Networks, NXP, Oracle,
Paltalk, Polycom, Quanta, Radvision, Reigncom, Samsung, Siemens,
Texas Instruments, Toshiba, Trinity Convergence and Veraz, and
among 200+ other communication OEMs and software vendors.  
SPIRIT communication software is used in over 80 countries and
powers more than 100 million embedded voice channels.  SeeStorm
is a SPIRIT affiliate for synthetic video conferencing.

TeamSpirit is a registered trademark and IP-MR is a trademark of
SPIRIT DSP.  All other trademarks and/or registered trademarks
are registered to their respective owners.

                      About ZTE Corp

Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.  The group operates both in
the domestic and international market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


* Fitch Says Taiwanese Securities Firm is Strong
------------------------------------------------
Fitch Ratings commented that a prudent supervisory environment
governing capital retention, market and credit risk exposures,
as well as long-term investment expansion have contributed to
Taiwanese securities firms' financial soundness and stability.  
The industry's capitalisation is strong compared with
international peers and contrasts with the much higher leverage
levels seen at US investment banks, which have suffered
liquidity pressures during the ongoing credit crisis.  The
sector's liquidity is also adequate, supported by sufficient and
consistently positive net current assets.

Meanwhile, the liberalisation of many regulations since late
2007 will help boost Taiwanese securities firms' revenue
diversity and earnings quality.  The opening up of selective
wealth management and trust businesses has been especially
welcomed by securities firms with no group banking support, as
some of them have been losing customers to financial groups
which provide a complete range of financial services.  Fitch
highlighted in a special report that the capabilities of
securities firms with regards to product renovation and
manufacturing will be a key factor in their competition with
banks, which have distinct advantages in terms of distribution
channels and customer relationships.

Looking into 2008, the sector's earning prospects remain largely
favourable.  The agency expects a reasonably good turnover in
the Taiwanese stock market as market sentiment improves, partly
as a result of the easing of the cross-strait relationship
following the presidential election in March 2008.

Fitch also expects that the rating Outlook on Taiwan's
securities sector will remain Stable in 2008.  Selective
upgrades could be possible for securities firms that deliver
consistent profitability through improving their revenue
diversity and advanced risk management capabilities, while
rating downgrades are less likely and should be limited.  
Additionally, the agency views M&A-driven rating changes as
generally positive as some domestic financial groups have
expressed strong ambitions to expand their franchise value
through acquiring securities firms.



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

DECCAN AVIATION: To Conclude Kingfisher Merger on June 1
--------------------------------------------------------
During a shareholders' meeting held recently in Bangalore for
Deccan Aviation and Kingfisher Airways, it was decided that the
official cut-off date for the merger of the two is on June 1,
2008, Lakshmi Vishwanath writes for TravelBizmonitor.  

All resolutions were passed unanimously at the meeting, the
report adds.

After the merger, Deccan Aviation's name will be changed to
Kingfisher Airlines Ltd, according to a previous regulatory
filing of the company.

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.


TATA POWER: To Enter Memorandum of Understanding with Bhel
----------------------------------------------------------
Tata Power will enter into a memorandum of understanding with
Bhel, Financial Express reports.  The aggrement provides that
Tata Power will source its equipment from Bhel, a state-owned
company, for all its future power needs.

Ravi Kumar, Bhel's chairman and managing director, told the
Financial Express that to begin with, Tata Power will source
equipment for a capacity of around 5,000 mwh from Bhel through
the negotiated route.

Mr.Kumar also informed the Financial Express that the list of
power projects under discussions includes the 2000-2400 mw
Dehrand thermal power project in Maharashtra, the 1800 mw
Maithon thermal project in West Bengal, the 540 mw Naraj
Marthapur project in Orissa and the 100 mw Bhira hydro power
project in Maharashtra.

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

                            *     *     *

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

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



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

PERUSAHAAN LISTRIK: To Sign IDR7.3 Trillion Loan This Month
-----------------------------------------------------------
Aditya Suharmoko and Ika Krismantari of The Jakarta Post report
that PT Perusahaan Listrik Negara is slated to secure additional
loans to immediately finance the construction of its 35 power
plants under the government-sponsored 10,000 megawatts emergency
power project.  

The Port relates that PLN President Director Fahmi Mochtar said
on Friday the firm would sign another deal worth IDR7.3 trillion
or US$794.77 million with Bank Mega and Bank Bukopin to fund 12
coal-fired plants.  

The company held a signing ceremony on Friday related to a
IDR5.7 trillion syndicated loan it secured from:

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

As reported by the Troubled Company Reporter-Asia Pacific on
April 21, 2008, Perusahaan Listrik Negara will use the loan to
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

Aditya Suharmoko and Ika Krismantari further report that
according to Mr. Fahmi, the IDR7.3 trillion or US$794.77 million
with Bank Mega and Bank Bukopin will be signed later this month.

The report relates that Bank Mega is set to disburse IDR4.61
trillion to finance 10 projects:

   -- Pelabuhan Ratu (945 MW),
   -- Lampung (200 MW),
   -- North Sumatra (400 MW),
   -- Riau (14 MW),
   -- East Nusa Tenggara (14 MW),
   -- West Nusa Tenggara (50 MW),
   -- Gorontalo (50 MW),
   -- North Sulawesi (50 MW),
   -- Southeast Sulawesi (20 MW), and
   -- Central Kalimantan (120 MW).

Mr. Fahmi adds that Bank Bukopin is set to channel IDR1.6
trillion toward the construction of 945 MW plant in Teluk
Naga, and IDR1.04 trillion for 630 MW plant in Pacitan, The
Jakarta Post reports.  

"With all of the loans, we have met all the rupiah-denominated
financing needed for the 10,000 MW program," The Post quotes Mr.
Fahmi as saying.
  
According to the report, Finance Minister Sri Mulyani Indrawati,
who attended the signing ceremony, said the government would
closely supervise PLN's use of the loans.  "With all the loans,
PLN must fulfill the country's electricity needs by the end of
2010," The Post quotes Mr. Mulyani as saying.  

                     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
=========

ALITALIA SPA: Air France-KLM Formally Withdraws Binding Offer
-------------------------------------------------------------
Air France-KLM SA has formally withdrawn its binding offer to
acquire the Italian government's 49.9% stake in Alitalia S.p.A.,
Chris Staiti and Andrew Davis write for Bloomberg News.

According to Air France, the report adds, the agreement
disclosed last March 14 was "no longer valid" since the
conditions that needed to be met "were not fulfilled."

As previously reported in the TCR-Europe, Air France, Alitalia
and its unions had expressed willingness to resume sale
negotiations, which was stalled after the parties failed to
reach an agreement on the French carrier's offer.  

Air France CEO Jean Cyril Spinetta said the airline will not
submit a new offer, stressing that the amended plans presented
to unions during the negotiations was the only one that would
enable Alitalia to return to profitability within a short time.

Alitalia chairman Aristide Police had recommended the resumption
of negotiations between the parties.

Prime Minister-elect Silvio Berlusconi had said he might accept
an acquisition of Alitalia by Air France through a tie-up
between the carriers.  Mr. Berlusconi said Alitalia could be a
part of a "three-way  merger of equals," referring to becoming a
possible third carrier to the merger of Air France and KLM Royal
Dutch Airlines.  

                         Bridging Loan

Gianni Letta, an adviser to Mr. Berlusconi, and nephew Enrico,
undersecretary to current Prime Minister Enrico Prodi, have
agreed to press for a EUR150 million emergency bridging loan for
Alitalia, Bloomberg News relates.  They also agreed to work on a
joint strategy to sell Alitalia before its cash runs out.

As of March 31, 2008, Alitalia had EUR170 million in cash and
credits available to finance its operations.  The government had
pledged to grant Alitalia a EUR300 million bridging loan if the
sale of its 49.9% stake to Air France pushes through.

The Italian carrier said in January 2008 that it needs to raise
EUR750 million in fresh funds in the first half of the year to
remain at "adequate operating levels."

                        Italian Bidders

AirOne S.p.A., banks led by Intesa Sanpaolo S.p.A. and Italian
businessmen led by Mr. Berlusconi adviser Bruno Ermolli may form
a group to bid for Alitalia, Bloomberg News says, citing an
unsourced Il Messaggero report.

According to Il Messaggero, AirOne will own 40% of the bidding
vehicle, the banks will control 40% and Mr. Bruno's group will
hold 20%.

Mr. Berluconi has been insisting that an Italian consortium will
present a binding offer for Italy's 49.9% stake in Alitalia in
less than a month.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.


DELPHI: Names Ronald Pirtle as President of Delphi Powertrain
-------------------------------------------------------------
Delphi Corp. disclosed changes in the top leadership for two of
its divisions.  Ronald M. Pirtle is named president of Delphi
Powertrain and president of the company's European Operations.  
He succeeds Guy Hachey, who is leaving the company to pursue
another opportunity.  Mr. Pirtle, who had been president of
Delphi Thermal, will relocate to Luxembourg and will continue to
report to Delphi CEO and President Rodney O'Neal.  James A.
Bertrand succeeds Mr. Pirtle as president of Delphi Thermal, and
also maintains his current responsibilities as president of the
company's Automotive Holdings Group.  Both divisions are
headquartered in Southeast Michigan.  Mr. Bertrand will continue
to report  to Mr. O'Neal as well.

"We wish Guy well in his next endeavors and are proud of his
tenure as a member of the Delphi leadership team," Rodney
O'Neal, CEO and president of Delphi and a member of the
company's Board of
Directors, said.  "With the experience and leadership of both
Ron and Jim, the transition will be a smooth one."

"Delphi Powertrain has solidified its business model and
operations with its move to Europe in 2006 and Ron will continue
to drive growth in our fuel handling, diesel and engine
management systems globally.  At AHG, most of the work necessary
to streamline our portfolio and wind down or sell the operations
has been completed or is targeted for completion this year,
allowing Jim to concentrate fully on the growth and objectives
for Delphi Thermal's core and new markets businesses," Mr.
O'Neal said.

Both executives remain members of the Delphi Strategy Board, the
company's top policy-making group and the appointments are
effective May 1.

Mr. Pirtle, 53, has more than 30 years experience in the
automotive industry and has held a variety of assignments in
engineering, finance and operations.  He has served as the
president of Delphi Thermal for twelve years.  Mr. Bertrand, 50,
has 29 years of service with the company and has a wealth of
international experience, with assignments in Canada, Europe and
Asia. He has held a variety of assignments in engineering,
finance, and operations and has served as president of two of
Delphi's divisions.

                   About Delphi Corporation

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

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

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


MITSUBISHI MOTORS: S&P Lifts Long-term Corp. Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating to 'B+' from 'B', and its senior
unsecured debt rating to 'BB-' from 'B+' on Mitsubishi Motors
Corp.  At the same time the ratings were removed from
CreditWatch where they had been placed with positive
implications on Feb. 21, 2008.

The upgrade follows the company's progress in further improving
its financial performance and profile.  The outlook on the long-
term corporate credit rating is stable.

Despite a slowdown in the North American market and a continuing
slump in the Japanese market, Mitsubishi Motors is likely to
have achieved its global sales volume for fiscal 2007 (ended
March 31, 2008), surpassing that of the previous fiscal year.
Sales volume has increased thanks to strong performances in the
Asia and others, and Europe regional segments (excluding the
Japan and North America segments). Even after factoring in a
restructuring charge of JPY22 billion on the closure of its
Australian plant in March 2008, the company is likely to have
recorded an operating profit of JPY80 billion and a net profit
of JPY20 billion in fiscal 2007. These expected results are
largely in line with the targets (operating profit of JPY74
billion and a net profit of JPY41 billion) laid down in its
revitalization plan, which ended in fiscal 2007.  Standard &
Poor's believes that the downside risk to the company's
financial performance has been reduced.  This is partially
because the company significantly reduced its credit risk
exposure and capital-funding burden following its switch to a
new arrangement at its U.S. captive finance operation in July
2005.

Mitsubishi Motors continues to face challenges strengthening its
business and financial profile. For example, it faces
difficulties boosting its competitive position with its limited
financial resources, as well as redefining its financial policy.
In addition, the optimization of its global production system
has been a key issue for the company, as its assembly plants
in North America and Europe are underutilized. Following the
plant closure in Australia in March, the company also plans to
transfer some of its production to its manufacturing subsidiary
in the Netherlands, Netherlands Car B.V. (NedCar), from its
Japan-based Okazaki and Mizushima plants, which are operating at
full capacity.  S&P said it views these measures as progress
towards Mitsubishi Motors improving its global production
efficiency.

Mitsubishi Motors' financial profile also improved as a result
of increasing profitability and cash flow. In particular, the
debt coverage ratio shows significant improvement as the ratio
of total debt (adjusted for leases, unfunded post-retirement
liabilities, and captive finance debt) to EBITDA is expected to
decline further to about 3x in fiscal 2007, from 4.9x in fiscal
2006. Given the expectation of increased pressure on
profitability and planned increases in capital expenditures,
free operating cash flow may temporarily become negative, but
should become positive again in two to three years.  S&P expects
the improved financial profile to be sustainable as a result of
the company's enhanced funds from operations.

The outlook on the long-term corporate credit rating is stable.
For a further upgrade, Mitsubishi Motors needs to demonstrate
consistent improvement in its sales performance and cost
structure. However, if difficult business conditions such as the
market downturn in North America, adverse foreign exchange
rates, or high raw material costs, significantly weaken
profitability and the company's financial profile deteriorates,
the rating could be lowered.

The long-term senior unsecured debt rating continues to be one
notch higher than the long-term corporate credit rating,
reflecting the lower default risk of the company's debt than its
bank loans. This is based on Standard & Poor's expectation of
debt forgiveness by creditor banks in case of a default. At the
same time, the rating reflects the relatively weak seniority
of the rated unsecured bonds, as high priority liabilities make
up a relatively large proportion of the company's total assets.

Ratings List:

                                  To             From
                                  --             ----
Mitsubishi Motors Corp.
Corporate Credit Rating          B+/Stable/--   B/Watch Pos/--
Senior Unsecured Local Currency  BB-            B+/Watch Pos


XERIUM TECH: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP raised substantial doubt on the ability of
Xerium Technologies, Inc., to continue as a going concern after
it audited the company's financial statements for the year ended
Dec. 31, 2007.  

The auditing firm stated that the company will likely have
future debt covenant violations under its existing loan
agreements.  Failing to meet financial covenants constitutes an
event of default, upon which the company's lenders could
accelerate the debt causing it to become payable and due.

Management related that while the company was in compliance with
the financial covenants under its senior credit facility at
Dec. 31, 2007, and expects that it would generate cash flow from
operations sufficient to service the debt under the senior
credit facility prior to the stated maturity of the debt if
there is not otherwise an event of default under the debt, the
company anticipates to be in financial covenant non-compliance
for the period ended March 31, 2008.

The company posted a net loss of US$150,212,000 on total sales
of US$615,426,000 for the year ended Dec. 31, 2007, as compared
with a net income of US$31,288,000 on total sales of
US$601,439,000 in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$891,441,000 in total assets and $892,493,000 in total
liabilities, resulting in US$1,052,000 stockholders' deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$286,338,000 in total current
assets available to pay US$768,020,000 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2a8c

                    About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/-- manufactures and  
supplies consumable products used primarily in the production of
paper: clothing and roll covers.  With 35 manufacturing
facilities in 15 countries, including Austria, Brazil and Japan,
Xerium Technologies has approximately 3,900 employees.



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

AMKOR TECH: Eric Larson Named EVP for Product Management Group
--------------------------------------------------------------
Amkor Technology Inc. said that Eric Larson has joined the
company as Executive Vice President Product Management Group,
effective April 14, 2008.  Larson, 52, will report to Ken Joyce,
Amkor’s Chief Operating Officer, and will have overall
management responsibility for Amkor’s Product Business Units,
including Wirebond Products, Wafer-Level Processing and Flip-
Chip Products, Test Services, R&D, Emerging Technologies and
Corporate Development.

Larson brings more than 24 years of semiconductor and technology
sector leadership experience to his new role.  Larson started
his career at Hewlett Packard where he worked for 17 years in a
number of senior management positions including General Manager
of the Integrated Circuits Business Division and General Manager
of the Mobile Business Operation.  He also served 7 years in
senior management positions at Amkor from 1996 to 2003,
including as President of our Wafer Fabrication business and
Executive Vice President of Corporate Development.  Larson is
re-joining Amkor after having served in executive management
positions with several start-up ventures.

“We are pleased to have Eric join Amkor’s executive management
team,” said James Kim, Amkor’s Chairman and Chief Executive
Officer.  “Having worked closely with Eric in the past, I have
first hand knowledge of his strong work ethic and team building
skills. I have great confidence in Eric’s ability to lead our
product business units in delivering innovative and cost
effective packaging and test solutions to our customers.”

“I am delighted to welcome an executive of Eric’s caliber to
Amkor,” said Ken Joyce.  “Eric brings extensive semiconductor
industry knowledge, business acumen and leadership skills to our
existing team of talented and experienced product business unit
managers.”

                           About Amkor

Headquartered in Chandler, Arizona, Amkor Technology Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Hong Kong, France, Japan, Singapore, Korea, the
British Cayman Islands and Netherlands.

                          *     *     *

As reported in the Troubled Company Reporter on April 22, 2008,
Moody's Investors Service affirmed Amkor Technology Inc.'s
corporate family (B2), long-term debt (B1 senior unsecured; Caa1
senior subordinated) and speculative-grade liquidity (SGL-2)
ratings and revised the outlook to positive.


AMKOR TECHNOLOGY: To Issue 1st Quarter 2008 Results on April 30
---------------------------------------------------------------
Amkor Technology, Inc. said that it will issue its financial
results for the first quarter of 2008 after the close of trading
on the NASDAQ Global Market on Wednesday, April 30, 2008.  At
5:00pm Eastern Time, Amkor management will host a conference
call to discuss the company’s financial results.

This call is being webcast by Thomson Financial and can be
accessed at Amkor’s web site.  Interested parties may also
access the call by dialing 303-205-0033.

                         About Amkor

Headquartered in Chandler, Arizona, Amkor Technology Inc.
(Nasdaq: AMKR) -- http://www.amkor.com/-- is a provider of  
semiconductor assembly and test services.  The company offers
semiconductor companies and electronics OEMs a complete set of
microelectronics design and manufacturing services.

Outside the United States, the company has wholly-owned
subsidiaries in Hong Kong, France, Japan, Singapore, Korea, the
British Cayman Islands and Netherlands.

                          *     *     *

As reported in the Troubled Company Reporter on April 22, 2008,
Moody's Investors Service affirmed Amkor Technology Inc.'s
corporate family (B2), long-term debt (B1 senior unsecured; Caa1
senior subordinated) and speculative-grade liquidity (SGL-2)
ratings and revised the outlook to positive.


CITIBANK KOREA: Moody's C- BFSR Unaffected by Parent's 1Q Loss
--------------------------------------------------------------  
Moody's Investors Service has affirmed Citibank Korea's deposit
ratings. The outlook for the ratings is stable.

This action follows the rating actions on Citigroup and its
related entities on April 18, 2008.  On April 18, Moody's
Investors Service affirmed its ratings on Citigroup Inc., and
subsidiaries but changed the rating outlook to negative. Moody's
actions follow the announcement that Citigroup reported a net
loss of US$5.1 billion in first quarter 2008 (1Q08). Moody's
rates the senior debt of Citigroup Aa3. Citibank N.A. is rated B
for financial strength and Aa1 for deposits.

The affirmation is based on Citibank Korea's Aa3 global local
currency (GLC) deposit rating remaining unchanged despite the
negative outlook on parent Citibank, N.A.'s bank financial
strength rating (BFSR). A lower BFSR would reduce the rating of
the support provider for Citibank Korea in Moody's Joint Default
Analysis methodology. However, Citibank Korea's GLC deposit
rating also benefits from Korean systemic support which Moody's
assesses to be very high.

Citibank Korea, formerly known as KorAm Bank, was established in
1983. It suffered from deteriorating asset quality during the
1997 economic crisis and this situation led to a foreign
financial investor assuming control. It is now the seventh
largest of Korea's nationwide banks with assets of KRW47.4
trillion (USD48 billion) as of end-2007.

In May 2004, Citigroup acquired a 97.47% stake in the bank,
including 36.6% stake from former major shareholder, the JP
Morgan/Carlyle consortium. Then, in November 2004, Citigroup
merged its 15 Korean branches into the enlarged entity. As of
end-2007, Citigroup's stake in the bank had increased to 99.95%.
The holding is divided between Citibank Overseas Investment
Corporation (77.49%; not rated) and Citibank N.A. 22.46%; rated
Aa1/Prime-1).

The following ratings were affirmed:

   * Global local currency deposit of Aa3. Outlook stable; and

   * Foreign currency long-term/short-term deposit of
     A2/Prime-1. Outlook stable.

The following rating was unaffected:

   * BFSR of C-. Outlook stable.


EG SEMICON: Largest Shareholder Sells 7.53% Company Stake
---------------------------------------------------------
EG Semicon Co. Limited's largest shareholder, Jung Ha Su has
signed an agreement to sell off 5,175,883 shares of the company,
an equivalent to 7.53% stake, to KD Partners Co. Ltd., Reuters
reports.

According to the report, the stake was sold for
KRW9,109,554,080.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures    
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On January 4, 2008, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


GENEXEL-SEIN: Sets KRW1,030 Per Share Price on Rights Issue
-----------------------------------------------------------
Genexel-Sein Inc. has decided the first offer price for the
rights issue of its 10 million common shares at KRW1,030 per
share, according to a report by Reuters.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


KAFCO C&I: Changes Name to JeKang Holdings
------------------------------------------
Kafco C&I Co. Ltd. said it will now be known as JeKang Holdings
effective April 4, 2008, according to a report by Reuters.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.



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

GOLD BRIDGE: 18th Annual General Meeting Set for May 14
-------------------------------------------------------
Gold Bridge Engineering & Construction Berhad will hold its 18th
annual general meeting at 11:00 a.m., on May 14, 2008, at
Saujana Lounge, Penang Golf Resort Berhad, Lot 2462, Mk. 6,
Jalan Bertam, Seberang Perai Utara, in Pulau Pinang, Malaysia.

At the meeting, the members will be asked to:

   -- receive the audited financial statements for the year
      ended June 30, 2007 together with the reports of the
      directors and auditors;

   -- consider and if though fit, pass these resolution as
      ordinary resolutions:

   i) That Dato' Abdul Manaf bin Abdul Hamid and En, Baba Zain
      bin Baba Ein,, who are 70 years old and retiring in
      accordance with Section 129 of the Companies Act, 1965,
      will be re-appointed as the company's director and to hold
      office until the next annual general meeting of the
      company.

   -- to re-elect Dato' Nadzir bin Hj Sheikh Fadzir and Dato'
      Abd Aziz bin Hj Sheikh Fadzir in accordance with Article
      97 and 99 of the Company's Articles of Association and
      being eligible, have offered their selves for re-election;

   -- to re-appoint Messrs. Ernst & Young as the company's
      Auditors for the ensuing year and to authorize the
      Directors to fix their renumeration

   -- consider and if though fit, pass these resolution as
      ordinary resolutions:

   * Proposed Amendments to the Articles of Association of the
     Company

   * That the payment of Directors' fees amounting to MYR36,000
     for the year ended June 30, 2007.

                         About Gold Bridge

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

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


SOLUTIA INC: Court Approves Settlement Pact With Air Liquide
------------------------------------------------------------
A dispute arose between Solutia Inc. and Air Liquide Large
Industries U.S. LP regarding the amount Solutia owes for
nitrogen delivered by Air Liquide.

To settle the matter, Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York approved
the stipulation between the Debtors and Air Liquide.

The agreement provides that:

     * Air Liquide has preserved its right to an administrative
       claim as to the Billing Dispute by timely filing its
       Motion.

     * Due to the pendency of Air Liquide's action against
       Solutia in the 165th Judicial District Court, Harris
       County Texas, and the absence of any core issues in the
       Billing Dispute requiring involvement of the Bankruptcy
       Court, the amount, if any, of Air Liquide's
       administrative claim will be determined in the Texas
       State Court Action.

     * Air Liquide will have an allowed administrative claim as
       to the Billing Dispute in an amount equal to the
       disposition ultimately entered in the Texas State Court
       Action.

As reported in the Troubled Company Reporter on April 14, 2008,
Air Liquide asks the Court for the allowance and immediate
payment of its US$1,059,228 administrative claim against the
Debtors.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide, used in
consumer and industrial applications worldwide,
including Malaysia.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by  the bridge facility in Solutia's capital structure.


SOLUTIA INC: Nitro Residents File US$267,745 Tort Claims
--------------------------------------------------------
Some 2,300 residents of the Nitro, West Virginia area and
surrounding vicinity have filed claims against Solutia, Inc. and
its debtor-affiliates,  arising from the alleged dioxin releases
from the Debtors' chemical facility in Nitro, West Virginia.

The Nitro, West Virginia Tort Claimants believe that their
actions in the Debtors' Chapter 11 cases have provided
significant and tangible benefits to the reorganization process
and the creditors of the estates.

The Nitro Tort Claimants objected to the Debtors' First Amended
Disclosure Statement and Joint Plan of Reorganization, raising
issues that no other party in the Debtors' Chapter 11 cases had
previously brought to the attention of Judge Prudence C. Beatty
of the U.S. Bankruptcy Court for the Southern District of New
York, Douglas T. Tabachnik, Esq., at Law Offices of Douglas T.
Tabachnik, P.C., in Freehold, New Jersey, says.

The objections and issues raised by the Nitro Tort Claimants
ultimately forced the Debtors to amend their Plan, smoothing
their passage to confirmation by eliminating issues that
otherwise would have required attention at the confirmation
hearing, Mr. Tabachnik tells the Court.

Mr. Tabachnik asserts that the Nitro Tort Claimants are entitled
to compensation pursuant to Section 503(b) of the Bankruptcy
Code because their efforts, among other things, resulted in
amendments to the Plan:

     * to broaden the types of claims included in Class 8 - Tort
       Claims;

     * for the treatment of Class 8 - Tort Claims, providing
       that "Tort Claims shall be unaffected by the Chapter 11
       Cases, this Plan or the Plan Documents.  After the
       Effective Date, the Tort Claims shall be resolved
       pursuant to applicable law and in the ordinary course of
       business;" and

     * to revise the definition of "Tort Claims" to use clear
       language that could be easily understood by other courts
       interpreting the scope of the injunctions issued under
       the Plan.

The amendments to the Plan realized by the Nitro Tort Claimants
benefited all Tort Claimants, General Unsecured Creditors and
the Debtors' estates, not just the Nitro Tort Claimants, Mr.
Tabachnik maintains.

The Nitro Tort Claimants do not seek compensation for all
professional services rendered on their behalf during the
Debtors' bankruptcy proceedings.  Instead, the Nitro Tort
Claimants only seek payment for the period during which they
believe they made a substantial contribution in the Debtors'
Chapter 11 cases.

Strutzman, Bromberg, Esserman & Plifka, A Professional
Corporation, rendered professional services -- to counsel the
Nitro Tort Claimants in connection with the negotiation and
confirmation of the Plan -- totaling US$267,745 during the
period May 16, 2007, through and including Nov. 29, 2007.

Mr. Tabachnik points out that the Debtors' counsel, Kirkland &
Ellis LLP, and Gibson, Dunn & Crutcher LLP, incurred fees more
than US$89,000,000.  Counsel for the Official Committee of
Unsecured Creditors incurred more than US$15,000,000 in fees, he
adds.

The Nitro Tort Claimants ask the Court to:

   (a) find that their actions taken in connection with the
       Debtors' disclosure statement and confirmed Plan
       conferred an actual and demonstrable benefit to the
       Debtors' reorganization process and the creditors of
       these estates;

   (b) find that their actions conferred a substantial
       contribution in the Debtors' Chapter 11 cases for the
       period May 16, 2007, through and including Nov. 29,
       2007, pursuant to Section 503(b)(3)(D) of the Bankruptcy
       Court;

   (c) find that the professional services rendered by Strutzman
       for US$253,719, and the actual, necessary expenses of
       US$14,026 incurred for the period May 16, 2007, through
       and including Nov. 29, 2007, constitutes reasonable
       compensation pursuant to Section 503(b)(4) of the
       Bankruptcy Code;

   (d) grant their Application;

   (e) grant them an allowed administrative expense claim of
       US$267,745; and

   (f) direct the Reorganized Debtors to pay US$267,745.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide, used in
consumer and industrial applications worldwide,
including Malaysia.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by  the bridge facility in Solutia's capital structure.


SOLUTIA INC: Court OKs Payment of US$197 Mil. to Professionals
--------------------------------------------------------------
Bloomberg News reports that Judge Prudence C. Beatty of the U.S.
Bankruptcy Court for the Southern District of New York has
allowed Solutia, Inc., to pay about US$197,000,000 to lawyers
and other retained professionals, including US$57,091,080 to
Kirkland & Ellis LLP, despite objections by the Office of the
U.S. Trustee to some of the fees.

Diana G. Adams, the United States Trustee for Region 2, noted
that the the professionals seek a total of US$185,216,656 in
fees and US$11,701,151 in expenses -- for an aggregate of
US$196,917,807.  While the professionals have touted their
success in obtaining confirmation of Solutia's reorganization
plan, "success" does not entitle professionals to a blank check,
The U.S. Trustee said.

Greg M. Zipes, Esq., trial attorney for the Office of the U.S.
Trustee, said that payments to some of the retained
professionals should be reduced due to conflicts of interest,
questionable strategies, and expensive meals sought for
reimbursement.

"I'm not prepared to dock the fee applications for these
issues," Judge Beatty told Mr. Zipes at the hearing, that "a lot
of what I see is penny-ante moralism.  People getting moral
about technical issues."

According to Bloomberg, the Court did not rule on a request from
Rothschild Inc. for final allowance of its fees and expenses.  
Rothschild, Solutia's financial advisors, requested allowance of
US$10,500,000 in fees and US$721,486 in expenses for services
rendered from Dec. 17, 2003, to Feb. 28, 2009.

     U.S. Trustee's Objections to 7 Firms' Fees & Expenses

The U.S. Trustee pointed out that under the Debtors' Fifth
Amended Joint Plan of Reorganization, the retirees and unsecured
creditors have received or will receive a partial distribution,
and not all in cash.  The retirees' future distributions depend
in part on the financial health of the Debtors.  The
professionals, on the other hand, which will be paid in full and
in cash, have sought nearly US$200,000,000.

Mr. Zipes noted that in certain instances, the professionals
have generously staffed uncontested hearings with attorneys and
"pursued questionable strategies in light of this Court's
directions."

Because of conflicts, certain professionals could not litigate
against the exit financing commitment parties, but nonetheless
these professionals billed the bankruptcy estate in connection
with this very litigation, Mr. Zipes contends.  The
professionals also sought reimbursement for expensive meals,
hotels (such as at the Ritz-Carlton) and car services, he added.

The U.S. Trustee objected to portions of fees and expenses
sought by seven firms.

The U.S. Trustee says she has no specific objections to the
request for payment and allowance of fees and expenses of
professionals from 17 firms.

Several professionals say fees were not excessive, including
Gibson, Dunn & Crutcher LLP, Jefferies, Akin Gump Strauss Hauer
& Feld LLP, Houlihan, Pillsbury Winthrop Shaw Pittman LLP,
Kirkland & Ellis, and Rothschild.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide, used in
consumer and industrial applications worldwide,
including Malaysia.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by  the bridge facility in Solutia's capital structure.


SOLUTIA INC: EOI Eyes Acquisition of Queeny Plant for US$1 Mil.
---------------------------------------------------------------
Environmental Operations Inc. is set to acquire Solutia Inc.'s   
Queeny Plant on St. Louis' industrial riverfront for
US$1,000,000.

EOI has been in talks with Solutia Inc., for two years about
acquiring the 33-acre site, according to the St. Louis Business
Journal.

EOI plans to transform the site into a "green" office and
industrial campus totaling an estimated US$50,000,000 in
development, the Business Journal reported.

Solutia shut down operations at Queeny Plant in 2005 after
operating it as a chemical manufacturing facility for 104 years.  
The equipment were auctioned off in 2006 and the property has
sat vacant for more than two years, the Business Journal said.

"Every developer looked at this as highly discounted property
because of the clean-up.  We're more comfortable with the risk
because environmental cleanup is what we do," Stacy Hastie,
chief executive of EOI, said.

Mr. Hastie will spend as much as US$5,000,000 on demolition,
remediation and site preparation work on the property.  The
project will transform the property from an "environmental
liability into property ready for a vibrant mixed-use
development," he said.

The site could accommodate four buildings totaling 500,000
square feet of space, Mr. Hastie noted.  Construction is set to
begin in May and buildings open to tenants in 2009, the Business
Journal reported.

Green Street Properties has been contracted to develop the
property.  Phil Husle and Mike Clark will lead the project.  
Green Street develops brownfield sites throughout St. Louis for
companies and tenants looking for environmentally friendly
office or industrial space.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE:
SOA-WI) -- http://www.solutia.com/-- and its subsidiaries,  
manufactures and sells chemical-based materials, which are used
in consumer and industrial applications worldwide, used in
consumer and industrial applications worldwide,
including Malaysia.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.   (Solutia Bankruptcy News, Issue No. 124;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by  the bridge facility in Solutia's capital structure.


SUNWAY INFRASTRUCTURE: Appoints PM Securities as Adviser
--------------------------------------------------------
In relation to the Malaysian Code on Take-Overs and Mergers,
1998, Sunway Infrastructure Berhad has appointed PM Securities
Sdn Bhd as independent adviser to advise the Independent
Directors and non-interested shareholders of SunInfra in
relation to the Offer.  The appointment of PM Securities is
still subject to the approval of the Securities Commission.

As reported by the Troubled Company Reporter-Asia Pacific, the
take-over offer from Infra Bumitek Sdn Bhd, entails:

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

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

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

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

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


WONDERFUL WIRE: Defaults on MYR61,346,641 Loan Obligations
----------------------------------------------------------
With regards to the Amended Practice Note No. 17/2005, Wonderful
Wire & Cable Berhad disclosed that together with its subsidiary,
WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total default
reached MYR61,346,641 as of March 31, 2008, which comprises of:

Wonderful Wire's loans:

                                          Principal & Interest
    Lender                 Facility        Outstanding (MYR)
    -------                --------       --------------------
* CIMB Bank Berhad         Term Loan            9,427,966.30
* Malayan Banking Berhad   Term Loan           29,584,826.94
* RHB Islamic Bank Berhad  Term Loan           17,834,350.95
* CIMB Bank Berhad         Leasing              4,193,131.77
                                          --------------------
                                     Total:    61,040,275.96

WWC Oil's loans:

                                          Principal & Interest
    Lender                Facility        Outstanding (MYR)
    -------               --------        --------------------  
  CIMB Bank Berhad        Leasing         MYR306,365.04

Currently, the company is undertaking a comprehensive proposed
restructuring scheme to address its financial situation.  The
scheme will involve amongst others, a proposed debt
restructuring exercise to regularize its borrowings.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

ALSTOM NEW ZEALAND: Liquidator Fixes April 24 Claims Bar Date
-------------------------------------------------------------
Shareholders of Alstom New Zealand Limited appointed Douglas Kim
Fisher, chartered accountant of Auckland, as liquidator of the
company on March 28, 2008.

The liquidator fixed tomorrow, April 24, 2008, as the last day
for creditors to file their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidator can be reached at:

          Douglas Kim Fisher
          Private Bag MBE M215
          Auckland
          Telephone: (09) 630 0491
          Facsimile: (09) 638 6283


AMBITION WHOLESALERS: First Meeting of Creditors Held
-----------------------------------------------------
Ambition Wholesalers Limited, formerly ASOTV Wholesalers Limited
and trading as Adman until July 2007, (in liquidation) held its
first meeting of creditors on April 4, 2008, at:

          Chancery Building, Level 3
          48 Courthouse Lane
          Auckland

The company's liquidator is Stephen M. Lawrence.


BLACK ROCKS CAFE: Proofs of Claim Must Be Filed by May 26
---------------------------------------------------------
John Howard Ross Fisk, chartered accountant, and Craig Alexander
Sanson, insolvency practitioner, both of Wellington, were
appointed joint and several liquidators of Black Rocks Cafe and
Bar Limited by the High Court on March 26, 2008.

The liquidators fixed May 26, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or to be excluded from the benefit of any
distribution.

Claims are to be forwarded and creditors and shareholders may
direct enquiries to:

          Black Rocks Cafe and Bar Limited (in liquidation)
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243
          Wellington
          Telephone: (04) 462 7489
          Facsimile: (04) 462 7492
          Attention: Sandra Pearson


CAPRICE ACQUISITIONS: Court to Hear Wind-Up Petition on April 28
----------------------------------------------------------------
On August 28, 2007, Lindsay Martin Sweeney filed an application
to liquidate Caprice Acquisitions Limited in the High Court at
Wellington.

The application will be heard before the High Court at
Wellington on Monday, April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is Owen Godfrey Paulsen.  The
plaintiff can be reached at:

          Cavell Leitch Pringle & Boyle, Solicitors
          Clarendon Tower, Level 15
          Corner of Worcester Street and Oxford Terrace
          PO Box 799
          Christchurch
          Telephone: (03) 379 9940
          Facsimile: (03) 379 2408


GLASS EARTH: St. Andrew Sells 18.3MM Shares to Private Investors
----------------------------------------------------------------
In a statement lodged with the New Zealand Exchange Ltd., Glass
Earth Gold Limited said that St. Andrew Goldfields Limited has
sold approximately 18.3 million shares in Glass Earth on
April 16, 2008 to private investors by private agreement at a
price of CAD$ 0.15 per share.

As a result of the above divestiture, St. Andrew Goldfields
equity in Glass Earth has reduced by 11.8% to 30.5%.

                     Glass Earth Exploration

Glass Earth continues to pursue vigorous exploration campaigns
in all four of its exploration regions in New Zealand.  Drilling
is underway in the Hauraki Region, North Island (via Newmont
Joint Ventures in that region).  Drilling in the other 3 regions
is planned over the next few months.  On-the-ground exploration
work in the Otago Region, South Island has been stepped up with
most North Island staff having been relocated to this
exploration region (currently the Southern Hemisphere autumn).

                        About Glass Earth

Glass Earth Ltd, now known as Glass Earth Gold Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'  
principal activity is the exploration for and mining of gold
deposits in New Zealand.  Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the
Mamaku-Muirs Reef area between Rotorua and Tauranga; Greenfield
gold prospects in the Central Volcanic Region between Rotorua
and Taupo, and advanced and greenfields gold prospects in the
Otago mesothermal gold fields, including priority over a
20,550km2 prospecting permit area which it believes is
prospective for Macraesstyle gold mineralisation.

All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with the CND1,953,000 deficit as of
May 31, 2006.


HARVEST BUILDERS: Faces Bunnings' Wind-Up Petition
--------------------------------------------------
On February 15, 2008, Bunnings Limited, trading as Benchmark
Building Supplies, filed an application to liquidate Harvest
Builders Limited in the High Court at Auckland.

The application will be heard before the High Court at Auckland
on June 6, 2008, at 10:00 a.m.

The plaintiff's solicitor is C. N. Lord, who can be reached at:

          Craig Griffin & Lord, Solicitors
          187 Mt Eden Road
          Mt Eden, Auckland


JAYTECH INTELLIGENT: Faces Security Merchants' Wind-Up Petition
---------------------------------------------------------------
On February 15, 2008, Security Merchants Limited filed an
application to liquidate Jaytech Intelligent Systems Limited in
the High Court at Auckland.

The application will be heard before the High Court at Auckland
on May 30, 2008, at 10:00 a.m.

The plaintiff's solicitor is Malcolm David Whitlock, who can be
reached at:

          Whitlock & Co.
          Baycorp House, Level 2
          15 Hopetoun Street
          Auckland


MONTE CECILIA HOUSE TRUST: Faces Wind-Up Petition
-------------------------------------------------
On September 12, 2005, Monte Cecilia House Trust filed an
application to liquidate itself in the High Court at Auckland.

The application will be heard before the High Court at Auckland
on July 11, 2008, at 10:45 a.m.

The Trust's solicitor is Jane Boyce, who can be reached at:

          Foy & Halse, Solicitors
          145 Manukau Road
          Auckland
          Telephone: (09) 638 7151
          Facsimile: (09) 630 2782


OFFICE ELVES GROUP: Court to Hear Wind-Up Petition on June 4
------------------------------------------------------------
On February 5, 2008, Albany Executive Recruitment Limited filed
an application to liquidate Office Elves Group Limited in the
High Court at Auckland.

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

The plaintiff's solicitor is Malcolm David Whitlock, who can be
reached at:

          Whitlock & Co.
          Baycorp House, Level 2
          15 Hopetoun Street
          Auckland


PAPAKURA LIQUOR: Court to Hear Wind-Up Petition on May 30
---------------------------------------------------------
On February 29, 2008, Westpac New Zealand Limited filed an
application to liquidate Papakura Liquor Limited in the High
Court at Auckland.

The application will be heard before the High Court at Auckland
on May 30, 2008, at 10:45 a.m.

The plaintiff's solicitor is M. V. Robinson.  The plaintiff can
be reached at:

          Simpson Grierson, Solicitors
          88 Shortland Street, Level 27
          Auckland


PJM PROPERTIES: Commences Voluntary Liquidation
-----------------------------------------------
PJM Properties Limited resolved, pursuant to section 241(2)(a)
of the Companies Act 1993, on March 28, 2008, to be put into
liquidation.

Iain Andrew Nellies and Wayne John Deuchrass were appointed
liquidators jointly and severally.

The liquidators can be reached at:

          Insolvency Management Limited
          Burns House, Level 3
          10 George Street  
          PO Box 1058
          Dunedin


QUICK FREIGHT: Court to Hear Wind-Up Petition on April 28
---------------------------------------------------------
On February 22, 2008, Far North Fuels Limited filed an
application to liquidate Quick Freight Limited in the High Court
at Whangarei.

The application will be heard before the High Court at Whangarei
on April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is Malcolm David Whitlock, who can be
reached at:

          Whitlock & Co.
          Baycorp House, Level 2
          15 Hopetoun Street
          Auckland


RICHTER INVESTMENTS: Appoints Gillespie and Young as Liquidators
----------------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,
Roderick Neil Gillespie and James Anthony Young were appointed
joint and several liquidators of Richter Investments Limited (in
liquidation).

The liquidation commenced on March 20, 2008.

The liquidators can be reached at:

          Gillespie Young Watson
          PO Box 30940
          Lower Hutt
          Telephone: (04) 569 3997


SKELLERUP HOLDINGS: Sells Non-Core Businesses for NZ$12.1 Mil.
--------------------------------------------------------------
The New Zealand Press Association reports that Skellerup
Holdings Ltd. sold its roofing, conveyor and containment
businesses together with the business of Batavian Rubber Co. for
NZ$12.1 million.

According to NZPA, the businesses sold, which were described by
Skellerup as non-core, are being bought by Tiri Group
wholly-owned by Nelson-based American businessman Tom Sturgess.

Skellerup chairman Sir Selwyn Cushing also confirmed to NZPA
that the group's vacuum pump business had been withdrawn from
sale as offers received were not in line with its earnings
contribution.

The transaction, relates NZPA, would produce a capital gain of
about NZ$2 million after costs with settlement expected on April
30.  Terms included interest bearing vendor finance of NZ$3
million over four years.  The net proceeds of the transaction
would be used to retire debt, further strengthening the group's
balance sheet following the recent one-for-four rights issue
raising NZ$21.2 million.

Mr. Selwyn is quoted by NZPA as saying, "The group is making
good progress with refocusing resources into the areas in which
it has the greatest competitive advantage."

The Troubled Company Reporter-Asia Pacific reported on
August 20, 2007 that Skellerup is realigning its operating
portfolio with resources now focused on technical polymer
(including rubber) products, where the group has the greatest
advantage.

                   About Skellerup Holdings

Skellerup Holdings Ltd., formerly Skellmax Industries Limited,
is a New Zealand-based manufacturer, distributor, marketer and
exporter of rubber and foam products, footwear and vacuum pumps
for agricultural and industrial customers. The Company operates
in two industry segments.  The Agri segment manufactures and
distributes dairy rubberware, related rural products and dairy
vacuum equipment for the global agriculture market.  The
Industrial segment manufactures and distributes industrial
rubber and related polymer components together with industrial
vacuum equipment for a variety of industrial applications
worldwide.  During the fiscal year ended June 30, 2006, the
Company acquired Thorndon Rubber Co. Limited, Rubber Services
Limited, Gulf Rubber Australia Pty. Limited, Gulf Rubber NZ
Limited, Jenco Products Pty. Limited and Ambic Equipment
Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
August 20, 2007 that Skellerup Holdings Ltd. did not pay a
dividend for the 2007 year and is undergoing a strategic process
that involves significant restructuring costs, and as a
consequence is prudent to ensure that adequate resources are
available to support these initiatives.


TE UKI TAMARIKI OU COOK ISLAND: Appoints Liquidators
----------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis
Clifford Parsons and Katherine Louise Kenealy were appointed
joint and several liquidators of Te Uki Tamariki Ou Cook Island
Incorporated (in liquidation) on March 27, 2008.

The liquidators can be reached at:

          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Web site: http://www.indepth.co.nz


TRANSPREAD INTERNATIONAL: Court to Hear Wind-Up Petition June 6
---------------------------------------------------------------
On February 29, 2008, Computation Limited filed an application
to liquidate Transpread International Limited in the High Court
at Auckland.

The application will be heard before the High Court at Auckland
on Friday, June 6, 2008, at 10:45 a.m.

The plaintiff's solicitor is Malcolm Whitlock, who can be
reached at:

          Debt Recovery Group NZ Limited
          5 Short Street, Level 5
          Newmarket, Auckland


WXY LIMITED: Creditors Must File Claims by April 28
---------------------------------------------------
Jeffrey Philip Meltzer and Lloyd James Hayward, insolvency
practitioners, were appointed joint and several liquidators of
WXY Limited (in liquidation) on March 27, 2008, pursuant to
section 241(2)(a) of the Companies Act 1993.

The liquidators fixed April 28, 2008, as the day on or before
which the creditors of the company are to make their claims and
to establish any priority their claims may have, under section
312 of the Companies Act 1993, or to be excluded from the
benefit of any distribution made before their claims are made
or, as the case may be, from objecting to any distribution.

The liquidators can be reached at:

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



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

LEPANTO CONSOLIDATED: Nine Individuals Named as Directors
---------------------------------------------------------
Lepanto Consolidated Mining Company disclosed in a filing with
the Philippine Stock Exchange that during its Annual
Stockholders' Meeting held April 21, 2008,  these individuals
were elected as directors of the company for the year 2008-2009:

   1. Felipe U. Yap
   2. Bryan U. Yap
   3. Jose G. Cervantes
   4. Solomon S. Cua
   5. Ethelwoldo E. Fernandez
   6. Ricardo V. Puno, Jr.
   7. Cresencio C. Yap

These individuals were named as independent directors:

   1. Ray C. Espinosa
   2. Wilfrido C. Tecson

                   About Lepanto Consolidated

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/--  was incorporated on  
September 8, 1986 and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project. LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006.  LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.

LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools.  LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet.  The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.

                            *     *     *

In its Amended 2007 Annual Report filed with Philippine Stock
Exchange on April 16, 2008, Lepanto disclosed net losses for
three consecutive years.  For the year ended December 31, 2007,
Lepanto incurred a net loss of PHP206,445,000, compared with a
net loss of PHP35,802,000 in 2006 and PHP 355,223,000 in 2005 as
restated.


PHIL. LONG DISTANCE: May Face Penalties Over Halted Services
------------------------------------------------------------
Philippine Long Distance Telephone Co. faces sanctions for
stopping its Teletipid and Telesulit services amidst a
government order to explain its alleged failure to notify the
National Telecommunications Commission of the plan, Marian Grace
Ramos writes for BusinessWorld Online.

Ms. Ramos relates that in a company filing, PLDT said that out
of its 80,000 Teletipid and Telesulit subscribers, almost 93%
are already using other services like Telepwede, another prepaid
product that provides access to a combined range of voice and
Internet services.

Ms. Ramos notes that PLDT's Teletipid service was introduced in
2000 and the Telesulit variant was offered two years later.  
They ran under a system that required special repairs.  

On April 2006, PLDT decided to stop offering Teletipid and
Telesulit, saying it could no longer provide the service quality
required by the commission in view of rising maintenance costs
of the two systems, writes Ms. Ramos.  "With the roll-out of the
new generation network, PLDT is constrained from further
expanding its Telesulit and Teletipid platform, which runs under
its legacy system," says PLDT.

According to the report, after PLDT informed NTC of its plan,
the company started migrating customers to similar services in
August 2007.  About a month before its May 1, 2008 target
completion of the migration, PLDT received a show cause order
from the NTC, which said the customer migration plan had "no
approval from the commission."

PLDT, in the filing said, "It is respectfully submitted that the
respondent implemented the migration plan [for] all its
Teletipid and Telesulit customers only after prior written
notification, showing the reasons for the migration plan and
after submitting the details... in compliance [with] the request
of the honorable commission."  PLDT added that it had proceeded
with the migration assuming its submission of the plan had
satisfied NTC requirements.

NTC Common Carriers Division Chief Edgardo V. Cabarios told Ms.
Ramos in a telephone interview that it would impose sanctions if
PLDT is found violating the rules.  Mr. Cabarios added that he
cannot discuss details because there is an ongoing case.

                  About Philippine Long Distance

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading               
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                        *     *     *

As of November 7, 2007, Philippine Long Distance Telephone
Company carried Fitch Ratings' long-term foreign currency issuer
default and senior notes ratings of 'BB+'.

The company also carries Standard & Poor's 'BB+' foreign
currency rating, as well as Moody's Investors Service's foreign
currency bond rating of Ba2.


SWIFT FOODS: Normal Operations at Risk on Huge Current Debts
------------------------------------------------------------
In its 2007 annual report, Swift Foods Inc. disclosed that the
company was able to attain positive margins for the year.  The
company said it shifted volume to high-margin products,
particularly live chickens and day-oldchicks.  This resulted to
lower sales of dressed chickens, which had less favorable gross
margin rates for the year.

According to the company, rising cost of raw materials has put
pressure on its gross margins.  Worldwide, grain prices are on
the uptrend owing to the policy, more particularly of the US
government, on the use of bio-fuels for their energy
requirements.  This has led to higher corn and soybean prices,
which caused the prices of feed raw materials to increase by 15%
for the year.  In addition, cost of coco oil increased by over
40% in 2007.  The three feed raw materials account for
over 80% of feed formulation for poultry, the company said.

                    Financial Position

The company reported a reduction in the excess of its current
liabilities over current assets by PHP36.78 million, from
PHP634.24 million in 2006 to PHP597.46 million in 2007.   

Assets as of December 31, 2007 totaled to P1.62 billion as
compared to P1.87 billion as of December 31,  2006.  Current
ratio for the year 2007 is P0.44:1 against last year’s current
ratio of P0.52:1.

Available cash on hand and in banks is 63.5% of last year due to
update of  payments to suppliers.  Accounts Receivable decreased
by about 38.8% due to collection efforts and shorter terms with
customers.  Inventories went down by about 32.5% mainly due to
management effort to maintain a JIT policy for finished goods
and raw materials.

Other current assets decreased by 6.8% due to payment of income
tax using creditable withholding taxes.  The decrease in
property, plant and equipment represents depreciation of assets
for the year.

Other non-current assets slightly decreased by 31.7%.  Bank
loans were paid fully during the year.  Payments to suppliers
brought down accounts payable and accrued expenses by 26.8%.

The increase in trust receipts and acceptances of 60.1%
represents additional LC/TR lines granted by banks.  Current
portion of long term debt increased by 53.8% due to higher
scheduled principal payments.  

Net cash from operations amounted to P37.85 million.  Cash used
in investing activities amounted to P2.65 million while cash
used in  financing activities amounted to P58.8 million.  Cash
and cash equivalents for the  period decreased by about 36.5%
mainly due to  payment of loans and to suppliers.

                  Independent Auditor's Opinion

Based on Swift Foods Inc.'s financial statements for the
years ended December 31, 2007 and 2006, Martin C. Guantes
at Sycip Gorres Velayo & Co. noted that the company has been
able to reduce the excess of its current liabilities over its
current assets by PHP36.78 million from PHP634.24 million
in 2006 to PHP597.46 million in 2007.  However,  the
auditor stated, which opinion the management of the company
shares, that the excess position of current liabilities over
current assets may have an effect on the company's ability to
continue operating in the normal course of business.

                         About Swift Foods

Based in Mandaluyong City, Philippines,  Swift Foods Inc.
-- http://rfm.com.ph/swift/swift_foods/--  was incorporated on  
June 6, 1994 to assume RFM's business of manufacturing,
marketing and distributing processed and canned meat products,
poultry products, and commercial feeds.  SFI was primarily
organized into two business divisions, namely, agribusiness
(poultry and feeds) and meat (meat processing and sales &
distribution) divisions.  In November 2001, employees of the
meat division went on a strike, which effectively caused the
closure of the Cabuyao plant. As a result, the Board of SFI
decided to transfer the marketing, selling and distribution
activities of the meat division to RFM Corporation to join the
latter's branded food group business effective October 1, 2002.

SFI's agribusiness division produces and sells poultry products,
namely, live and dressed/processed chicken.  About 70-80% of the
company's products are sold to its distributors which sell
mainly to downline accounts or wet markets.  The balance of 20-
30% are sold to both key and secondary accounts groups
representing mainly the supermarkets, groceries, hotels, and
restaurants, including the food service/fast food segment.  SFI
also produces feeds for the internal requirements of its poultry
business.  The company uses feeds in its farms and supplies
feeds to its contact growers nationwide.


* Philippine Debt Increased to PHP3.732 Trillion in 2008
--------------------------------------------------------
The Philippine Bureau of the Treasury said in a press statement
that as of January 2008, the national government's debt
increased by 0.5 % from the December 2007 level.  Total
outstanding debt stood at PHP3.732 trillion of which,
PHP1.505 trillion or 40% is owed to foreign creditors and
PHP2.227 trillion or 60% to domestic creditors.

The domestic debt increased by PHP26 billion or 1.2% from the
recorded end December 2007 level arising from the net issuance
of government securities made by the national government.

The decrease in the national government’s foreign debt of
PHP6 billion or 0.4% from the level as of December 2007 was due
to the PHP33 billion appreciation of the peso against the US
dollar.  However, this was partially offset by the PHP27 billion
net availments and net depreciation of the third currencies
against the US Dollar.

On the other hand, the contingent debt of the National
Government, composed mainly of guarantees issued by the National
Government, increased to PHP487 billion, higher by PHP3 billion
from end December 2007 level of PHP484 billion.  The increase
was due to the combined effects of the PHP1 billion net
repayments, PHP13 billion net depreciation of the third
currencies against the US dollar and PHP9 billion appreciation
of the peso against the US dollar.


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

E2O COMMUNICATIONS: Creditors' Proofs of Debt Due on May 5
----------------------------------------------------------
The creditors of E2O Communications Pte Ltd. are required to
file their proofs of debt by May 5, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


FREESCALE SEMICON: SigmaTel's Stockholders Approve Merger Pact
--------------------------------------------------------------
SigmaTel Inc. diclosed that at a special meeting held in Austin,
Texas, its stockholders voted to adopt the merger agreement
providing for the acquisition of the company by Freescale
Semiconductor Inc.   

Approximately 97% of stockholders voting adopted the merger
agreement.  The number of shares voting to adopt the merger
agreement represents approximately 54% of the total number of
shares outstanding and entitled to vote.

The proposed merger was announced on February 4, 2008 and is
expected to close by the end of April 2008, pending the
satisfaction or waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$3.00 per share
in cash, without interest.

                        About SigmaTel

SigmaTel (Nasdaq: SGTL) --- http://www.freescale.com/--  
is a fabless semiconductor company that designs, develops, and
markets mixed-signal ICs for the consumer electronics market.  
The company’s target market segments include portable media
players, printers and digital televisions.  SigmaTel provides
complete, system-level solutions that include highly-integrated
ICs, customizable firmware and software, software development
tools and reference designs.  The company’s focus is on enabling
customers to rapidly introduce and offer electronic products
that are small, light-weight, power-efficient, reliable, and
cost-effective.

                  About Freescale Semiconductor

Freescale Semiconductor Inc. -- http:www.freescale.com/ --
designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The privately held company is based in Austin, Texas,
and has design, research and development, manufacturing or sales
operations in more than 30 countries.  Freescale is one of the
world’s largest semiconductor companies with 2007 sales of
US$5.7 billion.

Freescale has subsidiaries in Germany (Freescale Halbleiter
Deutschland GmbH), Hong Kong (Freescale Semiconductor Hong Kong
Limited) and Singapore (Freescale Semiconductor Singapore Pte.
Ltd.).

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings revised the rating outlook on Freescale
Semiconductor Inc. (NYSE: FSL) to negative from stable and
affirmed its ratings including the company's 'CCC+/RR6' Senior
subordinated notes rating and 'B+' Issuer Default Rating.


PRIME AFRICA: Filing Proofs of Debt Due on May 5
------------------------------------------------
Prime Africa Investment (Pte) Ltd, which is in voluntary
liquidation, is accepting creditors' proofs of debt until May 5,
2008.

Failure to file proofs of debt by the due date will exclude a
creditor from the company's dividend distribution.

The company's liquidators are:

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


SINGAPORE AFRICA: Requires Creditors to File Claims by May 5
------------------------------------------------------------
The creditors of Singapore Africa Investment Management Pte.
Ltd., which is in voluntary liquidation, requires its creditors
to file their proofs of debt by May 5, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

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


SOUTHERN AFRICA: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------------
Southern Africa Investments Pte. Ltd., requires its creditors to  
file their proofs of debt by May 5, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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



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

FEDERAL-MOGUL: Asbestos Trust Wants Pneumo Claims Holders Barred
----------------------------------------------------------------
The Asbestos Personal Injury Trust established under Federal-
Mogul Corp. and its debtor-affiliates' Fourth Amended Joint Plan
of Reorganization asks the U.S. Bankruptcy Court for the
Southern District of New York to issue a preliminary injunction
restraining and enjoining more than 20,000 holders of Pneumo
Asbestos Claims, both known and unknown, from commencing or
continuing prosecution, enforcement or recovery of their claims
against Cooper and Pneumo Abex until the Court enters a ruling
regarding a Plan A Settlement.

The Reorganized Debtors' Fourth Amended Joint Plan of
Reorganization provides for the implementation of two
alternative settlement agreements as a means of resolving the
claims asserted by Cooper Industries, LLC, and Pneumo Abex, LLC,
and other Pneumo Asbestos Claimants.

The Plan A Settlement requires Cooper and Pneumo Abex to make
approximately US$756 million in contributions to the Pneumo Abex
Subfund of the Asbestos Personal Injury Trust and extends a
third party injunction pursuant to Section 524(g)(4)(A)(ii) of
the Bankruptcy Code to Cooper, Pneumo Abex and certain of their
affiliates.  The Plan B Settlement resolves Cooper's and Pneumo
Abex's claims in return for a US$140 million payment from the
Asbestos PI Trust.

As reported in the Troubled Company Reporter on November 12,
2007, the Court confirmed the Fourth Amended Plan and approved
the Plan B Settlement.  The Plan became effective the following
month but the Plan B Settlement has not been implemented pending
the Court's ruling on the Plan A Settlement.  Pursuant to the
Plan B Settlement, the Asbestos Trust placed theUS$140 million
Settlement Amount in an escrow account.  The Settlement Amount
will either be released to Cooper and Pneumo Abex, in the event
the Plan B Settlement is implemented, or returned to the Trust
for distribution to its beneficiaries if the Court approves the
Plan A Settlement.

While the decision regarding the Plan A Settlement is pending,
Cooper and Pneumo Abex continue to incur expenses defending
Pneumo Asbestos Claims in the tort system, Kathleen Campbell
Davis, Esq., at Campbell & Levine, LLC, in Wilmington, Delaware,
relates.

On April 10, 2008, Cooper advised the Asbestos Trust in writing
that unless an injunction is in place staying Pneumo Asbestos
Claims by May 31, 2008, it will send a notice causing the Plan B
Settlement Agreement to become effective.  Cooper added that it
would forbear from sending that notice for so long as the
injunction remains in place and is effective.

Ms. Davis says the Plan B Settlement gives Cooper the unilateral
right to terminate the Plan A Settlement and cause the Plan B
Settlement to be implemented after giving notice to Pneumo Abex,
Federal-Mogul Corp., the Official Committee of Asbestos
Claimants, and the Future Claims Representative.

A list of the known Pneumo Asbestos Claimants is available for
free at http://bankrupt.com/misc/fmc_pneumoclaimants.pdf

Ms. Davis says in the absence of injunctive relief, the Asbestos
Trust will suffer substantial and irreparable injury consisting
of, among other things, the loss of the US$140 million
Settlement Amount that would otherwise be available for
distribution to Trust beneficiaries.  She contends that an
injunctive relief will provide the necessary breathing room to
keep all parties to the Plan A Settlement committed to the
Settlement and allow time for the Court to fully develop its
decision regarding the Plan A Settlement.  

The Asbestos Trust believes that the Plan A Settlement is far
more advantageous to its beneficiaries than the Plan B
Settlement, Ms. Davis tells the Court.  To recall, more than 95%
of Pneumo Asbestos Claimants voted in favor of the Plan A
Settlement and the FCR and the Asbestos Committee have also
expressed their belief on the record that the Plan A Settlement
provides fair and equitable treatment to Pneumo Asbestos
Claimants, Ms. Davis says.  

A temporary injunction will not result in any undue hardship to
the Pneumo Asbestos Claimholders who may ultimately receive the
benefit of the Plan A Settlement, or, at worst, return to the
tort system, Ms. Davis avers.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--        
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.  (Federal-Mogul Bankruptcy News,
Issue No. 166; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.  
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.



=================
X X X X X X X X X
=================

* Fitch Says Asian Banks Have Modest Exposure to CDOs & SIVs
------------------------------------------------------------
Fitch Ratings commented, following a review of the major banks
in Asia, excluding Japan, and their exposure to subprime RMBS
and other structured credit products, that the banks in
aggregate have only a modest total exposure to subprime-related
securities, CDOs, SIVs and other structured credit investments.

Total subprime exposure of the banks surveyed by the agency at
end-2007 was just under US$9 billion, investments in non-
subprime CDOs and RMBS just under US$13 billion and in SIVs
US$1.3 billion for a total of US$23 billion.  Against this
amount, the banks had taken charges of US$5.8 billion, or a
markdown of 25%.  Against subprime and SIV exposures, the
markdown was higher, at 42% and 59% respectively; against other
CDOs and RMBS, which the agency has defined broadly, was lower
at 11%.

Fitch notes wide differences between banks in different systems:
Singapore banks, for example, have written down close to 90% of
their subprime exposures, as has Woori Bank in Korea; whereas
the Chinese banks have made markdowns ranging from 30% at Bank
Of China (which has RMBS investments) to 63% at China
Construction Bank, which holds some subprime-backed CDOs.

The loss rates on investments in SIVs have been high, most in
the range of 45%-75%, reflecting the fact that many Asian banks,
particularly in Hong Kong and Taiwan, had invested in capital
notes, which are in effect deeply subordinated, but on which the
risk of loss initially appeared remote as they were issued by
SIVs established by large US and European banks and insurance
companies.

Fitch believes that while potential losses on subprime exposure
are generally well reserved, further valuation losses may be
booked on CDOs, SIVs, as well as on US "Alt A" mortgages, which
are better quality than subprime mortgages but are now suffering
sharply rising delinquencies.  However, for most Asian banks the
scale of these should be modest in relation to their earnings
and capital.  Hence, Fitch has not changed its conclusion that
the direct impact on Asian banks would be limited.

The indirect effects are being manifested in slower economic
growth in Asian economies under the influence of slower global
growth and the likely US recession in H12008.  Fitch has
recently revised its forecasts for global economic growth to
under 3% for 2008, 1.0% for the US, 1.7% for the Euro area and
1.3% for Japan.  Estimates for Asia have also come down - to
7.8% including China and 5.9% excluding China.  Growth rates for
Asian countries still range from moderate to strong and hence
still offer a broadly favourable environment for banks.  
However, combinations of slower growth, higher interest rates,
falling asset prices and some weakening in credit quality will
pose challenges for banks in key markets such as China and
India.

Major Indian banks have revealed some structured credit
investments but none have reported any subprime exposure and the
bulk of their involvement is in CDS, where the ultimate risk is
Indian corporate credits.  Only one bank, ICICI, has to date
booked significant mark to market losses as it has a
US$600 million CDO portfolio referencing foreign corporate
credits.   Indian banks have not been unscathed by the credit
crisis but stand to incur real losses only if corporate default
rates rise significantly.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********


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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane E. Taladua, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
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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