TCRAP_Public/080425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, April 25, 2008, Vol. 11, No. 82

                            Headlines

A U S T R A L I A

SHARPER IMAGE: American Express Wants to End Rewards Promo
SHARPER IMAGE: Mcauley Seeks US$279,683 for Goods & Services
SHARPER IMAGE: Seeks to Employ RCR Real Estate Advisors
SHARPER IMAGE: Court Approves Womble Carlyle as Counsel
ZINIFEX LTD: Zinc Production Up to 146,278 Tonnes for Third Qtr.


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

ASAT HOLDINGS: Stock Now Trading Over-The-Counter
ASAT HOLDINGS: Names Jeffrey R. Osmun as President
BANK OF SHANGHAI: To Offer More Loans to Small Enterprises  
CHINA EASTERN: Borrows $337 Million For New Airplanes
CHINA FISHERY: Unit to Buy Epesca Pisco for US$19.9 Million

CHINA FISHERY: Dividend Payment Date Not Yet Scheduled
CITIC PACIFIC: To Pay Dividend of HK$0.80 Per Share
EMI GROUP: Restructuring Continues Despite Contractual Hurdles
EVERBRIGHT BIOPHARMACEUTICAL: Places 12 Million New Shares
EVERBRIGHT BIOPHARMA: Annual Report Posting Moved to May 15

FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava
JIANGXI COPPER: First-Quarter Net Profit Up 46.42% to CNY1.26BB
LAND BANK: S&P Holds C+ Bank Fundamental Strength Rating
PETROLEOS DE VENEZUELA: Gov't Approves Oil Sudden-Gains Tax
WAN HAI LINES: S&P Cuts Rating on Unit's Corporate Bonds to BB+

YRC WORLDWIDE: Renews Asset-Backed Securitization Facility
YRC WORLDWIDE: Agrees to Amendments on Aug. 17 Credit Agreement
YRC WORLDWIDE: Fitch Holds 'BB+' ID Rating on Facility Amendment
YRC WORLDWIDE: Moody's Cuts CF Rating to Ba2


I N D I A

GERDAU SA: To Invest US$180 Million in CCA Tie-Up
GERDAU SA: Quanex Shareholders Okay US$1.67 Billion Purchase
GMAC LLC: Moody's Downgrades Senior Rating to B2
PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10%
TATA MOTORS: U.S. Antitrust Okays Jaguar and Land Rover Purchase

TATA STEEL: S&P Affirms BB Corp. Credit Rating; Revises Outlook


I N D O N E S I A

FREEPORT-MCMORAN: Reports US$1.1 Billion Net Income in 1Q 2008


J A P A N

ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy
ELPIDA MEMORY: Poor Performance Cues Execs Salary Cuts
SHOKO CHUKIN BANK: Conversion Doesn't Change Moody's BFSR at D


K O R E A

DIOMED HOLDINGS: Trustee Appoints 5-Member Creditors' Committee
DIOMED: Wants to Hire McGuireWoods as Bankruptcy Counsel
HYNIX SEMICONDUCTOR: Won't Buy Stake in Germany's Qimonda
HYUNDAI MOTOR: Records 28% Increase in First-Quarter Net Profit
TERADYNE INC: Earns US$21.8 Million in First Quarter 2008


M A L A Y S I A

GOLD BRIDGE: Securities to be Listed Again in Bursa
HARVEST COURT: Taps Chua Eng Chin as Audit Committee Chairman


N E W  Z E A L A N D

AIR NEW ZEALAND: Moody's Affirms Ba1 Rating; Outlook Positive
ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit
CHAMBERLAIN PARK PROPERTY: Creditors Must File Claims by May 4
D N BECKETT LIMITED: High Court Appoints Liquidators
DON LAW REALTY: Shareholder Resolves to Liquidate Firm

DONCASTER PROPERTY: Creditors Must File Claims by April 30
FRESH & FROZEN FOOD: Shareholders Appoint Liquidators
HAWKES BAY: Shareholders Appoint Liquidator
INTEGRITY REAL ESTATE: High Court Appoints Liquidators
JOHNSONVILLE MOTELS: Commences Liquidation Proceedings

JUST INTEGRITY 2000 LIMITED: High Court Appoints Liquidators
KINLEITH LOG STACKERS: Creditors Must File Claims by May 7
MANABARS TECHNOLOGIES LIMITED: High Court Appoints Liquidators
MATECO NZ: Commences Liquidation Proceedings
NIGEL MILLAR MACHINERY: Court Appoints Joint Liquidators

RITCHIE ENTERPRISES: Creditors Must File Claims by May 6
S & P TECHNOLOGIES: Creditors Must File Claims by May 5
SHELDRAKE LTD: Court to Hear Wind-Up Petition on June 6
STORE TRADING: Court to Hear Wind-Up Petition on June 6
THE HIGHWAY VILLAGE: A. V. Stephenson Appointed as Liquidator

TMP QUALITY FIXING: Court Replaces Liquidators
TOTAL FOOD SERVICES: Shareholders Appoint Liquidators
XJL CARTAGE: Joint Liquidators Appointed


P H I L I P P I N E S

NIHAO MINERAL: Posts Php14.52 Million Net Loss for FY 2007
PLDT: Year 2007 Net Income Up by 21% to PHP39,274 Million
PLDT: Schedules 1st Qtr Results Teleconference on May 6
SBARRO INC: Earns US$5.1 Million in Fourth Quarter Ended Dec. 30


S I N G A P O R E

FRANKEL LEASING: Wind-Up Petition Hearing Set Today
FUTURESTEEL ENGINEERING: Court Enters Wind-Up Order
JURONG GARDENS: Requires Creditors to File Claims by May 5
SPENCER HOUSE: Creditors' Proofs of Debt Due on May 7


S R I   L A N K A

SANASA DEVELOPMENT: Fitch Lifts Nat'l. Long-term Rating to 'BB'


T H A I L A N D

FEDERAL-MOGUL: Asbestos Trust Wants Pneumo Claims Holders Barred
GLOBAL TRADER: Administrator Launches Probe Into Affairs


X X X X X X X X

* Beard Group to Hold 1st Annual Healthcare Conference on May 30
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

SHARPER IMAGE: American Express Wants to End Rewards Promo
----------------------------------------------------------
American Express Travel Related Services Company Inc. asks the
U.S. Bankruptcy Court for the District of Delaware to lift the
automatic stay to allow it to terminate its Rewards Participant
Agreement with Sharper Image Corporation.  

William J. Burnett, Esq., at Flaster/Greenberg P.C., in
Wilmington, Delaware, relates that on January 1, 2001, the
Debtor and American Express entered into the Reward Participant
Agreement wherein:

    (i) American Express will promote Rewards provided by the
        Debtor to all its Cardmembers, which Rewards include    
        US$25 Gift/Rewards and US$50 Gift/Rewards for the
        Debtor;

   (ii) the Debtor is required to disclose any material
        restrictions on the ability of the Cardmembers to use or
        redeem the Rewards; and

  (iii) the Debtor cannot impose restrictions on the Rewards
        that were not originally set in the Agreement.  

Mr. Burnett explains that in the Debtor's request to Honor
Prepetition Customer Programs, the Debtor made clear that it
will not honor the Reward Participant Agreement including the
Gift Cards provided to American Express under the Agreement.  On
a Court-approved Supplemental Motion, the Debtor was granted
authorization to honor the Gift Certificates provided that a
customer purchases goods that are worth at least 200% of the
amount of the Gift Certificate.  

Mr. Burnett argues that the Debtor's imposition of a new
restriction, that is strictly forbidden, constitutes a material
breach of the Reward Participant Agreement and precluded the
ability of the American Express customers to redeem the
designated Rewards.

According to Mr. Burnett, American Express believes that the
Debtor's actions are imposing new burdens on American Express
customers, which in turn will likely tarnish the positive
goodwill of American Express brand associated with its customers
participating in the  Program and the overall value of the
Rewards.  

"American Express will face significant pressures as its
customers seek reimbursement for Gift Cards that are worth less
than they bargained for," Mr. Burnett discloses.

American Express, hence, wants the Court to modify the automatic
stay to allow it to (i) exercise its contractual right to
terminate the Rewards Participating Agreement 30 days starting
March 26, 2008; or (ii) provide the Debtor with notice that
American Express will exercise its option to allow the Rewards
Participant Agreement to expire on June 30, 2008.

Furthermore, American Express asks the Court to authorize the
Debtor to file the Agreement under seal, and to direct that the
Agreement will remain under seal, confidential and not be made
available to anyone, except to counsel for the Debtor or others
upon further order of the Bankruptcy Court.

Mr. Burnett notes that the terms of the Agreement include
confidential pricing information and reveal confidential detail
of the relationship between American Express and its Rewards
Program Participants.

                     About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del., Case No. 08-10322).  Steven K. Kortanek, Esq.
At Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SHARPER IMAGE: Mcauley Seeks US$279,683 for Goods & Services
------------------------------------------------------------
Edwin McAuley Electronics (HK) Limited asks the U.S. Bankruptcy
Court for the District of Delaware to allow it to exercise its
rights to reclaim all unpaid products and goods received by
Sharper Image Corp. within 45 days of the bankruptcy filing,
pursuant to Uniform Commercial Code Section 2-702, other
relevant statutes as enacted in all relevant jurisdictions, and
Section 546(c) of the Bankruptcy Code.

Edwin McAuley's records reflect 12 unpaid delivery invoices
totaling US$278,923 and four rechargeable service invoices
totaling US$759 that are the subject of the reclamation demand.

Pursuant to Section 503(b)(9) of the Bankruptcy Code, Edwin
McAuley asks the Court to allow its US$279,683 claim for goods
and services delivered to the Debtor during the 20 days prior to
the Petition Date, as an administrative expense claim.

                     About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del., Case No. 08-10322).  Steven K. Kortanek, Esq.
At Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SHARPER IMAGE: Seeks to Employ RCR Real Estate Advisors
-------------------------------------------------------
Sharper Image Corporation has determined that it requires the
assistance of an experienced real estate consultant in
addressing a variety of real estate issues that are sure to
arise in its bankruptcy case, like analysis, assessment,
marketing and disposition of its leased and owned properties,
Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in Wilmington, Delaware, says.

Accordingly, the Debtor asks the U.S. Bankruptcy Court for the
District of Delaware for permission to hire RCS Real Estate
Advisors as its exclusive real estate consultant in its Chapter
11 case.

The Debtor's primary purpose of employing RCS is to get RCS'
assistance in assessing its properties in a way that maximizes
value.

Before the Petition Date, RCS had been engaged by the Debtor to
conduct value analysis on its array of leases, and RCS has since
been valuing the Debtor's own property in Arkansas.  RCS' close
coordination with the Sharper Image's management has made it
well
acquainted with the Debtor's  businesses and property, Mr
Kortanek explains.

It is for these reasons and for the best interest of Sharper
Image, its property, its creditors and all other interested
parties, that it wisher to employ RCS.

As real estate consultant, RCS will:

  (1) analyze all real estate assets owned by the Debtor and
      to conduct a review of the occupancy cost of each in    
      relation to sales, volume and profitability.  RSC is bound
      to discuss its findings and recommendations with Sharper
      Image after the review;

  (2) create a portfolio book for the Debtor's leases,
      indicating the current lease terms, sales, profits,
      occupancy cost and the store's contribution in relation to
      sales;

  (3) create a site ranking report by contribution, revenues,
      occupancy costs, for all or selected leases;

  (4) perform a rejection claim analysis on all or selected
      leases;

  (5) assist the Debtor in developing real estate goals --
      the Real Estate Action Plan -- to determine which stores
      to close, renegotiate or retain under renegotiated terms,
      and existing stores to go forward with;

  (6) negotiate with landlords for the reduction of rents,    
      for the modification or extension of terms for all or
      certain leases;

  (7) work with landlords and the Debtor for the accurate      
      documentation of all lease modification proposals; to  
      provide accurate and timely status reports regarding the
      status of these proposals;

  (8) attend in all court hearings, to meet with the
      Statutory Creditors' Committee and to meet with Sharper
      Image and its counsel;

  (9) coordinate with the Debtor, its counsel and affected
      landlords on all real estate matters particularly the
      status and on going changes of the Real Estate Action
      Plan;

(10) perform desktop leasehold valuations for certain
      assets, to negotiate waivers, payout terms for prepetition
      cure amounts due to landlords in the case of lease
      assumptions, and conduct negotiations with respect to
      mitigating allowed rejection claims in the case of lease
      rejections; and

(11) dispose all properties of the Debtor, by sale
      or otherwise, on the Debtor's terms and conditions, and    
      subject to its sole authority and discretion by:

      -- reviewing all documents,

      -- marketing the Disposition Properties pursuant to a
         marketing program and budget,

      -- communicating with parties interested in the
         Disposition Property,

      -- responding, informing and negotiating with        
         prospective buyers, and making recommendations to the
         Debtor,

      -- providing guidance to Sharper Image on methods to
         resolve issues that pertain to Disposition properties,

      -- working closely with the Debtor's counsel with regards  
         to the hearing or auction, to obtain the attendance of
         all the interested parties through direct          
         communications, supplementing the required notice
         process,

      -- working with the attorneys responsible for the
         implementation of the proposed transaction, reviewing
         documents, negotiating and assisting in resolving
         problems which may arise, and

      -- to appear in court during the term of retention, to
         testify or consult with the Debtor in matters
         involving the marketing or disposition of a Disposition
         Property.

Inasmuch as RCS is employed by Sharper Image to perform highly
specialized tasks, its compensation is result-oriented and
directly related to the benefits received by the Debtor's estate
in every transaction, requiring RCS to file periodic fee
applications pursuant to Sections 330 and 331 of the Bankruptcy
Code and in compliance with Rule 2016 of the Federal Rules of
Bankruptcy Procedure, Mr. Kortanek says.

RCS will be compensated on a per transaction basis based on a
fee structure set forth in the parties' Retention Agreement.  A
copy of the Retention Agreement was not available as of press
time.

Given the transactional nature of RCS's engagement and the
flat fee, percentage-based fee structure, the Debtor submits
that recording and submission of detailed time entries for
services rendered in this case is unnecessary and would be
unduly burdensome to RCS.  RCS will, however, file a final fee
application in accordance with applicable Bankruptcy Rules and
Local Rules.

Ivan L. Friedman, president and chief executive officer of RCS,
assures the Court that RCS is a "disinterested person," as that
term is defined in the Bankruptcy Code and holds no interest
adverse to Sharper Image and its estate.

                      About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del., Case No. 08-10322).  Steven K. Kortanek, Esq.
At Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SHARPER IMAGE: Court Approves Womble Carlyle as Counsel
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Sharper Image Corp. to employ Womble Carlyle
Sandridge & Rice, PLLC as its counsel, effective as of the
Debtor's bankruptcy filing.  However, absent further Court
order, the retainer to be held by Womble Carlyle as security
until the firm files its final fee application will only be
applied to costs and expenses incurred in connection with the
Chapter 11 case, Judge Kevin Gross said.

Steven K. Kortanek, Esq., at Womble Carlyle Sandridge & Rice,
PLLC, in in Wilmington, Delaware, discloses that his firm does
not maintain a separate firm policy or practice in making
conflict-related determinations.

Mr. Kortanek states that as a general philosophy, Womble Carlyle
refrains from suing other professionals without the firm
management's prior approval.  The firm's position in this regard
only addresses direct lawsuits, and does not prevent the firm
from otherwise taking a position adverse to any professional in
the Debtor's case or in any related proceeding, he says.

As reported by the Troubled Company Reporter on March 10, in its
motion to employ the firm, it is stated that in exchange for the
contemplated legal services, Womble Carlyle will be paid based
on its applicable hourly rates:
       
      Professional              Hourly Rate
      ------------              -----------
      Attorney                 US$120 to US$750
      Paraprofessionals        US$30 to US$450

Rebecca L. Roedell, executive vice president and chief financial
officer of Sharper Image, stated that Womble Carlyle received a
US$40,000 retainer from the Debtor as security for payment of
the firm's fees and expenses for professional services to be
performed relating to the preparation for and prosecution of the
Chapter 11 case.

Prior to the Petition Date, Womble Carlyle incurred a total of
US$19,341 in fees and expenses which was paid prepetition from
the Retainer.

                     About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del., Case No. 08-10322).  Steven K. Kortanek, Esq.
At Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  When the
Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  (Sharper
Image Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ZINIFEX LTD: Zinc Production Up to 146,278 Tonnes for Third Qtr.
----------------------------------------------------------------
Zinifex Ltd.'s total zinc in concentration production for the
quarter ended March 31, 2008 went up to 146,278 tonnes from
142,525 tonnes in the same period last year.  Lead in
concentrate production was down 14% to 12,974 tonnes from 15,070
tonnes in the previous year.

Zinc prices have averaged US$2,774 per tonne this financial year
to date, 24% lower than for the corresponding period last year.  
Market concerns over a large forecast zinc surplus, which has
yet to appear, has been putting zinc prices under pressure.
In addition the ongoing weakening of the US dollar is also
impacting revenue.

Lead prices strengthened at the end of the quarter, although
they remain below the record highs experienced in the June 2007
Quarter.  Year to date prices have averaged US$3,099 per tonne,
50% higher than the corresponding period last year, due to low
stocks and ongoing concerns on reliability of supply.

A major step in the strategy to grow Zinifex’s mining business
was announced in March with our agreement to merge with Oxiana
to create a new major diversified base and precious metals
mining company.  The merged business will have exceptional
strength to add further shareholder value by capturing the
growth in global demand for metals generated by China.

The merger will be by way of a Zinifex Scheme of Arrangement in
which Zinifex shareholders will receive 3.1931 Oxiana shares for
each Zinifex share they own.  The terms reflect a merger of
equals with the merged entity to be owned 50% by Oxiana
and Zinifex shareholders, respectively.

Zinifex plans to dispatch a Scheme Booklet to shareholders in
mid May to inform them of the merger process in preparation for
a General Meeting that is currently proposed for June 16, 2008
at which they will be requested to vote on the Scheme.  
Directors of both companies are strongly supportive of the
proposed merger.

Zinifex’s offer for Allegiance Mining also reached a milestone
on March 17, as it took a controlling interest in the company.
Immediately following, the Board of Allegiance was reconstituted
with the appointment of three Zinifex representatives and
resignations of three former Allegiance directors.  An interim
Chief Executive Officer, Bruce McGowan, was also appointed.

Work continues at Allegiance’s Avebury nickel project with
pre-production testing to commence in May and wet commissioning
of the concentrator throughout June.  Production and ramp up to
full capacity will occur across the September 2008 Quarter.

The acquisition of Allegiance is an important step in Zinifex’s
strategy of diversifying its exposure to high margin metals and
expandable mines.  It is also a perfect fit with the merged
Zinifex and Oxiana making the combined entity the world’s second
largest producer of zinc and a substantial producer of copper,
nickel, lead, gold and silver.

Zinifex's Century regional exploration program returned
significant results at the Silver King Extension, the company's
first prospect on its mine lease, with intersections of lead,
zinc and silver.  A second prospect has now opened at Watsons
Lode, south of the mine lease, and drilling is in progress
intersecting 5.5 metres of massive sulphides.

Project Horizons drilling continues at our Rosebery Mine with an
increase in resource expected when we report in June. Nearly
8,000 metres were drilled at Dugald River with an updated
resource expected next quarter.

                      Abour Zinifex Ltd.

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

                         *     *     *

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



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

ASAT HOLDINGS: Stock Now Trading Over-The-Counter
-------------------------------------------------
ASAT Holdings Limited's American Depositary Shares are now
trading on the OTC Bulletin Board under the symbol "ASTTY.OB.”

The OTC Bulletin Board is a quotation service that displays
real-time quotes, last-sale prices and volume information in
over-the-counter securities.   The Financial Industry Regulatory
Authority (FINRA), a self-regulatory organization of the
securities industry, oversees the OTC Bulletin Board.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor  
package design, assembly and test services.  With 19 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT’s advanced
package portfolio includes standard and high thermal performance
ball grid arrays, leadless plastic chip carriers, thin array
plastic packages, system-in-package and flip chip.  ASAT was the
first company to develop moisture sensitive level one capability
on standard leaded products.  

The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


ASAT HOLDINGS: Names Jeffrey R. Osmun as President
--------------------------------------------------
ASAT Holdings Limited appointed Jeffrey R. Osmun as company
president effective April 14, 2008.  Mr. Osmun will also assume
the title of Executive Vice President of Sales and Marketing
where he will have overall responsibility for ASAT's worldwide
sales organization.  Mr. Osmun will be based in the United
States and report to Tung Lok Li, ASAT's acting chief executive
officer.  

The company also said that Joe Martin, former executive vice
President of sales and marketing, will assume the new position
of Chief Business Officer where he will formulate and implement
business strategy for the Company.  Mr. Martin will continue to
report directly to Mr. Li and remain a member of the Board of
Directors.

Mr. Osmun brings to ASAT almost 20 years of semiconductor
industry sales experience, including seven years at assembly and
test provider STATS ChipPAC where he most recently served as
corporate vice president of Worldwide Sales and Marketing.  
During this period, Mr. Osmun served as a key member of the
leadership team responsible for the integration of ST Assembly
Test Services Ltd. and ChipPAC in 2004, while at the same time
leading the combined marketing, customer service and technical
sales support organizations.

"Jeff brings a proven record of success in managing global sales
organizations in the semiconductor and assembly and test
industries.  I am pleased that a person of his caliber has
agreed to join our executive team charged with leading the next
phase of ASAT's growth,"said Mr. Li.

In addition to his experience at STATS ChipPAC, Mr. Osmun most
recently served as Corporate Vice President of Sales and
Marketing at White Electronic Designs, an Arizona-based provider
of advanced technology solutions.  Mr. Osmun also worked in
several sales and management positions, rising from sales
engineer to national sales manager, during his 12 year career
with Kyocera America, Inc.

"ASAT is rebuilding a prominent position in the outsourced
assembly and test industry by leveraging its expanding customer
base, world-class customer service, leading-edge product
platform and state-of-the-art manufacturing center in
Dongguan,"said Mr. Osmun.  "In the last year the company has
delivered on its strategy to generate improved results and I
look forward to contributing to its future success.”

Mr. Osmun holds a Bachelor of Science degree in Mechanical
Engineering from Lehigh University.  

                   About ASAT Holdings Limited

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor  
package design, assembly and test services.  With 19 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT’s advanced
package portfolio includes standard and high thermal performance
ball grid arrays, leadless plastic chip carriers, thin array
plastic packages, system-in-package and flip chip.  ASAT was the
first company to develop moisture sensitive level one capability
on standard leaded products.  

The company has operations in the United States, Hong Kong,
China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BANK OF SHANGHAI: To Offer More Loans to Small Enterprises  
----------------------------------------------------------
Bank of Shanghai plans to provide better financial services for
local small enterprises in the future, SinoCast News reports,
citing assistant to president He Qing.

Mr. Qing told the news agency that in spite of the nation's
tightening monetary policy, the bank still aim to prioritize the
small enterprises' borrowing demands.  Loans to small
enterprises this year are predicted to leap 67%, five times the
bank's total lending growth, the report notes.

According to the report, loans offered to small enterprises make
up about 10% of the bank's total corporate lending, which is
expected to double within three years.

Moreover, the same report relates, to encourage loans to small
enterprises, the bank has included in its achievement appraisal
for sub-branches certain targets on loans to be offered to small
enterprises.

Shanghai bank also adjusted its business structure, SinoCast
says. In November 2007, it established an investment banking
division to provide services, like venture capital, private
equity investment, merger and acquisition, and domestic and
overseas listing, for well- performing small enterprises, the
report adds.

The bank, Sinocast says, plans to conduct an investigation to
its nearly 10,000 small enterprises customers in the city first
and then make contact with venture capital firms and private
equity firms at home and abroad.

                  About Bank of Shanghai

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

As reported by Troubled Company Reporter-Asia Pacific, Fitch
Ratings affirmed on August 31, 2007, the ratings of Bank of
Shanghai, showing: (a) Long-term foreign currency Issuer Default
rating at BB- with Stable Outlook; (b) Short-term foreign
currency IDR at B; (c) Individual D; (d) Support at 3; and (e)
Support Rating Floor at BB-.


CHINA EASTERN: Borrows $337 Million For New Airplanes
-----------------------------------------------------
China Eastern Airlines Corporation Limited is
considering a new $337 million loan from abroad to
fund its purchase of additional aircraft, Bruce
Stanley of The Wall Street Journal reports.

The carrier's move, WSJ relates, could either be a
sign of desperation due to the company's mounting
financial difficulties, or simply an attempt to
benefit from the depreciating dollar.

According an article posted April 16 by the Centre
for Asia Pacific Aviation, despite reporting a return
to profit in 2007, dealers said China Eastern Airlines'
earnings prospects this year are clouded by a likely
surge in operating costs as crude oil prices remain
at record levels.

CAPA says the carrier recorded a net profit of
269 million yuan for 2007, significantly lower than
the 621.27 million yuan expected by analysts polled
by Thomson Financial.

On April 16, 2008, the Troubled Company Reporter-Asia
Pacific, citing Bloomberg, reported that China Eastern
Airlines plans to add 19 aircraft this year as economic
growth spurs travel demand in China.  The carrier is
expected to receive 17 Airbus SAS planes and two
Boeing Co. aircrafts, TCRAP's report added.

Commenting on the planned loan, China Eastern
executive director Luo Zhuping told Andrew Pasek-
Vanburen at Xinhua Finance that, “We take out loans
of all sorts very frequently to meet our operational
needs, so these loans shouldn't be anything out of
the ordinary."

Meanwhile, in yet another burden to the carrier's
balance sheet, a person familiar with the debt situation
at China Eastern told WSJ that the company had missed
payments totaling 3.74 billion yuan ($535 million) that
were due at the end of February.

                   About China Eastern Airlines

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.  As of December 31, 2006, it operated a fleet of
205 aircraft, including 182 jet passenger aircraft and 11 jet
freighters.  The company operated a total of 423 routes
serving a total of 136 foreign and domestic cities.  Its
operation centering from Shanghai to the whole People's
Republic of China and linking to Asia, Europe, America and
Australia.

                          *     *     *

On Feb. 27, 2008, Fitch Ratings affirmed China Eastern
Airlines Corp. Ltd.'s “B+” Long Term Issuer Default Rating
and “B+” Local Currency Long Term Issuer Default Rating
with a stable outlook.


CHINA FISHERY: Unit to Buy Epesca Pisco for US$19.9 Million
-----------------------------------------------------------
China Fishery Group Limited's unit, C.F.G Investment S.A.C, has
signed an agreement to purchase Epesca Pisco S.A.C's issued
share capital, Reuters reports.

According to the report, the shares are priced at US$19.9
million, but is still on consideration.

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers.  Its catches are processed onboard and
frozen, packed and delivered to market.  It recently acquired
Alexandra SAC, which operates in Peru's fishing and fishmeal
processing markets.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 20, 2007, Moody's Investors Service affirmed its B1 rating
for CFG Investment SAC's senior unsecured notes, which are
unconditionally and irrevocably guaranteed by  China Fishery
Group Ltd, following the issuance's completion.

At the same time, Moody's affirmed CFG's B1 corporate family
rating.  Moody's has also removed both ratings from their
provisional status.  The ratings outlook is stable.


CHINA FISHERY: Dividend Payment Date Not Yet Scheduled
------------------------------------------------------
China Fishery Group Limited has not yet determined a specific
date for the payment of dividends to its shareholders.

Reuters reports that China Fishery will be paying a first cash
dividend of 3.29 Singapore cents per ordinary share (tax not
applicable) for a par value of shares of SG$0.05.

The company, the report relates, will also pay a final cash
dividend of 2.19 Singapore cents per ordinary share (tax not
applicable) for a par value of shares of SG$$0.05.

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers.  Its catches are processed onboard and
frozen, packed and delivered to market.  It recently acquired
Alexandra SAC, which operates in Peru's fishing and fishmeal
processing markets.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 20, 2007, Moody's Investors Service on Feb. 16, 2007,
affirmed its B1 rating for CFG Investment SAC's senior unsecured
notes, which are unconditionally and irrevocably guaranteed by  
China Fishery Group Ltd, following the issuance's completion.

At the same time, Moody's has affirmed CFG's B1 corporate family
rating.  Moody's has also removed both ratings from their
provisional status.  The ratings outlook is stable.


CITIC PACIFIC: To Pay Dividend of HK$0.80 Per Share
---------------------------------------------------
CITIC Pacific Limited's directors recommended, subject to the
approval of the shareholders at the forthcoming Annual General
Meeting, the payment of a final dividend of HK$0.80 per share in
respect of the year ended December 31, 2007, Reuters reports.

According to the report, the dividend is payable on May 13, 2008
to shareholders on the Register of Members at the close of
business on May 8, 2008.

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of       
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.
As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concludes the review initiated by the rating
agency in April 2006.


EMI GROUP: Restructuring Continues Despite Contractual Hurdles
--------------------------------------------------------------
EMI Group Plc reiterated that its planned restructuring is on
track despite contractual obstacles on implementing it, Reuters
reports.

Reuters' sources said some challenges appeared and slowed down
EMI's restructuring plan.  The issues include:

    * "key man" clauses in contracts that allow artists to leave
      EMI if a label president or A&R executive who signed the
      act leaves or is fired;

    * clauses in executive contracts that allow top employees to
      leave if their responsibilities change or the company
      comes under new ownership or management; and

    * meeting deadlines by certain sectors of the company.

An EMI executive confirmed to Reuters that the overall
restructuring is slow "because some people are missing their
deadlines.

The sources commented to Reuters that Terra Firma, which
acquired EMI in August 2007 for GBP2.4 billion, may not have
realized the extent to which the "key man" contracts exist
within the label.

Reuters' sources added that a number top EMI executives want to
leave, claiming breach of contract due to impending changes in
title or responsibilities.  The sources said EMI is fighting
executives in instances where it believes it is in the right.

As reported in the TCR-Europe on Jan. 16, 2008, Terra Firma
unveiled a restructuring plan for EMI.  The plan entails:

    * positioning EMI's labels to ensure they will be
      completely focused on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group's key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

                       About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent   
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


EVERBRIGHT BIOPHARMACEUTICAL: Places 12 Million New Shares
----------------------------------------------------------
Everpride Biopharmaceutical Company agreed to place 120,000,000
new shares to independent investors at the placing price of
HK$0.25 per placing share, Reuters reports.

According to the report, the placing shares represent 20% of the
issued share capital of the company and approximately 16.67% of
the issued share capital of the company as enlarged by the
allotment and issue of the placing shares.

The gross proceeds from the placing will be HK$30 million.  The
net proceeds from the placing of approximately HK$29 million.

Based in Hong Kong, Everpride Biopharmaceutical Company Limited
is an investment holding company.  Through its subsidiaries, the
company is engaged in the production and sales of the medicines
known as Plasmin Capsule and Puli Capsule in Mainland China.

The Troubled Company Reporter - Asia Pacific reported on
April 18, 2008, that the company has a shareholder's equity
deficit of US$0.02 million on total assets of US$14.19 million.


EVERBRIGHT BIOPHARMA: Annual Report Posting Moved to May 15
-----------------------------------------------------------
Everpride Biopharmaceutical Company's release of its
consolidated audited results will be further delayed to May 4,
2006, Reuters reports.

Meanwhile, the report relates, the dispatch of the annual report
for the year ended December 31, 2005, will be delayed to May 15,
2006.

Based in Hong Kong, Everpride Biopharmaceutical Company Limited
is an investment holding company.  Through its subsidiaries, the
company is engaged in the production and sales of the medicines
known as Plasmin Capsule and Puli Capsule in Mainland China.

The Troubled Company Reporter - Asia Pacific reported on
April 18, 2008, that the company has a shareholder's equity
deficit of US$0.02 million on total assets of US$14.19 million.


FIAT SPA: Shows Interest in Acquiring Serb Car Maker Zastava
------------------------------------------------------------
Fiat SpA has expressed its intention to acquire Serbia's lone
auto manufacturer, Zastava, various reports say citing outgoing
Economic Minister Mladjan Dinkic.  Representatives from Fiat are
expected to arrive Serbia this week to start talks.

The sale of Zastava was supposed to occur this month but was
later moved to May due to the elections.  Fiat, reports add, is
said to be planning to invest up to EUR300 million in Zastava.

Turin, Italy-based Fiat SpA -- http://www.fiatgroup.com/--     
(BIT:F) is principally engaged in the design, manufacture and
sale of automobiles, trucks, wheel loaders, excavators,
telehandlers, tractors and combine harvesters.  Through its
subsidiaries, Fiat operates mainly in five business areas:
Automobiles, including sectors led by Maserati SpA, Ferrari SpA
and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and
Construction Equipment, which is led by Case New Holland Global
NV; Trucks and Commercial Vehicles, which is led by Iveco SpA;
Components and Production Systems, which includes the sectors
led by Magneti Marelli Holding SpA, Teksid SpA, Comau SpA and
Fiat Powertrain Technologies SpA, and Other Businesses, which
includes the sectors led by Fiat Services SpA, a publishing
house Editrice La Stampa SpA and an advertising agency
Publikompass SpA.

Outside Europe, the company has subsidiaries in the United
States, Japan, India, China, Mexico, Brazil and Argentina, among
others.

                          *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

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


JIANGXI COPPER: First-Quarter Net Profit Up 46.42% to CNY1.26BB
---------------------------------------------------------------
Jiangxi Copper Co Limited's first quarter net profit rose 46.42%
year-on-year to CNY1.26 billion yuan after obtaining higher
selling prices for its main products, China Daily News reports.

According to the report, the company's operating revenue rose
49.32% year-on-year to CNY11.89 billion on higher prices and
sales volumes achieved for copper cathode and sulphuric acid.

Meanwhile, the report relates, operating costs were also up
46.9% year-on-year to CNY9.89 billion due to rising copper
cathode costs and higher procurement expenses.

Earnings per share came in at CNY0.42, against CNY0.29 a year
earlier, the report adds.

                       About Jiangxi Copper

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an  
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


LAND BANK: S&P Holds C+ Bank Fundamental Strength Rating
--------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Land
Bank of Taiwan to developing from positive. At the same time, it
affirmed the 'A' long-term and 'A-1' short-term counterparty
credit ratings on the bank, as well as the 'C+' bank fundamental
strength rating.

"The outlook revision mainly reflects the uncertainty
surrounding Land Bank's credit profile over the next two to
three years. The bank is likely to face rising pressure to
maintain its profitability and asset quality if the domestic
real estate market turns soft or competition intensifies," said
credit analyst Andrew Wu.

Nevertheless, Land Bank's financial strength is likely to
improve if it completes a planned merger with the financially
stronger Bank of Taiwan (A+/Stable/A-1). The Taiwan government
plans to merge the two banks within three years.

The ratings reflect Land Bank's established franchise, good
funding capacity, and a degree of government support.
Counterbalancing factors include the sensitivity of the bank's
credit profile, due to its specialized real estate-related loans
and its mediocre profitability.

Land Bank's asset quality is sensitive to cycles in the domestic
real estate market.  Construction lending and mortgage loans
accounted for more than 50% of the bank's total loans in 2007,
up from 40% in 2003.  However, the bank's ratio of impaired
assets (including official NPLs and foreclosed property) to
total loans was only 1.2% at the end of 2007, due to its
adequate underwriting controls and good conditions in the real
estate market.

Land Bank's profitability is mediocre. Above-average funding
costs from policy-related obligations and sizable low-margin
mortgage lending hamper the bank's capacity to generate
earnings. Its adjusted return on average assets (excluding
sizable nonrecurring gains from real estate disposals) averaged
0.1% in 2006-2007. Its net interest margin was also low at 0.87%
in 2007.


PETROLEOS DE VENEZUELA: Gov't Approves Oil Sudden-Gains Tax
-----------------------------------------------------------
Venuzuela's lawmakers have given their final nods to a new tax
on windfall profits of Petroleos de Venezuela SA and other oil
companies, Dow Jones Newwires reports.

According to the report, the lawmakers gave their final approval
on Apr. 15 to a law that required companies that export crude
from Venezuela to share a portion of their sudden gains to the
government.  The levy will also apply to PdVSA's foreign
partners including Total SA, StatoilHydro ASA, BP Plc, and
Chevron Corp, Dow Jones states.

The government will take in about 92 cents for every extra
dollar when world prices are above US$70 a barrel and then 97
cents when they are above US$100 a barrel, Reuters cites Oil
Minister Rafael Ramirez as saying.   World oil prices hit a
record above US$114 a barrel on April 15, the news agency points
out.

The tax is expected to contribute US$9 billion to the
government's yearly revenues.

                About Petroleos de Venezuela SA

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

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

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

                        *     *     *

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


WAN HAI LINES: S&P Cuts Rating on Unit's Corporate Bonds to BB+
---------------------------------------------------------------
Standard & Poor's Ratings affirmed its 'BBB-' long-term
corporate credit rating on Wan Hai Lines Ltd. The outlook is
stable. At the same time, Standard & Poor's lowered its issue
rating on the unsecured corporate bonds of its fully owned
subsidiary, Wan Hai Lines (Singapore) Pte. Ltd., to 'BB+' from
'BBB-'. Wan Hai irrevocably and unconditionally guarantees the
bonds.

"The rating affirmation reflects Wan Hai's stable performance on
intra-Asia routes, together with strong demand on Middle East
and European routes, which improved its EBITDA margin in 2007,"
said credit analyst Daniel Hsiao.

The carrier's EBITDA rose by 53% to Taiwan dollar (NT$) 10.6
billion in 2007. Its cash and liquid financial assets declined
by NT$5.47 billion due to high capital expenditure of NT$19.8
billion in 2007. As a result, Wan Hai's adjusted ratio of funds
from operations (FFO) to debt improved slightly to 46% in 2007,
from 45% in 2006. We expect the ratio to be about 40% over the
next two years.

Wan Hai has a somewhat aggressive new capacity expansion plan,
at about 30% of its current fleet size, but this is below the
top 50 global container-shipping operators' average of 50%.
Nevertheless, the carrier is not immune from the high industry
risks associated with cyclical demand and potential oversupply.
The industry's high order book, coupled with a potential
downturn in the global economy, could drive down freight rates
and revenue.

Wan Hai has increased its exposure to the highly competitive and
volatile long-haul markets, which could enlarge its revenue base
and profitability, but also raise its earnings volatility.
Revenue from long-haul markets increased to 41% in 2007 from 24%
in 2003.

The lowered rating on the unsecured corporate bonds reflects Wan
Hai's rising ratio of priority debt (including secured debt and
operating lease obligations) to adjusted assets (total assets
plus operating lease obligations). The ratio, which stood at 26%
in 2007, is higher than the 20% threshold required for the
rating to remain at the current level. The ratio is likely to
increase over the next two years because of Wan Hai's greater
use of operating leases.

Wan Hai Line was founded in 1965.  At the beginning, Wan Hai's
business was mainly on the log transportation among Taiwan,
Japan and the Southeast Asia.  In 1976, in order to respond to
the rapid development of international trade in the Asia Pacific
area and the trend of international transportation
containerization, Wan Hai has successfully transformed and
entered the business of fully-container vessel shipping.
Wan Hai has more than 30 years of experiences in shipping,
comprehensive hardware and software equipment, and professional
services from our staff.  This has made Wan Hai the carrier with
the most intensive voyages and complete service network in Asia.


YRC WORLDWIDE: Renews Asset-Backed Securitization Facility
----------------------------------------------------------
On April 18, 2008, YRC Worldwide Inc. renewed its asset-backed
securitization facility.  The renewed facility will expire on
April 16, 2009.

The renewed facility:

1. reduces the financing limit available under the ABS facility
    from US$700 million to US$600 million,

2. reduces the letters of credit sublimit from US$325 million    
    to US$125 million,

3. modifies the total leverage ratio consistent with the credit
    agreement amendment,

4. increases the loss and discount reserve requirements and

5. increases the administrative fee, calculated based on
    financing limit, and program fee, calculated based on
    utilization,  to 50 basis points and 75 basis points.

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 USF 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.

                       About YRC Worldwide

YRC Worldwide (Nasdaq: YRCW) -- http://www.yrcw.com/-- does   
business through two national less-than-truckload companies, YRC
National Transportation, which comprises the long-haul
operations that comprises the legacy Yellow and Roadway
businesses (about 69% of total FY 2007 revenue), and through YRC
Regional Transportation, a regional LTL business essentially
comprising YRC's acquired USF companies (about 25% of revenue).  
Through its YRC Logistics business unit, the company also offers
logistics and supply chain services.  YRC's broad service
offering includes next day and expedited service throughout most
of the country.  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: Agrees to Amendments on Aug. 17 Credit Agreement
---------------------------------------------------------------
On April 18, 2008, YRC Worldwide Inc. and certain of its foreign
subsidiaries entered into Amendment No. 1 to the credit
agreement, dated as of Aug. 17, 2007.  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 will:

1. increase the company#s total leverage ratio from 3.0x to
    3.75x for each of the fiscal quarters ended March 31, June  
    30 and Sept. 30, 2008 and 3.5x for each fiscal quarter
    thereafter, 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.  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;

2. increase the interest rates and fees applicable to the
    revolving credit facility and term loan.  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 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;

3. require the company and its domestic subsidiaries to pledge
    these collateral:

   a. receivables not secured by the ABS facility or the
      company#s captive insurance companies,

   b. intercompany notes not secured by the ABS facility,

   c. fee-owned real estate parcels that have an estimated  
      internal market value of US$2.5 million or greater,

   d. 100% of the stock of all domestic subsidiaries of the
      company, and

   e. 65% of the stock of first-tier foreign subsidiaries of the
      company other than the company's captive insurance
      companies;

4. require 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 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;

5. require each domestic subsidiary of the company except for
    YRRFC  to guarantee the credit facility; and

6. modify 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, security interests
in pledged collateral will be released, 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 only material
domestic subsidiaries and subsidiaries of the company that
guarantee certain other indebtedness of the company or its
subsidiaries will remain as guarantors.

                     USF and Roadway Bonds

The holders of USF Bonds and Roadway Bonds 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.  The description of the rights of the holders of USF
Bonds and Roadway Bonds is qualified by reference to the
respective indentures, which are filed as Exhibit 4.3.1 and
Exhibit 4.4.1 to the company#s form 10-K for the year ended Dec.
31, 2007, respectively.

                       About YRC Worldwide

YRC Worldwide (Nasdaq: YRCW) -- http://www.yrcw.com/-- does   
business through two national less-than-truckload companies, YRC
National Transportation, which comprises the long-haul
operations that comprises the legacy Yellow and Roadway
businesses (about 69% of total FY 2007 revenue), and through YRC
Regional Transportation, a regional LTL business essentially
comprising YRC's acquired USF companies (about 25% of revenue).  
Through its YRC Logistics business unit, the company also offers
logistics and supply chain services.  YRC's broad service
offering includes next day and expedited service throughout most
of the country.  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 'BB+' ID Rating on Facility Amendment
----------------------------------------------------------------
Following the announcement that YRC Worldwide Inc. 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 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 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, a portion of
various subsidiaries' accounts receivable not already pledged as
collateral under YRCW's asset backed securitization 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.


YRC WORLDWIDE: Moody's Cuts CF Rating to Ba2
--------------------------------------------
Moody's Investors Service has lowered the ratings of YRC
Worldwide Inc., Corporate Family Rating to Ba2 from Ba1.  At the
same time, Moody's downgraded the ratings of YRC Regional
Transportation's senior notes and YRC Worldwide's convertible
notes to Ba3 from Ba1, and upgraded the ratings of the notes
issued by the company's Roadway subsidiary to Baa3 from Ba1.  
Under the terms of "equal and ratable" provisions contained in
the indentures, these notes will be granted a security interest
in certain assets of the company that ranks pari passu with the
security interest granted on those assets under the company's
amended bank credit facility.

The rating outlook is negative.  The downgrade of the Corporate
Family Rating considers the continued challenging operating
environment in the trucking sector which is expected to further
constrain YRC's earnings and cash flow, resulting in weaker
credit metrics.  Moody's views favorably the company's
announcement that it has amended its senior revolving credit
facility to provide increased room under prescribed financial
covenants as well as the renewal and amendment of its Asset
Backed Securitization facility.

The ability to comply with prior covenant levels would have
become problematic for YRC in light of anticipated earnings
weakness.  The amended covenants will enable the company to
maintain a good liquidity profile while implementing strategies
to improve operating performance.

According to David Berge, Vice President of Moody's, "there is
still significant headwind facing the company from what is
expected to be a deep and possibly prolonged recession in the
trucking market."  Moody's expects that YRC, like most less than
truckload carriers, will report weak operating results through
2008.  The company should benefit from recent cost saving
initiatives, including the closure of unprofitable business
units in its regional segment, and enhanced operating
flexibility available under its new labor agreement with the
Teamsters running through 2013.  Nevertheless, cyclical
operating pressures will continue to weigh on overall financial
performance.

Key credit metrics such as Retained Cash Flow to Debt,
EBIT/Interest, and Debt to EBITDA are currently weaker than
those of many industry peers.  YRC has reduced its balance sheet
debt since the 2005 acquisition of USF Corporation, yet with the
erosion of earnings during 2007 financial metrics have
deteriorated.  Under Moody's analytic methodology, the company
carries a high debt burden related to adjustments for multi-
employer pension plans.  While the multi-employer obligations
are viewed as debt-like in Moody's analysis, it is important to
note that they do not represent a large near term claim on cash.  
Moody's anticipates that YRC will continue to apply free cash
flow to reduce indebtedness which should help to rebuild
financial metrics over time.

Moody's expects that the company will be able to generate
sufficient operating cash flow through 2008 to cover repayment
of the US$225 million of notes due in December.  This will
likely require that operating ratios of at least 96-97% are
achieved for the second half of the year, and that cash
contributions from working capital in the fourth quarter follow
historical seasonal patterns.  Given the challenges posed by the
weak business environment, the recent covenant amendment
provides important stability to the company's liquidity profile.  
YRC maintains a modest cash balance, and typically experiences
seasonal variances in its working capital requirements; the
fourth quarter generally exhibits a significant cash inflow from
working capital reductions.  

The company's US$950 million revolving credit facility and
US$150 million Term Loan contain a financial covenant limiting
its ratio of debt to EBITDA, as defined in the agreement, to
certain levels.  While the company has remained in compliance
with the covenant through the first quarter of 2008, continued
earnings pressures might have resulted in the company being
unable to remain compliant in future quarters.

The recently announced amendment provides covenant headroom
which should enable the company to maintain an adequate
liquidity profile.  In exchange for covenant relief, YRC is
providing a collateral package comprised of certain parcels of
real estate and accounts receivable not pledged to its
securitization facilities.

The company will also provide a pledge of 100% of stock of
domestic subsidiaries and 65% of stock of first tier foreign
subsidiaries.  By virtue of the "equal and ratable" provision,
the Roadway and YRC Regional notes will gain a security interest
that ranks pari passu with the company's bank credit facility.

The outlook remains negative in recognition of the sensitivity
of cash flows and covenant cushion to changes in the company's
operating ratio.  Considering YRC's and the LTL sector's overall
vulnerability to weaknesses in the U.S. economy and the
uncertainty surrounding the depth and duration of the current
economic downturn, Moody's believes there are significant
challenges facing the company in reaching its margin and cash
flow goals.

The change in ratings of the senior notes, which had been rated
the same as YRC's Corporate Family Rating prior to the amendment
of the credit facility, reflects the effect of both the
downgrade in the CFR as well as collateral protection granted
lenders under the Roadway notes, which is not afforded to the
YRC convertible notes.  The indenture for the Roadway notes and
the indenture for the YRC Regional Transportation notes provides
that, in the event of YRC pledging collateral as security for
any other debt instrument, the Roadway notes and YRC Regional
Transportation notes will be secured equally and ratably by a
pledge of specified collateral.

However, Moody's views the collateral protection being afforded
to the Roadway notes as substantially superior to that of the
YRC Regional Transportation notes, effectively subordinating
these notes to the Roadway notes. Per Moody's Loss Given Default
methodology, the change in priority from senior unsecured class
of debt to senior secured has a substantial positive impact on
the expected recovery on these notes in the event of default.  
Conversely, the effective subordination of the unsecured YRC
Convertible notes and the YRC Transportation notes to a
substantial level of secured debt implies weaker recovery under
those notes in the event of default.

The ratings could be downgraded if the free cash flow in 2008
were to fall substantially below US$200 million, therefore
requiring the company to rely more heavily on its revolving
credit facility to refinance the December maturities and likely
the notes maturing in May 2009 as well, assuming they cannot be
refinanced in the capital markets.  Ratings could also be
lowered if weaker operating performance were to impair the
likelihood of compliance with the new financial covenants in the
company's credit facility, possibly requiring waivers or further
amendments of terms.

The ratings could be stabilized if free cash flows become
strongly positive in 2008 and 2009, with operating ratios
returning to the mid-90% range.  The company will have to
demonstrate the maintenance of a solid liquidity position
throughout this period, with only minor and temporary reliance,
if any, on the revolving credit facility to cover note
maturities while maintaining ample cushion to covenants.

Downgrades:

Issuer: USF Corporation

-- Senior Notes due 2009-2010, to Ba3 (LGD4-63%) from Ba1

Issuer: YRC Worldwide Inc.

-- Probability of Default Rating, Downgraded to Ba2 from Ba1
-- Corporate Family Rating, Downgraded to Ba2 from Ba1
-- Senior Convertible Notes due 2023, to Ba3 (LGD4-63%) from
    Ba1

Upgrades:

Issuer: Roadway LLC

-- Senior Notes due 2008, to Baa3 (LGD2-14%) from Ba1

YRC Worldwide does business through two national less-than-
truckload companies, YRC National Transportation, which
comprises the long-haul operations that comprises the legacy
Yellow and Roadway businesses (about 69% of total FY 2007
revenue), and through YRC Regional Transportation , a regional
LTL business essentially comprising YRC's acquired USF companies
(about 25% of revenue).  Through its YRC Logistics business
unit, the company also offers logistics and supply chain
services.  YRC's broad service offering includes next day and
expedited service throughout most of the country.



=========
I N D I A
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GERDAU SA: To Invest US$180 Million in CCA Tie-Up
--------------------------------------------------
Gerdau SA has teamed up with Central American steel corporation
CCA.  According to Gerdau, it will own a 30% stake and invest
some US$180 million in CCA.

Gerdau's President Andre Gerdau Johannpeter commented to
Business News Americas, "The association listed Grupo Gerdau as
a leading company in Central America and the Caribbean.  The
region is strategic and of special importance to the group."

                            About CCA

CCA is a steel corporation in Central America.  It has a steel
plant in Guatemala, four rolling units in Guatemala and Honduras
and commercial offices in Guatemala, Honduras, and El Salvador.  
The corporation also has distribution units in Guatemala,
Belize, El Salvador, Honduras, and Nicaragua.  CCA has installed
capacity of 500,000 tons per year of steel and 690,000 tons per
year of rolled products and also holds a minority share in
Honduran company Intrefica.

                           About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook.


GERDAU SA: Quanex Shareholders Okay US$1.67 Billion Purchase
------------------------------------------------------------
Quanex Corp. told the Associated Press that its shareholders
have authorized Gerdau SA to purchase the firm for
US$1.67 billion.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2008, Quanex set a special meeting of stockholders for
March 31, 2008, to approve and adopt the agreement and plan of
its merger with a subsidiary of Gerdau.  Stockholders of record
as of the close of business on Feb. 29, 2008, were entitled to
vote at the special meeting.  

The AP relates that "with about 90% of the shares represented,
over 99% were voted for the deal."

Quanex's unit Quanex Building Products Corp. was "spun off from
the parent."  It will replace Quanex in the Standard & Poor's  
SmallCap 600, the AP states.


                       About Quanex Corp.

Quanex Corp., formerly Michigan Seamless Tube Company, is
engaged in the production of engineered carbon and alloy steel
bars, heat treated bars, aluminum flat-rolled products, flexible
insulating glass spacer systems, extruded profiles, and
precision-formed metal and wood products.  The two markets
served by the Company include vehicular products and building
products.  The segments served by the Company include Vehicular
Products, Engineered Building Products and Aluminum Sheet
Building Products. Quanex has 27 manufacturing facilities in 12
states in the United States.

                          About Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA
-- http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook.


GMAC LLC: Moody's Downgrades Senior Rating to B2
------------------------------------------------
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade. This action follows Moody's rating downgrade of
ResCap LLC, GMAC's wholly-owned residential mortgage unit, to
Caa1 from B2.

The GMAC downgrade is based upon Moody's opinion that further
operating weakness at ResCap poses risks to GMAC's capital
position and liquidity that exceed previous estimates. In
particular, we believe that for ResCap to have continued access
to debt capital, GMAC may be required to provide additional
indications of support to the unit and that it is likely to do
so. As noted in the ResCap related press release, ResCap faces
significant near-term refinancing needs.

GMAC has strategic significance to GM, as its exclusive provider
of consumer incentive financing for nearly all of its brands,
and as a provider of inventory floorplan loans to GM's dealer
base. As a consequence, we don't believe GMAC's owners intend to
compromise the firm's credit profile to the point of weakening
its ability to perform under its contractual asset origination
and servicing obligations to GM. It is our belief, however, that
the ResCap exposures that GMAC has accumulated to date, and may
yet further accumulate, represent a risk concentration that
could challenge the strength of the GMAC's credit standing.

During its review, Moody's will examine GMAC's intentions for
supporting ResCap through its difficulties, as well as the terms
pertaining to any such support extension.

"We consider GMAC's stand-alone strengths in its auto finance
and insurance businesses to continue to provide support to its
rating profile," Moody's said.

Ratings downgraded and placed under review for further downgrade
include:

   Issuer rating: to B2 from B1
   Senior Unsecured: to B2 from B1
   Preferred Stock: to Caa2 from Caa1

                         About GMAC LLC

GMAC LLC, based in Detroit, is a provider of retail and
wholesale auto financing, auto insurance and warranty products,
and through its wholly-owned subsidiary Residential Capital LLC,
residential mortgage products and services.  GMAC reported a
preliminary 2007 fourth quarter consolidated net loss ofUS$724
million.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.


PRIDE INTERNATIONAL: Board Drops Ownership Threshold to 10%
-----------------------------------------------------------
Pride International Inc.'s Board of Directors has taken action
under the company's Stockholder Rights Plan to lower, solely
with respect to Seadrill Limited and its affiliates and
associates, the threshold level of beneficial ownership of the
company's common stock that would trigger the rights from 15% to
10%.

Pride also announced that it has been notified by Seadrill of
Seadrill's and its affiliates' acquisition, through undisclosed
forward purchase contracts and other acquisitions from
undisclosed parties, of approximately 9.9% of the company's
outstanding common stock.  Seadrill has advised the Company that
it has made a filing under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 to permit Seadrill to acquire Pride
securities, but has neither provided the company with a copy of
the filing nor informed the Company at what notification
threshold the filing was made under the Act.  Despite requests
by the company, Seadrill has not provided information about its
intentions, plans or proposals with respect to Pride or its
acquisition of the common stock; any agreements, arrangements or
understandings it has with third parties regarding Pride
securities; the terms of the forward purchase contracts; the
reasons for its Hart-Scott-Rodino filing; or the maximum
ownership level specified in the filing.  Seadrill also
requested that Pride not publicly disclose its acquisition of
Pride securities or its Hart-Scott-Rodino filing.

Pride's Stockholder Rights Plan is intended to protect the
company's stockholders from open-market accumulations and other
abusive takeover activities.  The Board of Directors of the
company has taken the action with respect to the rights plan
because Seadrill has not provided the Company with any
information about its intentions, and the Board wants to make
sure that all stockholders are protected appropriately.  The
plan was adopted in 2001 in connection with the Company's merger
with Marine Drilling Companies to replace a similar plan in
effect at Pride since 1998.

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


TATA MOTORS: U.S. Antitrust Okays Jaguar and Land Rover Purchase
----------------------------------------------------------------
U.S. antitrust authorities have cleared Tata Motors Ltd.'s
purchase of Jaguar and Land Rover from Ford Motor Co., Reuters
reports.

According to the U.S. Federal Trade Commission, antitrust
authorities have completed their review of the US$2.3 billion
deal between Tata and Ford without taking any action to block
it, Reuters relates.

The deal was formally announced on March 26, 2008.  Tata will
pay Ford the US$2.3 billion in cash upon closing of the
transaction.  The transfer of ownership is expected to close by
the end of the next quarter, subject to applicable regulatory
approvals, according to the Troubled Company Reporter-Asia
Pacific on March 28, 2008.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA STEEL: S&P Affirms BB Corp. Credit Rating; Revises Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Tata
Steel Ltd. to stable from positive and affirmed its 'BB'
corporate credit rating on the company. At the same time, the
'BB' rating on Tata Steel's senior unsecured bank loans of
US$750 million and US$500 million has been affirmed.

The outlook revision reflects the persisting uncertainty on the
infusion of additional equity, as envisaged in the initial
funding plan for the acquisition of Corus (Corus Group PLC, not
rated), and some increases in the capital commitments of the
company, specifically for its expansion projects in
India.

"Tata Steel's initially proposed plan of issuing hybrid
securities (US$2.56 billion) and equity (US$500 million), to
partially fund the US$14 billion acquisition of Corus, has been
deferred due to prevailing credit market conditions," said
Standard & Poor's credit analyst Anshukant Taneja.

Although Tata Steel intends to raise incremental equity (US$1
billion), this has been delayed and remains vulnerable to
capital market-related risks. Concurrently, Tata Steel has
accelerated the execution of some of the expansion projects in
India, specifically the 2.9 million tons per annum (mtpa),
entailing an outlay of about US$2.3 billion, and now is pursuing
the US$3.9 billion 3 mtpa greenfield Orissa steel project with
greater certainty.

Total costs for these projects have also risen about 20% from
the initial estimates given by the company, because of widening
of scope and inclusion of mining-related investments in the
project costs.

"These events, along with potential investments in upstream coal
and limestone resources, limit the upside potential on the
current ratings," Mr. Taneja said.

The 'BB' ratings continue to derive support from the enhanced
scale and size of the combined entity. Tata Steel is now the
sixth-largest steel manufacturer in the world. Volume growth and
synergy gains, which have been in line with expectations, also
add to the stability of current ratings.  Geographical and
product diversity has also increased, which is positive for the
overall risk profile of the company.

The increase in steel prices, which has been driven primarily by
sustained demand and rising input (iron ore and coking coal)
prices, is beneficial for the fully integrated operations of the
company in India. This is reflected in the estimated 43% margin
for the nine months ended December 2007 for Tata Steel
(standalone operations).

"However, the manufacturing operations of Corus do not benefit
from upstream linkages. This significantly dilutes the positive
impact of the integrated Indian operations on the overall
profitability of the company," Mr. Taneja noted.



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

FREEPORT-MCMORAN: Reports US$1.1 Billion Net Income in 1Q 2008
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported first-
quarter 2008 net income applicable to common stock ofUS$1.1
billion, US$2.64 per share, compared with US$476 million,US$2.02
per share, for the first quarter of 2007.  FCX’s results
included net losses on early debt extinguishments totaling US$6
million ($5 million to net income or US$0.01 per share) for
first-quarter 2008
and US$88 million ($75 million to net income or US$0.31 per
share) for first-quarter 2007.  The results for the 2007 quarter
include the operations of Phelps Dodge beginning March 20, 2007.

James R. Moffett, Chairman of the Board, and Richard C.
Adkerson, President and Chief Executive Officer, said, “Our
first-quarter results reflect our continued focus on maximizing
current production volumes and investing in future growth to
meet increasing market requirements for the commodities we
produce.  As we crossed the one-year anniversary of our
combination with Phelps Dodge in March, we are established as a
financially strong global metals producer with significant
current production capacity and reserves, exciting current
growth projects and promising opportunities for future growth in
major minerals districts around the world.  The theme of our
recently published 2007 annual report, ‘A World of Assets,
A World of Opportunities,’ highlights our portfolio of global
operations and opportunities to expand production capacity,
extend the lives of our mines and develop new ore bodies.”

                          Highlights

   * Net income applicable to common stock for first-quarter
     2008 totaled US$1.1 billion, US$2.64 per share, compared
     with US$476 million, US$2.02 per share, for first-quarter
     2007.

   * Consolidated sales from mines for first-quarter 2008
     totaled 911 million pounds of copper, 280 thousand ounces
     of gold and 20 million pounds of molybdenum, compared with
     520 million pounds of copper, 956 thousand ounces of gold
     and 2 million pounds of molybdenum for first-quarter 2007.  
     Pro forma first-quarter 2007 sales, including pre-
     acquisition Phelps Dodge sales, totaled 1.0 billion pounds
     of copper, 977 thousand ounces of gold and 19 million
     pounds of molybdenum.

   * Consolidated sales from mines are expected to approximate
     4.2 billion pounds of copper, 1.4 million ounces of gold
     and 75 million pounds of molybdenum for the year 2008,
     including 930 million pounds of copper, 225 thousand ounces
     of gold and 18 million pounds of molybdenum for second-
     quarter 2008.

   * Operating cash flows totaled US$615 million, including
     working capital uses of approximately US$1.3 billion, for
     first-quarter 2008.  Assuming average prices of US$3.75 per
     pound for copper, US$900 per ounce for gold and US$30 per
     pound for molybdenum for the remainder of 2008, operating
     cash flows in 2008 would exceed US$6.5 billion, including
     approximately US$6 billion for the remainder of 2008.  Each
     US$0.20 per pound change in copper prices in the balance of
     the year would impact 2008 operating cash flows by
     approximately US$450 million.

   * Capital expenditures totaled US$508 million for first-
     quarter 2008.  Projected 2008 capital expenditures
     approximate US$3 billion, including investments in
     development projects in the Americas and Indonesia, the
     Tenke Fungurume greenfield project in Africa and the
     project to restart the Climax molybdenum mine in Colorado.

   * Total debt approximated US$7.6 billion and consolidated
     cash was US$1.8 billion at March 31, 2008, compared with
     total debt of US$7.2 billion and consolidated cash of
     US$1.6 billion at December 31, 2007.  Borrowings under
     FCX’s US$1.5 billion revolving credit facility totaled
     US$296 million at March 31, 2008.

Consolidated copper sales of 911 million pounds in the first
quarter of 2008 were slightly higher than previous estimates of
885 million pounds reported on January 23, 2008, primarily
because of the timing of shipments.  Production from North
America was lower than previous estimates, while South
America production was essentially as forecasted and Indonesia
production exceeded prior estimates.  

Consolidated gold sales of 280 thousand ounces in first-quarter
2008 were higher than previous estimates of 170 thousand ounces
because of mine sequencing at the Grasberg mine in Indonesia.  
As expected, consolidated gold sales in the first quarter of
2008 were significantly lower than the year ago period because
of the mining in a lower ore grade section of the Grasberg open
pit.  Consolidated molybdenum sales approximated 20 million
pounds in first-quarter 2008.

Indonesia copper and gold sales in the first quarter of 2008
were significantly lower than in the first quarter of 2007 as a
result of the expected mining in a lower ore grade section of
the Grasberg open pit.  At the Grasberg mine, the sequencing in
mining areas with varying ore grades causes fluctuations in the
timing of ore production, resulting in varying quarterly and
annual sales of copper and gold.  PT Freeport Indonesia expects
to continue mining in a relatively low-grade section of the
Grasberg open pit in the second quarter of 2008 and in a higher-
grade section in the second half of 2008.  Approximately 64
percent of 2008 copper sales and 65 percent of 2008 gold sales
are estimated in the second half of the year.

FCX expects Indonesia sales of 1.2 billion pounds of copper and
1.3 million ounces of gold for the year 2008, compared with 1.1
billion pounds of copper and 2.2 million ounces of gold for the
year 2007.

PT Freeport Indonesia has several projects in progress
throughout the Grasberg district, including developing its
large-scale underground ore bodies located beneath and adjacent
to the Grasberg open pit.  

The expansion of the currently producing Deep Ore Zone (DOZ)
mine to 50,000 metric tons of ore per day is complete with
first-quarter rates averaging 61,000 metric tons per day.  A
further expansion of the DOZ mine to 80,000 metric tons per day
is under way with completion targeted by 2010.  Other projects
include the development of the high-grade Big Gossan mine,
expected to ramp up to full production of 7,000 metric tons per
day in 2011, and the continued development of the Common
Infrastructure project, which will provide access to the
Grasberg underground ore body, the Kucing Liar ore body and
future development of the mineralized areas below the DOZ mine.

PT Freeport Indonesia’s 2008 exploration efforts in Indonesia
include testing extensions of the Deep Grasberg and Kucing Liar
mine complex and evaluating targets in the area between the
Ertsberg East and Grasberg mineral systems from the new Common
Infrastructure tunnels.  Initial drill results from the Common
Infrastructure tunnel are positive and additional drilling is in
process.  FCX continues its efforts to resume exploration
activities in certain prospective areas in Papua, outside Block
A (the Grasberg contract area).

The number of drill rigs operating on these and other programs
near FCX’s mine sites increased from 26 at the end of March 2007
to 80 currently.

A full-text copy of the company's press release is available for
free at http://bankrupt.com/misc/freeport_mcmoran_1Q2008.pdf

                     About Freeport-McMoRan

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

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

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

FCX:

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

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

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

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

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

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

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

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

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



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

ALITALIA SPA: To Receive EUR300-Million Bridging Loan from Italy
----------------------------------------------------------------
The Italian government has approved a EUR300-million bridging
loan to Alitalia S.p.A. to keep it afloat and prevent it from
seeking bankruptcy protection, various reports say.

As reported in the TCR-Europe on April 22, 2008, the incoming
administration of Prime Minister-elect Silvio Berlusconi and the
outgoing government of current Prime Ministe Enrico Prodi have
initially agreed to provide a EUR150 million emergency financing
to Alitalia, which only had EUR170 million in cash and credit as
of March 31, 2008.

Finance Minister Tommaso Padoa-Schioppa was quoted by Bloomberg
News as saying that without the loan, Alitalia would have to
seek protection from creditors.

Mr. Prodi said Mr. Berlusconi asked him to raise the loan amount
to EUR300 million to allow more "time to put together and
organize possible alternative solutions," the Associated Press
reports.  Mr. Prodi noted that Alitalia has to repay the loan by
end of 2008.

                       State Aid Violation?

The European Commission, meanwhile, would review the financing
to Alitalia, whether it violates the European Union rule on
state aid, Bloomberg News says citing spokesman Michele Cercone.

Under EU's "one time, last time" principle, a company
beneficiary of a state aid cannot receive additional rescue or
restructuring funding within 10 years since its accepted
financial assistance.

AP quoted the Commission last week said Alitalia cannot receive
further aid until 2011, since it took fiscal assistance in 2001.

                         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, including United States, Canada,
Japan and Argentina.  The Italian government owns 49.9% of
Alitalia.

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.


ELPIDA MEMORY: Poor Performance Cues Execs Salary Cuts
------------------------------------------------------
Elpida Memory Inc. said it is reducing the compensation of its
executives due to the company's poor performance in fiscal 2007.

Elpida's President & CEO Yukio Sakamoto's salary will be reduced
to 50% until a monthly operating profit is reestablished.  

Directors Shuichi Otsuka and Takao Adachi will get a 10% cut
from their salaries, while eight corporate executive officers
will have a 5% cut.

In a statement Elpida states that the reason for its salary
reduction is because DRAM pricing is highly volatile.  In an
attempt to secure a profit during a time of falling prices
Elpida strives to lower costs by migrating to more advanced
manufacturing processes and improving production efficiency, as
well as expand sales of high value-added products, among other
measures.  One particular attempt to lower costs involved the
April 2007 sale of outdated 200mm wafer processing equipment.
Unfortunately, the fall in prices was worse than anticipated in
FY 2007, outpacing company efforts to reduce production costs
throughout the year. As described above, Elpida is now
estimating business losses for the FY 2007 full term.
As a reflection of the recent disappointing business performance
relative to company goals Elpida executives have decided to
accept a temporary lowering of their executive level
compensation.

                       About Elpida Memory

Elpida Memory, Inc. -- http://www.elpida.com.-- is a leading  
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

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


SHOKO CHUKIN BANK: Conversion Doesn't Change Moody's BFSR at D
--------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
Aaa long-term deposit rating of Shoko Chukin Bank (SCB) to
negative from stable. The bank's Prime-1 short-term deposit
rating and D bank financial strength ratings are not affected.
Also, SCB's baseline credit assessment (BCA), currently at 5,
has been withdrawn.

The outlook change reflects Moody's view that SCB's conversion
into a special stock corporation and its disengagement from
policy finance activities may lead to a decline in the
probability of extraordinary support from the government over
the medium term.

The withdrawal of SCB's BCA reflects the bank's role as a
deposit-taking institution and its participation in the Deposit
Insurance System. Also, in Moody's view, SCB's standalone
financial strength may better be measured by a bank financial
strength rating, as the bank is to become more like other
commercial banks -- including its deposit-taking.

The new law governing SCB will take effect in October 2008, and
SCB's status will convert to that of a special stock
corporation. Following this development, a portion of the
government's current ownership interest in SCB will be converted
into "special reserves." According to the government plan,
following the conversion, the government will likely reduce its
ownership to approximately less than 50% during FY2008, and then
to zero during 2013-2015.

Special reserves will remain as a part of SCB's regulatory
capital. The repatriation of special reserves to the government
requires the resolution of SCB's shareholders' meeting. There is
no fixed date for the repatriation, and the special reserves
cannot be used as a source for SCB's dividend payments. Moody's
expects there will be a high level of government control and
involvement over SCB's activities until the privatization is
completed.

Shoko Chukin Bank is a government-owned financial institution
with total assets of approximately JPY 11 trillion as of March
2007.


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

DIOMED HOLDINGS: Trustee Appoints 5-Member Creditors' Committee
---------------------------------------------------------------
The United States Trustee for Region appointed five members to
the Official Committee of Unsecured Creditors in Diomed Holdings
Inc. and Diomed Inc.'s Chapter 11 cases.

These members include:

      1) Pioneer Optics Co.
         c/o Ron Hille, President
         35 Griffin Road South
         Bloomfield, CT 06002
         Tel: (860) 286-0071
         Fax: (860) 286-0171

      2) Stradis Healthcare
         d/b/a Professional Sterile Concepts
         c/o Bret T. Buhler, President
         805 Marathon Parkway
         Lawrenceville, GA 30045
         Tel: (770) 962-2425
         Fax: (770) 962-2391

      3) Endovenous Laser Associates
         c/o Robert J. Min, M.D.
         29 Witherbee Avenue
         Pelham Manor, NY 10803
         Tel: (914) 576-6484
         Fax: (212) 746-8596

      4) Endolaser Associates, LLC
         c/o Luis Navarro
         327 East 65th Street
         New York, NY 10021
         Tel: (212) 249-6117
         Fax: (212) 517-5630

      5) Luminetx Corporation
         c/o Rodney Schutt
         1256 Union Avenue, 3rd Floor
         Memphis, TN 38104
         Tel: (901) 252-3700
         Fax: (901) 252-3701

                       About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--  
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  The company sell its
products through a direct sales force, and a network of
distributors in the EU, Latin America and Mexico, the UK, the
US, Japan, Australia, South Korea, the Peoples' Republic of
China, and Canada.

The company and its affiliate filed for Chapter 11 protection on
March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750 and 08-
40749).  Douglas R. Gooding, Esq., at Choate Hall & Stewart,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and liabilities of US$10 million to US$50
million.


DIOMED: Wants to Hire McGuireWoods as Bankruptcy Counsel
--------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. ask permission from the
U.S. Bankruptcy Court for the District of Massachusetts to
employ McGuireWoods LLP as their general bankruptcy counsel.

McGuireWoods will, among other things, advise the Debtors with
respect to their powers and duties as debtors-in-possession in
the continued management and operation of their business and
properties.

Mark E. Freedlander, Esq., a partner at the firm, tells the
Court that the firm's professionals bill:

      Attorneys        US$325 - US$710
      Paralegals          US$175

Mr. Freedlander assures the Court that the firm is disinterested
as that term is defined in Section 101(14) of the U.S.
Bankruptcy Code.

                       About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--  
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  The company sell its
products through a direct sales force, and a network of
distributors in the EU, Latin America and Mexico, the UK, the
US, Japan, Australia, South Korea, the Peoples' Republic of
China, and Canada.

The company and its affiliate filed for Chapter 11 protection on
March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750 and 08-
40749).  Douglas R. Gooding, Esq., at Choate Hall & Stewart,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and liabilities of US$10 million to
US$50 million.


HYNIX SEMICONDUCTOR: Won't Buy Stake in Germany's Qimonda
---------------------------------------------------------
Hynix Semiconductor Inc. denied rumors that it is considering to
acquire a stake in German memory chip maker Qimonda, Reuters
reports.

"We have not been approached.  We have not discussed such a
deal.  This has nothing to do with us," a Hynix spokesman was
quoted by Reuters as saying.  

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

                          *     *     *

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


HYUNDAI MOTOR: Records 28% Increase in First-Quarter Net Profit
---------------------------------------------------------------
Hyundai Motor Co.'s first quarter net profit increased 28% to
KRW392.7 billion (US$395.8 million), missing a KRW559.2 billion
forecast by 10 analysts in a Reuters poll.

The result, the report relates, compares to KRW307.4 billion net
a year ago and a CNY338 billion net profit in the fourth quarter
of 2007.

According to the report, the company's operating profit
increased 61% to KRW529.1 billion from a year ago but missing a
CNY574.8 billion forecast.  Sales rose 22% to KRW8.2 trillion
won, slightly outperforming a forecast of 8.11 trillion won,
with a 14 percent growth in unit sales, the report notes.

Reuters relates that Hyundai Motor sold 442,971 vehicles in the
first quarter of 2008 compared a revised 387,463 a year earlier.

Judy Hua and Lucy Hornby of Reuters write that due to the missed
forecast, company shares fell as derivatives losses ballooned,
offsetting higher sales fuelled by a weak local currency.

Analysts told Reuters that continued weakness in the won and
increased production from new factories in China and India are
expected to lift Hyundai's earnings this year, but higher oil
and raw materials prices are set to buffet margins.

                      About Hyundai Motor

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

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

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

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

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


TERADYNE INC: Earns US$21.8 Million in First Quarter 2008
---------------------------------------------------------
Teradyne, Inc., reported sales of US$297 million in the first
quarter of 2008.  Net income for the first quarter was
US$21.8 million, or US$0.12 per diluted share, on a non-GAAP
basis, which excludes amortization of acquired intangible assets
and special items, and US$2.4 million or US$0.01 per diluted
share on a GAAP basis.  Bookings for the first quarter were
US$321 million, and included a full quarter of Nextest bookings
of US$33 million.

"We're off to a good start in 2008, with order growth in System
on Chip (SOC) test and a strong showing by our new memory test
business unit,” said Mike Bradley, Teradyne president and CEO.  
“Wireless solutions dominated our first quarter bookings, as
FLEX (R) test systems once again cracked the 100-unit mark.  In
addition, our new product pipeline in both SOC and memory test
showed good momentum on the design-in front.”

Guidance for the second quarter of 2008 is for sales of US$310
million to US$330 million, with earnings per diluted share
between US$0.14 and US$0.19 on a non-GAAP basis, and US$0.07 to
US$0.12 on a GAAP basis.  Non-GAAP guidance excludes US$8
million of estimated restructuring and other charges, net, as
well as acquired intangible amortization of US$5 million.

                      About Teradyne, Inc.

Teradyne Inc. (NYSE:TER) -- http://www.teradyne.com/-- is a  
supplier of Automatic Test Equipment used to test complex
electronics used in the consumer electronics, automotive,
computing, telecommunications, and aerospace and defense
industries.  In 2007, Teradyne had sales of US$1.1 billion and
currently employs about 3,700 people worldwide.  The company has
direct subsidiaries in these countries, Costa Rica, the United
Kingdom, Mexico, Korea, France and China.

                          *     *     *

Teradyne Inc. still carries S&P's "B+" long term foreign issuer
credit and long term local issuer credit ratings which was
placed on Dec. 13, 2002.



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

GOLD BRIDGE: Securities to be Listed Again in Bursa
---------------------------------------------------
Gold Bridge Engineering & Construction Berhad's securities
were uplifted yesterday, April 24, 2008, to the Bursa Malaysia
Securities Berhad following the company's submission of its
annual report for the financial 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.


HARVEST COURT: Taps Chua Eng Chin as Audit Committee Chairman
-------------------------------------------------------------
Harvest Court Industries Bhd has appointed Chua Eng Chin as the
company's chairman of Audit Committee and as a non-executive
director.

Meanwhile, Ng Swee Kiat tendered his resignation as the
company's member of Audit Committee.

The company's Audit Committee composes now of:

   * Chua Eng Chin -- Chairman
   * Zainuri Bin Zainal -- Member
   * Sukhinderjit Singh Muker – Member

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million.

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

AIR NEW ZEALAND: Moody's Affirms Ba1 Rating; Outlook Positive
-------------------------------------------------------------
Moody's Investor's Service has affirmed Air New Zealand
Limited's Ba1 senior unsecured issuer rating. The outlook
remains positive.

"Despite the likelihood of more turbulent conditions ahead for
the airline industry, Air New Zealand's rating remains well
supported by a dominant position in its core domestic market,
sound financial metrics for its Ba1 rating and an efficient low-
age aircraft fleet", says Ian Lewis, a Moody's Vice President.

"While it is clear that softer economic conditions and higher
jet fuel costs will impact the company, Air New Zealand's
financial metrics and solid market position provide it with the
potential to evolve into an investment grade rating over the
medium-to-long term" adds Lewis, who is also Lead Analyst for
the company.

"On the other hand Air New Zealand is not exempt from the
adverse global conditions that currently threaten the industry -
including the impact of slowing domestic and international
economies - and which are likely to represent reasonable
challenges over coming months," says Lewis.

The rating outlook remains positive in light of the strong
metrics and robust operational franchises shown by Air New
Zealand for its rating level.

The rating may experience an upward trend if the company manages
the current adverse operating environment and in anticipation of
the heavy spending portion of its capital cycle, now due to
recommence in 2011, without materially compromising its credit
profile.

Such an outcome may be reflected by sustained metrics as
follows: EBITDA margin above 20%, adjusted debt to EBITDA at or
near 4x, and EBIT/Interest coverage at or near 2.5x.

On the other hand, the rating may experience negative pressure
if increased competition, adverse economic conditions and/or
sustained high oil prices significantly undermines profit
margins and leverage. Indicators Moody's would look for include
EBITDA margins trending towards 15%, Debt/EBITDA at or above 6x
and EBIT/Interest coverage below 2x.

Air New Zealand, based in Auckland, is New Zealand's flag air
carrier, with domestic and international passenger and freight
operations, and an aviation engineering business.


ALCATEL-LUCENT SA: Rebecca Hick to Lead New Zealand Channel Unit
----------------------------------------------------------------
Alcatel-Lucent SA has appointed Rebecca Hick as channel manager
for its Enterprise Business division in New Zealand.

Ms. Hick will lead a growing sales team and manage a multi-
channel network of resellers to promote Alcatel-Lucent’s market-
leading portfolio of enterprise products.

An ICT specialist, Ms. Hick joins Alcatel-Lucent from Fronde, an
IT services company, where she was client business manager and
consultant.  Prior to that she held similar roles at Vodafone,
Air New Zealand and ASB bank.

"I am looking forward to working with the sales team at Alcatel-
Lucent and our channel partners in New Zealand to provide the
kind of advanced communications solutions businesses in
New Zealand need to compete in this global environment," Ms.
Hicks said.  "We have the advantage of strong and successful
channel partnerships in New Zealand with such companies as
Cogent, Datacraft and DownerCommspec."

She noted that in 2007 Cogent Communications and Vodafone
secured a pilot contract with NZ Steel, deploying Alcatel-
Lucent’s Omni PCX IP PBX solution to provide mobile extension
capabilities as part of NZ Steel’s unified communications
facelift.

"This is very much the kind of success story I will work to
emulate in 2008 and beyond," she said.

"New Zealand is an important market for Alcatel-Lucent,” said
Sean O’Halloran, Vice President of Enterprise Business,
Australasia.  "We are pleased to be able to add someone with
Rebecca’s talent and depth of experience to help us meet the
needs of our customers here."

In the past 12 months Alcatel-Lucent has announced two major
projects with New Zealand enterprises.  Transpower awarded the
company a five-year, multi-million dollar, network integration
and transformation contract, and Kordia selected Alcatel-
Lucent’s IP routing products to support the delivery of Freeview
TV simultaneously over both satellite and terrestrial networks.

"With her strong background in software, services and
applications, Rebecca Hick’s appointment will further strengthen
the New Zealand team to continue transforming customer’s
businesses, and is testament to our commitment over the coming
year to grow our Australasian Enterprise business."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe on April 4, 2008, Moody's
Investors Service affirmed the ratings for Alcatel-Lucent, which
include a Ba3 corporate family rating for Alcatel-Lucent and a
Not-Prime for its short term debt, as well as Ba3 ratings for
senior and B2 ratings for subordinated debt that was issued
originally by the predecessor companies Alcatel S.A. and Lucent
Technologies, Inc.  Moody's said the outlook for the ratings is
Negative.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


CHAMBERLAIN PARK PROPERTY: Creditors Must File Claims by May 4
--------------------------------------------------------------
Robin Winston Hargrave, chartered accountant of O’Halloran HMT
Limited, was appointed liquidator of Chamberlain Park Property
Limited on April 3, 2008.

Creditors have until May 4, 2008, to file their claims.

The liquidator can be reached at:

          O’Halloran HMT Limited
          PO Box 6004
          Wellesley Street
          Auckland
          Telephone: (09) 366 5065
          Facsimile: (09) 366 5001


D N BECKETT LIMITED: High Court Appoints Liquidators
----------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators D N Beckett Limited by
the High Court on April 1, 2008.

Creditors have until July 1, 2008, to make their claims and to
establish any priority their claims may have, or be excluded
from the benefit of any distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8509
          Facsimile: (09) 355 8013


DON LAW REALTY: Shareholder Resolves to Liquidate Firm
------------------------------------------------------
On April 2, 2008, it was resolved by special resolution of
the shareholder that Don Law Realty Limited be liquidated and
that Gregory Paul Spicer, chartered accountant, be appointed
liquidator for that purpose.

Creditors have until April 30, 2008, to file their proofs of
claim or be excluded from the benefit of any distribution.

The liquidator can be reached at:

          G. P. Spicer
          Spicer & Associates Limited
          30 Queen Street (PO Box 351)
          Levin
          Telephone: (06) 368 6199
          Facsimile: (06) 368 2278


DONCASTER PROPERTY: Creditors Must File Claims by April 30
----------------------------------------------------------
Mark van Rossem, chartered accountant, was appointed liquidator
of Doncaster Property Limited on March 27, 2008.

Creditors have until April 30, 2008, to file their claims, or be
excluded from the benefit of any distribution.

The liquidator can be reached at:

          TVR Chartered Accountants Limited
          PO Box 8155
          Symonds Street
          Auckland
          Telephone: (09) 373 4634
          Facsimile: (09) 368 1600


FRESH & FROZEN FOOD: Shareholders Appoint Liquidators
-----------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Fresh & Frozen Food
Distributors Limited pursuant to a special resolution of
shareholders on April 1, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


HAWKES BAY: Shareholders Appoint Liquidator
-------------------------------------------
Shareholders of Hawkes Bay Manufacturing Limited appointed John
Francis Managh on April 1, 2008, as liquidator.

The liquidator can be reached at:

          50 Tennyson Street (PO Box 1022)
          Napier
          Telephone/Facsimile: (06) 835 6280


INTEGRITY REAL ESTATE: High Court Appoints Liquidators
------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Integrity Real Estate
Limited by the High Court on April 1, 2008.

Creditors have until July 1, 2008, to make their claims and to
establish any priority their claims may have, or be excluded
from the benefit of any distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8509
          Facsimile: (09) 355 8013


JOHNSONVILLE MOTELS: Commences Liquidation Proceedings
------------------------------------------------------
On March 17, 2008, it was resolved that Johnsonville Motels
Limited be liquidated and that Anne Veronica Stephenson,
chartered accountant of Wellington, be appointed liquidator for
this purpose.

The liquidator can be reached at:

          PO Box 11051
          Wellington 6142
          Telephone: (04) 473 1980
          Facsimile: (04) 473 9483


JUST INTEGRITY 2000 LIMITED: High Court Appoints Liquidators
------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Just Integrity 2000
Limited by the High Court on April 1, 2008.

Creditors have until July 1, 2008, to make their claims and to
establish any priority their claims may have, or be excluded
from the benefit of any distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8509
          Facsimile: (09) 355 8013


KINLEITH LOG STACKERS: Creditors Must File Claims by May 7
----------------------------------------------------------
On March 31, 2008, it was resolved that Kinleith Log Stackers
Limited be liquidated and that Kim S. Thompson, insolvency
practitioner of Hamilton, be appointed liquidator.

Creditors have until May 7, 2008, to prove their debts or claims
and to establish any title that they may have to priority, or be
excluded from the benefit of any distribution.

The liquidator can be reached at:

          PO Box 1027
          Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          e-mail: kim@kstca.co.nz


MANABARS TECHNOLOGIES LIMITED: High Court Appoints Liquidators
--------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators Manabars Technologies
Limited by the High Court on April 1, 2008.

Creditors have until July 1, 2008, to make their claims and to
establish any priority their claims may have, or be excluded
from the benefit of any distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8509
          Facsimile: (09) 355 8013


MATECO NZ: Commences Liquidation Proceedings
--------------------------------------------
On March 31, 2008, it was resolved by special resolution that
Mateco NZ Limited, trading as Toolworld, be liquidated and that
Kim S. Thompson, insolvency practitioner of Hamilton, be
appointed liquidator.

Creditors have until May 7, 2008, to prove their debts or claims
and to establish any title that they may have to priority, or be
excluded from the benefit of any distribution.

The liquidator can be reached at:

          KIM S. THOMPSON, Liquidator
          PO Box 1027
          Hamilton
          Telephone: (07) 834 6813
          Facsimile: (07) 834 6104
          e-mail: kim@kstca.co.nz


NIGEL MILLAR MACHINERY: Court Appoints Joint Liquidators
--------------------------------------------------------
Stephen John Tubbs, chartered accountant, and Colin Anthony
Gower, insolvency practitioner, were appointed joint liquidators
of Nigel Millar Manufacturing Limited by order of the High Court
on March 31, 2008.

Creditors have until May 31, 2008, to file their proofs of claim
or be excluded from the benefit of any distribution.

Creditors and shareholders may direct inquiries to:

          Barbara King
          BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch
          Telephone: (03) 353 5528
          Facsimile: (03) 353 5526


RITCHIE ENTERPRISES: Creditors Must File Claims by May 6
--------------------------------------------------------
Shareholders of Ritchie Enterprises Limited appointed Boris van
Delden and John Trevor Whittfield, insolvency practitioners of
Auckland, jointly and severally as liquidators on April 1, 2008.

Creditors are required to file their claims by May 6, 2008, or
to excluded from the benefit of any distribution.

The liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz


S & P TECHNOLOGIES: Creditors Must File Claims by May 5
-------------------------------------------------------
Shareholders of S & P Technologies Limited appointed Boris van
Delden and John Trevor Whittfield, insolvency practitioners of
Auckland, jointly and severally as liquidators on March 31,
2008.

Creditors are required to file their proofs of claim by May 5,
2008, or be excluded from the benefit of any distribution.

The liquidator can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz


SHELDRAKE LTD: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------
On February 1, 2008,  Alan Ross Matheson, Alison Maree Marshall
and Matheson Marshall Investments Limited filed an application
in the High Court at Auckland to put Sheldrake Limited into
liquidation.

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

The plaintiffs' solicitor is:

          Anthony J. Nolan
          324 Victoria Street (PO Box 1268)
          Hamilton
          Telephone: (06) 834 0365
          Facsimile: (06) 838 9244


STORE TRADING: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------
On March 10, 2008, Expeditors International (NZ) Limited filed
an application in the High Court at Auckland to liquidate Store
Trading Limited.

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

The plaintiff's solicitor is:

          Kevin Patrick McDonald
          Kevin McDonald & Associates, Solicitors
          Takapuna Towers, Level 11
          19-21 Como Street (PO Box 331065 or DX BP 66086)
          Takapuna, Auckland
          Telephone: (09) 486 6827
          Facsimile: (09) 486 5082


THE HIGHWAY VILLAGE: A. V. Stephenson Appointed as Liquidator
-------------------------------------------------------------
On March 17, 2008, it was resolved that The Highway Village
(1984) Limited be liquidated and that Anne Veronica Stephenson,
chartered accountant of Wellington, be appointed liquidator for
this purpose.

The liquidator can be reached at:

          PO Box 11051
          Wellington 6142
          Telephone: (04) 473 1980
          Facsimile: (04) 473 9483


TMP QUALITY FIXING: Court Replaces Liquidators
----------------------------------------------
TMP Quality Fixing Limited had previously appointed Gerald
Stanley Rea and Paul Graham Sargison as liquidators on Feb. 11,
2008, but as Court application proceedings had already
commenced, the Court replaced the earlier liquidators.

The High Court at Auckland appointed Thomas Lee Rodewald and
Robert James Neilson as joint and several replacement
liquidators of TMP Quality Fixing Limited on March 12, 2008.

The new liquidators can be reached at:

          Rodewald Hart Brown Limited
          127 Durham Street (PO Box 13380)
          Tauranga
          Telephone: (07) 571 6280
          Web site: http://www.rhb.co.nz


TOTAL FOOD SERVICES: Shareholders Appoint Liquidators
-----------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Total Food Services
Limited pursuant to a special resolution of shareholders
on April 1, 2008.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


XJL CARTAGE: Joint Liquidators Appointed
----------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of XJL Cartage Limited
on April 1, 2008.

The liquidators can be reached at:

          Indepth Forensic Limited
          PO Box 278
          Hamilton



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

NIHAO MINERAL: Posts Php14.52 Million Net Loss for FY 2007
----------------------------------------------------------
NiHAO Mineral Resources International Inc. incurred a
Php14.52 million net loss on a consolidated basis for the
full fiscal year 2007, the company said in a regulatory
filing.

According to the company, it has not started it commercial
operations as a mining company, but, has performed
exploration studies on some prospects.  Relative to this,
the company said it incurred exploration and development
costs of Php9.1 million and professional fees of Php1 million.

To keep the company as a going concern, NiHAO disclosed
that operating costs reached a total of Php4.37 million, a
375% increase from 2006 of Php0.92 million.  The increase
in expenses is attributable mainly to salaries of employees
and legal fees amounting to Php1.14 million and
Php0.89 million, respectively.

Thee expenses, net of interest earned from savings deposit
reported a net operating loss carry over of Php13.44 million
in 2007, a 1,359% higher than reported loss of Php0.92 million
in 2006.

The company’s wholly owned subsidiary, Mina Tierra Gracia Inc.,
a mining company, incurred a total of Php1.08 million costs
for six months operations in Botolan, Zambales.

On a consolidated basis, total assets were at Php67.67 million,
while total liabilities is pegged at Php71.96 million and
stockholders’ equity is a negative Php4.29 million.

The company reflected in its financial statements the
acquisition of Mina Tierra Gracia in October 2007 resulting to
an increase in the company’s total assets from Php0.05 million
in 2006 to Php68.48 million in 2007.

To fund the acquisition and to continue as a going concern,
the company increase advances from Oyez!!! Corporation --
one of its top 20 shareholders -- thereby, increasing the
liabilities from Php4.87 million in 2006 to Php71.69 million
in 2007.

The advances made to the company by the majority stockholders
were converted to equity resulting to a full subscription of
its authorized capital stock of Php100 million.  The valuation
of the shares equivalent to 14,960,000 was approved by the
Securities and Exchange Commission in August 2007.

Nihao has a pending application with the Philippine Stock
Exchange to list the said shares.

The company relies on its majority stockholders for internal
and immediate source of liquidity.  Other sources include
collections from its subsidiaries small scale mining operations.  
External sources would come from proceeds of the company’s
planned stock rights offering of Php500 million.

                       About NiHAO Mineral

Headquartered in Makati City, Philippines, NiHAO Mineral
Resources International Inc. was originally incorporated on July
9, 1975 as Summit Minerals Inc., a company engaged in mining
exploration.  On February 24, 1994, the Securities and Exchange
Commission approved the change in the company's primary purpose
to that of a holding company and the change in its corporate
name to Magnum Holdings Inc.  On June 28, 2007, the SEC approved
another change in the company's primary purpose to that of
exploration, development and operation of mineral properties and
the mining of metallic and non-metallic minerals.  The company
also subsequently changed its corporate name to NiHAO Mineral
Resources International Inc.

The operations of NI have been suspended since August 2000.  The
suspension is for the purpose of minimizing the losses
occasioned by unfavorable business conditions.


PLDT: Year 2007 Net Income Up by 21% to PHP39,274 Million
---------------------------------------------------------
Philippine Long Distance Telephone Company's total revenues
increased Php12,138 million or 9% for the year ended
December 31, 2007, to Php151,862 million from
Php139,724 million in year ended December 31, 2006, the company
said in a regulatory filing.

The increase, according to the company, was primarily due to
an increase in service revenues primarily resulting from the
continued growth of wireless business and an increase in
ICT revenues largely due to the effects of the full-year
consolidation of the financial results of SPi, CyMed and
Level Up! and the continued increase in customer
interaction service revenues, which was partially offset by
a continued decrease in fixed line revenues.

In addition, the revenue increase was to due an increase
in foreign exchange gains, primarily due to the effect of
foreign exchange revaluation as a result of the higher level
of appreciation of the Philippine peso in 2007, which was
partially offset by a decrease in other income.

The revenue contribution of its wireless business accounted
for 62% and 60% of total revenues for 2007 and 2006,
respectively.

Consolidated net income in 2007 was Php39,274 million, an
increase of Php6,693 million, or 21%, compared to
Php32,581 million in 2006.

As at December 31, 2007, consolidated cash and cash
equivalents and short-term investments totaled
Php30,862 million.  

The company's principal sources of consolidated cash and
cash equivalents in 2007 were cash flows from operating
activities amounting to Php77,418 million, drawings from
Smart’s, PLDT’s and ePLDT’s debt facilities aggregating
Php7,647 million and short-term credit facilities
totaling Php502 million.  The funds were used principally
for dividend payments of Php28,470 million, capital
outlays of Php24,824 million, total debt principal
payments of Php18,258 million and interest payments of
Php5,891 million.

Principal sources of consolidated cash and cash equivalents
in 2006 were cash flows from operations amounting to
Php69,211 million, drawings from long-term and short-term
credit facilities totaling Php9,724 million and
Php211 million, respectively, and equity funds raised
through the issuance of capital stock amounting to
Php66 million in 2006.  The funds were used principally
for capital outlays of Php20,674 million (including
capitalized interest of Php549 million), payments of
long-term and short-term debt totaling Php29,366 million
and interest payments of Php7,528 million.

The company's balance sheet as of December 31, 2007, showed
total assets of Php240,158 million, total liabilities of
Php127,813 million and total stockholders' equity of
Php112,345 million.

                          About PLDT

Headquartered in Manila, PLDT is an integrated provider of
fixed-line, broadband, cellular and ICT services. As at February
2008 it had 31 million cellular, 1.7 million fixed-line and 0.6
million broadband subscribers and is the country's leading
telecommunications service provider equating to market shares of
55%, 60% and 70% respectively.

Major shareholders are First Pacific and NTT/NTT DoCoMo, with
effective common shareholdings of 26.3% and 20.9% as of 6th
February 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on March 24, 2008, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2/positive
foreign currency bond rating.


PLDT: Schedules 1st Qtr Results Teleconference on May 6
-------------------------------------------------------
Philippine Long Distance Telephone Company will hold a
teleconference to discuss the company’s 2008 First Quarter
Financial and Operating Results on Tuesday, May 6, 2008,
at 3:00 p.m., Manila Time.

Headquartered in Manila, PLDT is an integrated provider of
fixed-line, broadband, cellular and ICT services. As at February
2008 it had 31 million cellular, 1.7 million fixed-line and 0.6
million broadband subscribers and is the country's leading
telecommunications service provider equating to market shares of
55%, 60% and 70% respectively.

Major shareholders are First Pacific and NTT/NTT DoCoMo, with
effective common shareholdings of 26.3% and 20.9% as of 6th
February 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on March 24, 2008, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2/positive
foreign currency bond rating.


SBARRO INC: Earns US$5.1 Million in Fourth Quarter Ended Dec. 30
----------------------------------------------------------------
Sbarro Inc. reported net income of US$5.1 million for the
quarter ended Dec. 30, 2007, as compared to US$11.5 million for
the quarter ended Dec. 31, 2006.  The decrease in net income
resulted from a decline in company store sales in the quarter as
well as higher commodity cost.

Revenues were US$104.7 million for the quarter ended Dec. 30,
2007, as compared to US$97.3 million for the quarter ended Dec.
31, 2006.  The fourth quarter of 2007 consisted of thirteen
weeks as compared to twelve weeks in the fourth quarter of 2006.  
The one week difference in 2007 generated revenues of
approximately US$6.5 million.  

During the quarter the company had a same store sales decrease
of 1.8% as consumers reacted to economic headwinds.  This
decline in same store sales was offset in part by revenue
generated from new company owned stores opened in 2007 as well
as an increase in revenues from the company's franchised
restaurants.  The company's  franchised restaurants experienced
same store sales growth of 2.1% for its domestic franchised
stores and 12.8% for its international franchised stores as well
as increased revenue generated from new franchised stores opened
in 2007.

EBITDA, as calculated in accordance with the terms of the
company's bank credit agreement, was US$23.9 million for the
fourth quarter ended Dec. 30, 2007, as compared to US$24.7
million for the fourth quarter ended Dec. 31, 2006.  The one
week difference in 2007 generated EBITDA of approximately
US$900,000.  

EBITDA decreased in the quarter as a result of both the decline
in company store sales and the increased commodity cost offset
in part by a reversal of corporate bonuses which had been
accrued in prior quarters and was reversed as a result of not
meeting the EBITDA thresholds contained in the plan.

                 Year to Date Financial Results

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings LLC, an affiliate of
MidOcean Partners III L.P., and certain of its affiliates,
merged with and into the Sbarro Inc. in exchange for
consideration of US$450 million in cash, subject to certain
adjustments.  As a result of the merger, the company is now an
indirect wholly owned subsidiary of MidOcean SBR Holdings.

The company has reported operating results and its financial
position for all periods presented as of and prior to Jan. 30,
2007 (prior to completion of the merger) as those of the
predecessor company and for all periods from and after Jan. 31,
2007 (from completion of the merger) as those of the successor
company.  The company's operating results for the year ended
Dec. 30, 2007, are presented as the combined results of the
predecessor and successor companies.

The presentations of combined results is not consistent with the
requirements of GAAP; however, the company's management believes
that it is a meaningful way to present the results of operations
for the year ended Dec. 30, 2007.

Combined revenues were US$358.8 million for the year ended Dec.
30, 2007, as compared to US$349.8 million for the year ended
Dec. 31, 2006.  The revenue increase was primarily driven by
same-store sales growth of 1.5% in company-owned stores, 4.3% in
domestic franchise stores and 6.7% in international franchise
stores as well as revenue from new stores opened in 2007 in both
company owned and franchised restaurants.  

Revenues related to real estate operations, which were
transferred to certain of the company's former shareholders in
connection with the merger, were US$300,000 for 2007 compared to
US$2.1 million for 2006.

Combined net loss for the year ended Dec. 30, 2007, was
US$30.0 million as compared to US$9.9 million net income for the
year ended Dec. 31, 2006.  Included in the combined net loss or
the year ended Dec. 30, 2007, was US$31.4 attributable to
special event bonuses in connection with the merger, as well as
higher depreciation and interest cost resulting from the merger.

Combined EBITDA for the year ended Dec. 30, 2007, as calculated
in accordance with the terms of the company's bank credit
agreement, was US$58.2 million as compared to US$60.3 million
for the year ended Dec. 31, 2006.  The decline in EBITDA was
attributable to higher commodity costs in 2007, in particular
cheese which rose US$.51 per pound or Us$4.1 million.  These
higher commodity costs were offset in part by a decline in
corporate bonuses as the EBITDA thresholds in the plan were not
met.

                     Management's Comments

Peter Beaudrault, chairman of the Board, president and chief
executive officer of Sbarro, commented, "We faced unprecedented
headwinds in our fourth quarter as comp store sales declined by
1.8% and commodity costs rose at the same time.  Our team
managed through these headwinds and delivered results for the
year that were lower than our expectations, but respectable.  We
opened 33 company owned restaurants and 81 franchised
restaurants.  Our international franchised store pipeline grew
to in excess of 1,100 at year end 2007.

"Our EBITDA, as calculated in accordance with our credit
agreement, while lower than last year by US$2.1 million, was
respectable in light of increased cheese cost of US$4.1
million."

Mr. Beaudrault further commented, "We have taken the necessary
steps to operate in this new paradigm of higher commodity costs.
We expect to continue our new store opening program in 2008 in
both our company owned restaurants and our franchised
restaurants while we manage our way through the current economic
and commodity headwinds."

                       Total Indebtedness

As of Dec. 30, 2007, the company had total indebtedness of
US$332.1 million and up to US$25.0 million of additional
availability under its Senior Credit Facilities, less $3.8
million of outstanding letters of credit.  In addition, the
Senior Credit Facilities provide for an uncommitted incremental
facility of up to US$50.0 million.

                         Balance Sheet

At Dec. 30, 2007, the company's consolidated balance sheet
showed US$636.77 million in total assets, US$501.14 million in
total liabilities, and US$135.63 million in total stockholders'
equity.

The company's consolidated balance sheet at Dec. 30, 2007, also
showed strained liquidity with US$45.22 million in total current
assets available to pay US$50.12 million in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 30, 2007, are available for
free at http://researcharchives.com/t/s?2ad8

                       About Sbarro Inc.

Headquartered in Melville, New York, Sbarro Inc. --
http://www.sbarro.com/-- and its franchisees develop and  
operate family oriented cafeteria-style Italian restaurants
principally under the "Sbarro", "Mama Sbarro", "Carmela's",
"Sbarro The Italian Eatery" and "Sbarro Fresh Italian Cooking"
names.  

The company has approximately 1,030 restaurants in 41 countries
among them are Guatemala, El Salvador, Honduras, The Bahamas,
the Philippines and Romania.  Sbarro restaurants feature a menu
of popular Italian food, including pizza, a selection of pasta
dishes and other hot and cold Italian entrees, salads,
sandwiches, drinks and desserts.

                         *     *     *

Sbarro Inc. still carries Moodys' Invetors Service's Caa1 senior
unsecured debt rating assigned on July 10, 2006.



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

FRANKEL LEASING: Wind-Up Petition Hearing Set Today
---------------------------------------------------
A petition to have Frankel Leasing Pte Ltd.'s operations wound
up will be heard before the High Court of Singapore today,
April 25, 2008, at 10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition on March 31, 2008.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          4 Battery Road #15-01
          Bank of China Building
          Singapore 049908


FUTURESTEEL ENGINEERING: Court Enters Wind-Up Order
---------------------------------------------------
On March 27, 2008, the High Court of Singapore entered an order
to have Futuresteel Engineering Pte. Ltd.'s operations wound up.

Subweld Engineering & Fabrication Pte. Ltd. filed the petition
against the company.

Futuresteel Engineering's liquidator is:

         Goh Boon Kok
         c/o M/s Goh Boon Kok & Co.
         1 Claymore Drive, #08-11
         Orchard Towers (Rear Block)
         Singapore 229594


JURONG GARDENS: Requires Creditors to File Claims by May 5
----------------------------------------------------------
Jurong Gardens 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:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


SPENCER HOUSE: Creditors' Proofs of Debt Due on May 7
-----------------------------------------------------
The creditors of Spencer House Capital Management (Asia) Pte Ltd
are required to file their proofs of debt by May 7, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809



=================
S R I   L A N K A
=================

SANASA DEVELOPMENT: Fitch Lifts Nat'l. Long-term Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings Lanka upgraded the National Long-term rating of
Sanasa Development Bank Ltd to 'BB(lka)' from 'BB-(lka)' (BB
minus(lka)).  The upgrade reflects the materialisation of SDB's
planned capital program, and is supported by the bank's good
profitability and asset quality, albeit constrained somewhat by
the risks inherent to the microfinance segment.  The Outlook is
Stable.

In 2006, the Central Bank of Sri Lanka increased the minimum
capital requirement for licensed specialised banks to
LKR1.5 billion, with a phased deadline, i.e. 50% of the
shortfall at FYE08 and full compliance by FYE09.  To achieve
this, SDB has to date raised LKR330 million of capital from the
Thrift and Credit Cooperative Societies Movement, as well as
from local and foreign institutions.  In addition, the
management informed Fitch that it has secured further
institutional commitments of approximately LKR550m of capital to
be infused by FYE09.  SDB's equity as at FYE07 was LKR840m.

Loan growth in FY07 was high at 48% (51% in FY06), mainly driven
by housing loans and MFI loans.  SDB is primarily involved in
MFI-based lending routed through the TCCS Movement and the
bank's branch network, which accounted for 41% of the total loan
portfolio as at FYE07.  Housing loans and leases accounted for
30% and 17% respectively.  SDB also had a sizeable pawn broking
loan segment (gold-backed loans) which accounted for 12% of
loans.

The bank's NPL ratio improved to 3.9% at FYE07 from 4.2% at
FYE06 and Net NPL/Equity ratio remained steady at 21.6%.
However, Fitch notes that due to recent high loan growth, these
ratios could deteriorate as the portfolio seasons.

At a pre-provision level, SDB's ROA remained steady at 2.8% in
FY07 from 2.9% in FY06.  Since CBSL introduced general
provisioning for licensed specialised banks, the increase in
provisioning caused SDB's overall ROA to dip somewhat to 1.3% in
FY07 from 1.5% in FY06, although Fitch views that its ROA is
still comparable with its peers.

Time deposits and savings deposits accounted for 70% of SDB's
funding mix at FYE07 (75% at FYE06).  In the past, SDB leveraged
the TCCS Movement to mobilise significant deposits but due to
recent branch expansion, SDB has been successful in garnering
deposits from the general public - as at FYE07, only 27% of
deposits were from the TCCS Movement vis-a-vis 39% at FYE06.

SDB is a licensed specialised bank established as the apex
credit institution of the TCCS Movement.  SDB's primary aim is
to strengthen the TCCS Movement - a credit cooperative with a
100 year history - so that it could develop into a sustainable
rural credit institution.  Given its objectives, profit is not
SDB's sole motive.  At FYE07, SDB was 75%-owned by the TCCS
Movement, with an asset base of LKR8.6bn.



===============
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 Nov. 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 the US$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-Latin America 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.  Moody's said 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 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.  S&P said the
outlook is stable.


GLOBAL TRADER: Administrator Launches Probe Into Affairs
--------------------------------------------------------
Smith & Williamson Ltd., the administrator of Global Trader
Europe Ltd., has commenced an in-depth probe into the company's
affairs, Ben Bland writes for the Daily Telegraph.

Kirkland & Ellis and Macfarlanes, the Daily Telegraph relates,
is assisting Smith & Williamson with the investigation, which
also seeks to determine whether there was any suggestion of
wrongful and fraudulent trading, including "transactions at an
undervalue."

However, Mark Trafeli, general counsel of GTE's parent company
New World Trader, dismissed Smith & Williamson's move as
"expected and very ordinary," saying the law requires due
consideration of such matters in each and every liquidation,"
the Daily Telegraph discloses.

Meanwhile, GTE's creditors, who are at risk of losing 85% of
their money, expressed distress over the administrator's rate of
progress as costs reaches above GBP500,000.

Stephen Cork of Smith Williamson, on the other hand, argued "our
duty is to undertake a full and proper investigation into the
affairs of the company in order to establish the extent to which
legal actions against any and all parties may be taken," the
paper adds.

As previously reported in the TCR-Europe on Feb. 20, 2008,
Global Trader experienced a regulatory capital deficit as a
result of a single client margin call default.  Thus, under
these circumstances GT Europe applied, at the close of business
on Wednesday, Feb. 13, 2008, to the Financial Services Authority
in the United Kingdom for a Variation of Permission - the
official method by which companies change the terms of their
authorization, limiting principal activities to closing existing
trades.

Purple Capital, together with the Board and management of GT
Europe, continues to evaluate alternatives for the re-
capitalization of the company, including the possible
introduction of an international equity partner.

However, to ensure that the various alternatives can be
evaluated within an orderly operational structure and regulated
financial exposure, GT Europe, on Feb. 15, 2008, applied, with
the permission of the FSA, to be managed under Administration.

                      Global Trader Europe

Global Trader Europe Limited is held independently as the owner
of the international operations of the Global Trader group.

Global Trader -- http://www.gt247.co.za/-- is a pioneering   
international financial institution offering a Spread Trading
and a Contract for Difference execution and advisory service to
both institutional and private clients investing in
international and domestic markets.  Global Trader was founded
in Europe in 2000.  Since then it has grown its global reach
into South Africa, North America and Asia, with a physical
presence in the United Kingdom, South Africa, Thailand, Canada
and Russia.

Worldwide, Global Trader is authorized and regulated by the
Financial Services Authority in the United Kingdom.  Global
Trader is an authorized Financial Services Provider by the
Financial Services Board of South Africa and registered as a
derivatives dealer with the Securities and Exchange Commission
of Thailand.  Global Trader is a Member of the London Stock
Exchange and is a derivative member of the JSE Limited.  Global
Trader is run by a group of market professionals who share a
common goal to redefine trading.  Applying their extensive
financial backgrounds with leading Global Investment banks and
software houses, the management team have built Global Trader
into an international trading house.

Global Trader is 100% owned by Purple Capital Limited --
http://www.purplecapital.co.za/-- a financial services   
investment holding company.



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

* Beard Group to Hold 1st Annual Healthcare Conference on May 30
----------------------------------------------------------------
The Beard Group, Renaissance American Management, and the Health
Industry Council of the Dallas-Fort Worth Region presents the
First Annual Southwest Healthcare Transactions Conference to be
held on May 30, 2008 at the Four Seasons Resort and Club, Dallas
at Las Colinas.

Healthcare professionals and their advisors face a daunting task
of strategic planning in a financial market undergoing
turbulence unseen in decades.  The first-ever conference,
focusing on successful strategies for mergers, acquisitions,
divestitures, and  restructurings, is designed to illuminate the
issues and bring some greater clarity of understanding.   

The organizers have put together a blue-ribbon faculty who are
doing the deals that are getting done.

Conference participants will be looking both at trends in the
industry, financing strategies, and case studies of innovative
deals. This is not a fine-points-of-the-law conference, but one
that will leave one better prepared to plan and execute one's
next transaction. To download the agenda or register for the
conference, visit: http://www.renaissanceamerican.com.

The conference will include:

   * Valuation Impact of Regulatory Issues
   * Pre-Closing Due Diligence and Post-Closing
     Integration for Profit Enhancement
   * Healthcare M&A Market: Where to Next?
   * Exit Strategies using Special Purpose
     Acquisition Corporations
   * Dealmaker Trends between Not-For-Profits and For-Profits
   * Investors’ Roundtable: Perspectives of the Private
     Equity Firms
   * Corporate Finance Perspectives: Current Equity and
     Debt Trends
   * Plus Case Study: Legacy Medical Village, a
     Physician-Driven Model

General sponsors include the Alvarez & Marsal, Bank of Texas'
Healthcare Banking Group, GE Healthcare Financial Services, Hill
Schwarts Spilker Keller LLC, K&L Gates, Patton Boggs LLP, and
PricewaterhouseCoopers' Transaction Services.

Cadwalader, Cain Brothers, Deloitte, Drinker Biddle,
KaufmanHall, Latham & Watkins LLP, Principle Valuation LLC,
Proskauer Rose LLP and Wellspring Partners serve as sustaining
sponsors.


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

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

AUSTRALIA      

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


CHINA AND HONG KONG      

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


INDIA      

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


INDONESIA      

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


JAPAN      

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


KOREA      

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


MALAYSIA      

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


PHILIPPINES      

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


SINGAPORE      

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


TAIWAN    

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


THAILAND      

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


                         *********


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

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

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


                            *********


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