TCRAP_Public/080429.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

            Tuesday, April 29, 2008, Vol. 11, No. 84

                            Headlines

A U S T R A L I A

ABC LEARNING: Newly-Elected Chairman to Turn Around Finances
DARCY DEVELOPMENTS: Members' Meeting Set for May 6
EMANUEL BUGEJA: Placed Under Voluntary Liquidation
GAMESTOP CORP: Moody's Lifts Ratings to Ba1
I & L COWAN: Members and Creditors to Meet Tomorrow

LIVESTOCK CONTROLS: Commences Liquidation Proceedings
NOVARA FURNITURE: Joint Meeting Slated for April 30
OMNINET WIRELESS: Placed Under Voluntary Liquidation
OPES PRIME: May Have Been Insolvent Before Collapse
PEART, COVENEY: Members Agree on Voluntary Liquidation

PIRANHA AGENCIES: Placed Under Voluntary Liquidation
RUSSBOUR PTY: Members Receive Wind-Up Report
SHARPER IMAGE: Chooses to Pursue Sale of Business and Assets
SUGRA PTY: Commences Liquidation Proceedings
TRICOM PROJECTS: Undergoes Liquidation Proceedings

WESTVALE INT'L: Commences Liquidation Proceedings


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

BANCO ITAU: Unit Will Increase Stake in Banco Portugues
BEAR STEARNS: SEC Doesn't Reveal Reasons on Probe Withdrawal
BURALL IMAGENET: Members & Creditors to Meet on May 20
CHINA EASTERN: Flights Suspended on Returned Flights Incident
EVERICH INTERNATIONAL: Members' Final Meeting Set for May 20

FUYAO GROUP: To Issue RMB1.4 Billion Short-Term Financial Bills
GANSU JIU: To Pay 2007 Dividend of RMB2 Per 10 Shares
HAINAN OVERSEAS: Company President Sun Qian Resigns From Post
HAINAN OVER: Uses Business Estate as Collateral for RMB80MM Loan
HAINAN OVERSEAS: Not Paying Dividend for FY 2007

HUA RUI: Creditors' Proofs of Debt Due May 19
KONKA GROUP: First Quarter Net Profit Up 79% on Increased Sales
LI & FUNG : Members' Final Meeting Set for May 22
MASTERWELL WORLDWIDE: Commences Liquidation Proceedings
MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology

MICRON TECH: Moody's Holds Ba3 Corporate Family Rating
PIZZAVEST SHENZEN: Members' Final Meeting Set for May 19
REGIONAL RESOURCES: Liquidator Quits Post
RICON INTERNATIONAL: Creditors' Proofs of Debt Due May 11
ROAD KING INFRASTRUCTURE: S&P Puts BB Rating on CreditWatch

SANDOR LIMITED: Members' Final Meeting Set for May 22
SINO GRAND: Members' Final Meeting Set for May 20
WINSPOWER LIMITED: Members & Creditors to Meet on April 30


I N D I A

BHARTI AIRTEL: Updates on Amalgamation with Bharti Aquanet
CABLE & WIRELESS: Unit Spending BBD10 Million to Boost Service
CANARA BANK: Earns INR4.64 Bil. in Qtr. Ended March 31
ESSAR OIL: Incurs INR84.80 Million Loss in Qtr. Ended March 31
ICICI BANK: Earns INR11.5 Bil. in Qtr. Ended March 31

GENERAL MOTORS: Moody's Changes Outlook to Negative
GENERAL MOTORS: GMAC and ResCap Downgrades Cue S&P's Neg. Watch
PRIDE INT'L: BOD's Actions May Cue Seadrill's Buyout, Fitch Says


I N D O N E S I A

ADAM AIR: DOT Offers Routes to Other Airlines
BANK NEGARA: Reports IDR153 Billion 1st Quarter Net Profit
BANK NIAGA: Shareholders Approve 2007 Annual Report
BANK NIAGA: Reports IDR207.2 Billion 1st Quarter Net Profit
INDOFOOD: To Issue IDR1.5 Trillion in Bonds

PERUSAHAAN LISTRIK: To Fine Suppliers for Late Coal Deliveries


J A P A N

ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules
BANCO BRADESCO: Discloses Termination of Shareholders' Pact
BANCO DO BRASIL: Will Issue American Depository Receipts by June
CONTINENTAL AIRLINES: Chooses Not to Merge with United Air Lines
FIAT SPA: Earns EUR427 Million in First Quarter of 2008

JVC CORP: Net Loss Narrows to JPY47.5 Billion in FY 2008
JVC CORP: Plans on Ending Production at JVC UK in July 2008
KIRAYAKA HOLDINGS: JCR Cuts Rating on Subordinated Bonds to BB+
MITSUBISHI MOTORS: Global Production for FY 2007 Climbs 8.8%
PATHEON INC: Undertakes Series of Events on Restructuring Plan

PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg.
SANYO ELECTRIC: Tie-Up Rumors With Matsushita are Untrue


K O R E A

CHOROKBAEM MEDIA: Signs KRW2,900 Million Contract With SBS
DAEWOO: Signs KRW107.6 Billion Supply Deal With Transmax Asia
DAEWOO ELECTRONIC: Establishes New Subsidiary
DIOMED HOLDINGS: Seeks Court OK to Sell Assets to AngioDynamics
DIOMED HOLDINGS: Gets Interim OK to Use Lenders' Cash Collateral

DIOMED HOLDINGS: Selects Fladgate LLP as U.K. Legal Counsel
UAL CORP: Continental Airlines Chooses Not to Merge with United
UAL CORP: Begins Merger Discussions with US Airways


M A L A Y S I A

MALAYSIAN AIRLINES: To Factor Market Status Before Buying Planes
PROTON HOLDINGS: Inks MOU with Edaran Otomobil Nasional


N E W  Z E A L A N D

AOTEA ENGINEERING: Faces SteelNZ's Wind-Up Petition
CHARCOAL HOLDINGS: Court to Hear Wind-Up Petition on May 23
JOSEPH PRODUCTIONS NO. 1: Faces CIR's Wind-Up Petition
JOSEPH PRODUCTIONS NO. 2: Court Sets May 2 Wind-Up Hearing
JOSEPH PRODUCTIONS NO. 3: Faces CIR's Wind-Up Petition

JOSEPH PRODUCTIONS NO. 4: Court to Hear Wind-Up Petition
JOSEPH PRODUCTIONS NO. 5: Court to Hear Wind-Up Petition
JOSEPH PRODUCTIONS NO. 6: Faces CIR's Wind-Up Petition
JOSEPH PRODUCTIONS NO. 7: Court to Hear CIR's Wind-Up Petition
JOSEPH PRODUCTIONS NO. 8: Court to Hear CIR Petition on May 2

JOSEPH PRODUCTIONS NO. 9: Court to Hear CIR's Wind-Up Petition
JOSEPH PRODUCTIONS NO. 10: Wind-Up Petition Hearing Is on May 2
NATIONAL BEVERAGES: Creditors Must File Claims by May 8
PHOENIX CONSTRUCTION: Joint Liquidators Appointed
SHENANIGANS IRISH BAR: Court to Hear Wind-Up Petition on May 2


P H I L I P P I N E S

ABS-CBN HOLDINGS: Confirms Stockholders' Meeting Attendees
WENDY'S INTERNATIONAL: Inks US$2BB Buyout Deal with Triarc Cos.
WENDY'S INT'L: Triarc Deal Prompts Moody's 'Ba3' Rating Reviews
WENDY'S INT'L: Triarc Deal Cues S&P's Neg. Watch on BB- Rating


S I N G A P O R E

SEA CONTAINERS: SCSL Panel Asks Documents on Pension Dispute


S R I  L A N K A

MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008


T H A I L A N D

FOSTER WHEELER: Moody's Raises Corporate Family Rating to 'Ba2'
SR TELECOM: Changes Name to SRX Post After Acquisition


X X X X X X X X

* BOND PRICING: For the Week April 28 to May 2, 2008


                         - - - - -


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

ABC LEARNING: Newly-Elected Chairman to Turn Around Finances
------------------------------------------------------------
Michael Sainsbury of The Australian reports that ABC Learning
Centres Ltd. chairman-elect, David Ryan would "absolutely" take
a hands-on role in trying to turn around the company's fortunes.

Mr. Ryan, who will take the chair on June 1, admitted to The
Australian that a breakdown in management accountability, a
"failure of process" and a poor disclosure in the ABC's
Australian operations were the triggers behind its collapse.

Moving forward, Mr. Ryan expressed to The Australian, "We have
non-material acquisitions; we have a pipeline of developments
that are programmed to come on stream between now and June 2009
that will continue to contribute to growth; we have occupancy
levels we can increase; we a have better use of the facilities
that we have in Australia.  So the outlook is very positive,
particularly given the initiative the Rudd Government has
announced with regard to better rebates."

According to The Australian, ABC's board was unaware of the
"quantum" of margin loans over their shares which three
executive directors had taken out.

With regards to the breakdown in management accountability, Mr.
Ryan is quoted by The Australian as saying, "During the period
of six to eight to 10 months when (chief executive) Eddy
(Groves) was focused on the US business, clearly our Australian
team took their eye of the ball."

Mr. Ryan's comments cast a cloud over the future of the former
head of ABC's Australian and New Zealand operations, Martin
Kemp, who was dumped from the ABC board last week but remains an
"executive" of the company, relates The Australian.

When asked if the breakdown was Mr. Kemp's fault, Mr. Ryan said
that there were "a range of people" who were responsible for the
other problems and that "there have been people moved out of the
company already," states The Australian.

Asked if Mr. Kemp would stay on, Mr. Ryan is quoted by The
Australian as saying, "That's a question you will have to ask me
another day."

The Australian notes that Mr. Ryan admitted there had been
problems with the disclosure of ABC's financial results saying,
"The way we presented the accounts didn't provide enough
clarity."

So was the board aware of the situation that the three executive
directors all had hefty margin loans over their shares in the
group?  "I don't think I would like to go into the specific
circumstances of the margin loans of the directors," said Mr.
Ryan, whose own ABC shares were sold in February after he was
hit with a margin call, states The Australian.

Mr. Ryan told The Australian, "We were aware that they had
borrowings but not the quantum of them."

Last week, notes The Australian, Mr. Ryan replaced Sallyanne
Atkinson as the company's chairman, saying that the question of
balance between executive and non-executive directors on the
board has been "discussed a lot."

Liam Walsh of The Courier Mail reports that Ms. Atkinson said
that ABC's disclosure had been inadequate and the business
structure too complex.

Ms. Atkinson, according to The Courier, said she "never thought
the business was at...risk."

Ms. Atkinson, who has been chairman of ABC since 2001,
maintained her departure was not forced, saying the timing was
appropriate, relates The Courier.

The Courier relates that Ms. Atkinson felt "satisfied about
having brought (ABC) to this stage in its growth."
               
                      About ABC Learning

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

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

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


DARCY DEVELOPMENTS: Members' Meeting Set for May 6
--------------------------------------------------
Darcy Developments Pty Limited's appointed estate
liquidator will meet with the company's members on
May 6, 2008, at 10:30 a.m., at 58 James Street,
Fortitude Valley, in Queensland, Australia, to
provide them with property disposal and winding-up
reports.

The liquidator is:

          Bryan D'Arcy Phelan  
          c/o Cooper Grace Ward Lawyers
          GPO Box 834 Brisbane 4001
          Queensland, Australia
          Telephone (07) 3231 2526
          Facsimile (07) 3231 8526


EMANUEL BUGEJA: Placed Under Voluntary Liquidation
--------------------------------------------------
Emanuel Bugeja Farming Co Pty Ltd's members agreed
on March 10, 2008, to voluntarily liquidate the
company's business.  The company has appointed
Anthony Jay Edward Miskiewicz and Moira Kathleen
Carter at Jessup & Partners to facilitate the sale of
its assets.

The liquidators can be reached at:

          Anthony Jay Edward Miskiewicz
          Moira Kathleen Carter
          Jessup & Partners
          Level 3, St. James Place
          155-157 Denham Street, Townsville
          Queensland, Australia

               About Emanuel Bugeja

Emanuel Bugeja Farming Co Pty Ltd is an investment
company based at Mackay, in Queensland, Australia.


GAMESTOP CORP: Moody's Lifts Ratings to Ba1
-------------------------------------------
Moody's Investors Service upgraded the long-term debt ratings of
GameStop Corp., corporate family and probability of default
ratings to Ba1 from Ba2, and affirmed the speculative grade
liquidity rating at SGL-1.  The rating outlook is stable.

The upgrade reflects the company's strong operating performance
combined with a continuous reduction in its funded debt level.   
This has resulted in a significant improvement in credit metrics
to investment grade levels, debt to EBITDA has fallen to 3.0
times, EBITA to interest expense has risen to 4.0 times, and
free cash flow to net debt has risen to 17.0%.

These ratings are upgraded:

  -- Corporate family rating to Ba1 from Ba2;

  -- Probability of default rating to Ba1 from Ba2; and

  -- Senior unsecured notes to Ba1 (LGD4, 63%) from Ba3
     (LGD4, 61%).

These rating is affirmed:

Speculative grade liquidity rating of SGL-1.

GameStop's Ba1 corporate family rating is supported by the
company's strong credit metrics and the company's market
position as the leading specialty retailer of electronic games
with a particular strength in the used game business.  The
electronic games segment is one of the few retail segments that
continues to exhibit growing demand and has not yet become
impacted by the downloading of content off the internet.  In
addition, the rating category also reflects the company's
moderate scale with revenues of $7.1 billion, its international
store footprint, and its very good liquidity, including a $400
million asset based revolving credit facility.  

The rating category is primarily constrained by the long term
future risk that electronic gaming content will be made
available to download off the internet; potentially placing
GameStop in a challenging competitive position given its sizable
store base.  The rating category also reflects the risk of the
company over expanding its store base given its very aggressive
store expansion plans.  In addition, the rating category
reflects the company's product offering, which is highly
discretionary and exposed to frequent renewal cycles, and by its
high seasonality, which exposes the company to a "make or break"
fourth quarter holiday selling season.

The stable rating outlook reflects Moody's expectation that the
company will maintain its current level of strong credit metrics
along with moderate financial policies, which include very good
liquidity and a very modest level of fold in acquisitions.

GameStop Corp., headquartered in Grapevine, Texas, is the
world's largest specialty retailer of video game products and PC
entertainment software.  The company operates 5,266 stores in
the United States, Australia, Canada, and Europe primarily under
the names GameStop and EBGames.  Revenues for the fiscal year
ended Feb. 2, 2008 were approximately $7.1 billion.


I & L COWAN: Members and Creditors to Meet Tomorrow
---------------------------------------------------
I & L Cowan Pty Ltd will hold a joint meeting for its
members and creditors at 11:00 a.m. tomorrow, April 30,
2008.  During the meeting, the company's liquidator,
Philip G. Jefferson at PKF Chartered Accountants &
Business Advisers, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Philip G. Jefferson
          PKF Chartered Accountants &
             Business Advisers
          Level 6, 10 Eagle Street, Brisbane 4000
          Queensland, Australia


LIVESTOCK CONTROLS: Commences Liquidation Proceedings
-----------------------------------------------------
Livestock Controls Pty Ltd's members agreed on March 14,
2008, to voluntarily liquidate the company's business.
The company has appointed Simon Guy Theobald at PPB
to facilitate the sale of its assets.

The liquidator can be reached at:

          Simon Guy Theobald
          PPB Chartered Accountants
          Level 2, 250 St Georges Terrace
          Perth WA 6000

              About Livestock Controls

Based in Osborne Park, West Australia, Livestock
Controls Pty Ltd engages in commercial physical and
biological research.


NOVARA FURNITURE: Joint Meeting Slated for April 30
---------------------------------------------------
Novara Furniture (Aust) Pty. Ltd. will hold a joint meeting for
its members and creditors at 10:30 a.m. tomorrow, April 30,
2008.  During the meeting, the company's liquidator, Matthew
Jess of Worrells Solvency & Forensic Accountants, will provide
the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

          Matthew Jess
          Worrells Solvency & Forensic Accountants
          15 Queen Street, Level 5
          Melbourne, Victoria 3000
          Australia
          Telephone (03) 9613 5514
          Facsimile (03) 9614 3233

               About Novara Furniture

Novara Furniture is a wood office furniture located at 3 Clegg
Rd. Mount Evelyn, Victoria, Australia.


OMNINET WIRELESS: Placed Under Voluntary Liquidation
----------------------------------------------------
Omninet Wireless Pty. Ltd.'s members agreed on March 14, 2008,
to voluntarily liquidate the company's business.  The
company has appointed Andre Janis Strazdins and Nicholas David
Cooper to facilitate the sale of its assets.

The liquidators can be reached at:

          Andre Janis Strazdins
          Nicholas David Cooper
          SimsPartners
          12 Pirie Street, Level 4
          Adelaide, South Australia 5000
          Australia

                      About Omninet Wireless

Omninet Wireless Pty. Ltd. is involved with telephone
communications, except radiotelephone.  The company is located
at Frankston, in Victoria, Australia.


OPES PRIME: May Have Been Insolvent Before Collapse
---------------------------------------------------
Opes Prime Group Ltd. administrators believe that the firm was
insolvent before its appointment, raising the possibility of
legal action against the company's directors, Richard Gluyas
writes for The Australian.

Opes Prime directors Julian Smith and Anthony Blumberg, have
given their public account blaming the lack of margin calls on
key customer accounts, the creation of an even bigger deficit
through a client's demand for the return of AU$10 million in
shares and cash, and the withdrawal of banking support, the
report says.

The Australian relates that John Lindholm of Ferrier Hodgson
included the explanations of the directors in a 31-page report
to Opes Prime's 1,200 customers.  

Mr. Lindholm also provided more insights into the British Virgin
Islands company Riqueza, which according to the report, acted as
a conduit for transactions between Opes and two companies
associated with the directors, Hawkswood Investments and
Leveraged Capital.

Riqueza, according to Mr. Lindholm, "may have been controlled"
by Mr. Smith and chief executive Lauri Emini.  Also, Riqueza
ended up being one of Opes' main debtors, owing AU$101 million,
while six problem accounts that were spared margin calls by Mr.
Emini owe AU$128 million, notes The Australian.

Mr. Lindholm further said in the report that Riqueza does not
appear to hold any assets "either in Australia or overseas" and
that they are "seeking to establish a more definitive view as
soon as possible."

In a preliminary estimate, Mr. Lindholm said Opes clients will
receive a final payout of about 30 cents in the dollar, however
in his second report, he says there are a number of legal and
commercial hurdles to overcome before a firm estate can be made
which include:

   * That no surplus is expected in the short term;

   * That the construction of securities lending documentation   
     is currently the subject of proceedings in the Federal      
     Court;

   * That the result of any negotiated settlements or litigation
     over transactions could be undone by a liquidator because   
     they involved preferential treatment; and

   * That there was a dividend flow from related entities such   
     as Riqueza, Hawkswood and Leveraged Capital.

Among the transactions under examination that could potentially
be undone is the security taken by ANZ Banking Group in return
for AU$95million in emergency funding handed over to Opes Prime
in the stockbroker's dying days, adds The Australian.

                       About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market           
      Participant of the Australian Stock Exchange Ltd, and          
      holds an Australian Financial Services Licence (#247408)       
      which enables it to deal and advise in financial       
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes      
      Prime Stockbroking is a specialist provider of          
      securities lending and equity financing services.  In      
      Singapore, the firm operates through Opes Prime Group's    
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted          
      Authorized Representative status to Trader Dealer Pty Ltd,    
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and

      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade   
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.  
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.  
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


PEART, COVENEY: Members Agree on Voluntary Liquidation
------------------------------------------------------
Peart, Coveney & Associates Pty. Ltd.'s members agreed on March
14, 2008, to voluntarily liquidate the company's business.  The
company has appointed Gregory Stuart Andrews of GS Andrews &
Associates to facilitate the sale of its assets.

The liquidator can be reached at:

          Gregory Stuart Andrews
          22 Drummond Street,
          Carlton, Victoria 3053
          Australia
          Telephone (03) 9662 2666
          Facsimile (03) 9662 9544

                About Peart, Coveney

Peart, Coveney & Associated Pty. Ltd. is into the floor laying
and floor work business.  The company is located at 353 Victoria
St., Brunswick, Victoria, Australia


PIRANHA AGENCIES: Placed Under Voluntary Liquidation
----------------------------------------------------
Piranha Agencies Pty Ltd's members agreed on March 5,
2008, to voluntarily liquidate the company's business.  
The company has appointed Graeme Trevor Lean
to facilitate the sale of its assets.


RUSSBOUR PTY: Members Receive Wind-Up Report
--------------------------------------------
Russbour Pty. Ltd. held a final meeting for its members and
creditors on April 28, 2008.  During the meeting, the company's
liquidator, Robert C. Parker at Freer Parker & Associates,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Robert C. Parker
          Freer Parker & Associates
          40 Sturt Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8211 7177
          Facsimile:(08) 8212 4677
          e-mail: insolvency@freerparker.com.au

                       About Russbour Pty.

Russbour Pty. Ltd. is involved with architectural and ornamental
metal work.  The company is located at Keswick, in South
Australia, Australia.


SHARPER IMAGE: Chooses to Pursue Sale of Business and Assets
------------------------------------------------------------
Sharper Image Corp. has elected to pursue a sale of its business
and assets pursuant to the provisions of the bankruptcy code,
the company disclosed in a statement.

"[G]iven the present retail climate and specialty nature of the
Company, as well as the limited financing available to the
Company, a sale of its business and assets at this time will
preserve values and yield the best recovery to the company,"
said Robert Conway, the company's chief executive officer.

Any sale will be subject to court approval.

According to the statement, Sharper Image will solicit
indications of interest from potential acquirers, and bid and
auction procedures will be established as soon as reasonably
practicable.

The company intends to complete the sale process and seek court
approval of the sale by the end of May 2008.

Persons interested in acquiring all or part of the business or
assets are directed to contact Robert Del Genio at Telephone
Number (212) 813-1300.

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.D., 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. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


SUGRA PTY: Commences Liquidation Proceedings
--------------------------------------------
Sugra Pty Ltd.'s members agreed on March 17, 2008, to
voluntarily liquidate the company's business.  The company
has appointed Nick Combis and Peter Dinoris of Vincents
Chartered Accountants to facilitate the sale of its assets.

The liquidators can be reached at:

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


TRICOM PROJECTS: Undergoes Liquidation Proceedings
--------------------------------------------------
Tricom Projects Pty Ltd.'s members agreed on March 5,
2008, to voluntarily liquidate the company's business.  
The company has appointed Mark Pearce to facilitate
the sale of its assets.

The liquidator can be reached at:

          Mark Pearce
          Pearce & Heers Insolvency Accountants
          Suite 3, Level 9
          320 Adelaide Street, Brisbane 4000
          Queensland, Australia
          Tel. No.: (07)3221-0055

                 About Tricom Projects

Tricom Projects Pty Ltd is an investment company
based at Mooloolaba, in Queensland, Australia.


WESTVALE INT'L: Commences Liquidation Proceedings
-------------------------------------------------
Westvale International Pty Ltd's members agreed on
March 14, 2008, to voluntarily liquidate the company's
business.  The company has appointed Simon Guy Theobald
to facilitate the sale of its assets.  

The liquidator can be reached at:

          Simon Guy Theobald
          PPB Chartered Accountants
          Level 2, 250 St Georges Terrace
          Perth WA 6000



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

BANCO ITAU: Unit Will Increase Stake in Banco Portugues
-------------------------------------------------------
Portuguese daily Diario Economico reports that Banco Itau
Holding Financeira SA's Itau Europe will increase its stake in
Banco Portugues de Investimentos to 20% from 18.8%.

Business News Americas relates that the Portuguese central bank
previously authorized Itau Europe to purchase up to 20% of Banco
Portugues.  Itau Europe is Banco Portugues' second largest
shareholder, following La Caixa which has 25.0%.

Itau Europe runs remittance partnerships with Banco Portugues
and La Caixa, BNamericas states.

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--    
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.  The
bank has offices in Miami, New York, Hongkong, Lisbon,
Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding
Financiera S.A.'s 'BB+' foreign currency IDR rating to positive
from stable.


BEAR STEARNS: SEC Doesn't Reveal Reasons on Probe Withdrawal
------------------------------------------------------------
The U.S. Securities and Exchange Commission did not divulge
reasons why it withdrew from further investigation on Bear
Stearns Cos. Inc.'s anomalies in pricing securities, Reuters
reports.

The SEC said its reasons were confidential.  "The Commission
does not disclose the existence or nonexistence of an
investigation or information generated in any investigation
unless made a matter of public record in proceedings brought
before the Commission or the courts," Reuters quotes SEC
Chairman Christopher Cox in an April 16 letter.  The letter was
a response to a congressional request asking the SEC why it
withdrew from the probe.

As reported in the Troubled Company Reporter on March 20, 2008,
the SEC disclosed that the federal regulator is considering
potential investigation into Bear Stearns' conduct prior to the
investment bank's acquisition agreement with J.P. Morgan Chase &
Co.

The SEC's Division of Enforcement wrote a letter concerning
investigations and potential future inquiries into conduct and
statements by Bear Stearns before the public announcement of the
transaction with JPMorgan.  The Division investigates possible
violations of the securities laws as appropriate, said the SEC.  

Among the things the Division looks for are potential
indications of insider trading or manipulation of markets
through the dissemination of false or misleading information to
investors by companies or other market participants.  The SEC
brings enforcement actions when it concludes the securities laws
have been violated.

                       About Bear Stearns

New York City-based The Bear Stearns Companies Inc. (NYSE: BSC)
-- http://www.bearstearns.com/-- is a leading financial  
services firm serving governments, corporations, institutions
and individuals worldwide. The company's core business lines
include institutional equities, fixed income, investment
banking, global clearing services, asset management, and private
client services.  The company has approximately 14,000 employees
worldwide.

The firm has offices in Atlanta, Boston, Chicago, Dallas,
Denver, Los Angeles, San Francisco and San Juan.  In addition to
London, the firm maintains an international presence with
offices in Beijing, Dublin, Hong Kong, Lugano, Milan, Săo Paulo,
Shanghai, Singapore, and Tokyo.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 28, 2007,
Fitch Ratings' affirmed its Negative Outlook for The Bear
Stearns Companies Inc. following the announcement of the
company's fiscal year earnings for 2007.

On Nov. 14, 2007, Fitch affirmed Bear Stearns' long-term credit
ratings, along with its subsidiaries. Fitch also downgraded the
short-term rating to 'F1' from 'F1+', and Individual rating to
'B/C' from 'B'.


BURALL IMAGENET: Members & Creditors to Meet on May 20
------------------------------------------------------
Burall Imagenet (Hong Kong) Limited will hold a joint meeting
for its members and creditors at 10:00 a.m. and 10:30 p.m.
respectively, on May 20, 2008.  At the meeting, the company's
liquidators, Alan C. W. Tang and Wong Kwok Man will provide the
attendees with property disposal and winding-up reports.

The company's liquidators can be reached at:

            Alan C. W. Tang
            Wong Kwok Man
            Gloucester Tower, 13th Floor
            The Landmark, 15 Queen's Road
            Central, Hong Kong


CHINA EASTERN: Flights Suspended on Returned Flights Incident
-------------------------------------------------------------
The Southwest Management Bureau of the Civil Aviation
Administration of China (CAAC) has suspended China Eastern
Airlines Corporation Limited's flights for the returned flights
incident earlier this month, various reports say.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2008, some pilots of China Eastern Airlines' flights
refused to land at their destinations and instead returned to
their departure point on March 31.  The pilots were reportedly
seeking higher wages and freedom to work for another airline.  
About 1,000 passengers were stranded at Kunming Airport in the
southern China.  A total of 21 flights from southeastern Yunnan
province were affected.  Some pilots and the general manager of
China Eastern's Yunnan unit were suspended.

According to the TCR-AP, China Eastern has been fined
CNY1.5 million (US$215,000) for the pilots' strike.

The CAAC, as punishment, asked the airline to stop the flights
between Kunming and Xishuangbanna, and to Dali, China CSR News
reports.   According to China Hospitality News these two routes
are to be suspended from May 4.

CSR News notes that the company's flights between Kunming and
Lijiang, and Kunming and Zhongdian as well as a number of other
cities have also been reduced.

All the suspended flights of China Eastern will be run by Air
China, Shenzhen Airlines, Lucky Air and West Air, of which, the
Yunming airport based Lucky Air will be the biggest beneficiary,
CSR News says.

Furthermore, Southwest Regional Administration of CAAC urged the
airline to arrange orderly endorsements and refunds for
passengers who have bought or booked air tickets for those
routes and flights, Hospitality News relates.  

Hospitality News notes that the four airlines replacing China
Eastern were required to organize transportation capacity and
coordinate flight schedules quickly.

                        About China Eastern

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

                         *     *     *

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

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


EVERICH INTERNATIONAL: Members' Final Meeting Set for May 20
------------------------------------------------------------
Members of Everich International Industrial Limited will have
their final general meeting on May 20, 2008, at Progress
Commercial Building, Room 2407, 7-17 Irving Street, Causeway
Bay, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         You Lai Fong
         Lau Kin Ho
         Progress Commercial Building
         Room 2407, 7-17 Irving Street
         Causeway Bay, Hong Kong


FUYAO GROUP: To Issue RMB1.4 Billion Short-Term Financial Bills
---------------------------------------------------------------
Fuyao Group Glass Industries Co Limited will issue up to
RMB1.4 billion short-term financial bills with a term of 365
days, Reuters reports.

The report relates that the company will also apply to Fujian
Branch of Agricultural Bank of China on a credit line of RMB1
billion.

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a  
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

The company currently holds Xinhua Far East China Ratings' BB+
issuer credit rating.


GANSU JIU: To Pay 2007 Dividend of RMB2 Per 10 Shares
-----------------------------------------------------
Gansu Jiu Steel Group Hongxing Iron & Steel Co Limited will pay
cash dividend of RMB2 (before tax) to shareholders for every 10
shares they hold, Reuters reports.

Gansu Jiu Steel Group Hongxing Iron & Steel Co., Ltd. --
http://www.jiugang.com/comunes/marcosn.htm-- is principally  
engaged in the manufacture and sale of iron and steel products.
Based in Jiayuguan, Gansu Province, China, the Company offers
pig iron, steel ingots, steel plates, wire rods, steel bars and
other iron and steel products. It also supplies chemical by-
products. The Company mainly distributes its products in
Northwestern China.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on December 27, 2004.


HAINAN OVERSEAS: Company President Sun Qian Resigns From Post
-------------------------------------------------------------
Hainan Overseas Chinese Investment Co.'s President, Mr. Sun
Qian, resigned from his post, Reuters reports.

Meanwhile, the report said that the company has named Mr. Chen
Wei as its new chief financial officer.

Headquartered in Haikou, Hainan Province, Hainan Overseas
Chinese Investment Co., Ltd. is primarily engaged in the
production and sale of pharmaceuticals, including injections,
tablets, solutions and externally applied agents, through its
subsidiary.

The Troubled Company Reporter - Asia Pacific reported on
February 1, 2008, that the company has a capital deficiency of
US$9.90 million, on total assets of US$28.97 million.


HAINAN OVER: Uses Business Estate as Collateral for RMB80MM Loan
----------------------------------------------------------------
Hainan Overseas Chinese Investment Co. will use part of its  
business real estate in Liuzhou, Guangxi Province, as collateral
for a loan, Reuters reports.

According to the report, the company will apply to Hainan Branch
of China Construction Bank for a three-year RMB80 million loan.

Headquartered in Haikou, Hainan Province, Hainan Overseas
Chinese Investment Co., Ltd. is primarily engaged in the
production and sale of pharmaceuticals, including injections,
tablets, solutions and externally applied agents, through its
subsidiary.

The Troubled Company Reporter - Asia Pacific reported on
February 1, 2008 that the company has a capital deficiency of
US$9.90 million, on total assets of US$28.97 million.


HAINAN OVERSEAS: Not Paying Dividend for FY 2007
------------------------------------------------
Hainan Overseas Chinese Investment Co. will not pay any dividend
to its shareholders for fiscal year 2007, Reuters reports.

The report relates that the company will change its accounting
policies and keep in accordance with new accounting standards.

Headquartered in Haikou, Hainan Province, Hainan Overseas
Chinese Investment Co., Ltd. is primarily engaged in the
production and sale of pharmaceuticals, including injections,
tablets, solutions and externally applied agents, through its
subsidiary.

The Troubled Company Reporter - Asia Pacific reported on
February 1, 2008 that the company has a capital deficiency of
US$9.90 million, on total assets of US$28.97 million.


HUA RUI: Creditors' Proofs of Debt Due May 19
---------------------------------------------
Creditors of Hua Rui Investments Limited are required to file
their proofs of debt by May 19, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East, Hong Kong


KONKA GROUP: First Quarter Net Profit Up 79% on Increased Sales
---------------------------------------------------------------
Konka Group Co. Limited's first quarter profit climbed 79% on
increased sales of televisions and mobile phones, English People
Daily News reports.

According to the report, the company's net income rose to
CNY47.1 million (US$6.7 million), or CNY0.0782 a share, from
CNY26.3 million, or CNY0.0436, a year earlier.

Jiang Jianguo of Bloomberg relates that the company expects its  
first-half profit to rise 50% to 100% on increased sales of
high-margin products.

Bloomberg says the company didn't give an earnings figure in a
statement to the city's stock exchange.  Net income was
CNY42.5 million (US$6 million) in the first half of 2007, the
report notes.

                     About Konka Group

Headquartered in Shenzhen, Guangdong Province, the People's
Republic of China, Konka Group Co., Ltd. --
http://www.konka.com/-- is a manufacturer of electronics and  
telecommunications products.  The Company has established five
manufacturing bases, located in Mudanjiang, Shaanxi Province,
Dongguan, Anhui Province and Chongqing.  It also has a
nationwide sales and services network, with 300 sales branches,
7,000 retailers and 30,000 services centers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on July 10, 2006.


LI & FUNG : Members' Final Meeting Set for May 22
-------------------------------------------------
Members of Li & Fung Industrial Limited will have their final
general meeting on May 22, 2008, at Prince's Building, 20th
Floor, Central, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rainier Hok Chung Lam
         Prince's Building, 20th Floor
         Central, Hong Kong


MASTERWELL WORLDWIDE: Commences Liquidation Proceedings
-------------------------------------------------------
Masterwell Worlwide Investments Limited's members agreed on
April 11, 2008 to voluntarily liquidate the company's business.  
The company has appointed Lee Sze Ho to facilitate the sale of
its assets.

The liquidator can be reached at:

          Lee Sze Ho
          Island Place Tower, Unit 2605
          510 King's Road, North Point
          Hong Kong


MICRON TECH: Inks New DRAM Joint Venture with Nanya Technology
--------------------------------------------------------------
Micron Technology, Inc. and Nanya Technology Corporation said
last week that they have signed an agreement to create MeiYa
Technology Corporation, a new DRAM joint venture.

The partnership will leverage both Micron and Nanya’s
manufacturing technology, strengths and experience.  As part of
the joint venture, a 200 millimeter (mm) Nanya manufacturing
facility in Taiwan will be upgraded to industry-leading 300mm
technology starting this year, with the facility coming online
for production in 2009.  In addition to MeiYa, the parties will
jointly develop and share future technology.

Both parent companies will own 50 percent of the joint venture
initially, and each will contribute US$550 million in cash by
the end of 2009.  The transaction is subject to customary
closing conditions, including regulatory approval in Taiwan, and
is expected to close within the next few months.

“This partnership brings greater scale and efficiency to the
DRAM manufacturing operations of both parent companies, and
Micron is pleased to officially enter into this joint venture
with Nanya,” said Mark Durcan, Micron’s President and Chief
Operating Officer.

“We are sure that MeiYa will demonstrate the synergistic
combinations of Nanya and Micron’s strength in the DRAM
industry,” said Dr. Jih Lien, Nanya’s President.  “Nanya has a
very high expectation for this new entity.”

                        About Nanya

Nanya Technology Corporation -- http://www.ntc.com.tw-- is a  
member of the Formosa Plastics Group.  The company is in the
business of advanced memory semiconductors, focusing on research
and development, design, manufacturing, and sales of DRAM
products.  NTC’s common stock is traded on the Taiwan Stock
Exchange Corporation under the 2408 symbol.  The company
currently owns two 200mm fabrication facilities and one 300mm
fabrication facility in Taiwan.  The company also has a 300mm
joint venture, Inotera Memories, Inc., which operates two 300mm
fabrication facilities in Taiwan.

                         About Micron

Headquartered in Boise, Idaho, Micron Technology, Inc. --
http://www.micron.com/-- (NYSE:MU) is a provider of advanced  
semiconductor solutions.  Through its worldwide operations,
Micron manufactures and markets DRAMs, NAND flash memory, CMOS
image sensors, other semiconductor components, and memory
modules for use in leading-edge computing, consumer, networking,
and mobile products.  Outside the United States, the company has
subsidiaries in the United Kingdom, Japan, Singapore, Germany,
China, Italy, and Puerto Rico.


MICRON TECH: Moody's Holds Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Micron Technology, Inc.'s Ba3
corporate family rating and revised the outlook to negative from
stable.  Moody's also assigned a speculative grade liquidity
rating of SGL-2.

The negative rating outlook reflects expectations for continued
challenging conditions in Micron's core DRAM and NAND flash
memory markets.  Over the past year, the memory markets have
been hampered by excess capacity, lower unit demand and
continued sharp ASP (average selling price) erosion.  For most
of fiscal 2007 the company was unable to lower unit production
costs quickly enough to offset sharp ASP degradation given the
difficult DRAM pricing environment.

The negative outlook also reflects the company's weakened
financial flexibility given Micron's capital intensive business
model in which large capital expenditures to transition its
wafer fabs to 300mm capacity have outpaced internally funded
cash flow generation, which has resulted in significant negative
free cash flow over the past 18 months.  Though Micron has
flexibility to reduce certain capex requirements, our
expectation is for lower cash balances over the near-term given
the large capital expenditures planned for fiscal 2008, which
are anticipated to be in excess of internal cash flow from
operations.

Additionally, Moody's believes Micron will be challenged to
expand its leading edge technology in a timely manner beyond
consumer-based end markets, which depend, in large part, on
consumer discretionary spending, an area that has experienced a
marked slowdown in recent months.

Maintenance of the Ba3 rating is predicated on prudent cash
management and improvement in credit protection measures and
margins as a result of continued cost reductions and increased
operating efficiencies relative to ASP pressures.  Moody's notes
the rating would likely experience downward pressure near-term
if challenging industry conditions do not abate and/or poor
execution causes Micron to experience further operating margin
degradation and sustained levels of negative free cash flow,
resulting in further weakening of its liquidity position or
increased use of debt.

The SGL-2 rating reflects the company's good liquidity.  
However, Micron's liquidity position could become an area of
concern given the company's declining cash balances, weakening
gross cash flow and expectations of continued negative free cash
flow generation.  As of February 2008, the company had
approximately US$1.8 billion in cash and short-term investments.  
This is down from US$2.9 billion of cash in May 2007, which was
artificially boosted by proceeds from a US$1.3 billion
convertible note issue to help fund the large capex requirement.
Micron will need to service roughly US$528 million of debt
maturities over the next year, presumably with balance sheet
cash since we do not anticipate free cash flow to be positive
over this period.  The Ba3 rating incorporates Moody's
expectations that Micron will maintain at least US$1.2 billion
of balance sheet liquidity and flat to lower debt levels over
the near to intermediate term.

For the quarter ended Feb. 28, 2008, Micron's revenues declined
5% to US$1.36 billion from US$1.43 billion in the comparable
2007 period while gross margins declined to -3.2% from 25% over
the same time period, which can be attributed to sharp ASP
decline in its core memory markets (i.e., 60% drop in DRAM and
70% drop in NAND), the company's inability to reduce costs at a
faster pace than market price erosion and lack of a material
increase in DRAM production volumes to offset sharp ASP
declines.  However, Micron's ongoing transition of its DRAM
production using 68-nanometer process technology and 50-
nanometer NAND process technology could provide a base off of
which cost reductions and higher volumes can be realized to
offset the steep price declines across the memory market.

These ratings and assessments were affirmed:

   -- Corporate Family Rating -- Ba3
   -- Probability of Default Rating -- Ba3
   -- Senior Unsecured Shelf Registration -- (P)B1 (LGD-5, 71%)
   -- Subordinated Shelf Registration -- (P)B2 (LGD-6, 97%)

This rating was assigned:

   -- Speculative Grade Liquidity -- SGL-2
   -- The outlook is negative.

Micron Technology, Inc., headquartered in Boise, Idaho, is a
manufacturer of DRAM, NAND flash memory, CMOS image sensors, and
semiconductor components.  Revenues and EBITDA (Moody's
adjusted) for the twelve months ended Feb. 28, 2008 were
approximately US$5.6 billion and US$1.1 billion, respectively.


PIZZAVEST SHENZEN: Members' Final Meeting Set for May 19
--------------------------------------------------------
Members of Pizzavest Shenzhen (H.K.) Limited will have their
final general meeting on May 19, 2008, at Gloucester Tower, 8th
Floor, The Landmark, 15 Queens Road, Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Iain Fegurson Bruce
         Gloucester Tower, 8th Floor
         The Landmark, 15 Queens Road
         Central, Hong Kong


REGIONAL RESOURCES: Liquidator Quits Post
-----------------------------------------
On March 25, 2008, IP Yin Wah stepped down as liquidator for   
Regional Resources Agencies Limited, which is undergoing
liquidation.


RICON INTERNATIONAL: Creditors' Proofs of Debt Due May 11
---------------------------------------------------------
Creditors of Ricon International Limited are required to file
their proofs of debt by May 11, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 23, 2008.

The company's liquidator is:

         Kong Chi How, Johnson
         Wing On Centre, 25th Floor
         111 Connaught Road Central, Hong Kong


ROAD KING INFRASTRUCTURE: S&P Puts BB Rating on CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings placed its 'BB' long-term corporate
credit rating on Road King Infrastructure Ltd. (RKI) and its
'BB' issue rating on senior unsecured notes guaranteed by RKI on
CreditWatch with negative implications.

The CreditWatch placements reflect uncertainty over the outcome
of RKI's recently announced legal proceedings. RKI is taking
action against the former management of two subsidiaries in
Tianjin in order to gain effective control of the companies. An
unfavorable outcome could adversely affect RKI's financial
performance, financial flexibility, and future
operations.

"An unfavorable outcome could adversely affect RKI's financial
performance, financial flexibility, and future operations," said
Standard & Poor's credit analyst Ryan Tsang. "In a worse-case
scenario, the case could reduce the company's land bank and
limit its future cash flow.  The two Tianjin subsidiaries'
combined land bank accounts for 14% of the RKI group's total
land bank of 6.1 million square meters. In addition to the risk
that it will lose its Hong Kong dollar 593 million investment in
the two subsidiaries, prolonged legal proceedings could affect
RKI's plan to spin off its real estate business, which would
constrain its financial flexibility," said Mr. Tsang.

The CreditWatch placement should be resolved within the next
three months after we hold further discussions with RKI's
management and evaluate the overall impact of the legal cases.
We will also take into consideration the company's business
strategy, risk management, and due diligence process.

Road King Infrastructure Limited -- http://www.roadking.com.hk/  
-- is a publicly listed company in Hong Kong with its core
business in the investment, development, operation and
management of toll roads and bridges in China.  As of December
2007, the company had toll road investments of around HK$6
billion consisting of approximately 1,000 kilometers spread
throughout eight provinces in China.  The company also had an
attributable land bank of 6.1 million sq. m. across nine
provinces as at the end of 2007.

The Troubled Company Reporter-Asia Pacific reported on April 14,
2008, that Moody's Investors Service affirmed the Ba2 corporate
family and bond ratings of Road King Infrastructure Limited.  
Moody's rating action follows Road King's announcement of
litigation with respect to its disputes with the former majority
shareholders in Sunco Property Holdings Company Limited, and the
company's failure to exert control over the management of two
Tianjin property subsidiaries acquired from Sunco Property.


SANDOR LIMITED: Members' Final Meeting Set for May 22
-----------------------------------------------------
Members of Sandor Limited will have their final general meeting
on May 22, 2008, at Bank of America Tower, Room 509, 12 Harcourt
Road, Central, in Hong Kong to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Tsang Kwok Fai
         Bank of America Tower, Room 509, 12 Harcourt Road
         Central, Hong Kong


SINO GRAND: Members' Final Meeting Set for May 20
-------------------------------------------------
Members of Sino Grand Enterprises Limited will have their final
general meeting on May 20, 2008, at Progress Commercial
Building, Room 2407, 7-17 Irving Street, Causeway Bay, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

         You Lai Fong
         Lau Kin Ho
         Progress Commercial Building
         Room 2407, 7-17 Irving Street
         Causeway Bay, Hong Kong


WINSPOWER LIMITED: Members & Creditors to Meet on April 30
----------------------------------------------------------
Winspower Limited will hold a joint meeting for its members and
creditors at 2:30 p.m. and 3:00 p.m. respectively, on April 30,
2008.  At the meeting, the company's liquidators, Jackson IP
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

            Lau Sui Hung
            Wing Yee Commercial Building, 2nd Floor
            5 Wing Kut Street, Central Hong Kong



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

BHARTI AIRTEL: Updates on Amalgamation with Bharti Aquanet
----------------------------------------------------------
With regards to the Scheme of Amalgamation of Bharti Aquanet Ltd
into Bharti Airtel Ltd, the company has informed The Bombay
Stock Exchange that Bharti Aquanet has set up landing station at
Chennai for handling data and voice transmission in and out of
India in association with Domestic Long Distance operators and
Submarine Cable Companies.

Initially Bharti Aquanet Ltd was 51% subsidiary and the balance
49% capital was held by Singtel of Singapore.  Thereafter,
Bharti Airtel acquired the balance 49% shareholding of Bharti
Aquanet from Singtel and as a result Bharti Aquanet became 100%
subsidiary of Bharti Airtel.  Hence, with a view to maintain a
simple corporate structure and eliminate duplicate corporate
procedures, Bharti Airtel decided to merge and amalgamate all
the undertakings of Bharti Aquanet into Bharti Airtel Ltd.

The vesting of all undertakings of Bharti Aquanet in Bharti
Airtel will enable the company to provide single window
integrated telecom solutions, into new service areas as well
expand it's subscribers base.

The Amalgamation of all Undertakings of Bharti Aquanet into
Bharti Airtel will facilitate consolidation of all the
undertakings in order to enable effective management and unified
control of operations.

The Amalgamation would create economies in administrative and
managerial costs by consolidating operations and will
substantially reduce duplication of administrative
responsibility and multiplicity of records and legal and
regulatory compliances.

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

                         *     *      *

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


CABLE & WIRELESS: Unit Spending BBD10 Million to Boost Service
--------------------------------------------------------------
The Barbados Advocate reports that Cable & Wireless PLC's
Barbadian unit is spending BBD10 million to improve its fixed
line and broadband service infrastructure.

Cable & Wireless Barbados has invested over BBD$200,000 helping
the government offer broadband Internet service to communities
across the nation, The Advocate says, citing Cable & Wireless
Barbados' President Donald Austin.

Mr. Austin told Business News America that Barbados has Internet
penetration of 55% and broadband penetration of up to 37%.

BNamericas notes that Cable & Wireless Barbados' Regulatory
Affairs Manager Claire Downes-Haynes said the firm will be
providing free personal computers and Internet access in public
libraries under its Connect Barbados program.  The reopening of
the library would let the firm further spread the services it is
offering.

Ms. Downes-Haynes told The Advocate that whenever the main
Public Library reopened, the firm would be offering free
Internet access there as part of Connect Barbados.

According to The Advocate, Mr. Austin said that over the past
few months, Cable & Wireless Barbados' technical team had
upgraded its networks in the BBD10 million operation through the
Multi-Service Access Nodes project.

Cable & Wireless Barbados identified some community centers that
lacked Internet access and the firm would be offering the
deployment of its services to them, The Advocate notes, citing
Chief Community Development Officer Sandra Greenidge.
The center at Drax Hall will be shared with members from the
community and surrounding areas and with the students from
Parkinson School, Ms. Greenidge told The Advocate.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.  
The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

Specifically, the company's operations are in the United
Kingdom, India, China, the Cayman Islands and the Middle East.

                        *     *     *

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

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


CANARA BANK: Earns INR4.64 Bil. in Qtr. Ended March 31
------------------------------------------------------
Canara Bank has posted a net profit of INR4.64 billion for the
three months ended March 31, 2008, as compared to
INR5.05 billion earned in the same quarter in 2007.  Total
income has increased from INR38.36 billion in 2007, to
INR45.02 billion in the latest quarter under review.

The bank's expenditures in Jan-March. 2008 aggregated
INR35.63 billion, including operating expenses at
INR6.97 billion and interest charges of INR28.66 billion.

The bank also provided INR1 billion for taxes and
INR3.75 billion as provisions and contingencies.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

On April 24, 2008, Fitch Ratings affirmed the company's Long-
term foreign currency at 'BB'.

In addition, Standard & Poor's Ratings Services, on July 4,
2007, assigned its 'BB' issue rating to Canara Bank's
US$250 million Upper Tier II subordinated notes due in 2021.


ESSAR OIL: Incurs INR84.80 Million Loss in Qtr. Ended March 31
--------------------------------------------------------------
In the three months ended March 31, 2008, Essar Oil Ltd incurred
a net loss of INR84.80 million as compared to net profit of
INR9.90 million in the same quarter of 2007.  Total income has
decreased from INR2.68 billion for the quarter ended March 31,
2007 to INR490.70 million in the same quarter of 2008.

Essar Oil also posted an operating income of INR474.60 million
in the  three months ended March 31, 2008, as compared to
INR2.65 billion operating income in the same period of 2006.

                         About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,  
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ICICI BANK: Earns INR11.5 Bil. in Qtr. Ended March 31
-----------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, ICICI
Bank Ltd has reported a net profit of INR11.49 billion for the
quarter ended March 31, 2008, as compared to INR8.25 billion in
the same quarter in 2007.  Total income has increased to
INR103.91 billion in the three months ended March 31, 2008, from
INR84.95 billion in the same quarter of 2007.

The company's expenditures in Jan-March. 2008 also totaled to
INR81 billion, including operating expenses at INR21.5 billion
and interest expended of INR59.49 billion.

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

                         *     *     *

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


GENERAL MOTORS: Moody's Changes Outlook to Negative
---------------------------------------------------
Moody's Investors Service changed the rating outlook for General
Motors Corporation (GM) to negative from stable, but affirmed
the company's B3 corporate family rating and its SGL-1
speculative grade liquidity rating. The change in outlook
reflects Moody's concerns that GMAC LLC's ability to provide
retail and wholesale funding in support of GM's automotive
operations may be eroded by the operating weakness at its
subsidiary, ResCap LLC. GMAC's long-term rating was lowered to
B2 from B1 and remains under review for further possible
downgrade because of the risks that ResCap poses for GMAC's
capital position and liquidity profile (see separate GMAC and
ResCap press releases of April 23rd). Moody's believes that in
order for ResCap to have continued access to debt capital, GMAC
may be required to provide additional indications of support for
the unit and that it is likely to do so. This support, however,
could weaken GMAC's own credit profile and limit its ability to
access the secured and unsecured debt markets.

Moody's recognizes that GMAC retains a large cash position and
sizable committed credit facilities that can support a
significant portion of anticipated new receivable originations.
In addition, should GMAC's ability to fund originations be
constrained by reduced access to debt capital, third party
lenders would likely remain willing to fund higher-quality GM
retail receivables. Nevertheless, Moody's views the potential
erosion in GMAC's credit profile and its ability to fund retail
and wholesale receivables as a material risk factor for GM.

Bruce Clark, senior vice president with Moody's, said that "GMAC
has always filled a critical role in supporting GM's retail
sales, and anything that lessens its ability to provide that
support is a negative for GM. We think that one of the tradeoffs
for GMAC's potential support of ResCap is an erosion in its
ability to support GM's retail sales."

Additional factors contributing to the negative outlook are the
considerable cash requirements that GM will face during 2008 and
2009. By 2010, GM has the potential to generate positive cash
flow due, in part, to the considerable savings that will begin
to be realized from the UAW-managed health care plan established
as part of the 2007 labor contract. Going into 2008, GM's gross
liquidity consisted of approximately US$27.3 billion in cash and
US$7.3 billion in committed credit facilities. These liquidity
resources support the company's SGL-1 speculative grade
liquidity rating by providing substantial coverage of all cash
requirements likely to arise during the coming twelve months.
These requirements include: ongoing minimum levels of cash
required to fund intra-month working capital requirements that
can approximate 5%-6% of revenues in the automotive OEM sector;
scheduled debt repayments; a large operating cash burn
associated with declining industry volumes in North America; and
anticipated restructuring expenditures at both GM and Delphi. GM
could also be faced with additional cash expenditures related to
a resolution of the American Axle -UAW contract negotiations,
Delphi's bankruptcy emergence plans, or capital contributions to
GMAC.

Clark noted that, "A critical element of GM's strategy is to
maintain enough liquidity to bridge the large cash consumption
requirements of 2008 and 2009, until significantly lower health
care expenditures start to occur in 2010. Our key credit concern
is that while this liquidity bridge is pretty robust through
2008, it could become more tenuous as the company gets in into
the latter half of 2009. We'll continue to focus a lot of our
attention on GM's liquidity and its adequacy to get the company
to 2010."

Although GM's approximately US$34.6 billion in gross liquidity
will amply cover all of 2008's cash requirements, the resulting
level of liquidity available to cover 2009's requirements will
be significantly reduced. Moreover, Moody's remains concerned
that absent a material rebound in North American automotive
demand, GM's 2009 cash requirements have the potential to strain
the liquidity resources the agency expects to be available at
that time. As a result Moody's will closely monitor GM's
operating performance, the magnitude of cash needs, and the
prevailing market conditions through the coming nine months in
order to gauge the likely sufficiency of the company's liquidity
resources to fund all requirements during 2009. Over the course
of this nine-month period, indications that cash requirements
are exceeding expectations would likely lead to a lowering of
the company's speculative grade liquidity rating. An unabated
erosion in the liquidity profile would likely be a precursor to
a downgrade of the company's long-term ratings. Conversely,
evidence that GM's intermediate term cash requirements are lower
than anticipated and that the resulting liquidity position will
adequately cover 2009's requirements would contribute to a
stabilization of the rating outlook.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


GENERAL MOTORS: GMAC and ResCap Downgrades Cue S&P's Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. remain on CreditWatch with negative implications, where
they were placed March 17, 2008.  The CreditWatch update follows
downgrades of 49%-owned subsidiaries GMAC LLC (B/Negative/C) and
Residential Capital LLC (CCC+/Watch Neg/C).  The rating actions
on Residential Capital LLC and GMAC were triggered by the
resignation of the only independent directors at Residential
Capital LLC.
     
"We don't expect GM to provide any significant capital to GMAC
or indirectly to Residential Capital," said Standard & Poor's
credit analyst Robert Schulz, "nor are they required to do so in
the future."  S&P's ratings does not incorporate any transfer of
substantial capital to GMAC.
     
GM's ratings were originally placed on CreditWatch because of
the strike at major supplier American Axle & Manufacturing
Holdings Inc.  The American Axle strike has now lasted two
months and forced production shutdowns at several GM plants that
produce full-size pickups and SUVs.  In addition, GM workers
began a strike last week over local work issues at an assembly
plant in Delta Township, Michigan, which produces a popular line
of crossover utility vehicles.
     
Although S&P expects these labor issues to be resolved, the
timing, and therefore the full extent, of their effect on GM's
liquidity is unknown.  S&P expects the American Axle strike to
contribute to a very large use of cash in GM's first-quarter
2008 results, which GM will announce in the next few weeks, and
the effect will be magnified by the timing of GM's payables and
receivables.  The first quarter will be hurt by the negative
cash effect of reduced truck shipments and little to no
offsetting benefit from reduced payments to suppliers, including
American Axle.  The second quarter will be affected as well, and
in light of weak sales, GM's production levels could remain
under pressure even once the American Axle strike is over.  
Still, GM should be able to maintain ample available liquidity;
at year-end 2007, the company had US$27.3 billion, including
cash, marketable securities, and US$600 million in short-term
VEBA funds.
     
Another uncertainty for GM, although less of a pressing issue in
the near term, is former supplier Delphi Corp.'s difficulties in
emerging from bankruptcy.  S&P still believes the comprehensive
costs to GM of Delphi's reorganization will remain within the
scope of GM's liquidity.  Still, the current capital market
turmoil may keep Delphi in Chapter 11 for several more months,
if not the rest of this year.  S&P's ratings does not leave any
room for GM to make substantial cash payments to support a
Delphi emergence.
     
S&P's resolution of the GM CreditWatch will likely not occur
until the American Axle strike has been resolved.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


PRIDE INT'L: BOD's Actions May Cue Seadrill's Buyout, Fitch Says
----------------------------------------------------------------
Pride International announced that its Board of Directors has
revised the company's Stockholder Rights Plan to lower the
threshold level of beneficial ownership that would trigger the
poison pill from 15% to 10% for acquisitions by Seadrill Limited
and its affiliates and associates. Pride's Board of Directors
took this step in response to Seadrill's acquisition of an
approximately 9.9% ownership stake in Pride.

In addition, Seadrill has made a filing under the Hart-Scott-
Rodino Antitrust Improvements Act of 1976 to permit it to
acquire Pride securities. It is unclear at this time if Pride's
Board of Directors has taken this step for the purpose of
remaining independent or in order to engage in more formal
negotiations with Seadrill.

Fitch notes that one potential outcome stemming from the
announcement is that Pride could be acquired by Seadrill. If an
acquisition should occur, Pride bondholders are protected by a
change of control provision in the company's US$500 million of
7.375% senior notes due 2014. Bondholders have the ability to
force the company to repurchase the notes at 101% of par plus
accrued and unpaid interest, but only if the change in control
results in a ratings downgrade.

Additionally, Pride's US$500 million senior secured credit
facility contains a change of control protection for lenders.
The revolver was undrawn at year-end 2007 and had only
US$13.3 million of letters of credit on the facility.  Lenders
of the company's $300 million of 3.25% convertible senior notes
due 2033 contain multiple protections. Noteholders have the
right to require the company to repurchase the notes on May 1,
2008 at 100% of the principal amount plus accrued and unpaid
interest.

More importantly, the notes are convertible into Pride's common
stock at a conversion rate of 38.9045 shares per US$1,000
principal amount of notes (equal to a conversion price of
US$25.704 per share). The notes are currently convertible and
Pride has announced its plans to redeem the notes on May 16,
2008, effectively forcing noteholders to convert before May 15,
2008. Pride currently expects to pay approximately
US$300 million in cash in connection with the conversion and the
remaining amount satisfied in shares.

Fitch has not taken any rating actions on Pride as a result of
the current disclosure by the company. Fitch would note that
should Seadrill succeed in acquiring Pride, negative rating
action at Pride remains a possibility. Seadrill currently
operates with significantly higher leverage than its peers in
the offshore drilling market. In addition, Seadrill has been
significantly more aggressive in acquiring and building
newbuilds on a speculative basis than has Pride or others in the
industry.

Pride's ratings reflect the significant improvement the company
has made in reducing debt and capitalizing on the strong
offshore drilling environment to sell non-core assets and
refocus the company as an offshore drilling contractor with a
focus on deepwater assets. Pride's credit metrics reflect these
improvements as well as the strong market conditions for
offshore drilling rigs. For the last 12 months ending Dec. 31,
2007, Pride generated US$918.3 million of EBITDA, and free cash
flow was

US$28.6 million. Credit metrics were robust with interest
coverage of 11 times and debt-to-EBITDA of 1.3x.

Fitch currently maintains these ratings for Pride:

-- Issuer Default Rating at 'BB';

-- Senior unsecured at 'BB';

-- Senior secured bank facility at 'BBB-';

-- Senior convertible notes at 'BB'.

The Rating Outlook is Stable.

                   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.



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

ADAM AIR: DOT Offers Routes to Other Airlines
---------------------------------------------
Tempo Interactive reports that the Department of Transportation
has provided the chance for seven national airlines to use the
routes of Adam Air.

Harun Mahbub of Tempo Interactive relates that the government
sent a letter offering the additional flight routes to seven
airlines:

   -- Garuda Indonesia,
   -- Merpati Nusantara Airlines,
   -- Metro Batavia,
   -- Lion Air,
   -- Wings Abadi,
   -- Mandala Airlines, and
   -- Indonesia AirAsia.

Tempo Interactive reports that the government annulled Adam
Air's route permit on April 9, 2008, "as the airline was
considered to be ignoring aviation safety."

                          About Adam Air

Adam Air, (incorporated as PT. Adam SkyConnection Airlines), --
http://www.adamair.co.id/-- is a privately owned airline based  
in Jakarta, Indonesia.  It used to operate scheduled domestic
services to over 20 cities and international services to Penang
and Singapore.  Its main base was Soekarno-Hatta International
Airport, Jakarta.  The airline had 21 domestic routes and four
international routes.  The domestic flight frequency reached 490
times per week and international flights reached 42 times per
week.  In 2007, Adam Air carried 5.2 million domestic passengers
and 120,618 passengers abroad.

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


BANK NEGARA: Reports IDR153 Billion 1st Quarter Net Profit
----------------------------------------------------------
Harry Suhartono of Reuters reports that PT Bank Negara Indonesia
Tbks' net profit in the January-March period plunged to IDR153
billion from IDR400 billion in the same period last year.

According to Reuters, the bank reported a 62 percent fall
despite a rise in its net interest income by 46.1 percent to
IDR2.23 trillion.

Mr. Suhartono relates that analysts expect BNI to post a net
profit of IDR2.44 trillion in 2008, up from IDR897.93 billion
last year.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:

   -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook
      revised to Stable from Positive;

   -- Support rating upgraded to '3' from '4';

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

   -- Individual rating affirmed at 'D';

   -- ST IDR affirmed at 'B';

   -- National Long-term affirmed at 'AA-(idn)';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK NIAGA: Shareholders Approve 2007 Annual Report
---------------------------------------------------
In Annual General Meeting of Shareholders of PT Bank Niaga Tbk
held on April 23, 2008, at Financial Hall, Graha Niaga lantai 2,
Jalan Jenderal Sudirman Kaveling 58, the Meeting approved seven
issues:

   1. To approve and accept the Company’s Annual Report for 2007
      and ratify the Company’s consolidated Financial Statements
      for 2007 as audited by “Haryanto Sahari dan Rekan” Public
      Accountant, an affiliate of PriceWaterhouseCoopers, with
      the opinion that the consolidated Financial Statements
      present fairly all material aspects, in conformity with
      generally accepted accounting principles in Indonesia, as
      evidenced in the report dated February 15, 2008, and  
      Under Article 20 paragraph 20.3 of the Articles of
      Association of the Company, with the approval of the
      Company’s 2007 Annual Report and consolidated Financial
      Statements, the Meeting discharged and acquitted the Board
      of Directors and Board of Commissioners of the Company,
      including retiring members of the Board of Directors and
      Board of Commissioners of the Annual General Meeting of
      Shareholder on April 19, 2007, from the accountability of
      their management and supervision during 2007, to the
      extent that it was reflected in the Company’s Annual
      Report and the consolidated Financial Statements 2007,
      except for misappropriation, fraud and any other criminal
      acts.

   2. To resolve the Company’s net profit for 2007 totaling to
      IDR770.481.212.191 -- to be used:

         a. 50% from the net profit or a total of
            IDR385,240,606,095 -- for final dividend to be
            distributed to the shareholders, the amount of which
            will be deducted by the interim dividend of
            IDR243,371,402,496 already distributed to the
            shareholders on September 14, 2007; thus the cash
            dividend for distribution to the shareholders
            amounts to IDR141,869,203,599

         b. A total of IDR385,240,606,095 is to be recorded as
            retained earnings

         c. No reserve part of the Company’s net income to form
            the statutory reserve, since it has been formed
            currently amounted IDR215,900,166,498 or 22.17% of
            the paid-up capital.

   3. a. To re-appoint of “Haryanto Sahari & Rekan” Public
         Accountant, an member of PriceWaterhouseCoopers
         International in Indonesia, to audit the Company’s
         Annual Accounts for 2008; and

      b. To authorize the Commissioners to determine the
         honorarium for Public Accountant and any other
         requirements related to such appointment.  

   4. a. To approve the provision of salary/honorarium and
         allowance for the Commissioners of the Company, with a
         maximum gross amount of IDR7,283,333,333 per annum, and
         Tantiem of accrual a maximum gross amount of
         IDR4,042,500,000; and

      b. To approve the delegation of authority to the
         Commissioners to determine the salary or honorarium
         and allowance for the Directors for the 2008 fiscal
         year, in observance of the proposal submitted by the
         Committee of Remuneration and Nomination.

   5. a. To approve the change of the Articles of Association of
         the Company to adjust with Act No. 40 of 2007 regarding
         Limited Liability Company; and

      b. To approve the delegation of authority to the Board of
         Directors to restate the Resolution of the Meeting
         before the Public Notary regarding the change of the
         Articles of Association of the Company, and to restate
         the Company’s shareholders and the members of the
         Company’s Board of Commissioners, Board of Directors,
         and Syariah Supervisory Board, and to further direct
         the approval and  or notification of the change of the
         Company’s Article of Association to the Minister of Law
         and Human Rights of the Republic of Indonesia as
         stipulated in the prevailing regulation.    

   6. a. To approve the confirmation of the appointed Syaria
         Supervisory Board of the Company with the term of
         office as of the closing of this Meeting up to the
         closing of 2009 Annual General Meeting of Shareholders
         in 2010 which is the same with the Board of
         Commissioners’ and Board of Directors’ term of office;
         and

      b. With the approval, the members of the Syariah
         Supervisory Board with the term of office as of the
         closing of this Meeting up to the closing of 2009
         Annual General Meeting in 2010 will be:
      
            b.1.  Prof. Dr. M. Quraish Shihab, MA
            b.2.  Prof. Dr. Hasanuddin AF, MA; dan
            b.3.  Prof. Dr. Huzaemah T. Yanggo, MA

   7. a. To approve the ratification for the Board of
         Commissioners’ action in approving the paid-up capital
         increased of the Company, therefore changing Article 4
         paragraph 4.2 of the Article of Association of the
         Company regarding the Company’s paid-up capital in
         relation with the exercises of ESOP and Series I
         Warrant effective as of August 16, 2007 up to the
         closing of this Meeting; and

      b. To approve the delegation of the authority to the Board
         of Commissioners to approve the paid-up capital
         increase of the Company time to time in relation to the
         exercises of Warrant Series I, therefore to change the
         Article 4 paragraph 4.2 of the Article of Association
         of the Company regarding the Company’s paid-up capital
         increase effective for a year after the closing of the
         Meeting or 23 April 2009.

Based on the resolution of Annual General Meeting of
Shareholders, the Company will distribute the cash dividend
amounted to IDR141.869.203.599 to the shareholders:

    Cum Dividend in Regular Markets : May 22, 2008
    Ex Dividend in Regular Markets  : May 23, 2008
    Cum Dividend in Cash Markets    : May 27, 2008   
    Recording Date                  : May 27, 2008
    Ex Dividend in Cash Markets     : May 28, 2008
    Payment                         : June 10, 2008

The dividend will be distributed to shareholders who registered
on the List of Company’s Shareholders as of May 27, 2008, at
4:00 p.m.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a   
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 25,
2008, Fitch Ratings took these rating actions on PT Bank Niaga:

   -- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
      Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Individual rating affirmed at 'C/D';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

The TCR-AP reported on Oct. 19, 2007, that Moody's Investors
Service took these rating actions on PT Bank Niaga:

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.


BANK NIAGA: Reports IDR207.2 Billion 1st Quarter Net Profit
-----------------------------------------------------------
Harry Suhartono of Reuters reports that PT Bank Niaga Tbk
reported IDR207.2 billion net profit for the three months ended
March 31, 2008, compared with IDR201.6 billion in the same
period in 2007.

According to the report, Net Interest Income for the first
quarter of 2008 reached IDR657.24 billion, compared with
IDR627.50 billion last year.  The company posted a lower
Operating Income of IDR207.28 billion for the first quarter of
2008, compared with last year's IDR235.90 billion, Reuters adds.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a   
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 25,
2008, Fitch Ratings took these rating actions on PT Bank Niaga:

   -- LTFC IDR upgraded to 'BB' from 'BB-'; Outlook revised to
      Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Individual rating affirmed at 'C/D';

   -- FC subordinated debt upgraded to 'BB-' from 'B+'.

The TCR-AP reported on Oct. 19, 2007, that Moody's Investors
Service took these rating actions on PT Bank Niaga:

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.


INDOFOOD: To Issue IDR1.5 Trillion in Bonds
-------------------------------------------
Novia D. Rulistia of The Jakarta Post reports that PT Indofood
Sukses Makmur will issue bonds worth IDR1.5 trillion to fund
debt refinancing and working capital.

According to The Post, Indofood Director Thomas Tjhie said 82
percent of the proceeds will be used to repay its maturing bonds
in June.

The report relates that Indofood's underwriters for the bond
issuance are:

   -- DBS Vickers Securities,
   -- PT Danareksa Sekuritas,
   -- PT ING Securities Indonesia,
   -- PT Kim Eng Securities, and
   -- PT Mandiri Sekuritas.

Citing officials at DBS Vickers Securities, The Jakarta Post
further discloses details regarding the bonds:

   -- it will be for five years;
   -- it will be priced up to 1.1 percent more than the
      government's FR19 bond series;

   -- interest rates will range between 0.75 percent to 1.1
      percent above the FR19 series;

   -- offering period will run from May 30 until June 3;

   -- it will be listed on the Indonesia Stock Exchange on
      June 9.

                   About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.
The company also plans to redeem all the outstanding balance of
the Eurobonds this year.

The Troubled Company Reporter-Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew
its 'B' corporate credit rating on Indofood at the company's
request.


PERUSAHAAN LISTRIK: To Fine Suppliers for Late Coal Deliveries
--------------------------------------------------------------
PT Perusahaan Listrik Negara, ANTARA News reports, is
considering imposing a sanction on suppliers who delay their
coal supplies.

Antara News relates that PLN President Director Fahmi Mochtar
commented last week, "A fine will be imposed as part of efforts
to remind them on the importance of their responsibility for
uninterrupted national electricity supply."

According to Mr. Fahmi, the company wants coal suppliers to be
more disciplined, the report states.

                    About Perusahaan Listrik

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

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



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

ALITALIA SPA: Italy Has Until May 4 to Explain Loan, EC Rules
-------------------------------------------------------------
The European Commission gave the Italian government until
May 4, 2008, to reply on concerns whether its planned EUR300-
million loan to Alitalia S.p.A. breaks the European Union rule
on state aid, Matthew Newman writes for Bloomberg News.

As reported in the TCR-Europe on April 24, 2008, the Commission
said it would review the financing to Alitalia.  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.  Alitalia
cannot receive further aid until 2011, since it took fiscal
assistance in 2001.

According to Bloomberg News, Italy needs to prove that the loan
was offered on commercial terms to gain approval from the
Commission.  Alitalia may face months-long probe over the
legality of the loan, which may further cramp Italy's efforts to
sell its 49.9% stake in the national carrier.

As reported in the TCR-Europe on April 25, 2008, Ryanair Plc
said it will file a suit at the European Commission against the
EUR300-million bridging loan granted to Alitalia.

Italy said it would respond to the Commission's query within the
deadline, Bloomberg News relates.

                         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.


BANCO BRADESCO: Discloses Termination of Shareholders' Pact
-----------------------------------------------------------
Banco Bradesco S.A. has informed its shareholders and the market
in general of the termination of the Shareholders’ Agreement,
entered into on June 9, 2003, between:

a. its controlling shareholders -- Cidade de Deus-Companhia
    Comercial de Participacoes and Fundacao Bradesco [Cidade de
    Deus and Fundacao]; and

b. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), based in
    Bilbao (Spain).

The termination was due to the exercise by BBVA of the Sale
Option of all common shares linked to the Agreement which it
used to hold, representing 5% of Bradesco’s common shares.  Said
interest was sold on April 11, 2008 to NCF Participacoes S.A., a
company controlled by Cidade de Deus and Fundacao, for
BRL$2.289 billion.  On April 11, 2008, NCF sold 1.5% of
Bradesco’s common shares to Banco Espirito Santo, S.A., from
Portugal, for BRL685 million.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                             *     *     *

On Nov. 12, 2007, Moody's Investors Service assigned a Ba2
foreign currency deposit rating to Banco Bradesco.


BANCO DO BRASIL: Will Issue American Depository Receipts by June
----------------------------------------------------------------
Banco do Brasil SA's Chief Financial Officer Aldo Luiz Mendes
told Brazilian news agency Agencia Estado that the bank will
likely issue American Depository Receipts on the New York Stock
Exchange by June 2008.

Business News Americas relates that Banco do Brasil needs a
presidential decree before it can list American Depository
Receipts and join private sector banks Banco Bradesco, Banco
Itau, and Unibanco in New York.

Mr. Mendes told Agencia Estado that Banco do Brasil will first
issue level 1 American Depository Receipts as regulations
required.  They will likely be upgraded to level two or three by
the second half of next year.

Banco do Brasil will raise its "free float" on Sao Paulo stock
exchange Bovespa to 25% by the second half of 2009, from the
current free float of 21.7%, BNamericas adds.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries including Japan.  

In addition to its traditional retail banking services, Banco do
Brasil underwrites and sells bonds, conducts asset trading,
offers investors portfolio management services, conducts
financial securities advising, and provides market analysis and
research.

                           *     *     *

On Feb. 29, 2008, Moody's Investors Rating Service assigned a
Ba2 foreign currency deposit rating to Banco do Brasil.


CONTINENTAL AIRLINES: Chooses Not to Merge with United Air Lines
----------------------------------------------------------------
Continental Airlines Inc.'s Chairman and Chief Executive Officer
Larry Kellner and President Jeff Smisek disclosed to more than
45,000 employees that the company's Board of Directors
unanimously supported the management's recommendation that, in
the current industry environment, the best course for
Continental is not to merge with another airline at this time.

As reported in the Troubled Company Reporter on April 21, 2008,
two people briefed on the matter said that Continental Airlines
and UAL Corp.'s unit United Airlines Inc. have already laid most
of the groundwork for a merger, and are prepared to move quickly
to wrap up a deal if ever the Delta Air Lines Inc. and Northwest
Airlines Corp. merger pushes through, says Reuters.  A person
familiar with the talks also revealed that merging the labor
unions of United and Continental is not likely to present a
problem since extensive discussions have already been held
between the two sides, Ms. Johnsson reports.  Chris Walsh of the
Rocky Mountain News notes that experts say a merger with
Continental is the best option for United, as the two have
complementary strengths, particularly when it comes to their
route networks.

According to the two executives, the Board very carefully
considered all the risks and benefits of a merger with another
airline, and determined that the risks of a merger at this time
outweigh the potential rewards, as compared to Continental's
prospects on a standalone basis.  The management will, however,
continue to review potential alliances and its membership in
SkyTeam.  Continental is considering alternatives to SkyTeam as
its carefully evaluates which major global alliance will be best
for Continental over the long term.

While some would prefer to see Continental pursue a merger, the
company strongly believes it has made the right decision -- one
that is in the best interests of its stockholders, co-workers,
customers and the communities it serves.

Messrs. Kellner and Smisek relate that every U.S. carrier,
including Continental, is under enormous pressure from record
high fuel prices, a slowing U.S. economy and a weak dollar.  In
today's harsh environment, the company must continue to adjust
its business model to ensure it to successfully navigate through
these difficult times, so that in the future it can once again
grow and prosper.

In the meantime, Continental must all continue to concentrate on
what it does so well: delivering clean, safe and reliable air
transportation every day.

Even in these tough times, Messrs. Kellner and Smisek said,
Continental has great strengths.  It has an enviable position in
the New York market, a powerful hub in Houston, and hubs in
Cleveland and Guam.  Continental has a solid trans-Atlantic
route network, which has recently been enhanced by our access to
London Heathrow.  It also has a great Latin American network and
a growing portfolio of routes to India and Asia.  Continental
flies the youngest, most fuel-efficient fleet and have the best
new aircraft order book among the major network carriers.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United   
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/   
or 215/945-7000).

                    About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/   
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 2,900 daily departures throughout the Americas, Europe and
Asia, serving 144 domestic and 139 international destinations.  
More than 500 additional points are served via SkyTeam alliance
airlines.  With more than 45,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 69 million passengers
per year.

The airline serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.

                          *     *     *

As reported in the Troubled Company Reporter on April 22, 2008,
Standard & Poor's Ratings Services revised its rating outlook on
Continental Airlines Inc. (B/Negative/B-3) to negative from
stable.  S&P also placed its ratings on selected enhanced
equipment trust certificates that are secured by regional jets
on
CreditWatch with negative implications.

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Fitch Ratings affirmed Continental Airlines 'B-' issuer default
rating with a stable outlook.


FIAT SPA: Earns EUR427 Million in First Quarter of 2008
-------------------------------------------------------
The Board of Directors of Fiat S.p.A. met in Turin under the
chairmanship of Luca Cordero di Montezemolo to approve the
Group’s first quarter 2008 results.

Group revenues rose nearly 10% to EUR15 billion, with all
businesses contributing to the increase, despite the uneven
trading conditions in some key regions:

   -- Continued success of new and existing models enabled Fiat
      Group Automobiles to achieve growth, with a total of
      563,600 units delivered during the quarter (+4.1% over
      first quarter 2007).  Although overall demand in Western
      Europe was down, FGA reported notable year-over-year
      increases in Germany (+15%) and France (+27%), in addition
      to experiencing a record quarter in Brazil (+35%).

   -- Agricultural and Construction Equipment (CNH) revenues
      were up 10.1% (25.9% in US dollar terms). The Sector’s
      global presence enabled it to capitalise on growth
      opportunities in international markets, offsetting       
      declines in Construction Equipment in North America.

   -- Trucks and Commercial Vehicles (Iveco) had record first
      quarter revenues, with the number of vehicles delivered up
      21% over prior year. 2007 new product launches ensured
      that the Sector could meet increased demand in the heavy
      vehicle range.

Trading profit increased 28.7% to EUR766 million, with gains in
all industrial businesses:

   -- FGA contributed trading profit of EUR193 million (2.8% of
      revenues), slightly higher than 2007 reported levels but
      up EUR81 million or 53% excluding one-off items.

   -- CNH reported an increase of EUR9 million to EUR198 million       
      (up 19.4% in US dollar terms). Margins were down 0.3% to       
      6.7% as a result of industrial inefficiencies caused by
      the rapid increase in demand for agricultural products.

   -- Iveco posted another record first quarter trading profit,       
      up 48% year-over-year to EUR222 million, representing a
      significant improvement in trading margin to 7.6% (from 6%       
      for first quarter 2007).

Strategic developments during the quarter include three joint
ventures announced by Magneti Marelli in India and the
acquisition of a manufacturing plant by FPT Powertrain
Technologies in Brazil.

At the AGM held on March 31, 2008, shareholders approved an
aggregate 2007 dividend of EUR523 million and renewed
authorization for the Group’s share buy-back program.

The Group closed the quarter with Net Industrial Debt of EUR1.1
billion, driven by a seasonal increase in working capital of
EUR1.3 billion, acquisitions of EUR0.1 billion and EUR0.2
billion in share repurchases.  Liquidity remains strong at
EUR4.8 billion.

All 2008 Group targets are confirmed, including Net Industrial
Cash of EUR1.5 billion at year end (excluding the impact of
additional share buybacks).

The Group

Group revenues for first quarter 2008 totaled EUR15 billion, up
9.9% over the same period in 2007, with all industrial
businesses contributing to the increase.

Trading profit of EUR766 million (5.1% of revenues) rose nearly
29 % over the EUR595 million reported for first quarter 2007
(4.4% of revenues).

Operating profit came in at EUR783 million for the quarter, and
included net unusual income of EUR17 million, primarily arising
from the release of provisions for risks and restructuring costs
which are no longer required.

Net financial expense for the quarter totaled EUR210 million and
included a EUR63 million charge for the marking to market of two
stock-option related equity swaps.  The equivalent item yielded
a EUR91 million income inclusion in first quarter 2007, thus
yielding a year-over-year difference of EUR154 million. The
aggregate fair value for these equity swaps continues to be
positive at quarter end. Excluding the impact of the equity
swaps, net financial expense for the quarter was flat compared
with first quarter 2007.

Profit before taxes totaled EUR636 million, an increase of
EUR62 million over first quarter 2007.  Higher operating profit
(+EUR188 million) and an increase in investment income (+EUR27
million) more than offset higher net financial expense.

Income taxes amounted to EUR209 million (EUR198 million in first
quarter 2007), representing an effective tax rate of 32.9%
(34.5% in first quarter 2007).

Net profit (before minority interests) for first quarter 2008
totaled EUR427 million, compared to EUR376 million for the same
period in 2007.

Net industrial Debt rose by EUR1.5 billion, mainly due to
seasonal working capital absorption (EUR1.3 billion), share buy-
backs of EUR0.2 billion, acquisitions of EUR 0.1 billion and the
equity swap impact of EUR63 million. Liquidity of EUR4.8 billion
remained strong and in line with Group guidelines.

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.

In addition, the company carries Standard & Poor's Ratings
Services' BB long- term corporate credit rating.  


JVC CORP: Net Loss Narrows to JPY47.5 Billion in FY 2008
--------------------------------------------------------
Victor Company of Japan, Limited posted a net loss of JPY47.5
billion, a decline of JPY39.6 billion year-on-year, for the
fiscal year ended March 31, 2008.

Operating income was JPY3.3 billion, a gain of JPY9.0 billion
year-on-year.  Total sales were JPY658.4 billion, 89% of the
previous fiscal year result for a decrease of 11%.  The company
reported an ordinary loss of JPY8.0 billion, an improvement of
JPY3.7 billion from the previous fiscal year.  A net loss of
JPY47.5 billion represents a decline of JPY39.6 billion
year-on-year.

Looking at consolidated profit and loss results, lower sales and
price declines caused by heightened competition had a negative
impact on profits in every segment, but especially in the
Consumer Electronics segment both inside and outside of Japan.

The company executed structural reforms based on its Action Plan
2007 announced in July 2007, almost entirely according to
schedule.  The reforms were resoundingly successful in helping
to lower fixed costs, and they also served to promote
profit-oriented sales policies and improve cost structures
through reducing purchase costs.  As a result of these
developments, operating income returned to the black for the
first time in three terms, improving by JPY8.9 billion over
the previous fiscal year to JPY3.2 billion.

The company stated ordinary loss of JPY8.0 billion, an
improvement of JPY3.7 billion from last fiscal year, due to
non-operating loss of JPY11.2 billion.  Net income was also
negative, as the company reported net loss of JPY47.5 billion,
which exceeds last fiscal year’s loss by JPY39.6 billion.  
Although there were extraordinary gains from selling off real
estate and securities holdings, the company reported impairment
losses on fixed assets and extraordinary losses associated with
restructuring and write-down of deferred tax assets.

                     Segment Information

Looking at the company’s individual business segments, Japan
domestic sales in the Consumer Electronics segment declined
year-on-year, as not only the home storage business including
DVD recorders contracted but also mainstay camcorders, LCD
televisions and audio products all fought uphill battles due to
heightened market competition.

Sales in this segment outside of Japan also fell short of the
previous fiscal year’s level.  In the Americas, on a local
currency basis, AV accessories such as headphones registered
substantial growth on strong sales, and sales of LCD televisions
were firm.  However, a contracting market for CRT televisions
and lower sales of D-ILA rear projection televisions led to an
overall decline in this region.

The CRT television market contracted in Europe as well, while
the region also saw slumping sales of camcorders and LCD
televisions.  Overall, European sales were down.  

In Asia, car AV systems and LCD televisions enjoyed growth, but
CRT televisions and other products struggled.  As a result,
total sales in the Consumer Electronics segment were JPY469.5
billion, a decline of JPY73.8 billion or 13.6% from the previous
fiscal year.

The Entertainment segment suffered from an overall lack of hit
releases compared to the previous fiscal year, although Teichiku
Entertainment put up a strong performance.  As a result, sales
in this segment totaled JPY71.1 billion, a year-on-year decline
of JPY11.2 billion or 13.6%.

In the Professional Electronics segment, sales in Japan declined
year-on-year despite growth in professional displays, as a
result of heightened competition for surveillance camera systems
and professional audio products.  In markets outside of Japan
the segment enjoyed strong sales, especially for D-ILA front
projectors and professional HDV camcorders.  As a result,
overall sales from this segment increased by JPY1.2 billion or
1.9% from the previous fiscal year to JPY65.2 billion.

The Components & Devices segment endured a decline in sales
caused by termination of the deflection yoke business, but
automobile optical pickups enjoyed growth and sales of motors
for hard disk drives were firm.  As a result, total sales for
the segment increased year-on-year by JPY0.8 billion or
2.4% to JPY36.4 billion.

Other segments, which mainly include recording media and home
interior products, generated total sales of JPY16.1 billion, a
decrease of JPY1.3 billion or 7.8% compared to the previous
fiscal year.

                     Important Developments

Restructuring progressed almost exactly as scheduled in
the company’s Action Plan.  In terms of business restructuring,
the company reorganized its production and sales sites and
conducted a transfer of its device business.  In the area of
employment restructuring, the company strengthened its operating
structure by instituting an early retirement program.  It also
bolstered its financial standing by reducing its
interest-bearing liabilities by JPY50.9 billion compared to the
beginning of the term under review.

In addition, the company’s three profit driving product groups
performed well and helped put operating income back into a
positive figure.  Camcorders, car electronics and AV accessories
continued to generate high profits, while the Professional
Electronics segment and the Entertainment segment also
achieved higher income compared to the previous fiscal year.

Moreover, reforms related to LCD televisions and audio products
fell behind schedule, and work still needs to be done to improve
the profitability of these product groups.

                       Fiscal 2009 Outlook

Looking ahead, difficult operating conditions are anticipated to
continue for the coming fiscal year due to increasingly fierce
competition on markets for digital consumer electronics inside
and outside of Japan, the impact of higher oil prices and
material prices, exchange rate fluctuations and other factors.

In anticipation, JVC intends to continue to move forward boldly
on the course defined by its Action Plan 2007, bolster its
operating structure by selecting promising business areas
thoroughly and focusing resources on them, and work toward
achieving the targets stated in its new Medium-Term Plan.

Total sales is expected to be at JPY595.0 billion and operating
income is seen to be at JPY8.0 billion.  JVC did not give a
forecast for the ordinary income and net income.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is  
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


JVC CORP: Plans on Ending Production at JVC UK in July 2008
-----------------------------------------------------------
Victor Company of Japan, Ltd. plans to end production activities
at JVC Manufacturing UK LTD. at the end of July 2008 as part of
restructuring television business operations.

JMUK has manufactured cathode-ray tube (CRT) televisions, liquid
crystal display (LCD) televisions and related products primarily
for UK and other European markets as a UK subsidiary of JVC.

JMUK served as a CRT and LCD television production facility
since establishment in 1987 to manufacture television products
for the UK and European markets.  The rapid shift, however, from
CRTs to flat panel displays (FPDs) in the color television
market over the past several years led to a drastic
fall in FPD product prices.  

JVC was forced to conclude that it would be difficult to
continue production within the UK due to the resulting impact on
profits.  Other factors behind the decision to halt production
include the fall to about 25% percent of JMUK-produced products
sold within the UK, and development of production infrastructure
for electronics products in Eastern Europe.

Taking such circumstances into consideration, JVC will switch
from internal production at JMUK to consignment production by an
electronic manufacturing service (EMS) company in Eastern
Europe, in order to reduce display product manufacturing costs
and increase business profitability.  JVC will also be reducing
logistics and material costs through local part procurement in
Eastern Europe in conjunction with this move.

JMUK has begun consultations with union representatives on
April 25, 2008.  JVC plans to terminate production at the end of
July and initiate company liquidation procedures around
September, after the consultation procedures have been
completed.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is  
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


KIRAYAKA HOLDINGS: JCR Cuts Rating on Subordinated Bonds to BB+
---------------------------------------------------------------
Japan Credit Rating Agency Ltd. has downgraded its rating on
senior debts and subordinated bonds of Kirayaka Holdings Inc.
from BBB/Stable and BBB- to BBB-/Stable and BB+, respectively.  
JCR has also downgraded its rating on senior debts of Kirayaka
Bank from BBB/Stable to BBB-/Stable.

Kirayaka Bank is a second-tire regional bank, which is a core
bank of Kirayaka Financial Group.  The bank was born when former
Shokusan Bank and former Yamagata Shiawase Bank merged on May 7,
2007.  The bank's fund volume amounts more than JPY1 trillion.  
The bank is a wholly-owned subsidiary of Kirayaka Holdings, a
holding company of the Group.  JCR downgraded its rating on the
bank by one notch, taking into consideration lowered capital and
core earnings power.  JCR will continue to watch carefully the
bank's business base, earnings power and credit costs.  As for
Kirayaka Holdings, JCR put its rating the same BBB- as that on
the core bank of the Group, given that the holding company has
well-balanced cash flow and restricted double leverage ratio,
which is a ratio of a holding company's debt raised to its
equity holdings of subsidiary as well as policy on merger with
Kirayaka Bank.  The merger between the two is scheduled for
October 1, 2008.  The rating on Kirayaka Bank reflects
creditworthiness of the Group as a whole.  Therefore, impact of
the merger on rating for the bank will be limited.

Kirayaka Holdings Inc. is a Japan-based company mainly engaged
in the provision of financial services.  The Company provides
banking services, such as leasing services and credit card
services.  Through its subsidiaries, the Company also provides
venture capital investment and consulting services, electronic
data processing services and delivery and collection services of
ledger sheets and records.  Headquartered in Yamagata
Prefecture, the Company has nine subsidiaries and two associated
companies.


MITSUBISHI MOTORS: Global Production for FY 2007 Climbs 8.8%
------------------------------------------------------------
Mitsubishi Motors Corporation reports global production, as well
as domestic sales and export figures for both for March 2008 and
the 2007 fiscal year.

Total global production in fiscal 2007 came in at 1,431,216
units, an increase of 8.8 percent over fiscal 2006 and the first
rise in volume in two years.  Production volume in Japan at
875,698 units was up 12.9 percent, the third consecutive year of
growth since fiscal 2005 and marking a new record for the fiscal
year since Mitsubishi Motors spun off its truck and bus
operations in 2003.  This growth was driven mainly by a 107.7
percent increase in output (170,084 units) of the new Outlander
for export to European and Chinese markets and by a 31.2 percent
rise in output of the new Lancer destined for the Russian, North
American, and Middle East and African markets.
       
Vehicle sales in Japan in fiscal 2007 totaled 218,632 units,
11.3 percent down over fiscal 2006. Passenger car (registrations
and mini-car) sales of 164,044 units and commercial vehicle
sales of 54,588 units were 8.7 percent and 18.2 percent down
respectively on last year.  Total registered vehicle sales at
83,551 units were 10.1 percent up, due primarily to the new
Galant Fortis and Lancer Evolution X introduced during fiscal
2007 as well as to firm sales of the Delica D:5 launched in
fiscal 2006.  Total mini-car sales were 20.8 percent down for
the year.
       
Overseas production volume in fiscal 2007 totaled 555,518 units,
an increase of 2.8 percent over last year and the first yearly
increase since fiscal 2002.  This was attributable mainly to a
10.2 percent production increase to 358,154 units in Asia
reflecting the rise in export shipments of the L200 pickup truck
from Thailand, the boost in production at Proton and KRM (P.T.
Mitsubishi Krama Yudha Motors & Manufacturing) accompanying the
market recovery in Malaysia and Indonesia respectively and
higher production at China Motor Corp. in Taiwan.
       
Total exports from Japan in fiscal 2007 of 614,444 units were
38.5 percent up on the previous year, the third consecutive year
of growth and a new fiscal year record since Mitsubishi Motors
spun off its truck and bus operations in 2003.  Exports
shipments of 42,980 units to Asia showed a strong 36.6 percent
rise over last year helped by the introduction of the new
Outlander in China.  Export shipments to Europe of 257,221 units
were a very strong 74.7 percent up on fiscal 2006.  This rise
was driven mainly by growth in Russia, Ukraina and Central
European markets.  Exports to North America at 59,920 units were
14.4 percent down, attributable to market conditions in the
second half of the fiscal year.

                 March 2008 Global Production

Total global production came in at 137,910 units, a decline of
1.9 percent over March Last year and marking the first monthly
decrease since February last year.  Production volume in Japan
at 93,558 units was up 8.5 percent, the 18th consecutive month
of year-on-year growth and marking a new record for March since
Mitsubishi Motors spun off its truck and bus operations in 2003.
This growth was driven by a 32.4 percent increase in output
(31,345 units) of the new Lancer for the Russian, North
American, and Middle East and African markets and by a 19.5
percent increase in output (18,647 units) for export shipments
of the new Outlander which continues to sell briskly in European
and Chinese markets.
       
Vehicle sales in Japan in March totaled 32,317 units, a 16.0
percent decrease year-on-year.  Passenger car (registrations and
mini-car) sales of 25,182 units and commercial vehicle sales of
7,135 units were 17.1 percent and 11.6 percent down respectively
on the same month last year.  Total registered vehicle sales
were 13.8 percent down year-on-year despite strong showings by
the Lancer Evolution X, and the Galant Fortis, new additions to
the lineup since August last year.  Total mini-car sales volume
was 17.2 percent down despite an 17.6 percent increase in Pajero
Mini sales.
       
Overseas production volume totaled 44,352 units, 18.4 percent
down over March last year.  

Total exports from Japan of 74,787 units were 25.0 percent up on
March 2007, marking the 17th consecutive month of year-on-year
increases and setting a new record for March since Mitsubishi
Motors spun off its truck and bus operations in 2003.  Exports
to Asia showed a healthy 14.6 percent rise over the same period
last year thanks mainly to firm sales of the new Outlander in
China.  Exports to Europe of 37,464 units were a very strong
77.6 percent up on March 2007 and a record for the month since
the 2003 spin off of the company's truck and bus operations.  
This surge was driven mainly by growth in Russia, Ukraina and
Central European markets.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc. has
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.                 


PATHEON INC: Undertakes Series of Events on Restructuring Plan
--------------------------------------------------------------
Patheon Inc. completed the sale of its York Mills facility
located in Toronto, Canada, for US$12.3 million effective
April 15, 2008.

The agreement to sell the facility was entered into on Dec. 31,
2007 as part of Patheon's global network restructuring plan.  
Patheon is currently in the process of transferring all
commercial production and development services undertaken at its
York Mills facility to, primarily, its Whitby facility, with a
smaller portion of activity being transferred to the company's
Mississauga and Cincinnati facilities.  This is primarily
intended to improve capacity utilization and profitability at
the continuing Canadian sites.

Patheon is de-commissioning the York Mills facility and has
leased back the facility for up to two years in order to
facilitate this process.

"We are pleased that we have completed another step in our
global restructuring plan and are now focused on consolidating
our resources at Whitby and improving our productivity in our
Canadian Operations," Wes Wheeler, chief executive officer,
said.

On Feb. 19, 2008, Patheon Inc. reported changes in the roles of
several of the company's senior executives.

Nick DiPietro has now assumed the role as executive vice-
president, corporate development and has relinquished his
responsibilities as president and chief operating officer of
Patheon.  Clive Bennett, former President has assumed the role
of chief technical officer, reporting to Wes Wheeler shief
executive officer.  Steve Liberty is appointed senior vice-
president, operations, Canada and USA.  These posts were
effected March 1, 2008.

                        About Patheon Inc.

Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI)
-- http://www.patheon.com/-- provides drug development and   
manufacturing services to the international pharmaceutical
companies located primarily in North America, France, Italy, the
United Kingdom and Japan.  It produces both prescription and
over-the-counter drugs for its clients.  Patheon provides
manufacturing services for a range of products in many dosage
forms and packaging, such as compressed tablets, hard-shell
capsules, liquids and powders filled in ampoules, vials, bottles
or pre-filled syringes. The pharmaceutical development services
provided by Patheon include dosage form development services,
scale-up and technology transfer services, and manufacturing of
pilot batches of drugs.


PATHEON INC: Moody's Holds B2 Rating; Changes Outlook to Neg.
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family
Rating of Patheon Inc. and changed the ratings outlook to
negative from stable.  Moody's also revised the rating on the
US$75 million secured asset based revolver to Ba3 from B1 in
accordance with Moody's Asset-Based Loan Rating Methodology and
reflecting Moody's belief that the instrument would have very
good recovery in a distressed scenario.  The B1 rating on the
US$150 million senior secured term loan B remains unchanged.

The negative outlook reflects risks associated with the
company's continued restructuring program and Moody's
uncertainty regarding the company's ability to improve
profitability and sustain meaningful free cash flow.  If the
company does not begin to demonstrate meaningful improvement in
operating cash flow generation by late 2008, there could be
further pressure on the ratings.

The B2 Corporate Family Rating is constrained by the weak
operating performance that Patheon has demonstrated over the
last several years, partly due to the underperformance of three
Puerto Rican facilities acquired in 2005.  The company continues
to make efforts to restructure the business, diversify its
revenue base and improve profitability.  The ratings are also
constrained by the risks inherent in the business, including
loss of revenues due to generic competition, product approval
delays and client repatriation of products.

The ratings are supported by the company's leading market
position in the pharmaceutical contract manufacturing arena
which has high barriers to entry and longer-term favorable
industry fundamentals.  The ratings are also supported by the
company's relatively modest financial leverage and good near-
term liquidity and interest coverage.

Affirmed:

-- Corporate Family Rating, B2

-- Probability of Default Rating, B2

Instrument Ratings Revised:

-- US$75 million Senior Secured Asset Based Revolver, to Ba3
    (LGD3, 32%) from B1, (LGD3, 37%)

-- US$150 million Senior Secured Term Loan B, to B1 (LGD3, 34%)
    from B1 (LGD3, 37%)

The ratings outlook was changed to negative from stable.


SANYO ELECTRIC: Tie-Up Rumors With Matsushita are Untrue
--------------------------------------------------------
Sanyo Electric Co., Ltd. denies reports about a possible tie-up
or merger with rival Matsushita Electric Industrial Co., Ltd.
reports Thomson Financial News, citing The Yomiuri Shimbun.

In its website, Sanyo confirmed that reports in the media about
a possible merger of operations with Matsushita are untrue.

According to Thomson Financial, The Yomiuri Shimbun reported
that Sumitomo Mitsui Financial Group Inc., Goldman Sachs Group
Inc., and Daiwa Securities Group Inc., which hold a combined
66.79% voting rights in Sanyo in the form of preference shares,
may sell their stakes to Matsushita after March 2009 when limits
on sales of shares will expire.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

            
                         *     *     *

In March 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

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



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

CHOROKBAEM MEDIA: Signs KRW2,900 Million Contract With SBS
----------------------------------------------------------
Chorokbaem Media Co. Limited has signed a contract with SBS to
produce miniseries television program, Reuters reports.

According to the report, the contract is worth KRW2,900 million.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007


DAEWOO: Signs KRW107.6 Billion Supply Deal With Transmax Asia
-------------------------------------------------------------
Daewoo Electronic Components Co Limited signed a
KRW107,654,400,000 supply contact with Transmax Asia Co Limited,
Reuters reports.

According to the report, under the business deal, Daewoo
Electronic will supply laptop computers to Transmax Asia.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer            
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


DAEWOO ELECTRONIC: Establishes New Subsidiary
---------------------------------------------
Daewoo Electronic Components Co. Limited established a Korea-
based wholly owned subsidiary on April 24, 2008, Reuters
reports.

The new entity, capitalized at KRW 300 million, is mainly
engaged in the new renewable energy, solar photovoltaic power
generation and light emitting diode businesses, the report
notes.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer            
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


DIOMED HOLDINGS: Seeks Court OK to Sell Assets to AngioDynamics
---------------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. asked permission from the
U.S. Bankruptcy Court for the District of Massachusetts to sell
their medical device development and marketing business
operations and majority of their estates to AngioDynamics Inc.

The total consideration for the sale of the assets will be the
buyer's assumption of some liabilities and an amount in cash of
US$8,000,000, subject to adjustment under a sale agreement.

The buyer will assume liabilities arising after the closing of
the deal including ordinary course of business wage of employees
who will be absorbed by the new owner.  This wage is valued at a
maximum of US$160,000 with respect to salaries plus US$160,000
with respect to commissions.

A break-up fee of US$250,000 will be paid to the buyer at the
closing of an alternative transaction.

                       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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

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, Diomed Inc., 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


DIOMED HOLDINGS: Gets Interim OK to Use Lenders' Cash Collateral
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts gave
Diomed Holdings Inc. and Diomed Inc. interim approval to use
lenders' cash collateral.

In March 2008, the Debtors told the Court that they need to use
cash collateral for the continued management and operations of
their business.  The Debtors particularly said that they have to
fund efforts to sell their assets.

The Debtors related that the use of cash collateral alone won't
sustain their cash needs beyond the initial weeks of the cases.  
Access to additional post-petition credit will be necessary to
pay for future daily operating costs associated with the
Debtors' ordinary course operations in order to finalize the
terms of and consummate, subject to Court approval, a
transaction for the sale of their operating assets.

           Creditors Holding Interest in Cash Collateral

Based on a court document, Hercules Technology Growth Capital
Inc., Iroquis Capital LP, Cranshire Capital LP, Portside Growth
and Opportunity Fund, and Rockmore Investment Master Fund Ltd.
are among those that have interests in the cash collateral.

a. Hercules Term Loan

The Debtors disclose that they are borrowers under a certain
loan and security agreement dated Sept. 28, 2007, with Hercules
as lender.  Hercules loaned the Debtors with a principal amount
of US$10,000,000 allowing the Debtors to draw US$6,000,000 on
the closing date.  The Debtors can then draw up to US$4,000,000
to be advanced in minimum increments of US$2,000,000 beginning
Jan. 31, 2008, until March 30, 2008.  The loan agreement with
Hercules has a prime rate plus 3.20%, plus additional 5%
following event of default.  The Debtors granted Hercules in its
assets, including inventory but excluding 35% of the capital
stock of foreign units and the capital stock of Luminetix Corp.  
As of the bankruptcy filing, the Debtors are obligated to
Hercules in the amount of US$6,000,000 with respect to term
loan, plus costs.

b. 2004 Variable Rate Convertible Debentures

Diomed Holdings issued variable rate convertible debentures in
October 2004, held as of the bankruptcy filing, by four
investors, Iroquis, Cranshire, Portside and Rockmore.  The
debentures mature on Oct. 25, 2008, or at an earlier date, in
cash or common stock.  In the event of mandatory repayment, the
debentures is subject to a 30% prepayment premium.  The
debentures bear interest at a variable rate of the greater of
500 basis points over six-month LIBOR, or 10%, subject to an
increase to 18% following event of default.  Diomed Holdings
initially issued US$7,000,000 of convertible debentures, the
amount was reduced over time.  The conversion price of the
debentures is currently at US$0.70 per share.  Although the
debentures were unsecured when issued in 2004, a subordinated
security interest was granted to the debenture holders as a
condition to the debenture holders' consent to the Hercules Term
Loan on Sept. 28, 2007.  As of the bankruptcy filing, the
balance of the outstanding debentures was US$3,536,090, plus
costs.

c. Other Liabilities

The Debtors have other current liabilities, including general
unsecured liquidated accounts payable of US$1,652,001 and
accrued expenses of US$3,755,612, totaling US$5,407,614.

                         Debtors' Assets

The Debtors disclose that as of Feb. 29, 2008, they hold
accounts receivable of US$1,612,917, cash and cash equivalents
of US$309,273, inventory of US$2,626,306, prepaid expenses of
US$456,805, property and equipment of US$862,337, long-term
assets of US$4,408,240, and other assets of US$14,700,000.  The
total value of the Debtors' assets as of Feb. 29, 2008, reached
about US$24,975,881.

                       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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

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, Diomed Inc., 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


DIOMED HOLDINGS: Selects Fladgate LLP as U.K. Legal Counsel
-----------------------------------------------------------
Diomed Holdings Inc. and Diomed Inc. seek permission from the
U.S. Bankruptcy Court for the District of Massachusetts to
engage Fladgate LLP as their United Kingdom counsel.

The Debtors continue to operate their businesses, including
their operations in the United Kingdom and Mexico through their
units, Diomed Ltd. and Diolaser Mexico SA de CV.

The Debtors told the Court that Fladgate LLP will represent
their interests with respect to Diomed Ltd., effective as of the
date of their retention motion.  Fladgate LLP will render
various legal services necessary in the Debtors' cases.

According to the motion, Diomed Ltd. was formed under the laws
of the United Kingdom, and 100% of Diomed Ltd. is owned by
Diomed Inc.  Contemporaneous with the filings in the U.S.,
Diomed Ltd. filed documents in Court commencing administration
proceeding in the United Kingdom.

Based on the motion, Fladgate LLP's rates range from US$550 to
US$850 for attorneys and US$350 for paralegals.

The Debtors assured the Court that "Fladgate is well-qualified
to represent them in the cases in an efficient and timely
manner."  They added that Fladgate LLP won't duplicate the
services to be rendered by its other counsels and hired
professionals.

The firm can be reached at:

             Rupert Connell, Esq.
                (rconnell@faldgate.com)
             Edward Marriott, Esq.
                (emarriottl@faldgate.com)
             Fladgate LLP
             25 North Row
             London, W1K6DJ
             Tel: +44 (0)20 7323 4747
             Fax: +44 (0)20 7629 4414

In his affidavit, Mr. Connell said that his firm has over 80
attorneys, has a large and diversified law practice.  He said
that although his firm may have a client roll encompassing
several entities that may have interests in the Debtors' cases,
Fladgate will not represent other client in matters related to
the Debtors during the pendency of the case.

                       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.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.

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, Diomed Inc., 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 LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total
liabilities of US$14,743,485.

The American Stock Exchange delisting of Diomed's stock is
effective on April 28, 2008, unless postponed by the Securities
and Exchange Commission.


UAL CORP: Continental Airlines Chooses Not to Merge with United
---------------------------------------------------------------
Continental Airlines Inc.'s Chairman and Chief Executive Officer
Larry Kellner and President Jeff Smisek disclosed to more than
45,000 employees that the company's Board of Directors
unanimously supported the management's recommendation that, in
the current industry environment, the best course for
Continental is not to merge with another airline at this time.

As reported in the Troubled Company Reporter on March 20, 2008,
UAL Corp., United Air Lines Inc.'s parent, planned to pursue a
consolidation with Continental Airlines if given the go-ahead,
to create the airline industry's biggest carrier, United Press
International reports.  Stephen Canale, a union representative
on United Airlines' board of directors, said that Continental is
"without question" the first choice for a United merger.

According to the two executives, the Board very carefully
considered all the risks and benefits of a merger with another
airline, and determined that the risks of a merger at this time
outweigh the potential rewards, as compared to Continental's
prospects on a standalone basis.  The management will, however,
continue to review potential alliances and its membership in
SkyTeam.  Continental is considering alternatives to SkyTeam as
its carefully evaluates which major global alliance will be best
for Continental over the long term.

While some would prefer to see Continental pursue a merger, the
company strongly believes it has made the right decision -- one
that is in the best interests of its stockholders, co-workers,
customers and the communities it serves.

Messrs. Kellner and Smisek relate that every U.S. carrier,
including Continental, is under enormous pressure from record
high fuel prices, a slowing U.S. economy and a weak dollar.  In
today's harsh environment, the company must continue to adjust
its business model to ensure it to successfully navigate through
these difficult times, so that in the future it can once again
grow and prosper.

In the meantime, Continental must all continue to concentrate on
what it does so well: delivering clean, safe and reliable air
transportation every day.

Even in these tough times, Messrs. Kellner and Smisek said,
Continental has great strengths.  It has an enviable position in
the New York market, a powerful hub in Houston, and hubs in
Cleveland and Guam.  Continental has a solid trans-Atlantic
route network, which has recently been enhanced by our access to
London Heathrow.  It also has a great Latin American network and
a growing portfolio of routes to India and Asia.  Continental
flies the youngest, most fuel-efficient fleet and have the best
new aircraft order book among the major network carriers.

                   About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/   
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 2,900 daily departures throughout the Americas, Europe and
Asia, serving 144 domestic and 139 international destinations.  
More than 500 additional points are served via SkyTeam alliance
airlines.  With more than 45,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 69 million passengers
per year.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United   
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.  (United Airlines Bankruptcy News, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/   
or 215/945-7000).

                            *     *     *

Moody's Investor Service placed UAL Corp.'s long term corporate
family and probability ratings at 'B2' in January 2007.  The
ratings still hold to date with a stable outlook.


UAL CORP: Begins Merger Discussions with US Airways
---------------------------------------------------
US Airways Group Inc. recently got together with United
Airlines, Inc. to discuss a potential merger, which would revive
a consolidation that was turned down by regulators in 2001, Ted
Reed of the TheStreet.com reported.  

US Airways and United were already having discussions even
before Delta Airlines, Inc. and Northwest Airlines Corp.
announced plans to merge, a person familiar with the situation
had disclosed.  However, the Delta-Northwest deal has spurred
talks of a Continental-United consolidation, which could push US
Airways out of the picture, the source said.

US Airways Chief Executive Officer Doug Parker made no move to
counter speculations that US Airways may be involved in another
merger.  But he did say that if US Airways does take part in a
merger, "we will do so because we believe it is the best
interests of our employees and our airline."

Mr. Parker added that despite the problems associated with the
2005 merger between America West and US Airways, the carrier is
stronger today as a result, said Mr. Reed.

Meanwhile, an airline analyst wrote in a research note this
week, that a US Airways-United deal has "considerable merit" and
would be less complicated than a UAL-Continental merger, The
Charlotte Observer reported.

According to the Observer, a US Airways-United merger could be
easier when it comes to aligning the wages of pilots, combining
fleets and reducing flights and seats.

                        DOT Reduces Fine

The U.S. Department of Transportation reduced the fine it
imposed against US Airways Group Inc. for problems related to
the company's reporting of flight delays, the Pittsburgh
Business Times reports.

The Business Times says the fine has been reduced from US$50,000
to US$30,000.

US Airways had explained that the "problem stemmed from melding
reservation systems after the 2005 merger with America West
Airlines," according to the paper.

"This stemmed from having two separate reservations system prior
to our March 2007 reservations system integration," US Airways
spokesman Morgan Durrant said, reports Business Times.  "What
likely happened is that someone called a pre-merger America West
reservations center and asked for on-time performance
information for a pre-merger US Airways flight.  At any rate,
the issue is fixed and on-time performance information is
available to callers who ask."

The DOT requires U.S. carriers to disclose flight delays to
federal government and consumers.

                USAIR Builds New Maintenance Plant

US Airways started building a new equipment maintenance plant at
the Philadelphia International Airport on April 17, 2008, Linda
Loyd of The Philadelphia Inquirer reports.

US Airways expects the 58,000-square-foot plant to be completed
late next year, at an estimated total cost of US$18,000,000, Ms.
Loyd notes.   The plant will consolidate three existing US
Airways repair facilities at the airport, The Philadelphia
Inquirer says.

                         About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.  (US Airways
Bankruptcy News, Issue No. 158; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services revised its outlook on US
Airways Group Inc. to stable from positive.  S&P has affirmed
all ratings, including the 'B-' long-term corporate credit
rating.

The TCR reported on April 17, 2008, that Fitch Ratings has
affirmed the debt ratings of US Airways Group, Inc. as: Issuer
Default Rating at 'B-'; Secured term loan rating at 'BB-/RR1';
and Senior unsecured rating at 'CCC/RR6'.  Fitch's ratings apply
to approximately US$1.7 billion in outstanding debt.  The Rating
Outlook has been revised to Stable from Positive.

                          About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.

(United Airlines Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on April 22, 2008,
Standard & Poor's Ratings Services revised its rating outlook on
UAL Corp. and its United Air Lines Inc. subsidiary (both rated
B/Negative/--) to negative from stable.

On April 24, 2008, the TCR related that Standard & Poor's
Ratings Services said that its ratings and outlook on UAL Corp.,
parent of United Air Lines Inc. (both rated B/Negative/--) are
not affected by UAL's report of a heavy first-quarter loss.  UAL
reported a first-quarter US$542 million pretax loss, as much
higher fuel prices more than offset increased revenues.  S&P had
revised its rating outlook on both entities to negative from
stable on April 16, 2008.  In that outlook revision, S&P cited
very high fuel prices and the expected effect on UAL revenues of
a weak U.S. economy.



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

MALAYSIAN AIRLINES: To Factor Market Status Before Buying Planes
----------------------------------------------------------------
Malaysian Airline System Bhd wants to factor in the conditions
of the market in the next five to ten years first, especially on
the issue of overcapacity, before deciding on the model and the
number of aircraft to acquire, reports The EdgeDaily citing the
company's managing director and chief executive Datuk Seri Idris
Jala.

“We need time to carefully look at our needs and the kind of
market there is, before deciding what kind of aircraft and how
many that we will want to acquire,” said Mr. Jala as quoted by
the EdgeDaily.

Moreover, Mr. Jala affirms that the company was open to the
possibility of consolidating with another airline to counter
overcapacity in the industry, which he expected to hit the
region in five years’ time, the report relates.

Mr. Jala claims that Malaysian Airlines wants a partner that is
too much like them, but one that can give synergy in enhancing
the company's revenue.

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

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


PROTON HOLDINGS: Inks MOU with Edaran Otomobil Nasional
-------------------------------------------------------
Proton Holdings Berhad has agreed to enter into Memoranda of
Understanding with Edaran Otomobil Nasional Berhad to work
towards possible collaboration in rationalizing the existing
PROTON - EON distribution sales and services network as well as
the rationalization of investee companies within the Proton
Group.

The Memoranda of Understanding will not be construed as a
partnership nor a joint venture.  It will be be valid for a
period of three months from the date of signing or upon the
execution of a formal or definitive agreement, whichever is
earlier, with an option to extend the same for a further three  
months.

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

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

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


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

AOTEA ENGINEERING: Faces SteelNZ's Wind-Up Petition
---------------------------------------------------
On February 25, 2008, an application to put Aotea Engineering
Limited (in receivership) into liquidation was filed in the High
Court at Rotorua.

The plaintiff is SteelNZ Limited and its solicitor is:

          T. M. BATES
          AEL Legal
          31-33 Great South Road, Ground Floor
          Newmarket, Auckland


CHARCOAL HOLDINGS: Court to Hear Wind-Up Petition on May 23
-----------------------------------------------------------
On February 4, 2008, an application to put Charcoal Holdings
Limited (formerly Shea Limited) into liquidation was filed in
the High Court at Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 23, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614


JOSEPH PRODUCTIONS NO. 1: Faces CIR's Wind-Up Petition
------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 1 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 2: Court Sets May 2 Wind-Up Hearing
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 2 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 3: Faces CIR's Wind-Up Petition
------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 3 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 4: Court to Hear Wind-Up Petition
--------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 4 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 5: Court to Hear Wind-Up Petition
--------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 5 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 6: Faces CIR's Wind-Up Petition
------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 6 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 7: Court to Hear CIR's Wind-Up Petition
--------------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 7 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 8: Court to Hear CIR Petition on May 2
-------------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 8 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:45 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 9: Court to Hear CIR's Wind-Up Petition
--------------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 9 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


JOSEPH PRODUCTIONS NO. 10: Wind-Up Petition Hearing Is on May 2
---------------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No 10 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008, at 10:00 a.m.

The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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


NATIONAL BEVERAGES: Creditors Must File Claims by May 8
-------------------------------------------------------
Shareholders of National Beverages Limited resolved to liquidate
the company and appoint Philip du Preez, accountant of Auckland,
as liquidator.

The liquidator fixed May 8, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.

The liquidator can be reached at:

          Sterling Business Consultants
          a division of Minz Limited
          PO Box 32076
          Devonport, Auckland
          Telephone: (09) 486 3060
          Facsimile: (09) 486 3061


PHOENIX CONSTRUCTION: Joint Liquidators Appointed
-------------------------------------------------
Thomas Lee Rodewald and Robert James Neilson were appointed
joint and several liquidators of Phoenix Construction (NZ)
Limited on April 3, 2008.

The 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


SHENANIGANS IRISH BAR: Court to Hear Wind-Up Petition on May 2
--------------------------------------------------------------
On December 10, 2007, an application to put Shenanigans Irish
Bar Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Friday, May 2, 2008 at 10:45 a.m.


The plaintiff is the Commissioner of Inland Revenue and its
solicitor is:

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



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

ABS-CBN HOLDINGS: Confirms Stockholders' Meeting Attendees
----------------------------------------------------------
ABS-CBN Holdings Corporation confirmed in a regulatory filing
that only stockholders of record as of May 12, 2008, are
entitled to attend and vote in the company's upcoming Annual
Stockholders' Meeting.

The meeting will be held on June 6, 2008, at 10:00 a.m., at the
6th Floor of Benpres Building, at Exchange Road, Ortigas Center,
in Pasig City, Metro Manila.

ABS-CBN Holdings Corporation is a company incorporated in the
Philippines on March 30, 1999.  ABSP is 50% owned by Lopez, Inc.
and 50% owned by certain directors and officers of Lopez Inc.  
Lopez, Inc. has undertaken to procure and ABSP has also
undertaken that, for as long as the PDRs are outstanding, the
latter will not engage in any activities other than in
connection with the issue of the PDRs, the performance of
obligations under the PDRs and the acquisition and holding of
shares underlying the PDRs in issue from time to time.  Lopez,
Inc. has also undertaken to maintain at least 50% shareholding
and control in the outstanding equity of ABSP for as long as the
PDRs are outstanding.

                        *     *     *

ABS-CBN Holdings Corporation's balance sheet as of December 31,
2007, showed total capital deficiency of Php44,948 --  the same
figure that appears in the company's balance sheet as of
December 31, 2006.


WENDY'S INTERNATIONAL: Inks US$2BB Buyout Deal with Triarc Cos.
---------------------------------------------------------------
Wendy's International Inc. has signed a definitive merger
agreement with Triarc Companies Inc., the franchisor of the
Arby's restaurant system, for a US$2.34 billion all-stock
transaction.

Wendy's shareholders will receive a fixed ratio of 4.25 shares
of Triarc Class A Common Stock for each share of Wendy's common
stock they own.

Wendy's climbed 4.6% in New York Stock Exchange composite
trading on Thursday after Triarc said it will offer 4.25 shares
for each Wendy's share, Josh Fineman and Zachary Mider of
Bloomberg report.  That values the chain's Class A shares at
about US$26.78 each, 5.7% higher than the previous closing
price, Bloomberg relates.

Bloomberg cites Cowen & Co. analyst Paul Westra, saying: "The
announcement is definitely a psychological disappointment,
especially after the rather embarrassingly long one-year
search." "The drawn-out uncertainty ultimately led to a
fundamental deterioration of the Wendy's business."

Various reports say Wendy's profits totaled US$4.1 million, or
5 cents, a share for the quarter ended March 30, down from
US$14.7 million, or 15 cents a share, a year ago.  Revenue
lowered to US$513 million from US$522 million a year ago,
reports note.

Triarc will have a hard time restructuring the foodchain, Janet
Adamy of WSJ, relates.  After more than two years of bitter
public exchanges with Wendy's, Triarc chairman Nelson Peltz and
the company's new management will have to win the trust of
franchisees and employees, WSJ notes.  

                             Objectives

The transaction is expected to bring together Arby's and
Wendy's, two quick service restaurant brands.  The combined
systems will have approximately 10,000 restaurant units and pro
forma annual system sales of approximately US$12.5 billion. The
company relates it will position it as the nation's third
largest quick service restaurant company.

Under the agreement, Triarc's shareholders will be asked to
approve a charter amendment pursuant to which each share of
Triarc's Class B Common Stock, Series 1, will be converted into
one share of its Class A Common Stock, resulting in a post-
merger company with a single class of common stock.

Arby's and Wendy's will operate as autonomous brand business
units headquartered in Atlanta, Georgia, and in Dublin, Ohio,
each dedicated to operational improvements.

The new company expects to pursue daypart expansion, focused on
breakfast, expansion for both brands, and growth through future
acquisitions and new unit development.  A consolidated support
center to be based in Atlanta will oversee all public company
responsibilities and other central service functions.  As a
result, substantial corporate overhead savings are expected.

Roland Smith, Triarc's chief executive officer, will continue in
that role for the combined company and also will become chief
executive officer of the Wendy's brand.

Triarc will change its corporate name post-merger to include the
name "Wendy's" and to reflect its new identity as the owner of
this recognized restaurant brand.  Triarc's board of directors
will also be reconstituted and will have 12 members, including
two directors nominated by Wendy's.

Triarc's chairman, Nelson Peltz and its vice chairman, Peter
May,  who together own shares representing approximately 35% of
the voting power of Triarc's outstanding stock, have committed
to vote their shares in favor of the transaction.  Trian
Partners, an investment management firm which Messrs. Peltz and
May own together with Edward P. Garden, through its beneficial
ownership of 9.8% of Wendy's stock, is the largest shareholder
of Wendy's and has agreed to vote its shares in favor of the
transaction.

"We believe the combination of Arby's and Wendy's will create a
powerful new restaurant company and a 'must own' restaurant
stock with significant upside potential as we execute on the
many opportunities we see to expand and improve these two very
valuable brands," Mr. Smith said.  

"Working together with the Wendy's team, we expect to improve
margins significantly at Wendy's company-owned stores, Mr. Smith
added.  "We also expect to drive significant synergies and
improve efficiency, resulting in substantial annual savings for
our combined organization.  Through the execution of major
operating improvements and the realization of synergies, we
expect to generate substantial value for shareholders.  We also
expect to execute on a number of growth initiatives for the
combined organization that should further increase shareholder
value."

The combination of Arby's and Wendy's is expected to create
several important levers to enhance shareholder value:

   -- Arby's will leverage its management team's established
      track record of operational excellence to improve the
      results of Wendy's company-owned stores.  Planned
      operating improvements at Wendy's company-owned stores are
      estimated to generate approximately US$100 million of
      annual incremental operating profit over time through
      improved costs associated with food, labor and general
      operating expenses.

   -- Fully realized synergies and overhead savings are expected
      to reach an annual run rate of approximately US$60 million
      over time through the elimination of duplicate corporate
      functions and a streamlining of support services.

   -- U.S and international expansions are planned for both
      brands.  Daypart expansion will be focused on breakfast
      well as snacks and late night, and dual-concept unit
      development will be explored in high-cost real estate
      markets.

"We are committed to operating as a highly focused organization
and to fully realize the many operating and strategic
opportunities we will have as a result of bringing Arby's and
Wendy's together, while at the same time maintaining the strong
identity and integrity of both brands, Mr. Smith stated.

Mr. Smith has served as chief executive officer of Triarc
Companies Inc. since June 2007 and chief executive officer of
Arby's Restaurant Group Inc. since April 2006.  Previously, he
served as president and chief executive officer of American Golf
Corporation and National Golf Properties, President and chief
executive officer of AMF Bowling Worldwide Inc., and president
and chief executive officer of Arby's Inc., dba Triarc
Restaurant Group.  Mr. Smith is a graduate of the U.S. Military
Academy at West Point, New York.

"Over the past 12 months, the Special Committee of the Wendy's
Board conducted a rigorous process that will result in Wendy's
shareholders receiving a premium for their shares," James V.
Pickett, Wendy's chairman, said.  "We believe this transaction
with Triarc is in the best interests of all of Wendy's
constituencies and represents superior value to what the board
anticipates Wendy's would have generated as an independent
company.

"Wendy's directors deeply appreciate the patience and dedication
of our shareholders, franchisees and employees during a long
process," Mr. Pickett said.  "Wendy's needs stability and
bringing closure will enable our employees and franchisees to
focus solely on the business and customers.  The board and
management look forward to working with the Triarc team."

The transaction has been approved by the boards of directors of
both companies. The transaction is subject to regulatory
approvals and customary closing conditions, including the
expiration or termination of the waiting period under the Hart-
Scott-Rodino Antitrust Improvements Act of 1976.  The
transaction also requires the approval of Triarc and Wendy's
shareholders.  The transaction is expected to close in the
second half of 2008.

                            Advisors

Wachovia Securities and Merrill Lynch & Co. acted as Triarc's
financial advisors, Paul Weiss Rifkind Wharton & Garrison LLP
and Jones Day acted as Triarc's legal counsel and Cadwalader
Wickersham & Taft LLC acted as Trian Fund Management L.P.'s
legal counsel.

Wendy's financial advisors were J.P. Morgan Securities Inc. and
Greenhill & Co. LLC.  Wendy's legal advisors were Akin Gump
Strauss Hauer & Feld LLP and Winston and Strawn, and the Special
Committee's legal advisor was Baker Hostetler.

                   About Triarc Companies Inc.

Headquartered in New York City, Triarc Companies Inc.
(NYSE:TRY.B/TRY) -- http://www.triarc.com/-- is a holding  
company and, through its subsidiaries, is currently the
franchisor of the Arby's restaurant system and the owner of
approximately 94% of the voting interests, 64% of the capital
interests and at least 52% of the profits interests in Deerfield
& Company LLC, an asset management firm.   The Arby's restaurant
system is comprised of approximately 3,600 restaurants, of
which, as of Dec. 31, 2006, 1,061 were owned and operated by the
company's subsidiaries.

Deerfield & Company LLC, through its wholly-owned subsidiary,
Deerfield Capital Management LLC, is a Chicago-based asset
manager offering a diverse range of fixed income and credit-
related strategies to institutional investors with about
US$13.2 billion under management as of Dec. 31, 2006.

                  About Wendy's International

Based in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- is one of the world's   
largest and most successful restaurant operating and franchising
companies, with more than 6,300 Wendy's Old Fashioned Hamburgers
restaurants in North America and more than 300 international
Wendy's restaurants.

At Dec. 30, 2007, the company's balance sheet showed total
assets of US$1.79 billion, total liabilities of US$0.99 billion,
and total shareholders' equity of US$0.80 billion.


WENDY'S INT'L: Triarc Deal Prompts Moody's 'Ba3' Rating Reviews
---------------------------------------------------------------
Moody's Investors Service stated that it continues the review
for possible downgrade the ratings of Wendy's International
Inc.'s following the announcement that Triarc Companies, Inc.,
the franchisor of the Arby's restaurant system, and Wendy's have
signed a definitive merger agreement for an all-stock
transaction.

Wendy's ratings remain of review for possible downgrade because
if the merger occurs, the combined entity will continue to face
earnings pressure from the weak operating environment, and
business risks associated with implementation of new
management's plan to improve operating performance.  As well,
the combined entity will have weaker credit metrics than Wendy's
on a standalone basis.  The review will focus on management's
plan to achieve operational improvements as well as the combined
entity's future capital structure, liquidity, and financial
policy.

Wendy's International, Inc.

Ratings on review for further possible downgrade are;

  -- Corporate family rating at Ba3

  -- Probability of default rating at Ba3

  -- Senior unsecured notes rating at Ba3

  -- Senior unsecured shelf rating at (P)Ba3

  -- Subordinated shelf at (P)B2

  -- Preferred stock shelf at (P)B2

Wendy's International, Inc., headquartered in Dublin Ohio, owns
and franchises Wendy's Old Fashion Hamburger restaurants.  Total
revenues in 2006 were approximately US$2.4 billion.


WENDY'S INT'L: Triarc Deal Cues S&P's Neg. Watch on BB- Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Wendy's International Inc., including the 'BB-' corporate credit
rating, would remain on CreditWatch, where they had been placed
with negative implications on April 26, 2007.

This CreditWatch update follows Wendy's announcement that it
signed a definitive merger agreement with Triarc Companies Inc.
in which Wendy's shareholder's will receive of fixed ratio of
4.25 shares of Triarc Class A Common Stock for each share of
Wendy's common stock (total consideration is approximately 2.34
billion).   The merger is subject to shareholder and regulatory
approval.  The transaction represents about eight times Wendy's
2007 EBIDTA.
     
The merger of Wendy's with Triarc, whose only operating
subsidiary is Arby's Restaurant Group Inc. (Arby's) (B+/Watch
Dev/--), may result in Standard & Poor's lowering the rating on
Wendy's debt; however, any downgrade will likely be limited to
one notch.   "Arby's has a weaker business profile and higher
financial risk than Wendy's, and the new entity would be subject
to significant integration risk," said Standard & Poor's credit
analyst Diane Shand.  Pro forma for the merger, lease-adjusted
debt to EBITDA at the combined company will be high at about
3.9x, which does not account for any potential cost savings or
operational improvements.  
     
Under the agreement, Arby's and Wendy's will operate as
autonomous business brand units.  Standard & Poor's believes the
combined entity will achieve some cost savings.  However,
progress in improving the Wendy's operations could be slow and
uneven given the intensely competitive nature of the quick
service sector of the restaurant industry, the weak U.S.
economy, and cost pressures facing the industry.
     
Wendy's same-store sales trends have underperformed the industry
for a number of years as a result of lack of new product
offerings and poor advertising campaigns.  "We believe that both
concepts' margins will be under pressure for at least the next
year due to high commodity costs and weak consumer demand," said
Ms. Shand.   Arby's same-store sales were below industry average
last year, but the company improved operating performance
through cost reductions and new unit growth.
     
Standard & Poor's will resolve the CreditWatch upon completion
of the merger and following a discussion with management on the
operating strategies and financial policy of the new entity.



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

SEA CONTAINERS: SCSL Panel Asks Documents on Pension Dispute
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services Ltd. asks the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to compel the
Official Committee of Unsecured Creditors of Sea Containers Ltd.
to produce documents that have been withheld on the basis of the
common interest privileges between the SCL Committee and the DIP
Lenders or the Bondholders.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
the Debtors asked the Court to approve the pension scheme
agreement between them and the trustees of the two main Sea
Containers Pension Schemes to agree on the amount of their
claims against the Sea Containers estate.

As a result of extensive negotiations that commenced prior to
the bankruptcy filing and have continued throughout these
Chapter 11 cases, the Debtors, their Official Committee of
Unsecured Creditors, and the Trustees agreed to the Settlement
under which the Schemes' claims against the Debtors are fully
resolved.

The SCSL Committee's Document Requests seek to obtain from the
SCL Committee various categories of documents directly relevant
to the issues raised by its objection to the Settlement,
including:

   -- documents relating to the SCL Committee's evaluation and
      analysis of the Pension Schemes' claims;

   -- documents concerning communications between the SCL
      Committee and the Debtors or their creditors about:

      * the Pension Schemes' claims;

      * the SCL Committee's contention that the Pension Schemes
        and the SCSL Committee violated the automatic stay; and

      * set-off rights between the Debtors; and

   -- documents relating to the grounds raised in the objection
      to the Pension Schemes' proofs of claim filed by the SCL
      Committee.

Mr. Stratton says the SCL Committee has not produced, and does
not intend to produce, a privilege log for the documents
withheld based on the common interest privileges it asserted.  
Although the parties did agree that privilege logs need not be
produced for documents withheld based on the attorney-client
privilege or attorney-work product doctrine, reflecting
communications between the committees and their members and
advisors, no agreement was reached with respect to documents
withheld based on a common interest privilege, he continues.

                   Dispute on Common Interests

David B. Stratton, Esq., at Pepper Hamilton LLP, in Wilmington,
Delaware, argues that the SCL Committee's assertion that it has
a "common interest" privilege with respect to all communications
between the SCL Committee and two groups of creditors, the DIP
Lenders, and a group of unsecured bondholders represented by
Kramer Levin Naftalis & Frankel LLP, is not supported by law.

Mr. Stratton tells Judge Carey that there is no common interest
between the DIP Lenders and the SCL Committee.  He asserts that
the interests of the DIP Lenders, by virtue of their position,
differ significantly from, and potentially conflict with, the
interests of unsecured creditors.  He notes that it was this
divergence in interest that led the U.S. Trustee to remove
certain noteholders, who became DIP Lenders, from the original
SCL Committee.  Hence, he points out, the SCL Committee cannot
withhold communications with the DIP Lenders under the guise of
a "common interest" privilege.

Although the SCL Committee and the Bondholders may share a
common commercial interest, that interest alone is insufficient
to give rise to a common interest privilege, Mr. Stratton
argues.  He contends that the SCL Committee cannot demonstrate
that it shares a common legal interest with the Bondholders in
opposing the Debtors' request to approve the settlement
regarding the pension claims.

As a result of the expansive privileges asserted by the SCL
Committee, its entire document production consists of seven
documents, a number of which are duplicates, totaling eleven
pages in the aggregate, Mr. Stratton tells the Court.  He notes
that the SCSL Committee, the Sea Containers 1983 Pension Scheme
and the Sea Containers 1990 Pension Scheme have produced more
than 20,000 pages of documents in response to the SCL
Committee's discovery requests.

                            Objections

A. SCL Committee

The SCL Committee tells Judge Carey that the SCSL Committee's
document requests seek to compel disclosure of communications
among the SCL Committee, creditors and DIP Lenders concerning:

   -- the claims asserted by the Pension Schemes;

   -- whether the SCSL Committee acted in violation of the
      automatic stay in taking steps to procure the Pension
      Claims;

   -- the Debtors' request to approve the Settlement; and

   -- any settlement discussions regarding the Pension Claims.

William  H. Sudell, Jr., Esq., at Morris, Nichols, Arsht &
Tunnell LLP, in Wilmington, Delaware, says the SCL Committee is
stranger to the Settlement and the request to approve the
Settlement because it played no part in the facts and
circumstances that form the basis for the Pension Claims and
equalization matters that were resolved in the Settlement.  
Hence, he asserts, there is no historical fact that the SCL
Committee could provide documents that would be in any way
relevant in evaluating the issues presented by the Settlement.

Mr. Sudell contends that the communications among the SCL
Committee, certain creditors, and the DIP Lenders, that the SCSL
Committee seeks to compel took place in aid of a common interest
arising in connection with litigation -- resisting the dilutive
effect on creditors of allowance of the Pension Claims in an
inflated amount.  He notes that the communications necessarily
took place in the conduct of SCL Committee's duties as an
official committee.

The communications are irrelevant to the facts that would
determine the merits of the Settlement Request, and are
protected by the common-interest privilege, Mr. Suddell argues.  
He adds that the disclosure of the communications would chill
the:

   -- SCL Committee from carrying its function,

   -- creditors from obtaining the benefit of the official
      committee, and

   -- inhibit the orderly plan process.  

Hence, the SCL Committee asks the Court to deny the request to
compel.

B. Bondholders

Bondholders Contrarian Capital Advisors, LLC; J.P. Morgan
Securities Inc.; Credit Trading Group; Post Advisory Group, LLC;
Trilogy Capital LLC; and Varde Investment Partners, L.P.; say
that while they are not aware of the specific documents the SCL
Committee has withheld pursuant to the common interest
privilege, there can be little debate that the privilege applies
to communications between the SCL Committee and the Bondholders,
and their counsel and advisors.

The Bondholders inform the Court that they have had numerous
detailed communications concerning the legal merits of the
Pension Claims and the Settlement Request, as well as strategy
and tactics related to the SCL Committee's litigation against
both.  They relate that included in their communications are the
objectives and interests of the Bondholders and the SCL
Committee.  Hence, the Bondholders point out that their
privileged communications with the SCL Committee fall squarely
within the common interest privilege.

The Bondholders also argue that they share a common legal
interest with the SCL Committee in assuring that the allowed
amount of the Pension Claims conforms to all applicable legal
requirements, and in challenging a Settlement, which fails to
reasonably reflect those requirements.  Accordingly, the
Bondholders ask the Court to deny SCSL Committee's request.

C. Mariner Investment Group

Mariner Investment Group Inc., one of the DIP Lenders, joins and
supports the SCL Committee's objection to the request.  Mariner
objects to the document production request as it relates to
communications between Mariner Investment and the SCL Committee
concerning the Pension Claims.

Janet M. Weiss, Esq., at Gibson, Dunn & Crutcher LLP, in New
York, contends that communications with Mariner Investment could
not possibly have any bearing on approval of the Pension
Settlement because it has not filed any objection or other
pleadings in connection with the settlement.  She adds that the
request is not, by any stretch, "reasonably calculated to lead
to the discovery of admissible evidence," pursuant to Rule
26(b)(1) of the Federal Rules of Civil Procedure.

"The [SCSL] Committee's request for communications between
Mariner and the SCL Committee is merely a litigation tactic
designed to chill open discussions between Mariner and the SCL
Committee, which is representing Mariner's substantial interests
as a bondholder," Ms. Weiss points out.

Ms. Weiss further argues that the request, which is specifically
aimed at the DIP Lenders is "nothing more than an intimidation
tactic," which creates wasteful expense and harms to the
bankruptcy estates.  Hence, Mariner Investment asks the Court to
limit the scope of the SCSL Committee's discovery to exclude
documents reflecting any communications with the DIP Lenders
relating to the Pension Claims.

                       About Sea Containers

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

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

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

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

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

The Debtors were not able to file a Chapter 11 plan of
reorganization on April 15, 2008.  (Sea Containers Bankruptcy
News, Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)



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

MILLICOM INTERNATIONAL: Earns US$158.1 Mln for 1st Quarter 2008
---------------------------------------------------------------
Millicom International Cellular S.A. posted US$158.1 million in
net income on US$800.7 million in net revenues for the
first quarter 2008, compared to US$345.2 million in net income
on US$562.7 million in net revenues for the same period in 2007.

As of March 31, 2008, Millicom had US$4.76 billion in total
assets, US$3.03 billion in total liabilities, resulting to
US$1.73 billion in total shareholders equity.  The company's
March 31 balance sheet showed a working capital deficit with
US$1.8 million in total current assets and US$2 million in total
current liabilities.
                       
"Millicom recorded the second best quarter in its history in
terms of net subscriber additions, adding 2.8 million in the
quarter, following the exceptional final quarter of 2007," Marc
Beuls, CEO of Millicom, said.  "We are also particularly pleased
with the first quarter year-on-year revenue growth of 42%, which
is higher than the 41% growth in the previous quarter, and with
the net profit of $158 million for the quarter, reflecting a
very strong margin of 20%."

"Given that first quarter has historically been the weakest
quarter of the year, owing to the seasonality of our business,
our results show that we have achieved real traction across our
markets as a result of sustained and heavy investment in sales
and marketing, distribution and our networks in the last few
years.  It is encouraging to see the EBITDA margin improve to
42% from 40% in the previous quarter given this high level of
investment.  In 2008 it is our intention to increase capex still
further and we are forecasting capex in excess of one billion
U.S. dollars for the year, which underlines our belief that we
can continue to grow both our subscriber base and market share
as the penetration rates rise across all our markets.

"Millicom's strategy continues to be to build a mass market pre-
paid business in all 16 of its markets and it is important to
understand, as we have often mentioned, that in order to drive
penetration and subscriber growth we need to target customers
with less disposable income.  In first quarter we delivered
higher than expected subscriber growth, a record for a first
quarter, by aggressively targeting these customers.  Firstly,
the percentage of net new subscriber additions from Africa and
Asia has risen from 39% in first quarter 2007 to 45% in first
quarter 2008.  Secondly, in Latin America as we continue to
drive mobile voice penetration levels beyond the current levels,
we need to increasingly target those customers with limited
disposable incomes.  Our low cost pre-paid business model is
ideally suited to attracting a high volume of this mass market
segment.

“We will continue to improve affordability for our customers
which will result in a gradual decline in ARPUs and will sustain
our market leading rates of revenue growth.  This will also help
improve our EBITDA margin as we achieve economies of scale from
higher volumes.”

“The prospects for the business continue to be excellent.”

                   About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

In Asia, the company has operations in Sri Lanka (Celtel),
Cambodia (Mobitel) and Laos (Millicom Lao Co Ltd).

                           *     *     *

As of April 25, 2008, Millicom International Cellular S.A.
carries Ba2 corporate family rating and B1 senior debt rating
from Moody's Investors Service, which said the outlook is
stable.



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

FOSTER WHEELER: Moody's Raises Corporate Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service upgraded Foster Wheeler LLC's
corporate family rating to Ba2 from Ba3, and raised its senior
secured rating to Baa2 from Baa3.  The outlook continues to be
positive.

The rating action reflects the significant and ongoing
improvements in FW's operating results and financial profile
driven by strong end market demand in both its business segments
and the company's ability to obtain and profitably execute key
projects at rapidly escalating levels of scale.  This success
has resulted in a marked strengthening of the company's credit
profile warranting an upgrade to the Ba2 rating level.

The positive outlook signals Moody's belief that FW's ratings
stand to be further enhanced should the company demonstrate a
continued commitment to its conservative capital structure and
reduced variability in top line revenues and operating earnings,
which historically have been sigificiant.  The rating also
considers FW's ongoing asbestos litigation issues and the
potential for the company to direct its growing cash balances to
acquisition acitivity, introducing integration risk into future
results.  These constraints are offset by a strong market
position, favorable end market demand and prospects for
continued organic growth, along with current levels of
profitability and cash flow generation that are consistent with
a higher rating.

Upgrades:

Issuer: Foster Wheeler LLC

  -- Probability of Default Rating, Upgraded to Ba2 from Ba3

  -- Corporate Family Rating, Upgraded to Ba2 from Ba3

  -- Senior Secured Bank Credit Facility, Upgraded to Baa2,
LGD1,
     4% from Baa3, LGD1, 3%

Foster Wheeler LLC, a wholly owned subsidiary of Foster Wheeler
LTD, is a leading international engineering, construction and
project management contractor and power equipment supplier.   
Consolidated revenues were $5.1 billion in 2007.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.


SR TELECOM: Changes Name to SRX Post After Acquisition
------------------------------------------------------
SR Telecom Inc. changed its name to SRX Post Holdings Inc.  The
company's common shares are expected to trade on the Toronto
Stock Exchange under this new name in the coming days.

As announced on April 4, 2008, the company sold the majority of
its assets, including its brand, trademarks, intellectual
property, patents, inventories and equipment relating to its
symmetryONE and WiMAX Forum-certified symmetryMX product lines
to Sherbrooke (Quebec)-based Groupe Lagasse.  Group Lagasse
operated the business since April 4, 2008 under the name SR
Telecom & Co. S.E.C. as a Groupe Lagasse wholly owned
subsidiary.

                          About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed C$83.9 million in total assets and C$97.9 million in
total liabilities, resulting in a C$14.0 million total
stockholders' deficit.

SR Telecom is currently operating under the protection of the
Companies' Creditors Arrangement Act (CCAA).  The company
filed for creditor protection under the CCAA on Nov. 19, 2007.  
On Feb. 29, 2008, it obtained a court order to extend the period
of the Court-ordered stay of proceedings under the CCAA to
May 2, 2008.



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


* BOND PRICING: For the Week April 28 to May 2, 2008
----------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    13.50
ALE Property Group             7.265%  09/30/11     AUD    75.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    23.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.55
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    18.40
Becton Property Group          9.500%  06/30/10     AUD     0.59
Bounty Industries Limited     10.000%  06/30/10     AUD     0.09
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    11.90
China Century                 12.000%  09/30/10     AUD     0.81
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.16
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.70
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.40
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.95
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Infrastructure & Utilities     8.500%  09/15/13     NZD    10.70
Jem Warehouse                  3.000%  08/01/14     AUD    70.52
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Nylex Ltd.                    10.000%  12/08/09     AUD     1.74
Macquarie Comm                 2.500%  08/23/13     USD    73.87
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Minerals Corp                 10.500%  09/30/08     AUD     0.70
PPCS Limited                  11.500%  12/15/10     NZD    74.41
Record Funds Man              11.000%  09/01/10     AUD    45.50
Salomon SB Aust                4.250%  02/01/19     USD     7.13
South Canterbury              10.430%  12/15/12     NZD     0.99
Speirs Group Ltd.             13.160%  06/30/49     NZD    65.00
TrustPower Ltd                 8.300%  12/15/08     NZD    11.35
TrustPower Ltd                 8.500%  09/15/12     NZD     9.15
TrustPower Ltd                 8.500%  03/15/14     NZD     9.75

CHINA
-----
China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     74.61
Tsingtao Brewery               0.800%  04/02/14    CNY     73.71

INDONESIA
---------
Indonesia Gov't                9.750%  05/15/37    IDR     72.78

JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.67
NIS Group                      2.730%  02/25/10     JPY    71.66
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    64.19
Suruga Corp                    2.890%  10/20/09     JPY    47.14

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    51.07
Korea Dev. Bank                7.450%  10/31/21     KRW    51.03
Korea Dev. Bank                7.400%  11/02/21     KRW    51.02
Korea Dev. Bank                7.310%  11/08/21     KRW    50.97
Korea Dev. Bank                8.450%  12/15/26     KRW    73.33
Korea Elec Pwr                 7.950%  04/01/96     USD    67.68

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
Bank Muamalat                  6.250%  09/05/16     MYR    70.81
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.55
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.20
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     2.30
EG Industries Berhad           5.000%  06/16/10     MYR     0.31
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.10
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.27
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.38
Insas Berhad                   8.000%  04/19/09     MYR     0.60
Jimah Energy Ventures Sdn Bhd  8.200%  11/11/16     MYR    15.00
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.32
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.35
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.45
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.42
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.70
Malaysian Gov't                6.450%  11/30/08     MYR    61.00   
Malaysian Gov't                4.053%  12/04/12     MYR    62.00
Malaysian Gov't                8.000%  10/30/13     MYR    61.00
Malaysian Gov't                7.300%  10/01/14     MYR    62.00
Malaysian Gov't                4.410%  01/29/18     MYR    46.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.53
Mithril Bhd                    8.000%  04/05/09     MYR     0.13
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.31
Pelikan International          3.000%  04/08/10     MYR     1.90
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.79
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.12
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.64
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.20
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.75
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.33
Wah Seong Corp.                3.000%  05/21/12     MYR     4.90
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.51
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.71

SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.15

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.89
Sri Lanka Govt                8.500%  07/15/13     LKR     74.45
Sri Lanka Govt                7.500%  08/01/13     LKR     69.91
Sri Lanka Govt                7.500%  11/01/13     LKR     69.29
Sri Lanka Govt                8.500%  02/01/18     LKR     69.09
Sri Lanka Govt                8.500%  07/15/18     LKR     70.74
Sri Lanka Govt                7.500%  07/15/18     LKR     65.46
Sri Lanka Govt                7.000%  10/01/23     LKR     58.53


                         *********


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.





                 *** End of Transmission ***