TCRAP_Public/080430.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

            Wednesday, April 30, 2008, Vol. 11, No. 85

                             Headlines

A U S T R A L I A

AIRPIPE PTY: Joint Meeting Scheduled Today
BIG V DEMOLITION: Placed Under Liquidation on March 18
CCC CUSTOMER: Schedules Final Meeting on  May 1
CENTRO PROPERTIES: Halts Share Trades; Debt Deadline Today
CHARTWELL ENTERPRISES: Administrators Appointed

CHC HELICOPTER: Shareholders Vote on First Reserve Merger
CRAEPHIL PTY: Court Orders Winding Up of Company
DORFER AND GLANZNIG: To Hold Final Meeting on May 12
FARM ENTERPRISES: Placed Under Liquidation on March 14
FORSTER CENTRE: Placed Under Liquidation on March 17

GRONK WEAR: Commences Liquidation Proceedings
HOMESTEAD BAKERIES: Placed Under Liquidation on March 17
IZAMAR GROUP: Court Places Company Under Liquidation
KEPPEL HOLDINGS: Placed Under Liquidation on March 17
KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008

KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1
KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20
REED ENTERPRISES: Placed Under Liquidation on March 17
TRICOM EQUITIES: Faces Heavy Debts on Margin Lending Probe
* Moody's Says Australian Building Sector Outlook is Negative


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

AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008
ANDERSON & LEMBKE: Commences Liquidation Proceedings
BIJOU TASZ: Members' Final Meeting Set for May 19
BOE TECHNOLOGY: To Invest CNY3.1 Billion on LCD Production
BLOUNT INT'L: Dec. 31 Balance Sheet Upside-Down by $54 Million

BUCYRUS INT'L: Earns  US$41.1 Million in Quarter Ended March 31
BUCYRUS INT'L: Inks Preliminary JV Agreement With Huainan
CHINA EASTERN: Seeks Gov't Okay to Resume Suspended Flights
HENTRA INTERNATIONAL: Commences Liquidation Proceedings
JINAN IRON & STEEL: Paying CNY6 Per 10 Shares Dividend Today

JOSEPH CHAN WING: Commences Liquidation Proceedings
LUDGATE ASIA: Commences Liquidation Proceedings
MING FUNG: Creditors' Proofs of Debt Due May 20
MTU AERO: Earns EUR44.2 Million in First Quarter of 2008
MUSIC IMPACT: Members' Final Meeting Set for May 19

SEAENA INC: Weaver & Martin Raises Substantial Doubt
SPRING ASIA: Commences Liquidation Proceedings
TOWNGAS CHINA: Moody's Ups Towngas China Rating From Ba1 to Baa3
TITAN PETROCHEMICAL: 2007 Revenue Up 48% to HK$17,004 Million
TITAN PETROCHEMICAL: S&P Cuts Long-Term Corp. Credit Rating to B

TYSON FOODS: Posts $5 Million Net Loss in Quarter Ended March 29
ULTIMOS MANUFACTURING: Liquidator Quits Post
UNI-ALPHA: Members' Final Meeting Set for May 19
* Fitch Says Taiwanese Securities Firm is Strong


I N D I A

AXIS BANK: Shri. Surendra Singh's Term as Director Expires
BHARTI AIRTEL: To Cut Long-Distance and Mobile Roaming Rate
DCM SHRIRAM: HB Stockholding Increases Stake to 3,831,776
DECCAN AVIATION: Incurs INR1.9BB Net Loss in Qtr. Ended March 31
GENERAL MOTORS: Former Unit Delphi Wants $650 Million GM Credit

GENERAL MOTORS: Chief Says Delphi's Ch. 11 Exit to be Delayed
WORLDSPACE INC: Grant Thornton Raises Substantial Doubt


I N D O N E S I A

BANK MANDIRI: Reports IDR1.4 Trillion Net Profit
BANK RAKYAT: To Hold Shareholders' General Meeting on May 15


J A P A N

DELPHI CORP: To Seek $4.1BB Loan Refinancing, Adjusts Forecasts
DELPHI CORP: Wants to Obtain $650 Million Credit from GM
DELPHI CORP: Ch. 11 Exit to be Delayed for Months, GM Chief Says
FORD MOTOR: Shareholder Tracinda Offers to Buy 20MM Ford Stake
FORD MOTOR: Inks Master Economics Offer Agreement with CAW

MICRON TECH: S&P Keeps 'BB-' Corp. Rating on Ample Liquidity


K O R E A

LG TELECOM: First Quarter Net Income Up 15% to KRW76.1 Billion


M A L A Y S I A

CELESTICA INC: S&P Changes Outlook to Stable; Holds 'B+' Ratings
UBG BERHAD: To Hold Annual General Meeting on May 20
THERMADYNE HOLDINGS: Earns US$4 Million in Quarter Ended Dec. 31


N E W  Z E A L A N D

ALEXIAM DEVELOPMENTS: Court to Hear Wind-Up Petition on July 11
ALEXIAM PROJECT: Court to Hear Wind-Up Petition on July 11
CENTRAL OTAGO HOUSE: Court to Hear Wind-Up Petition Tomorrow
CGC ENGINEERING: Joint Liquidators Appointed
CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9

CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2
COLOURGRAPHIX: Shareholders Appoint Liquidators
DOCTOR GLOBAL: Court to Hear Wind-Up Petition on May 13
ELITE BUILDING: Court to Hear Wind-Up Petition on May 30
FIND US LTD: Joint Liquidators Appointed

GUILDCRAFT (TAWA): Shareholders Appoint Liquidators
GUILDCRAFT WELLINGTON: Shareholders Appoint Liquidators
HAERE RA LIMITED: Parsons & Kenealy Appointed as Liquidators
HELL ZENJIRO: Creditors Must File Claims by May 14
LINK ENGINEERING (2003): Claims Must Be Filed by May 2

LONDON TRADERS: Court Appoints New Liquidators
PATHWAY TO WEALTH: Claims Must Be Filed by May 30
R. V. MOTOR HOME: Faces ACP Media's Wind-Up Petition
SEWING MACHINE WAREHOUSE: Commences Liquidation Proceedings
ST. GEORGE DEVELOPMENTS: Court to Hear Wind-Up Petition on May 2

TRUBOND TIMBER LAMINATORS: Claims Must Be Filed by May 5
TUAKE CONSULTANTS: Faces CIR's Wind-Up Petition
* NEW ZEALAND: Records NZ$50 Mil. Trade Deficit in March 2008


P H I L I P P I N E S

NIHAO MINERAL: David Atienza Acquires 1,000 Common Shares
* PHILIPPINES: 2008 Fiscal Deficit Down to Php51.6 Billion


S I N G A P O R E

BESTGROWTH HOLDINGS: Creditors' Proofs of Debt Due on May 9
MJC (SINGAPORE): Creditors' Meeting Set for May 6
SEI WOO PLASTIC: Filing Proofs of Debt Due on May 26
SEI WOO VENTURE: Requires Creditors to File Claims by May 26
SMSHUB PTE: Court Enters Wind-Up Order

STATS CHIPPAC: Earns US$17.85 Mil. in Quarter Ended March 30
* Fitch Says Singapore Banks Financial Profiles Remains Strong


T H A I L A N D

BLOCKBUSTER INC: Circuit Stockholder HBK Supports Merger Talks


X X X X X X X X

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


                          - - - - -


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

AIRPIPE PTY: Joint Meeting Scheduled Today
------------------------------------------
Airpipe Pty Limited will be holding a joint meeting of its
members and creditors at 10:30 a.m. today, April 30, 2008, at
the offices of Armstrong Wily, Level 5, 75 Castlereagh
Street, in Sydney.

At the meeting, the appointed liquidators will present the
manner in which the winding up has been conducted and the
property of the company disposed.

The liquidators are:

           Andrew H.J. Wily
           David A. Hurst
           Armstrong Wily Chartered Accountants
           Level 5, 75 Castlereagh Street
           Sydney NSW


BIG V DEMOLITION: Placed Under Liquidation on March 18
------------------------------------------------------
Big V Demolition & Civil Construction Pty Limited's
members decided at a general meeting held March 18, 2008, that
the Company be wound up voluntarily.

M.F. Cooper of Frasers Insolvency Advisory at Level 5, 99
Elizabeth Street in Sydney was appointed as liquidator of the
company.


CCC CUSTOMER: Schedules Final Meeting on  May 1
-----------------------------------------------
CCC Customer Contact Centre Pty Limited will hold a
final meeting of its creditors and members on May 1, 2008,
at 9:30a.m., at the offices of Jones Partners, Insolvency &
Business Recovery, Level 13, 189 Kent Street, in Sydney.

At the meeting, the company's liquidator will present
an account showing how the winding up has been
conducted and the property of the company has been
disposed.

The liquidator is:

           Michael Jones
           Jones Partners Insolvency & Business Recovery
           Telephone: (02) 9251-5222


CENTRO PROPERTIES: Halts Share Trades; Debt Deadline Today
----------------------------------------------------------
Laura Cochrane of Bloomberg News reports that Centro Properties
Group halted trading in its shares as the company faces a
deadline today to extend as much as AU$5.6 billion in debt.

The Age reported two weeks ago that Centro has until April 30
to repay the first tranche of the AU$4.2 billion of outstanding
debt to its Australian bankers.  Reports previously noted that
financiers are expected to confirm an extension to the end of
September.

The trading halt today also includes Centro Retail Group
securities, The Australian Associated Press relates.  Centro
Retail Group is the company's listed real estate trust.

Ms. Cochrane relates that Centro Properties has been trying for
more than four months to sell assets and persuade investors and
lenders it should retain a collection of malls that stretches
from Perth, Western Australia to Yonkers, New York.

According to Bloomberg, Centro's lenders include Commonwealth
Bank of Australia, Australia & New Zealand Banking Group Ltd.,
National Australia Bank Ltd., JPMorgan Chase & Co., Royal Bank
of Scotland Group Plc and BNP Paribas.

Citing The Age, the Troubled Company Reporter-Asia Pacific
reported on April 18, 2008, that bankers of Centro Properties
Group are moving closer to extending the deadline for repayment
of debt by a further six months to avoid the appointment of an
administrator and consequent asset fire sales.  A six-month
extension would be in line with the repayment deadline for its
US-based bankers and bondholders, The Age noted.

                    About Centro Properties

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

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

                          *     *     *

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


CHARTWELL ENTERPRISES: Administrators Appointed
-----------------------------------------------
ABC News reported last week that administrators have been
appointed to look into the collapse of Chartwell Enterprises, a
Geelong-based share trading company.  According to ABC News, the
Australian Securities and Investments Commission is also
investigating Chartwell Enterprises, which owes about 100 staff
and investors millions of dollars.  ABC News related that
Administrator Bruno Secatore from Cor Cordis Chartered
Accountants is looking for Chartwell's financial records.

Sasha Melnick is the accountant who blew the whistle on
Chartwell Enterprises.  Ewin Hannan of The Australian reports
that Mr. Melnick revealed that Chartwell Enterprises "raked in
$20 million from investors, despite a director knowing the firm
was in trouble after a series of spectacular multi-million-
dollar share trading losses."

Mr. Hannan notes that it's the first time that Mr. Melnick spoke
publicly about the scandal.  Mr. Melnick told Mr. Hannan how he
"flipped" when he learned that Chartwell hired a financial
astrologer to predict sharemarket trends based on when the
"stars were aligned".  The company reportedly paid the
astrologer on a two-day-a-week $75,000 salary.

According to The Australian, Mr. Melnick believes AU$50 million
to AU$60 million in investors' funds had been lost as a result
of Chartwell's collapse.

Based in Geelong, Australia, Chartwell Enterprises was founded
by Ian Rau and Graeme Hoy.  Mr. Hoy also owns a hospitality
company which has recently been placed in receivership.


CHC HELICOPTER: Shareholders Vote on First Reserve Merger
---------------------------------------------------------
CHC Helicopter Corporation held its special shareholder meeting
on April 29, 2008, in Richmond (Vancouver), British Columbia, to
consider a special resolution to approve an arrangement to be
acquired by an affiliate of First Reserve Corporation, under the
Canada Business Corporations Act.

As reported in the Troubled Company Reporter on Feb. 25, 2008,
CHC Helicopter Corporation entered into an agreement with First
Reserve Corp.  Under the terms of the transaction, an affiliate
of the First Reserve fund will acquire all outstanding class A
subordinate voting shares and all of the outstanding class B
multiple voting shares of CHC for CN$32.68 per class A share and
class B share for an aggregate consideration of approximately
CN$1.5 billion.

After completion of the transaction CHC's class A shares and
class B shares will be de-listed and no longer traded publicly.
CHC's headquarters will remain in Vancouver, Canada.

The price of C$32.68 per Class A Subordinate Voting Share and
Class B Multiple Voting Share to be received under the
arrangement represents a premium of 45.3% and 41.0%, over the
average trading price of such shares on the TSX for the three-
month period ending on Feb. 21, 2008, the last trading day prior
to the public disclosure of the transaction.

Holders of Class A Subordinate Voting Shares, Class B Multiple
Voting Shares and Ordinary Shares of record as of the close of
business, Toronto time, on March 28, 2008, will be entitled to
receive notice of, and vote at, the meeting. T he management
information circular, which shareholders should receive in the
coming days, provides important information on the arrangement,
including voting procedures.

The company has filed its management information circular and
related proxy materials with the Canadian provincial securities
regulatory authorities and the U.S. Securities and Exchange
Commission in preparation for the special shareholder meeting.

The management information circular contains a unanimous
recommendation from CHC's board of directors to vote for the
special resolution approving the arrangement.

Completion of the arrangement is subject to a number of
conditions, some of which are beyond CHC's and the purchaser's
control; accordingly, the exact timing of implementation of the
arrangement is not currently known.  CHC and the purchaser
expect the closing to occur in June 2008.

Merrill Lynch Canada Inc. and Scotia Capital are financial
advisors to CHC.  Ogilvy Renault LLP and DLA Piper USA LLP are
legal counsel to CHC.  Simpson Thacher & Bartlett LLP, Blake,
Cassels & Graydon LLP and Slaughter and May are legal counsel to
the First Reserve fund.

                About CHC Helicopter Corporation

Headquartered in Richmond, British Columbia, in Canada, CHC
Helicopter Corporation (TSE:FLY.A)V7B - http://www.chc.ca/-- is
a commercial helicopter operator.  The company, through its
subsidiaries, operates in over 30 countries, on all seven
continents and in most of the offshore oil and gas producing
regions of the world.  The company's operating units are based
in the United Kingdom, Norway, the Netherlands, South Africa,
Australia and Canada.  It provides helicopter transportation
services to the oil and gas industry for production and
exploration activities through its European and global
operations segments.  It also provides helicopter transportation
services for emergency medical services and search and rescue
activities and ancillary services, such as flight training.  The
company's Heli-One segment is a non-original equipment
manufacturer helicopter support company, providing repair and
overhaul services, aircraft leasing, integrated logistics
support, helicopter parts sales and distribution and other
related services.

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 25, 2008,
Moody's Investors Service placed under review for possible
downgrade the Ba3 corporate family rating and probability of
default rating for CHC Helicopter Corporation.  The review also
covered the B1 (LGD 5, 72%) rating on CHC's $400 million senior
subordinated notes.  These actions followed the statement that a
fund managed by First Reserve Corporation has entered into an
agreement to acquire CHC.


CRAEPHIL PTY: Court Orders Winding Up of Company
------------------------------------------------
On March 14, 2008, the Federal Court of Australia ordered the
winding-up of Craephil Pty Limited and appointed
Frank Lo Pilato as Official Liquidator of the company.

The liquidator can be reached at:

           Frank Lo Pilato
           RSM Bird Cameron Partners Chartered Accountants
           Level 1, 103-105 Northbourne Avenue
           Canberra, Australia
          Telephone: (02) 6247-5988
          Facsimile: (02) 6262-8633


DORFER AND GLANZNIG: To Hold Final Meeting on May 12
----------------------------------------------------
The final meeting of Dorfer and Glanzing Pty Limited's members
will be held on May 12, 2008, at 2:00 p.m., at the offices
of Hardwicke Whigham & Driver Pty Ltd, Level 2 Hardwicke's
House, 6 Phipps Close, Deakin.

At the meeting, the company's liquidator will present his final
account and report about the company's liquidation.

The company's liquidator is:

           Paul G. Driver
           Hardwickes Chartered Accountants
           6 Phipps Close, Deakin
           Canberra, Australia


FARM ENTERPRISES: Placed Under Liquidation on March 14
------------------------------------------------------
On March 14, 2008, the Federal Court of Australia ordered the
winding-up of Farm Enterprises Pty Limited and appointed
Frank Lo Pilato as Official Liquidator of the company.

The liquidator can be reached at:

           Frank Lo Pilato
           RSM Bird Cameron Partners Chartered Accountants
           Level 1, 103-105 Northbourne Avenue
           Canberra, Australia
           Telephone: (02) 6247-5988
           Facsimile: (02) 6262- 8633


FORSTER CENTRE: Placed Under Liquidation on March 17
----------------------------------------------------
At a general meeting of  The Forster Centre Pty Limited's
members held March 17, 2008, it was resolved that the company be
wound up voluntarily and that Ross Harrison of Harrison Main &
McArthur be appointed to act as liquidator of the company.

The liquidator can be reached at:

           Ross Harrison
           Harrison Main & McArthur
           PO Box 143
           Forster NSW 2428
           Telephone: (02) 6554 7955
           Facsimile: (02) 6555 4216


GRONK WEAR: Commences Liquidation Proceedings
---------------------------------------------
At a general meeting of Gronk Wear Pty Limited's members held on
March 13, 2008, it was resolved that the company be wound up
voluntarily.

The members appointed David Anthony Hurst and Andrew Hugh Jenner
Wily of Armstrong Wily, Chartered Accountants as liquidators.

The liquidators can be reached at:

           David Anthony Hurst
           Andrew Hugh Jenner Wily
           Armstrong Wily Chartered Accountants
           Level 5, 75 Castlereagh Street
           Sydney NSW


HOMESTEAD BAKERIES: Placed Under Liquidation on March 17
--------------------------------------------------------
At a general meeting of  Homestead Bakeries Pty Limited's
members held March 17, 2008, it was resolved that the company be
wound up voluntarily and that Ross Harrison of Harrison Main &
McArthur be appointed to act as liquidator of the company.

The liquidator can be reached at:

           Ross Harrison
           Harrison Main & McArthur
           PO Box 143
           Forster NSW 2428
           Telephone: (02) 6554 7955
           Facsimile: (02) 6555 4216


IZAMAR GROUP: Court Places Company Under Liquidation
----------------------------------------------------
On March 11, 2008, the Supreme Court of New South Wales
ordered the winding up of Izamar Group Pty Ltd and appointed
P. Ngan as liquidator of the company.

The liquidator can be reached at:

           P. Ngan
           Ngan & Co
           Level 5, 49 Market Street, Sydney
           New South Wales, Australia


KEPPEL HOLDINGS: Placed Under Liquidation on March 17
-----------------------------------------------------
At a general meeting of  Keppel Holdings Pty Limited's
members held March 17, 2008, it was resolved that the company be
wound up voluntarily and that Ross Harrison of Harrison Main &
McArthur be appointed to act as liquidator of the company.

The liquidator can be reached at:

           Ross Harrison
           Harrison Main & McArthur
           PO Box 143
           Forster NSW 2428
           Telephone: (02) 6554 7955
           Facsimile: (02) 6555 4216


KINETIC CONCEPTS: Earns US$68 Million in First Quarter 2008
-----------------------------------------------------------
Kinetic Concepts, Inc. reported first quarter 2008 total revenue
of US$420.0 million, an increase of 14% from the first quarter
of 2007.  Foreign currency exchange movements favorably impacted
total revenue for the first quarter of 2008 by 4% compared to
the corresponding period of the prior year.

Net earnings for the first quarter of 2008 were US$68.0 million,
up 27%, compared to US$53.6 million for the same period one year
ago.  Net earnings per diluted share for the first quarter of
2008 increased 25% to US$0.94 compared to US$0.75 for the same
period in the prior year.

“During the first quarter, we made progress on a number of
initiatives we have planned for 2008,” said Catherine Burzik,
President and Chief Executive Officer of KCI.  “We realigned our
domestic sales force, improving both focus and customer service
levels, submitted our application for regulatory approval of
V.A.C.(R) in Japan and completed due diligence related to a
major acquisition.  On top of these development activities, we
delivered higher revenue, earnings and margins compared to the
prior year.”

              Revenue Recap ­ First Quarter 2008

During 2007, we took steps to structure KCI as a global company,
which included the alignment of key leadership positions for
specific geographic regions.  Beginning with the first quarter
2008, we have reported financial results consistent with this
new structure.  The geographic reporting structure is made up of
(i) North America, which consists of the United States, Canada
and Puerto Rico and (ii) Europe, the Middle East and Africa and
the Asia Pacific region.

Total revenue for North America was US$309.5 million for the
first quarter of 2008, an increase of US$25.8 million, or 9%,
from the prior-year period due primarily to increased rental and
sales volumes for V.A.C. wound healing devices and related
disposables.  North American V.A.C. revenue of US$250.2 million
for the first quarter was 10% higher than the same period one
year ago due to continued market penetration.  Rental unit
growth was reported across all care settings.  North American
revenue from Therapeutic Support Systems was US$59.2 million for
the first three months of 2008, a 4% increase from the prior-
year period, due to higher rental unit volume in the acute care
setting, partially offset by lower TSS sales in the period.

Total revenue outside of North America, which consists of EMEA
and APAC, was US$110.6 million for the first quarter of 2008, an
increase of 30%, compared to the prior-year period due primarily
to an increase in V.A.C. revenue.  EMEA/APAC V.A.C. revenue for
the first three months of 2008 was US$82.7 million, an increase
of US$21.1 million, or 34%, from the prior-year period.

EMEA/APAC TSS revenue increased 18% from the prior-year period
to US$27.8 million for the first quarter resulting primarily
from an increase in rental volume and favorable foreign currency
exchange movements.  Foreign currency exchange movements
favorably impacted total EMEA/APAC revenue by 14% compared to
the prior-year period. Foreign currency exchange movements
favorably impacted EMEA/APAC V.A.C. and TSS revenue by 14% and
13%, respectively, in the 2008 first quarter.

Worldwide V.A.C. revenue was US$333.0 million for the first
quarter of 2008, an increase of 15% from the prior-year period.
Foreign currency exchange movements favorably impacted worldwide
V.A.C. revenue by less than 4% compared to the first quarter of
the prior year.  The growth in V.A.C. revenue stemmed from
increased market penetration, resulting in higher rental and
sales unit volumes.

Worldwide TSS revenue was US$87.1 million for the first quarter
of 2008, an increase of US$6.8 million, or 8%, due primarily to
higher rental unit volume worldwide and foreign currency
exchange movements.  Foreign currency exchange movements
favorably impacted worldwide TSS revenue by 5% compared to the
same period one year ago.

                        Profit Margins

Gross profit for the first quarter of 2008 was US$209.0 million,
an increase of 22% from the prior-year period.  Gross profit
margin was 49.8% for the first quarter of 2008, an increase of
approximately 335 basis points from the same period one year
ago.  As a percent of total revenue, lower field service
expenses, product depreciation, cost of sales and marketing
costs made up the majority of the increase in gross margin.

Selling, general and administrative expenses increased US$17.1
million, or 22%, year-to-year.  The SG&A increase was due
primarily to certain costs associated with the U.S. sales force
realignment, additional costs associated with the transition of
V.A.C. unit production to our Ireland manufacturing facility and
higher share-based compensation expenses.  Research and
development spending increased 50% from the prior-year period to
US$14.7 million for the quarter.  Total research and development
expenses represented 3.5% of revenue for the first quarter of
2008.

                          Balance Sheet

Total long-term debt outstanding at March 31, 2008 was US$68.0
million.  Total cash at quarter-end was US$305.2 million, an
increase of US$39.2 million from year-end 2007.

                         Notes Offering

On April 21, 2008, the company closed its offering of US$600
million aggregate principal amount of 3.25% convertible senior
notes due 2015.  The company has also granted an option to the
initial purchasers of the notes to purchase up to an additional
US$90 million aggregate principal amount of notes to cover over-
allotments.  The over-allotment option is exercisable during the
13 day period beginning on the closing date.  The coupon on the
notes will be 3.25% per year on the principal amount.  Interest
will accrue from April 21, 2008, and will be payable semi-
annually in arrears on April 15 and October 15 of each year,
beginning Oct. 15, 2008.

The notes will mature on April 15, 2015, unless previously
converted or repurchased in accordance with their terms.  The
notes are not redeemable by us prior to the maturity date.  Upon
conversion, holders will receive cash up to the aggregate
principal amount of the notes being converted and shares of KCI
common stock in respect of the remainder, if any, of KCI’s
conversion obligation in excess of the aggregate principal
amount of the notes being converted.  The initial conversion
rate for the notes is based on an initial conversion price of
approximately US$51.34 per share of common stock and represents
a 27.5% conversion premium over the last reported sale price of
KCI’s common stock on April 15, 2008 (the day of pricing of the
notes), which was US$40.27 per share.  In connection with the
offering, we entered into convertible note hedge and warrant
transactions with financial institutions that are affiliates of
two of the offering’s initial purchasers to increase the
effective conversion price of the notes to approximately
US$60.41, which is approximately 50% higher than the closing
price of the Company’s common stock on April 15, 2008.  The
company intends to settle the principal amount of these notes in
cash.  The net proceeds of this offering will be used, in
combination with other financing arrangements and existing cash
on hand, primarily to fund our acquisition of LifeCell
Corporation.

                          Income Tax Rate

The effective income tax rate for the first quarter of 2008 was
33.5%, which was comparable to 33.2% for the same period in
2007.

                            Outlook

This guidance is based on current information and expectations
as of April 22, 2008:

KCI is reaffirming its projections for 2008 total revenue of
US$1.77 ­ US$1.82 billion based on continued demand for its
V.A.C. negative pressure wound therapy devices and related
supplies.  The company is also reaffirming its projections for
net earnings per diluted share for 2008 of US$3.85 ­ US$3.95 per
diluted share, based upon a weighted average diluted share
estimate of 72.0 ­ 73.0 million shares.  This outlook excludes
the impact associated with our anticipated acquisition of
LifeCell.

                            About KCI

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


KINETIC CONCEPTS: Moody's Rates Proposed US$1.3BB Loan at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Kinetic
Concepts, Inc's proposed US$1.3 billion senior secured first
lien credit facility, consisting of a US$1 billion term loan and
a US$300 million revolver.  The Corporate Family Rating remains
unchanged at Ba2 and the ratings outlook is stable.

In addition, in accordance with Moody's Loss Given Default
methodology the probability of default rating was revised to Ba2
from Ba3 due to the introduction of unsecured debt into the
capital structure, which led to changes in assumptions for asset
recovery and a lower implied likelihood of default.  Moody's
will withdraw the ratings on KCI's existing senior secured
revolving credit facility (rated Ba2) at the close of the
transaction.

The proceeds of the proposed credit facility will be used to
finance the acquisition of LifeCell Corporation and repay the
amounts outstanding under KCI's existing senior secured credit
facility, which will be terminated at the close of the
transaction.  The new credit facility is rated one notch higher
than the Corporate Family Rating, benefiting from the first loss
absorption that will be provided by the recently issued
US$600 million unsecured 3.25% convertible notes.

Assigned:

   -- Proposed US$300 million Senior Secured Revolving Credit
      Facility due 2013, Ba1, LGD3, 32%

   -- Proposed US$1,000 million Senior Secured Term Loan A due
      2013, Ba1, LGD3, 32%

Revised:

   -- Probability of Default Rating, to Ba2 from Ba3

To be withdrawn:

   -- Existing US$500 million Senior Secured Revolving Credit
      Facility due 2012, Ba2, LGD3, 34%

The ratings outlook is stable.

Kinetic Concepts, Inc., headquartered in San Antonio, Texas, is
a global medical technology company with leadership positions in
advanced wound care and therapeutic support systems.  The
company's advanced would care systems incorporate proprietary
Vacuum Assisted Closure Therapy technology.  LifeCell is a
leading provider of innovative biological products for soft
tissue repair.  Moody's estimates that the combined company
would have reported pro forma revenues of approximately US$1.8
billion for the twelve months ended Dec. 31, 2007.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


KINETIC CONCEPTS: 2008 Shareholders' Meeting Scheduled on May 20
----------------------------------------------------------------
Ronald W. Dollens, Chairman of Kinetic Concepts, Inc.'s Board of
Directors, said in a regulatory filing that the 2008 annual
meeting of the company's shareholders will be held on May 20,
2008 at 8:30 a.m. CDT.

The meeting will be the Westin Riverwalk Hotel ­ Hidalgo Room,
420 West Market Street in San Antonio, Texas.

At the meeting, shareholders will be asked to:

       -- elect three Class A directors for a three-year term;
    
       -- approve a new 2008 Omnibus Stock Incentive Plan;

       -- ratify the selection of Ernst & Young LLP as the
          company's independent auditors for our fiscal year
          ending Dec. 31, 2008.

       -- transact such other business as may properly come
          before the meeting or any adjournment or postponement
          thereof.

Only the company's shareholders of record at the close of
business on April 9, 2008 are entitled to notice of and to vote
at the annual meeting and at any adjournment or postponement
thereof.

                           About KCI

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


REED ENTERPRISES: Placed Under Liquidation on March 17
------------------------------------------------------
At a general meeting of  Reed Enterprises Pty Ltd 's members
held March 17, 2008, it was resolved that the company be wound
up voluntarily and that Ross Harrison of Harrison Main &
McArthur be appointed to act as liquidator of the company.

The liquidator can be reached at:

           Ross Harrison
           Harrison Main & McArthur
           PO Box 143
           Forster NSW 2428
           Telephone: (02) 6554 7955
           Facsimile: (02) 6555 4216


TRICOM EQUITIES: Faces Heavy Debts on Margin Lending Probe
----------------------------------------------------------
Brokerage firm Tricom Equities Ltd. is staggering under similar
debt burdens which forced Opes Prime Stockbroking Ltd. and Lift
Capital Ltd. into receivership, Laura Santini of The Wall Street
Journal reports.

In February 2008, the Australian Securities Exchange conducted
an investigation about securities and margin lending at Tricom,
the company said on its Web site.

Commenting on the probe, Tricom Managing Director Lance
Rosenberg said in February that the company is "working in 100%
partnership with the ASX to ensure restoration of confidence in
Tricom."

As part of ASX’s condition with regards to the probe, Tricom
appointed Pricewaterhouse Coopers to conduct an independent
review of Tricom’s operating and systems controls.

In addition, Tricom reduced its securities lending book  from
approximately AU$2.4 billion in June 2007 to AU$340 million at
close of business on March 17 , 2008.

According to WSJ, there is a loophole in Australia's regulations
that allows brokers to put up customers' shares as loan
collateral, without notifying the customers.

Tricom termed the practice as securities lending book in which
Tricom borrows from counterparties on behalf of clients to fund
loans. The borrowing is secured by shares, and remains covered
by a significant margin. As the market has corrected, Tricom
said lenders have become more conservative about loan to value
ratios, and values have simultaneously dropped.  This prompted
Tricom to commence an orderly sell down in June 2007.

                            Merger Deal

In a media release dated February 19, 2008, Tricom disclosed
that Bell Financial Group agreed to acquire 100% of Tricom
Group, subject to a number of conditions, including satisfactory
completion of due diligence prior to March 7, 2008.

However, in March 2008, Tricom confirmed that discussions
regarding a potential acquisition by Bell Financial Group have
ceased after the March 7, 2008 exclusivity period ended.

                    About Tricom Equities Limited

Tricom Equities Limited -- http://www.tricom.com.au/-- is an
Australian owned global Investment, Advisory and Trading House.
Formed in Sydney, Australia in 1994 as a specialist futures
broking firm, Tricom now employs over 230 people in 14 offices.
Internationally, the firm is located in New Zealand, China, Hong
Kong and Switzerland.


* Moody's Says Australian Building Sector Outlook is Negative
-------------------------------------------------------------
Moody's Investors Service says the credit outlook for the
Australian building society sector is negative due to pressures
from the global financial crisis.

"The negative outlook applies principally to those building
societies whose traditional business models had a structural
reliance on wholesale funding, and securitisation in
particular," says Marina Ip, a Moody's Assistant Vice
President/Analyst.

"We expect consolidation in the industry to pick up, driven by
rising funding costs and the impact of a slowing economy on the
mortgage market. These factors will add to longer-term pressures
caused by rising compliance and IT costs," Ip observed.

Ip was speaking on the release of her new Industry Outlook on
the Australian Building Societies, which examines a broad range
of themes, including the impact of the sub-prime crisis on the
sector's funding, competition with the banks, consolidation, and
credit and profit profiles.

The closure of the RMBS market will force some of Australia's
building societies to slow loan growth, affecting profit growth.
Securitisation warehouse funding has provided an important
liquidity buffer for the Australian building societies, but as
providers withdraw from the market, this funding source is
becoming scarcer and more expensive.

For the traditional securitisers, new lending will have to be
funded with deposits or debt, which -- even if available -- is
unlikely to allow the same asset/liability matching provided by
securitisation. Furthermore, they will not benefit from the
capital relief afforded by securitisation -- which could
eventually impact capital levels.

On a positive note, "some societies are implementing initiatives
to enhance their liquidity profiles," says Ip, adding, "For
example, they are making their CDs repo-eligible with the
Reserve Bank of Australia (RBA) through the establishment of
exchange settlement accounts."

"Despite the sector's negative outlook, on an absolute basis,
its problem loan losses are likely to remain contained because
delinquencies are rising off a low base, while its lending
standards are relatively conservative, and higher loan-to-value
mortgages are insured," says Ip. "In general, building societies
also have very sound capital levels relative to the low risk in
their loan books."

The Moody's report further notes a more competitive retail
banking environment -- as the major banks maintain their
presence in the traditional markets of the building societies --
and this situation has squeezed margins. However, the societies
still command loyal customer bases, given their relatively low-
fee product structures.

Australian building societies do not have direct exposures to US
sub-prime mortgages, CDOs, SIVs, or leveraged loans, nor are
they engaged in high-risk mortgage lending, the report says. The
sector's loan portfolio consists of prime domestic mortgages
which have historically experienced very low loan loss rates.



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

AMERICAN AXLE: Posts US$27 Million Net Loss in 1Q 2008
------------------------------------------------------
American Axle & Manufacturing Holdings, Inc. reported financial
results for the first quarter of 2008.

AAM's results in the first quarter of 2008 were a net loss of
US$27.0 million or US$0.52 per share. This compares to net
earnings of US$15.7 million, or US$0.30 per share, in the first
quarter of 2007.

                           UAW Strike

Upon expiration of the four-year master labor agreement between
AAM and the UAW at 11:59 p.m. on February 25, 2008, the
International UAW called a strike against AAM. The expiring
master labor agreement covered approximately 3,650 associates at
AAM's original U.S. locations in Michigan and New York.  AAM
estimates the reduction in sales and operating income resulting
from the International UAW strike to be US$132.6 million and
US$45.8 million (US$0.56 per share), respectively.

                        Special Charges

In the first quarter of 2008, AAM incurred US$3.5 million, or
US$0.04 per share, of special charges and non-recurring
operating costs, primarily related to the redeployment of
machinery and equipment.  In the first quarter of 2007, AAM
recorded special charges of US$2.9 million, or US$0.04 per
share, primarily related to attrition program activity.

"AAM's first quarter 2008 results were severely impacted by the
strike called by the International UAW at AAM's original U.S.
locations on February 25, 2008," said AAM Co-Founder, Chairman
of the Board & Chief Executive Officer Richard E. Dauch.  "AAM
must have a U.S. market cost competitive labor agreement for the
original U.S. locations with operating flexibility.  This is
needed to compete for new business and match the operational
flexibility and efficiency of our competitors.  While it would
be tragic to dismantle AAM's original U.S. manufacturing base,
AAM will be forced to consider additional restructuring and
capacity rationalization actions if the International UAW
refuses to accept the structural and permanent changes needed to
achieve market cost competitiveness at these facilities."

Net sales in the first quarter of 2008 were US$587.6 million as
compared to US$802.2 million in the first quarter of 2007.  AAM
estimates that approximately US$132.6 million of this decrease
was attributable to the International UAW strike.  Customer
production volumes for the full-size truck and SUV programs AAM
currently supports for GM and Chrysler were down approximately
31% in the first quarter of 2008 as compared to the prior year.
AAM estimates that customer production volumes for its mid-sized
truck and SUV programs were down approximately 43% in the first
quarter of 2008 on a year-over-year basis.  Non-GM sales
represented 26% of total sales in the first quarter of 2008.

AAM's content-per-vehicle is measured by the dollar value of its
product sales supporting GM's North American truck and SUV
platforms and Chrysler's heavy duty Dodge Ram pickup trucks. For
the first quarter 2008, AAM's content-per-vehicle increased
approximately 6% to US$1,326 as compared to US$1,252 in the
first quarter of 2007.

Gross margin for the first quarter of 2008 was 2.2% as compared
to 10.6% in first quarter 2007. Operating loss was US$36.7
million or a negative 6.2% of sales in the first quarter of 2008
as compared to operating income of US$36.4 million or 4.5% of
sales in the first quarter of 2007.

AAM's SG&A spending for the first quarter of 2008 was US$49.4
million as compared to US$48.9 million in the first quarter of
2007.  AAM's R&D spending for the first quarter of 2008 was
approximately US$20.2 million as compared to US$20.1 million in
the first quarter of 2007.

Net cash provided by operating activities in the first quarter
of 2008 was US$8.2 million.  Capital spending for the first
quarter of 2008 was US$33.3 million as compared to US$42.5
million in the first quarter of 2007.  Reflecting the impact of
this activity and dividend payments of US$8.0 million, AAM's
free cash flow use of US$33.1 million in the first quarter of
2008 represents an improvement of US$7.4 million, or 18%, as
compared to the first quarter of 2007.

                        About America Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also subsidiaries in China, Japan, Korea, India,
Poland, Luxembourg and Mexico.

                           *     *     *

On April 3, 2008, Moody's Investors Service placed the ratings
of American Axle & Manufacturing Holdings, Inc., Corporate
Family -- Ba3, under review for downgrade.  In a related action,
American Axle's Speculative Grade Liquidity Rating was lowered
to SGL-2 from SGL-1.


ANDERSON & LEMBKE: Commences Liquidation Proceedings
----------------------------------------------------
Anderson & Lembke Asia Limited's members agreed on April 7, 2008
to voluntarily liquidate the company's business.  The company
has appointed Bruno Arboit and Simon Richard Blade to facilitate
the sale of its assets.

The liquidators can be reached at:

           Bruno Arboit
           Simon Richard Blade
           China Merchants Tower, 12th Floor
           Shun Tak Centre, 168-200 Connaught Road
           Central, Hong Kong


BIJOU TASZ: Members' Final Meeting Set for May 19
-------------------------------------------------
Members of Bijou Tasz Films (International) Limited will have
their final general meeting on May 19, 2008, at Bank Centre, 9th
Floor, Room 902, 636 Nathan Road, Kowloon, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Poon Ching Wah
          Bank Centre, 9th Floor
          Room 902, 636 Nathan Road
          Kowloon, Hong Kong


BOE TECHNOLOGY: To Invest CNY3.1 Billion on LCD Production
----------------------------------------------------------
BOE Technology Group Co. Limited may invest CNY3.1 billion
(US$443.61 million) in the fourth and a half generation LCD
production line, which the company has started in Chengdu,
capital city of Southwest China's Sichuan Province, Business
Week reports.

According to the report, the production line will produce small
and mid-size display panel screens and modules for notebook PCs,
panel PCs, digital photo frames, vehicular displays, mobile
displays and other digital products.

                       About BOE Technology

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

As of April 29, 2008, the company currently holds Xinhua Far
East China Ratings' CC issuer credit rating.


BLOUNT INT'L: Dec. 31 Balance Sheet Upside-Down by $54 Million
--------------------------------------------------------------
Blount International Inc.'s balance sheet at Dec. 31, 2007,
showed total assets of US$411.949 million and total liabilities
of US$466.095 million, resulting to a total shareholders'
deficit of US$54.146 million.

The company reported results for the fourth quarter and year
ended Dec. 31, 2007.

Net income for fourth quarter was US$17.566 million compared
with net income of US$9.038 million for the same period in the
previous year.

Fourth quarter net income from continuing operations was
US$8.9 million compared to $8.8 million in the fourth quarter of
2006.  Included in this year's fourth quarter is the recognition
of a loss on the sale of surplus property of US$0.6 million and
US$0.4 million in expense for the early extinguishment of debt.

The company reported net income of US$42.857 million for full
year 2007 compared with net income of US$42.546 million in 2006.

"This past year, we continued to refine our business focus by
exiting non-core businesses," James S. Osterman, chairman and
chief executive officer, stated.  "The sale of our Forestry
Equipment Division this past November allowed us to reduce debt
further and remove much of the company's exposure to the
cyclical North American forestry industry.

"Our core business, the Outdoor Products segment, finished with
solid revenue growth in the fourth quarter and a good order
backlog," Mr. Osterman said.  "As we progress through 2008, we
expect that our international reach and new product development
will allow us to weather a continuation of weak market
conditions in the North American region."

                 Liquidity and Capital Resources

Total debt was US$297 million at Dec. 31, 2007 and
US$350.9 million at Dec. 31, 2006, representing a reduction of
$53.9 million during 2007.  Outstanding debt as of Dec. 31, 2007
consisted of a term loan balance of US$122.0 million and 8-7/8%
senior subordinated notes of US$175.0 million.  The company has
no principal outstanding on its revolving credit facility as of
Dec. 31, 2007.

Cash and cash equivalents at Dec. 31, 2007, were US$57.6 million
compared to US$27.6 million at Dec. 31, 2006.

                    About Blount International

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
-- is a diversified international company operating in two
principal business segments: Outdoor Products and Industrial and
Power Equipment.  The company's Outdoor Products segment
provides chain, bars and sprockets to the chainsaw industry,
accessories to the lawn care industry and concrete cutting saws.

Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.


BUCYRUS INT'L: Earns  US$41.1 Million in Quarter Ended March 31
---------------------------------------------------------------
Bucyrus International, Inc. disclosed its summary unaudited
financial results for the quarter ended March 31, 2008.

                       Operating Results

The overall increase in surface mining sales was attributable to
the strong global demand for Bucyrus' products and services,
which continues to be driven by high international commodity
prices and strong markets for commodities mined by Bucyrus
machines.  Surface mining original equipment sales for the first
quarter of 2008 increased in all three product lines compared to
the first quarter of 2007.  Surface mining aftermarket parts and
service sales for the first quarter of 2008 increased in nearly
all worldwide markets compared to the first quarter of 2007.
The expansion of Bucyrus' South Milwaukee, Wisconsin surface
mining facilities was substantially complete as of March 31,
2008, which will allow for annual shovel production capacity of
24 machines and almost doubled manufactured parts capacity from
2006 levels.  Underground mining sales for the first quarter of
2008 decreased from the third and fourth quarters of 2007
primarily due to the timing of new orders in 2007.

Gross profit for the first quarter of 2008 was US$141.6 million,
or 27.4% of sales, compared to US$52.1 million, or 27.4% of
sales, for the first quarter of 2007.  Gross profit for the
first quarter of 2008 was reduced by US$8.7 million of
amortization of purchase accounting adjustments as a result of
the acquisition of DBT in 2007, which had the effect of reducing
gross margin for the first quarter of 2008 by 1.7 percentage
points.  The increase in gross profit was primarily due to the
acquisition of DBT and increased surface mining sales. For the
first quarter of 2008, gross margins on surface mining original
equipment and aftermarket parts and services were improved from
the first quarter of 2007; however, overall gross margin was
negatively impacted by the sales mix of lower margin original
equipment and higher margin aftermarket parts and services.
Gross margin on underground mining equipment for the first
quarter of 2008 was improved from the last two quarters of 2007
primarily due to 2008 sales consisting of a larger percentage of
higher margin aftermarket parts and services.

Selling, general and administrative expenses for the first
quarter of 2008 were US$59.5 million, or 11.5% of sales,
compared to US$21.1 million, or 11.1% of sales, for the first
quarter of 2007. This increase was primarily due to the
acquisition of DBT.

The increase in operating earnings for the first quarter of 2008
was primarily due to the acquisition of DBT and increased gross
profit resulting from increased surface mining sales volume.
Operating earnings for underground mining operations were
reduced by purchase accounting adjustments related to the
acquisition of DBT of US$14.3 million for the first quarter of
2008.

Net interest expense for the first quarter of 2008 was US$5.9
million compared to US$1.2 million for the first quarter of
2007.  The increase in net interest expense in 2008 was due to
increased debt levels related to the financing of the
acquisition of DBT.

Net earnings for the first quarter of 2008 were US$41.1 million,
or US$1.11 per share, compared to US$17.9 million, or US$0.57
per share, for the first quarter of 2007.

Capital expenditures the first quarter of 2008 were US$21.2
million, which included US$7.5 million related to Bucyrus'
expansion of its South Milwaukee facilities.  At Bucyrus' Annual
Meeting of Stockholders held last week, Chief Executive Officer
Tim Sullivan reaffirmed that the Board of Directors had
previously approved an additional US$45 million for the
completion of renovations at Bucyrus' South Milwaukee, Wisconsin
facility. Bucyrus' capital expenditures for 2008 are expected to
be between US$90 million and US$100 million, including this
expenditure.

Backlog as of March 31, 2008 and December 31, 2007, as well as
the portion of backlog which is expected to be recognized within
12 months of these dates, was:


                            March 31,     December 31,
                                2008             2007    % Change
                         -----------    -------------   ---------
                                  (Dollars in thousands)

  Surface mining:
    Total                US$1,136,222   US$804,781        41.2%
    Next 12 months         US$741,557   US$579,448        28.0%

  Underground mining:
    Total                  US$881,042   US$636,473        38.4%
    Next 12 months         US$744,013   US$551,923        34.8%

  Total:
   Total                 US$2,017,264   US$1,441,254      40.0%
   Next 12 months        US$1,485,570   US$1,131,371      31.3%

A portion of the surface mining backlog as of March 31, 2008 and
December 31, 2007 was related to multi-year contracts that will
generate revenue in future years.

New orders related to surface mining operations for the first
quarter of 2008 were US$260.8 million and US$354.7 million for
original equipment and aftermarket parts and service sales,
respectively.  Included in surface mining aftermarket parts and
service new orders was US$209.8 million related to multi-year
contracts that will generate revenue in future years.  New
orders related to underground mining operations for the first
quarter of 2008 were US$353.1 million and US$124.4 million for
original equipment and aftermarket parts and service sales,
respectively.

                    About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of USUS$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                          *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


BUCYRUS INT'L: Inks Preliminary JV Agreement With Huainan
---------------------------------------------------------
Bucyrus International, Inc. last week entered into a preliminary
framework agreement with Huainan Mining Industry (Group) Co.,
Ltd. to establish the basis for the potential creation of a
joint venture in the Huainan mining area of the Anhui Province
in the People’s Republic of China.

The preliminary agreement contemplates Bucyrus owning a
controlling interest in a joint venture that would involve the
building of a new state of the art manufacturing facility in the
Huainan mining area of China that would initially manufacture
belt systems and armored face conveyors for resale on a
preferential basis to Huainan Mining, as well as to other third
parties in China and elsewhere.  It is possible that the joint
venture could manufacture and sell additional underground mining
equipment as well.  Both Bucyrus and Huainan Mining would
contribute an undisclosed amount of cash, as well as other
assets and personnel, to the joint venture.  The parties believe
that initial equipment manufacturing and sales by the joint
venture could begin within approximately nine months of final
completion of the proposed joint venture.

The preliminary agreement is subject to additional due
diligence, final legal documentation, approval by the boards of
directors of both Bucyrus and Huainan, Chinese governmental and
regulatory approvals and various other customary consents,
approvals and closing conditions and is anticipated to be
completed later this year.  Bucyrus does not intend to update
the status of this process unless and until either a final joint
venture agreement is completed, as to which there can be no
assurance, or negotiations are definitely terminated.

Bucyrus’ President and Chief Executive Officer Tim Sullivan
stated, “The joint venture which we hope will result from this
preliminary framework agreement will benefit both Bucyrus and
Huainan Mining. The first step in a resulting joint venture will
extend our market coverage and provide us with a low cost
manufacturing base in China. Huainan Mining will benefit from
the higher technology of our products, and the region will gain
through the development of a high technology manufacturing base
in Anhui Province.  There is also the future potential for
exports using our international sales network.” A business plan,
to be developed by both parties, will include expansion phases
linking additional future investment to direct successes in the
targeted markets.  “China is a large and very complex market,”
said Sullivan.  “Our underlying concept is to partner with
strong industry players, such as Huainan Mining, who have market
access, a manufacturing base and a service network through which
we can rapidly extend our footprint in China.  We recognize the
value of localized relationships and wish to maintain and expand
those links.”

“With Huainan Mining’s coal production at 42 million tons in
2007, there is an already existing base market for the products
that will result from a joint venture between us and Huainan
Mining,” said Sullivan.  “We have built a special relationship
with Huainan Mining where our engineers have an open forum to
look at mining issues and develop common solutions.  This moves
us away from a buyer versus seller, “western style” relationship
that is typical in China to one that allows us to apply our
technology to the benefit of both parties.”

In addition to the announcement regarding the Huainan framework
agreement, Mr Sullivan also emphasized, “This agreement is a
first step.  We are currently reviewing other, additional
options that may provide us with an opportunity to achieve a
market leading position in China with numerous product lines.”

                       About Huainan

Huainan Mining (Group) Co., Ltd. is a state-owned mining group
company in China with its primary business being coal mining and
power generation.  Its coal output in 2007 was 42 million tons.
The Huainan mining area is one of the largest coal fields in the
southeast area of China with coal reserves of approximately 21.4
billion tons.  The Huainan mining area has been listed as one of
China’s top 13 large coal production bases and one of the top 6
coal-electricity bases.

                    About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of USUS$738 million.  The company has operations in
Brazil, Chile, China, Poland, the United Kingdom, Australia,
India, Germany and Peru, among others.

                          *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


CHINA EASTERN: Seeks Gov't Okay to Resume Suspended Flights
-----------------------------------------------------------
China Eastern Airlines Corporation Limited will ask the Chinese
government's permission to resume its flights at suspended
routes, Shanghai Daily reports, citing Board Secretary Luo
Zhuping.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2008, the Southwest Management Bureau of the Civil
Aviation Administration of China (CAAC), as punishment of the
flight incident, has suspended flights between Kunming and
Xishuangbanna, and to Dali.  The two routes are to be suspended
from May 4.

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.

China Eastern was also fined CNY1.5 million (US$215,000) for the
pilots' strike.

All the suspended flights of China Eastern will be run by Air
China, Shenzhen Airlines, Lucky Air and West Air, of which Lucky
Air will be the biggest beneficiary.

Edward Wong, an analyst at Quam Limited, told the Daily that
it's going to be difficult for the airline to solve the row with
their pilots in the near future.  "The number of pilots being
added can't catch up with the expansion of China's aviation
industry," he was quoted by the Daily as saying.

Meanwhile, Bloomberg News relates that the airline said it may
lose CNY405 million (US$58 million) of sales this year due to
the suspension of flights.

According to Reuters, the suspended flights generated CNY660
million in revenue for the carrier in 2007, accounting for 1.52%
of its overall sales for the year, Reuters notes.

                   About China Eastern Airlines

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  As of December 31, 2006, it operated a fleet of
205 aircraft, including 182 jet passenger aircraft and 11 jet
freighters.  The company operated a total of 423 routes
serving a total of 136 foreign and domestic cities.  Its
operation centering from Shanghai to the whole People's
Republic of China and linking to Asia, Europe, America and
Australia.

                           *     *     *

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


HENTRA INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
Hentra International Limited's members agreed on April 11, 2008
to voluntarily liquidate the company's business.  The company
has appointed Cheung Fong Ming to facilitate the sale of its
assets.

The liquidator can be reached at:

           Cheung Fong Ming
           Two Finance Centre, 72-76th Floor
           8 Finance Street,
           Hong Kong


JINAN IRON & STEEL: Paying CNY6 Per 10 Shares Dividend Today
------------------------------------------------------------
Jinan Iron & Steel Co. Limited will pay a dividend of
CNY6(before tax) today, April 30, 2008, for every 10 shares held
by shareholders of record as of the close of business on
April 23, 2008, Reuters reports.

Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products.  The company mainly offers
medium to heavy steel plates and deformed steel bars.

As of April 29, 2008, the company holds Xinhua Far East China
Ratings' BB+ issuer credit rating.


JOSEPH CHAN WING: Commences Liquidation Proceedings
---------------------------------------------------
Joseph Chan Wing Chui International Limited's members agreed on
April 3, 2008 to voluntarily liquidate the company's business.
The company has appointed Annie Wong to facilitate the sale of
its assets.

The liquidator can be reached at:

           Annie Wong
           Block 27, 25A
           Baguio Villa
           Hong Kong


LUDGATE ASIA: Commences Liquidation Proceedings
-----------------------------------------------
Ludgate Asia Limited's members agreed on April 7, 2008 to
voluntarily liquidate the company's business.  The company has
appointed Bruno Arboit and Simon Richard Blade to facilitate the
sale of its assets.

The liquidators can be reached at:

           Bruno Arboit
           Simon Richard Blade
           China Merchants Tower, 12th Floor
           Shun Tak Centre, 168-200 Connaught Road
           Central, Hong Kong


MING FUNG: Creditors' Proofs of Debt Due May 20
-----------------------------------------------
Creditors of Ming Fung Watch Parts Factory No. 8 Limited are
required to file their proofs of debt by May 20, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 14, 2008.

The company's liquidator is:

          Mark Kin Man
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road, Kowloon
          Hong Kong


MTU AERO: Earns EUR44.2 Million in First Quarter of 2008
--------------------------------------------------------
MTU Aero Engines Holding AG improved its EBITDA by 9% in the
first three months of 2008, from EUR90.6 million in the
equivalent period of 2007 to EUR98.3 million.  The EBITDA margin
increased by 1.5 percentage points to 15.6%.  Revenues of EUR630
million were generated in the first three months of 2008,
remaining close to the previous year's level (1-3/07: EUR640.6
million).  After adjustments for the U.S. dollar exchange rate,
revenues increased by 10%.

MTU's first-quarter net income more than doubled to EUR44.2
million (1-3/07: EUR18 million).  The 2007 figure includes a
nonrecurring charge for the early redemption premium in
connection with the high yield bond.  Excluding this exceptional
charge, net income increased by 40%.

"These results show that MTU is still a highly profitable
company, despite the continuing unfavorable U.S. dollar exchange
rate situation," MTU CEO Egon Behle commented.  "The first
quarter’s results substantiate our expectations for the
financial year 2008 as a whole.  We are confident that we will
reach the targets we have set, and we intend to optimize costs
still further in order to do so."

Developments during the first three months of 2008:

Like revenues at group level, revenues in the OEM and MRO
segments roughly matched those of the previous year.

The effects of the U.S. dollar exchange rate were evident in
both the commercial engine business and commercial MRO.  Whereas
commercial engine revenues increased by 11% after adjustments
for the U.S. dollar exchange rate, the actual amount in euros
was EUR265.3 million, which represents a year-on-year decrease
of 2.9% (March 31, 2007: EUR273.1 million).  Similarly,
commercial MRO revenues increased by 13% excluding adjustments
for the U.S. dollar exchange rate.  Expressed in euros, revenues
in the commercial MRO business amounted to EUR258.3 million, or
1.5% lower than at the end of the equivalent period in 2007.
The main contributors to revenues in the commercial MRO segment
were the V2500 engine for the Airbus A320 family and the CF6
engine used to power wide-body passenger airliners such as the
A330 and the Boeing 747.  The programs that generated the
greatest revenues for the commercial engine business were the
V2500 and the PW2000 for the C17 transporter.

Revenues in the military engine business increased by 3% to
EUR114.1 million.  The highest contributions to these revenues
came from the EJ200 Eurofighter engine and the RB199 employed in
the Tornado.

At March 31, 2008, MTU's order backlog amounted to EUR3.1
billion or 1.2 times annual revenues in 2007.  This figure is
lower than that at the end of the last financial year
(Dec. 31, 2007: EUR3.3 billion), primarily as a result of the
U.S. dollar exchange rate.  Excluding this factor, the order
backlog is stable.

The improvement in the EBITDA margin is above all attributable
to the positive evolution of the OEM business, where the
successful implementation of various programs to improve
efficiency, a high demand for spare parts, and the start of
volume production in certain programs compensated for the
unfavorable U.S. dollar exchange rate.  EBITDA in the OEM
business grew by 45% to EUR85.6 million, bringing the EBITDA
margin to 22.6%.  The EBITDA margin for the commercial MRO
business amounted to 5.5%, while this segment's EBITDA dropped
by 53% to EUR14.2 million.  This result, which reflects the
additional costs occasioned by the introduction of new software
and logistics systems at MTU Maintenance Hannover, was not
unexpected.  "We have taken steps to bring the commercial MRO
business back on course, and these measures are already having
the desired effect at an operational level," MTU CFO Reiner
Winkler explained.

Free cash flow at the end of March 2008 amounted to EUR43.4
million, or roughly the same as at the end of the equivalent
period one year earlier (1-3/07: EUR44.3 million).

MTU's investing activities in the first three months of 2008
amounted to EUR18.9 million, exceeding those of the equivalent
period in the previous year by 6% (1-3/07: EUR17.9 million).  A
large part of these investments relate to the construction of a
new engine test rig at MTU Maintenance Hannover.

Research and development expenses in the first three months of
2008 amounted to EUR37.7 million (1-3/07: EUR39.5 million).
"Research and development is the keystone in our efforts to
strengthen our innovative lead, and we intend to make
considerable investments in this area in the future," Mr. Behle
points out.  "In the coming years, we expect to invest an
average of 7 to 8% of our revenues in R&D."

The number of MTU employees at March 31, 2008 was 7,156, which
is about the same as at the end of the previous year
(Dec. 31, 2007: 7,130 employees).

                            Outlook

There has been no change in MTU's end-of-year forecast for 2008.
The company expects to generate revenues of EUR2.6 billion,
roughly equivalent to those generated in 2007 (EUR2,575.9
million).  Adjusted EBITDA at year-end 2008 is expected to
amount to around EUR390 million, thereby remaining close to the
previous year’s level of EUR392.9 million despite a significant
increase in investing activity and despite the effects of the
U.S. dollar exchange rate.  MTU expects its reported EBITDA
(i.e. the EBITDA figure including the capitalized research and
development expenses) to reach EUR420 million at the end of
2008.  Net income for 2008 is expected to increase year-on-year
by an estimated 20% to around EUR180 million (2007: EUR154.1
million).  In view of the planned strategic investments to
assure MTU's future ­- notably the acquisition of additional
shares in engine programs and the construction of the new plant
in Poland ­- free cash flow is expected to decrease to around
EUR100 million (2007: EUR131.7 million).

Headquartered in Munich, Germany, MTU Aero Engines --
http://www.mtu.de/-- develops, manufactures, markets and
repairs commercial and military engine modules and components
for aircraft engines and industrial gas turbines.  The company
has operations in China.

                          *     *     *

As of April 28, 2008, MTU Aero Engines Holding AG carries a
long-term corporate family rating of Ba1 and probability of
default rating of Ba1 from Moody's with a stable outlook.  The
company also carries a long-term foreign issuer credit rating of
BB+ and long-term local issuer credit rating of BB+ from
Standard & Poor's with a stable outlook.


MUSIC IMPACT: Members' Final Meeting Set for May 19
---------------------------------------------------
Members of Music Impact Entertainment (Hong Kong) Limited will
have their final general meeting on May 19, 2008, at Gloucester
Tower, 8th Floor, The Landmark, 15 Queen's 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:

          Ian Fegurson Bruce
          Gloucester Tower, 8th Floor
          The Landmark, 15 Queen's Road
          Central, Hong Kong


SEAENA INC: Weaver & Martin Raises Substantial Doubt
----------------------------------------------------
Weaver & Martin, LLC, in Kansas City, Mo., raised substantial
doubt about Seaena, Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses and negative cash
flows from operations.

For the year ended Dec. 31, 2007, the company posted a
US$3,420,400 net loss on US$3,336,957 of revenues compared with
a US$9,875,464 net loss on US$4,272,495 of revenues in the prior
year period ended Dec. 31, 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$4,601,656 in total assets and US$5,779,145 in total
liabilities, resulting in a US$1,177,490 stockholders' deficit.

The company's balance sheet at Dec. 31, 2007, showed strained
liquidity with US$1,259,057 in total current assets available to
pay US$5,779,145 in total current liabilities.

The company's accumulated deficit at Dec. 31, 2007, increased to
US$35,032,452 from US$31,612,052 at Dec. 31, 2007.

                         Subsequent Events

Seaena, Inc., entered on Jan. 15, 2008, into a binding letter of
intent with Concord Industries, Inc.  Seaena will acquire
Concord in a reverse acquisition.  Under the letter of intent,
Seaena will issue a number of shares equal to 60% of the shares
then outstanding to the Concord shareholders in exchange for
their Concord shares.  About 53% of the shares would be released
to the Concord shareholders at closing and 7% would be held in
escrow and released upon having achieved certain milestones over
the three-year period following the closing.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b44

                            About Saena

Based in Las Vegas, Seaena, Inc. (OTCBB: SEAI) --
http://www.seaena.com-- distributes etched crystal goods.  The
company also develops and sells laser machinery.  The company
operates primarily in the United States, China, and Europe.


SPRING ASIA: Commences Liquidation Proceedings
----------------------------------------------
Spring Asia Limited's members agreed on April 7, 2008 to
voluntarily liquidate the company's business.  The company has
appointed Bruno Arboit and Simon Richard Blade to facilitate the
sale of its assets.

The liquidators can be reached at:

           Bruno Arboit
           Simon Richard Blade
           China Merchants Tower, 12th Floor
           Shun Tak Centre, 168-200 Connaught Road
           Central, Hong Kong


TOWNGAS CHINA: Moody's Ups Towngas China Rating From Ba1 to Baa3
----------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 Towngas
China Company Limited's (Towngas China) corporate family rating
and senior unsecured bond rating. This concludes the review
initiated on March 17, 2008.  At the same time, Moody's has
withdrawn the corporate family rating and assigned a Baa3 issuer
rating to Towngas China. The outlook for the ratings is stable.

"The rating upgrade reflects Moody's assessment of the
likelihood of the strong financial and operational support
Towngas China would receive from its 45%-owned shareholder, The
Hong Kong and China Gas Company Limited (HKCG), and which
translates into further uplift for the ratings," says Ken Chan,
a Moody's Vice President.

"Since HKCG became the company's largest shareholder in March
2007, it has already provided strong support to Towngas China,
including two shareholder loans totaling US$63 million, and a
pro-rata subscription to its rights issue of US$90 million,"
adds Chan.

"Moreover, Towngas China delivered an improved operating
performance in 2007, translating into Debt/Capitalization of 27%
and EBIT/Interest of 1.7x," says Chan. "Its credit profile is
projected to gradually improve on the back of strong cash flow
generation from its piped gas projects."

"Such a credit profile is consistent with a Ba2 rating on a
standalone basis, and the expected support from HKCG provides a
2-notch uplift to the final Baa3 rating," says Chan.

The stable outlook reflects Moody's expectation that Towngas
China will execute its business model as planned, as well as
leverage its relationship with HKCG for easier access to the
capital markets for any capital expansion plans.

Upward rating pressure would evolve if Towngas China
demonstrates its financial stability through growing its cash
flow from piped gas sales and new projects, as well as de-
leveraging and improving its balance sheet strength, such that
RCF/Total Debt is above 15-20% and EBIT/Interest is greater than
3.5-4.0x on a sustainable basis.

On the other hand, the rating is sensitive to changes in Moody's
assessment of the level of operational and financial support
from HKCG. Accordingly, downward rating pressure would emerge if
HKCG's ownership level falls, but which Moody's does not expect
to occur in the near term; or if there is evidence that HKCG is
not providing the expected level of support.

Furthermore, the rating may experience downward pressure if
Towngas China is unable to achieve its expected growth and
returns, or if regulatory changes negatively affecting its cash-
generating ability occur. The key credit metrics that Moody's
would focus on include EBIT/Interest below 2.0-2.5x over the
industry cycle.

Towngas China, listed on the Hong Kong Stock Exchange, is
primarily engaged in the downstream sale and distribution of
natural gas and liquid petroleum gas (LPG) in Mainland China.
Its main operations include the provision of piped natural gas,
the construction of gas pipelines, the sale of LPG in bulk and
cylinders, and, to a lesser extent, the sale of gas household
appliances.


TITAN PETROCHEMICAL: 2007 Revenue Up 48% to HK$17,004 Million
-------------------------------------------------------------
Titan Petrochemicals Group Limited disclosed results for the
year ended December 31, 2007, showing higher revenues, but
significantly lower earnings and a net loss for the Group,
impacted largely by extremely difficult operating conditions
during the year.  On a positive note, the Group's balance sheet
strengthened considerably, with a much stronger cash position as
at December 31, 2007, of HK$2,111 million, compared to
HK$373 million twelve months ago.

Despite the market challenges, the Group made significant
investments across its businesses during the year as it
continued to build up resources to capture future growth, with
substantial increases in both tangible assets and headcount.
In 2007, the Group completed the acquisition of Titan Quanzhou
Shipyard, a unique multi functional facility with very strong
prospects.

"Market conditions were very challenging in 2007.  The VLCC
market remained depressed for the greater part of the year, and
in the second half, businesses suffered under the impact of
higher oil prices and higher volatility, which severely affected
Titan's earnings, "said Titan Chairman and Chief Executive Mr.
Tsoi Tin Chun.

Revenue for the year was HK$17,004 million, an increase of 48%
over 2006.  Earnings before interest, tax, depreciation and
amortization (EBITDA), including the HK$262 million gain from
vessel disposals, was HK$772million, and the loss attributable
to shareholders was HK$29 million.

No dividend has been declared.

As part of its asset management program to rebalanced its
portfolio, Titan sold two VLCCs, and five medium to smaller
sized tankers, resulting in a total net book gain of HK$ 262
million.

Cash flow remained positive during the year and included the
receipt of HK$1,365 million (US$175 million) in capital from the
Warburg Pincus investment that was announced in March 2006. The
gearing ratio improved to 0.49 from 0.57 as at  December 31,
2006.

                         Business Review

In 2007, Titan Quanzhou Shipyard delivered its first two
vessels, both 6,500 deadweight ton (dwt) bunker tankers.  It
began to contribute to the Group, with total revenues of HK$114
million and segment result of HK$16 million for the year.
The shipyard is a unique multi functional facility that when
fully operational at the end of 2009, will be one of the largest
ship repair, offshore engineering and specialized ship building
yards in Asia.

Its ship building operations began in September 2006 and will be
delivering ten ships in 2008.  The Group's storage operations
performed very well, with revenues increasing from HK$96 million
to HK$212 million and segment result rising from HK$25 in 2006
to HK$106 million. Demand for the Group's Floating Storage Units
(FSUs) near Singapore remained strong and a total of four VLCCs
were deployed, nearly tripling capacity to over one million
tons.  FSU revenues alone more than doubled to HK$197 million,
while segment result increased three-fold to HK$109 million.

Total revenues for operations at the China terminals were HK$15
million, while segment result was a loss of HK$3 million.  The
revenues were derived from Phase I of the Guangdong Nansha
Petrochemical Terminal and also from Phase I of the Titan Fujian
Petrochemical Terminal, which started operations in April 2007
with 90,000 m3 of storage capacity.  Utilization rates for both
terminals, although affected in the second half by negative
import margins for customers, have improved considerably since
the first quarter of 2008.

Construction of the 420,000 m3 Phase I of the Yangshan
Petrochemical Terminal near Shanghai made good progress, with
completion expected in the second half of 2008.  Another 305,300
m3 of capacity, under the Phase II development of the Nansha
terminal, will also be ready by the end of this year.

In transportation, Titan began strategically reducing its
exposure to the VLCC market with the disposal of two VLCCs and
re-deployment of four as FSUs during the year.  As a result,
fleet capacity dropped from 3.51 million at the end of 2006 to
2.13 million dwt at the end of 2007.  The reduced capacity,
combined with weaker tanker rates, caused revenues to decline
41% to HK$1,236 million.  Pressure from higher bunker costs due
to higher fuel prices drove segment result even lower, with a
decrease of 12% to HK$390 million.

Despite the weak market, Titan made further progress in its
already efficient fleet management, with average VLCC
utilization improving by 12.4% to 92.18% in 2007.

Revenues at the supply chain business (comprising supply and
distribution) increased by 66% to HK$15,442 million.  However,
segment result decreased 28% to HK$54 million.  The decline in
segment result came in the second half of 2007 when the surge in
oil prices resulted in import margins in the China market
turning negative, in turn leading to slower demand for oil.
Businesses were further affected by an increase of both market
volatility and competition, which led to much lower volumes and
margins, impacting profits significantly.

Nonetheless, Titan achieved growth in market leadership in the
face of very tough competition, rising to become the top eight
bunker supplier in Singapore from its previous ranking of top 10
in 2006.

                            Outlook

With markets for several of its core businesses including the
China terminals, the VLCC operations and the supply chain
business showing signs of improvement since the first quarter of
this year, Titan expects 2008 to be an exciting year.

"Our focus during the year will be to strengthen the balance
sheet further.  We will achieve this by continuing to make
timely disposals of our single-hulled vessels, as we have done
recently.  In addition, we will strive to increase the
utilization of our China terminals to more than 70% by the
end of the year, and work hard to secure more third-party
shipbuilding orders," said Mr. Tsoi.

In 2008, the yard is scheduled to start building 20 more ships,
launch 11 and deliver 10 more.  The vessels already delivered
have been chartered out on a bare-boat basis, with purchase
obligations, to external clients.  Together with the vessels now
under construction for delivery this year, they will begin to
make a substantial contribution to the Group's earnings.

To seize the opportunities presented by the buoyant shipbuilding
market, the shipyard is accelerating its expansion, while
construction of the ship repair and offshore engineering
facilities is well advanced.

To improve utilization of the China terminals, the Group is
refocusing its marketing targets and this
has led to rising demand in both the term and spot lease markets
in the first quarter of 2008.

"We will also focus on forming strategic partnerships with
potential players who will bring both operational expertise and
business opportunities to the Group," added Mr. Tsoi. With a
strong cash position and a reinforced management team, Titan
believes it is well placed to make further developments in 2008
and beyond, with growth driven by the Group's investment
projects in China.

                     About Titan Petrochemicals

Titan Petrochemicals Group Limited is a fully integrated
downstream oil logistics company, providing end-to-end sourcing,
transportation, storage and wholesale distribution on a single
platform.  Through this, we help oil companies and oil users
such as power utilities make their supply chain more efficient
and their business more competitive.

In addition, the Group operates a rapidly expanding multi-
functional shipyard in Quanzhou, a strategic location in China
off the Taiwan Strait.  Built to be one of the most advanced
facilities of its kind, the yard's ship building unit began
operations in 2006 and has a strong order book of high
performance vessels.  This will soon be complemented by major
ship repair and offshore engineering operations capable of
handling latest generation container ships and oil rigs.
Titan operates in China, Hong Kong, Singapore and Malaysia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 28,
2008, that Moody's Investors Service placed on review for
possible downgrade Titan Petrochemicals Group Ltd's B2 corporate
family rating and B3 senior unsecured bond rating.


TITAN PETROCHEMICAL: S&P Cuts Long-Term Corp. Credit Rating to B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Titan Petrochemical Group Ltd. to 'B'
from 'B+'.  The outlook is negative.  At the same time, Standard
& Poor's lowered the issue rating on US$400 million senior
unsecured notes guaranteed by Titan to 'B-' from 'B'.

"The rating actions reflect our expectation that Titan is likely
to continue to be under financial pressure over the next 12
months and that its performance is no longer commensurate with a
'B+' rating. The company's expansion of its shipyard operations,
which requires large capital expenditure, is likely to put
further pressure on its funding and leverage," said Standard &
Poor's credit analyst Lawrence Lu.

Titan's various business lines--oil transportation, onshore oil
storage, and petroleum supply chain--will face challenging
conditions in 2008. In the transportation segment, very large
crude carrier freight rates are weak, and operating and
bunkering expenses are rising. Modest demand growth and stiff
competition in the onshore oil storage segment are likely to
continue to weigh on its profitability, although the utilization
rate has improved. Onshore oil storage did not contribute as
much as expected to 2007 results because of weaker-than-expected
demand. Margins in Titan's petroleum supply-chain operations are
likely to continue to erode. The margin squeeze began in the
second half of 2007 because of stiff competition and negative
margins on imports to China, as a result of high crude prices,
which had a knock-on impact on Titan.

Titan's shipyard operations could put pressure on the company's
cash flow as capex mounts. The ship-building business is showing
some progress, with two new orders from third parties and
several others under negotiation. It continues to relay heavily
on orders from related parties, has limited pricing power, and
will be vulnerable further weakening of the U.S. dollar. The
company's plan to expand into the ship-repairing and offshore
engineering business entails sizable capex over the next few
years, putting a further strain on Titan's fiscal performance.

Titan's liquidity is weak. The company will find it challenging
to meet all of its loan and bond covenants.

Headquartered in Hong Kong, its operations are spread between
Singapore, Malaysia and China. Titan manages 22 tankers and has
on-shore storage in Guangdong, Fujian and Shanghai. In 2007, the
company acquired a shipyard in Quanzhou, in Fujian.

The Troubled Company Reporter-Asia Pacific reported on April 28,
2008, that Moody's Investors Service placed on review for
possible downgrade Titan Petrochemicals Group Ltd's B2 corporate
family rating and B3 senior unsecured bond rating.


TYSON FOODS: Posts $5 Million Net Loss in Quarter Ended March 29
----------------------------------------------------------------
Tyson Foods Inc. reported net loss of US$5 million in second
quarter ended March 29, 2008, compared to net income of US$68
million for the same period last year.

The company's loss was affected by the increasing feed costs
that continued to haunt the company, The Wall Street Journal
reports.

WSJ relates that the company has no plans to trim down poultry
production as the demand for chicken products are high.  That is
contrary to what its major rival, Pilgrim's Pride Corp., stated
that it plans to cut weekly chicken processing by 5% to offset
rising grain costs, WSJ says.

Second quarter 2008 sales were US$6.6 billion compared to
US$6.5 billion for the same period last year.  Operating income
for the second quarter of fiscal 2008 was US$44 million compared
to US$158 million in 2007.  In the second quarter of fiscal
2008, the company recorded US$47 million of charges related to
plant closings and asset impairments.

For six months ended March 29, 2008, the company has net income
of US$29 million compared to net income of US$125 million, for
the same period last year.

Sales for the six months of fiscal 2008 were US$13.4 billion
compared to US$13.1 billion for the same period last year.
Operating income for the six months of fiscal 2008 was
US$128 million compared to US$303 million in 2007.  In the six
months of fiscal 2008, the company recorded an US$18 million
non-operating gain on the sale of an investment.  Additionally,
it recorded US$53 million of charges related to plant closings,
asset impairments and severance.

"Our second quarter results show the strength of a diversified
protein business model," Richard L. Bond, president and chief
executive officer of Tyson Foods, said.  "We continue to believe
the second fiscal quarter should be our most challenging, and we
are pleased with our results.

"Our Pork segment did very well, delivering its best January-
March quarter ever," Mr. Bond said. "Our Beef segment improved
US$74 million over the first quarter of this fiscal year, or
approximately US$100 million excluding plant closing and asset
impairment charges.  The Chicken segment suffered losses due to
significantly higher and volatile input costs.  Our chicken and
pork exports continue to be strong, and we are moving forward
with our strategy for international expansion."

"Looking forward to the third quarter, the Beef segment should
continue its improvement due to the start of grilling season and
the encouraging news South Korea will resume imports of U.S.
beef next month," Mr. Bond said.  "The Pork segment should do
well again, although not as well as the second quarter."

"In the Chicken segment, we anticipate an additional US$100
million of increased grain costs over the second quarter, offset
in part by operational improvements, pricing and risk management
activities," Mr. Bond added.  "For the year, corn and soybean
meal increases are likely to approach US$600 million.  Including
other inputs such as cooking oil, breading and other feed
ingredients, the increase in costs for the fiscal year may
approach US$1 billion compared to fiscal 2007."

At March 29, 2008, the company's balance sheet showed total
assets of US$10.367 billion, total liabilities of US$5.613
billion and total shareholders' equity US$4.754 billion.

Shares of Tyson were up nine cents to US$18.24 in 4 p.m. New
York Stock Exchange composite trading, WSJ says.

                      About Tyson Foods Inc.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company makes a wide variety of
protein-based and prepared food products at its 123 processing
plants.  Tyson has approximately 114,000 Team Members employed
at more than 300 facilities and offices in 26 states and 80
countries.  Tyson's U.S. beef plants are located in Amarillo,
Texas; Dakota City, Nebraska; Denison, Iowa; Finney County,
Kansas; Joslin, Illinois, Lexington, Nebraska and Pasco,
Washington.  The company also has a beef complex in Canada, and
is involved in a vertically integrated beef operation in
Argentina and China.

                          *     *     *

As reported in the Troubled Company Reporter on April 7, 2008,
Moody's Investors Service confirmed Tyson Foods, Inc.'s
corporate family rating and probability of default rating at
Ba1.  Moody's said the rating outlook remains negative.


ULTIMOS MANUFACTURING: Liquidator Quits Post
--------------------------------------------
On March 31, 2008, Yu Hongbin stepped down as liquidator for
Ultimos Manufacturing Limited, which is undergoing liquidation.


UNI-ALPHA: Members' Final Meeting Set for May 19
------------------------------------------------
Members of Uni-Aplha Futures Limited will have their final
general meeting on May 19, 2008, at Sino Plaza, Room 2104, 256-
257 Gloucester Road, Causeway Bay, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ho Mui Ki
          Sino Plaza, Room 2104, 256-257
          Gloucester Road, Causeway Bay
          Hong Kong


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

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

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

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



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

AXIS BANK: Shri. Surendra Singh's Term as Director Expires
----------------------------------------------------------
AXIS Bank Ltd informed the Bombay Stock Exchange that the term
of office of Shri. Surendra Singh, Director of the Bank, has
expired with effect from April 27, 2008.  Accordingly, he has
ceased to be a Director at the Bank from that date.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations.  The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

The bank currently holds Moody's Investors Service's Ba2 rating
that was placed on July 1, 2005.


BHARTI AIRTEL: To Cut Long-Distance and Mobile Roaming Rate
-----------------------------------------------------------
Bharti Airtel Ltd. will cut rates on long-distance calls and
roaming within the country to boost usage, Bibhudatta Pradhan
and Harichandan Arakali write for Bloomberg News.

According to company statement cited by Bloomberg, customers
traveling outside their home coverage circles will be charged 1
rupee or US$2.5 cents a minute while receiving calls, compared
with the 1.75 rupees a minute they pay now.  Bharti Airtel's
users will also be billed  1.5 rupees per minute, or 43% less,
on long-distance calls made on their mobile-phones that will
take effect on April 30, the report added.

Gaurav Tyagi, an analyst at Batlivala and Karani Securities Ltd.
in Mumbai, told Bloomberg in a telephone interview that the rate
cuts may pare the company's earnings for the current quarter,
which he rated the stock as “outperform”.

Bharti Airtel has cut prices and expanded coverage in a wireless
services market as rivals including Reliance Communications Ltd.
and Vodafone Group Plc are competing to lure away customers, the
report said.

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.


DCM SHRIRAM: HB Stockholding Increases Stake to 3,831,776
---------------------------------------------------------
HB Stockholding has increased its stake in DCM Shriram
Industries to 3,831,776 equity shares comprising 25.05% of its
total equity through open market purchases, Keshav Seth at
TopNews reports.

According to the report, the increase of stake to 25.05% has
been calculated based on DCM Shriram's paid up equity share
capital of 15,298,437 equity shares as per its audited balance
sheet as of Mar. 31, 2007.

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group.  The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals.  DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan.  Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.

In November 2007, CRISIL revised its ratings on DCM Shriram's
debenture programmes to 'BB+/Negative' from 'BBB-/Negative'.
The rating revision reflects CRISIL's expectation that the weak
scenario prevailing in the sugar industry will adversely affect
the company's financial risk profile over the next 12 months.
Moreover, the stress on cash flows, coupled with high loan
repayment obligations of about INR300 million per annum over the
medium term, is likely to affect the company's liquidity.


DECCAN AVIATION: Incurs INR1.9BB Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Deccan Aviation Ltd. incurred a net loss of INR1.9 billion in
the three months ended March 31, 2008, as compared with a net
loss of INR2.13 billion in the same quarter of 2007.

The company's total income increased from INR4.57 billion in
Jan.-March 2007, to INR6.07 billion in the latest quarter under
review.  Expenditures rose from INR6.41 billion to
INR7.66 billion, bringing the company an operating loss of
INR1.59 billion.

Results in Jan.-March 2008 also showed increased interest
charges (2008:INR279.7 million; 2007: INR174.1 million),
depreciation (2008:INR115.7 million; 2007: INR109.8 million) and
taxes (2008:INR14.1 million; 2007: INR10 million).

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

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


GENERAL MOTORS: Former Unit Delphi Wants $650 Million GM Credit
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to:

   (i) obtain extensions of credit of up to $650 million from
       General Motors Corp. and

  (ii) pay undisclosed fees in connection with the loan.

Delphi has filed with the Court a draft of its agreement with
GM, pursuant to which a GM affiliate will provide $650 million
in advances to Delphi.  GM has agreed to make accommodations in
the form of the advances, in anticipation of the effectiveness
of their Master Restructuring Agreement and Global Settlement
Agreement, both dated Sept. 6, 2007, and amended Dec. 7, 2007.

The April 24 draft of the parties' agreement provides for these
terms:

   Borrower             Delphi Corp.

   Guarantors           Other Debtors

   Lender               General Motors Corp.

   Commitment           GM will provide loans to Delphi beginning
                        May 7, 2008:

                         (a) prior to June 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $200,000,000,

                         (b) from and after June 1, 2008, and
                             prior to July 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $300,000,000
                             and

                         (c) from and after July 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $650,000,000.

   Scheduled
   Termination Date     The earliest of (a) Dec. 31, 2008, (b)
                        the date on or after the effectiveness of
                        the amendments to each of the Master
                        Restructuring Agreement and the Global
                        Settlement Agreement, on which GM or its
                        affiliates has paid to or for the credit
                        or the account of the Debtors from and
                        after the Effective Date an amount equal
                        to or greater than $650,000,000 in the
                        aggregate under the agreements and (c)
                        the date on which a Reorganization Plan
                        becomes effective.

   Covenants            The parties agree to, among other things,
                        use their good-faith, commercially
                        reasonable efforts to (a) negotiate and
                        enter into amendments to each of the
                        Global Settlement Agreement and Master
                        Restructuring Agreement as soon as
                        practicable (the parties desire to enter
                        into amendments on or prior to July 1,
                        2008), and (b) obtain the consent of
                        Delphi's statutory committees with
                        respect to the amendments.

   Interest Rates       Adjusted LIBO Rate plus [__]%

   Interest Payments    Interest payment date will mean the last
                        day of each March, June, September and
                        December, commencing Sept. 30, 2008.

   Default Interest     Rate for Advances plus 2.0%.

   Priority             The Debtors' obligations to GM will
                        constitute allowed claims having priority
                        pursuant to Section 503(b)(1) of the
                        Bankruptcy Code.  GM's set-off rights
                        will rank ahead of general unsecured
                        claims at all times.

   Conditions to
   Effectiveness        The GM Agreement will be effective, when,
                        among other things, the Court approves
                        an amendment to the Amended and Restated
                        Revolving Credit, Term Loan and Guaranty
                        Agreement, dated as of Nov. 20, 2007,
                        originally signed by JPMorgan Chase Bank,
                        N.A., as administrative agent, and
                        Citicorp USA, Inc., which amendment will
                        extend the termination date thereunder to
                        a date no earlier than Dec. 31, 2008.

Delphi's request to obtain extensions of credit from GM is
scheduled for hearing on April 30.  Objections are due April 28.

The final terms of the GM Agreement is subject to negotiations
between GM and the Debtors.  A copy of the current form of the
Agreement is available for free at:

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

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 126; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                             About GM

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.

                          *     *     *

As reported in the Troubled Company Reporter on April 28, 2008,
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.


GENERAL MOTORS: Chief Says Delphi's Ch. 11 Exit to be Delayed
-------------------------------------------------------------
According to XFN-ASIA and Thomson Financial, General Motors
Corp. Chief Executive Rick Wagoner acknowledged to reporters at
the Beijing Auto Show that Delphi Corp.'s emergence from Chapter
11 protection is "unlikely to be imminent."

Delphi was already set to exit Chapter 11 in April following the
successful syndication of its $6,100,000,000 exit financing, but
an investor group, led by Appaloosa Management, LLP, withdrew
from its prior commitment to provide up to $2,550,000,000 in
equity financing to Delphi.

"The major investor indicated that they wouldn't proceed with
their commitment to do the investment, so now Delphi has to go
back and try and restructure the financing.  The good news was
that in a very difficult financial market they were able to
arrange adequate debt financing to come out," Mr. Wagoner said.

"Delphi needs to come up with a different mix of financing
structure to get investors who are interested.  I don't think
this is something we will see resolved imminently, but a lot of
the hard work to get out of bankruptcy . . . has been done so
there's a good base to build on here," he said.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 125; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            About GM

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.

                           *     *     *

As reported in the Troubled Company Reporter on April 28, 2008,
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.


WORLDSPACE INC: Grant Thornton Raises Substantial Doubt
-------------------------------------------------------
Grant Thornton LLP in McLean, Va., raised substantial doubt
about WorldSpace, Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's net loss, negative working capital, and
shareholders' deficit.  Grant Thornton also cited that the
company's management does not believe its cash on hand and cash
available is sufficient to meet its operating needs during the
coming year.

                             Financials

For the year ended Dec. 31, 2007, the company's net loss
increased to US$169,507,000 from US$128,603,000 in 2006, while
its total revenues for the year ended Dec. 31, 2007, decreased
to US$13,784,000 from US$15,611,000 in the prior year period
ended Dec. 31, 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$340,014,000 in total assets and US$2,091,745,000 in total
liabilities, resulting in a US$1,752,420,000 shareholders'
deficit.

The company's balance sheet at Dec. 31, 2007, also showed
strained liquidity with US$16,689,000 in total current assets
available to pay US$86,279,000 in total current liabilities.

The company's accumulated deficit increased to US$2,494,323,000
from $2,321,912,000 at Dec. 31, 2006.

                          Yenura Financing

In December 2007, the company entered into a facility agreement
with Yenura Pte Ltd. in which Yenura agreed to make available up
to $40 million from time to time pursuant to draw down notices
issued on or prior to Jan. 31, 2008, in consideration for the
issuance of certain subordinated convertible notes.

The subordinated convertible notes mature on Jan. 3, 2013, and
accrue interest at the rate of 8% per year and shall be payable
in arrears with the first interest date being Jan. 15, 2009.

During the first quarter 2008, the company has drawn
US$19.2 million under this facility due to Yenura's slow action
in making the full committed amount available.

Yenura is a company controlled by Noah Samara, chairman and CEO
of Worldspace.

                                Plans

Through the end of December 2007, the company has spent
approximately US$1.7 billion in connection with the development
and launch of its business.

With the signing of a major distribution arrangement with Fiat
Group Automobiles S.p.A., WorldSpace is close to launching in
Italy its first mobile service; it expects to launch this mobile
service in early 2009.

In 2009, in addition to Italy, WorldSpace is planning to launch
a mobile service first in Bahrain and then in the United Arab
Emirates and potentially in Switzerland; in each of these
jurisdictions WorldSpace now has the regulatory authorizations
to establish a mobile service.

WorldSpace has delayed previously scheduled launches in the
Middle East in order to take advantage of the enhancements to
its planned mobile system provided by its European standard
technical development activities undertaken for Italy and other
countries in the European Union.

These enhancements include, among other things, a new generation
of satellite receivers, which will receive broadcasts from its
networks of terrestrial repeaters as well as from its
satellites.

WorldSpace is planning similar system enhancements in India,
where it initiated a non-mobile service in 2005, subject to the
resolution of the satellite radio regulatory issues and the
formation of a strategic alliance with a local partner.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b52

Based in Silver Spring, Md., WorldSpace, Inc. (NASDAQ: WRSP) --
http://www.worldspace.com/-- designs, develops, constructs,
deploys and finances satellite-based radio and data broadcasting
service, which serve areas of the world where traditional
broadcast media or Internet services are limited.  The company
has one satellite in orbit over Africa (accepted for service in
1999) and another over Asia (accepted for service in 2000).  The
company has a completed third satellite currently in storage at
EADS Astrium's facilities in France.  This satellite can be used
to replace either of the company's two operational satellites or
modified and launched to provide Digital Audio Radio Service in
Western Europe.  The company has operations in Italy and India.



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

BANK MANDIRI: Reports IDR1.4 Trillion Net Profit
------------------------------------------------
PT Bank Mandiri Tbk disclosed that its first quarter 2008
performance continued to demonstrate marked improvements in a
number of key indicators:

                          Q1 2007             Q1 2008
                          -------             -------
    Loans                 IDR114.3 trillion   IDR135.5 trillion
    Earnings After Tax    IDR1.02 trillion    IDR1.39 trillion

According to Nury Sybli and Harry Suhartono of Reuters, analysts
expect Mandiri, which has a market capitalisation of $5.9
billion, to post a net profit of IDR5.76 trillion in 2008, up
from IDR4.35 trillion in 2007.

A full-text copy of Bank Mandiri's first quarter 2008 financial
results is available for free at:

          http://bankrupt.com/misc/mandiri_1Q2008.pdf

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.  At the same
time, all other ratings are affirmed:

    -- Long-term foreign and local currency Issuer Default
       ratings at 'BB-' with a Positive Outlook

    -- Short-term IDR at 'B'

    -- Support at '4', and

    -- Support Floor at 'B+'

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term debt and foreign currency long-term deposit
ratings of Bank Mandiri.

    -- The foreign currency senior/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,
       Baa2 global local currency deposit rating and D- BFSR were
       unaffected.


BANK RAKYAT: To Hold Shareholders' General Meeting on May 15
------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk will convene the General
Meeting of Shareholders on Thursday, May 15, 2008.

According to the Company's Articles of Assocation, Article 22
paragraph 3, the notice of General Meeting of Shareholders shall
be served on advertisement in at least two daily newspapers in
Indonesian language on April 30, 2008.

Shareholders entitled to attend and represent the meeting are
the company's shareholders whose names are registered in the
Shareholders Register of the Company on April 29, 2008, up to
16.00 Western Indonesia, or shareholders whose shares are the
collective deposit of PT Kustodian Efek Indonesia at the closing
trading date on April 29, 2008.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

     * Long-term foreign Issuer Default rating 'BB-',
     * Short-term rating 'B',
     * National Long-term rating 'AA+(idn)',
     * Individual 'C/D', and
     * Support '4'.



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

DELPHI CORP: To Seek $4.1BB Loan Refinancing, Adjusts Forecasts
---------------------------------------------------------------
Delphi Corp. said, in a filing with the Securities and Exchange
Commission, that it will meet with investors to discuss its plan
to obtain US$4,100,000,000 of financing, comprising:

     Tranche      Amount/Nature of Loan
     -------      ---------------------
       A          US$1,000,000,000 first priority revolving
                  credit facility

       B          US$600,000,000 first priority term loan

       C          US$2,500,000,000 second priority term loan

As previously reported, Delphi is seeking to amend and extend
its existing credit facility until the earlier of Dec. 31, 2008,
or the date of the substantial consummation of a reorganization
plan that is confirmed by the Bankruptcy Court.

Delphi has revised projected revenue, EBITDAR, debt levels and
liquidity information, which differ from its previously
disclosed projections in the disclosure statement attached to
its Court-confirmed Joint Plan of Reorganization.

According to John D. Sheehan, vice president and chief
restructuring officer, the Prior Projections have been adjusted
to reflect:

   (i) Delphi's delayed emergence from Chapter 11, including
       deferral of net amounts that would have been paid by
       General Motors Corporation to Delphi under certain
       restructuring agreements, the retiming of divestiture
       transactions, and the reversal of adjustments related to
       fresh start accounting and certain recapitalization
       transactions which were to take place upon emergence;

  (ii) changes in overall market and economic conditions,
       including changes in projected GM North American volumes
       from 3.8 million to 3.6 million units, changes in the
       projected volumes of other select North American
       customers, and increased commodity costs; and

(iii) projected advances from time to time of up to an aggregate
       outstanding amount of US$650,000,000 from GM in
       anticipation of the implementation of certain
       restructuring agreements.

Delphi notes that while GM has agreed to make advances in
anticipation of the effectiveness of the restructuring-related
agreements, there can be no assurances that the GM agreement
will actually become effective.

Delphi said that projected 2008 revenue will increase from
US$19,708,000,000 in the Disclosure Statement to
US$21,034,000,000 in the current projections due principally to
the retiming of divestiture activity.

The company notes, however, that 2008 projected EBITDAR will
decline from US$1,577,000,000 in the Disclosure Statement to
US$999,000,000 in the current projections.  The deterioration is
primarily due to an increase in pension and other postretirement
benefit expense retained by Delphi due to the retiming of its
assumed emergence of US$781,000,000, partially offset by
US$253,000,000 resulting from a difference in definition of
EBITDAR between the Disclosure Statement and the Refinanced DIP
Credit Facility and US$31,000,000 due to the retiming of
divestiture activity.

                Supplemental Financial Information

A. Borrowing Base (in Millions)

                          Available
                          Gross Balance
                          at 12/31/07 as
                          as defined by   Adjusted      Adjusted
                          Credit Facility  Advance  Availability
                          ---------------  -------  ------------
U.S. accounts receivable      $2,521        85%         $768
U.S. Inventory                 1,225        75%          649
U.S. PP&E                       N/A                      369
Less carve-out                  N/A                     (122)
                                                      --------
             Borrowing Base Availability                $1,664
                                                      ========

B. DIP Collateral Coverage (in Millions)

                                                 As of 12/31/07
                                                 --------------
    Accounts & Non-Debtors Note Receivables
      Debtor Continuing Operations                    $2,123
      Debtor Discontinued Operations                     251
                                                    --------
    Total Collateral                                  $2,374
                                                    ========

    Inventory, net
      Debtor Continuing Operations                      $823
      Debtor Discontinued Operations                     184
                                                    --------
    Total Collateral                                  $1,007
                                                    ========

    PP&E, net book value
      Debtor Continuing Operations                     1,446
      Debtor Discontinued Operations                     291
                                                    --------
    Total Collateral                                  $1,737
                                                    ========

C. EBITDAR Reconciliation (in Millions)

                                                    Discontinued
                                Consol.  Continuing   Operations
                               12/31/07   12/31/07      12/31/07
                               --------   --------      --------
Net Income
(+) Income Taxes                ($3,065)   ($2,308)
($757)
(+) Interest Expense               (514)      (522)           8
(+) Interest Income                 772        769            3
(+) Deprec. & Amortization        1,282      1,012          270
                               --------   --------      --------
    EBITDA                       (1,595)    (1,117)        (478)

(+) Securities and Litigation
      Charge                        343        343             -
    US Employee Workforce
      Transition Charges            244        212            32
    Other Restructuring           1,414        681           733
                               --------   --------      --------
(+) Total Restructuring           1,658        893          765
                               --------   --------      --------
    LTM EBITDAR                     406        119           287
                               ========   ========      ========

        Subsidiary EBITDAR Reconciliation
        EBITDAR of
          1st tier foreign subsidiaries       $610
        EBITDAR excluding
          1st tier foreign subsidiaries       (204)
                                          --------
        Total Consolidated EBITDAR           ($406)
                                          ========

D. Financial Review (in Millions)

   -- Summary Model Financial Information

                                            2007          2008
                                            ----          ----
      GM Sales                             $10,706        $6,621
      Non-GM Sales                          15,454        14,414
                                          --------      --------
   Total Sales                              26,160        21,034
                                          --------      --------
   Net Loss                                ($3,065)      ($1,790)
                                          ========      ========

      Interest, net                            702           457
      Income Taxes                            (514)          180
      Depreciation and Amortization          1,282         1,095
      OPEB Expense Less Payments               386           243
      Professional Fees &
        Other Restructuring Costs              174           244
      Restructuring Expense                  1,658           590
      Other                                     (3)          (19)

   EBITDAR                                    $963          $999

   Capital Expenditures                       $646          $779
                                          ========      ========

   -- Summary Credit Agreement Model Liquidity

                  May   Jun   Jul   Aug   Sep   Oct   Nov   Dec
                  ---   ---   ---   ---   ---   ---   ---   ---
Cash
  U.S. Cash        25    25    35   177   172    70    25    25
  Non-US Cash   1,112 1,033   986   997   934   988 1,000   930
                ----- ----- ----- ----- ----- ----- ----- -----
Consol. Cash    1,137 1,057 1,020 1,174 1,105 1,491 1,025   955

Availability
  DIP             608   478   486   322   332   433   480   477
                ----- ----- ----- ----- ----- ----- ----- -----
Cash &
  Availability  1,745 1,535 1,506 1,497 1,438 1,491 1,505 1,432
                ----- ----- ----- ----- ----- ----- ----- -----
  GM Agreement
    Balance         -   $45     -  $335  $468  $573  $643  $584
                ===== ===== ===== ===== ===== ===== ===== =====

                    About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 125; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Wants to Obtain $650 Million Credit from GM
--------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to:

   (i) obtain extensions of credit of up to $650 million from
       General Motors Corp., and

  (ii) pay undisclosed fees in connection with the loan.

Delphi has filed with the Court a draft of its agreement with
GM, pursuant to which a GM affiliate will provide $650 million
in advances to Delphi.  GM has agreed to make accommodations in
the form of the advances, in anticipation of the effectiveness
of their Master Restructuring Agreement and Global Settlement
Agreement, both dated Sept. 6, 2007, and amended Dec. 7, 2007.

The April 24 draft of the parties' agreement provides for these
terms:

   Borrower             Delphi Corp.

   Guarantors           Other Debtors

   Lender               General Motors Corp.

   Commitment           GM will provide loans to Delphi beginning
                        May 7, 2008:

                         (a) prior to June 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $200,000,000,

                         (b) from and after June 1, 2008, and
                             prior to July 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $300,000,000
                             and

                         (c) from and after July 1, 2008, in an
                             aggregate outstanding principal
                             amount not to exceed $650,000,000.

   Scheduled
   Termination Date     The earliest of (a) Dec. 31, 2008, (b)
                        the date on or after the effectiveness of
                        the amendments to each of the Master
                        Restructuring Agreement and the Global
                        Settlement Agreement, on which GM or its
                        affiliates has paid to or for the credit
                        or the account of the Debtors from and
                        after the Effective Date an amount equal
                        to or greater than $650,000,000 in the
                        aggregate under the agreements and (c)
                        the date on which a Reorganization Plan
                        becomes effective.

   Covenants            The parties agree to, among other things,
                        use their good-faith, commercially
                        reasonable efforts to (a) negotiate and
                        enter into amendments to each of the
                        Global Settlement Agreement and Master
                        Restructuring Agreement as soon as
                        practicable (the parties desire to enter
                        into amendments on or prior to July 1,
                        2008), and (b) obtain the consent of
                        Delphi's statutory committees with
                        respect to the amendments.

   Interest Rates       Adjusted LIBO Rate plus [__]%

   Interest Payments    Interest payment date will mean the last
                        day of each March, June, September and
                        December, commencing Sept. 30, 2008.

   Default Interest     Rate for Advances plus 2.0%.

   Priority             The Debtors' obligations to GM will
                        constitute allowed claims having priority
                        pursuant to Section 503(b)(1) of the
                        Bankruptcy Code.  GM's set-off rights
                        will rank ahead of general unsecured
                        claims at all times.

   Conditions to
   Effectiveness        The GM Agreement will be effective, when,
                        among other things, the Court approves
                        an amendment to the Amended and Restated
                        Revolving Credit, Term Loan and Guaranty
                        Agreement, dated as of Nov. 20, 2007,
                        originally signed by JPMorgan Chase Bank,
                        N.A., as administrative agent, and
                        Citicorp USA, Inc., which amendment will
                        extend the termination date thereunder to
                        a date no earlier than Dec. 31, 2008.

Delphi's request to obtain extensions of credit from GM is
scheduled for hearing on April 30.  Objections are due April 28.

The final terms of the GM Agreement is subject to negotiations
between GM and the Debtors.  A copy of the current form of the
Agreement is available for free at:

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

                            About GM

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.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 126; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Ch. 11 Exit to be Delayed for Months, GM Chief Says
----------------------------------------------------------------
According to XFN-ASIA and Thomson Financial, General Motors
Corp. Chief Executive Rick Wagoner had acknowledged to reporters
at the Beijing Auto Show that Delphi Corp.'s emergence from
Chapter 11 protection is "unlikely to be imminent."

Delphi was already set to exit Chapter 11 in April following the
successful syndication of its $6,100,000,000 exit financing, but
an investor group, led by Appaloosa Management, LLP, withdrew
from its prior commitment to provide up to $2,550,000,000 in
equity financing to Delphi.

"The major investor indicated that they wouldn't proceed with
their commitment to do the investment, so now Delphi has to go
back and try and restructure the financing.  The good news was
that in a very difficult financial market they were able to
arrange adequate debt financing to come out," Mr. Wagoner said.

"Delphi needs to come up with a different mix of financing
structure to get investors who are interested.  I don't think
this is something we will see resolved imminently, but a lot of
the hard work to get out of bankruptcy . . . has been done so
there's a good base to build on here," he said.

                            About GM

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.

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 125; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: Shareholder Tracinda Offers to Buy 20MM Ford Stake
--------------------------------------------------------------
Tracinda Corporation intends to make a cash tender offer for up
to 20 million shares of common stock of Ford Motor Company at a
price of $8.50 per share.  The offer price represents a 13.3%
premium over Ford's closing stock price of $7.50 on April 25,
2008 and a 38.7% premium over Ford's closing stock price on
April 2, 2008, the day upon which Tracinda began accumulating
shares in the company.

The shares to be purchased pursuant to the offer represent
approximately 1% of the outstanding shares of Ford common stock.
Tracinda Corporation, of which Kirk Kerkorian is the sole
shareholder, currently owns 100 million shares of Ford common
stock, which represents approximately 4.7% of the outstanding
shares.  Tracinda's average cost for such shares is
approximately $6.91 per share.  Upon completion of the offer,
Tracinda would beneficially own 120 million shares of Ford
common stock, or approximately 5.6% of the outstanding shares.

Mr. Kerkorian paid an initial $691 million and intends to
disburse another $170 million, Bill Koenig and Jeff Green of
Bloomberg News report.

According to Ford Executive Chairman Bill Ford and Ford
President and CEO Alan Mulally: "We welcome confidence in Ford
and the progress we are making on our transformation plan.  Any
investor can purchase Ford shares, which are sold on the open
market.  The Ford team remains focused on executing our plan to
transform Ford into a lean global enterprise delivering
profitable growth for all."

Tracinda has been following Ford closely since the company
released its fourth quarter 2007 results which indicated that
Ford's management was starting to achieve highly meaningful
traction in its turnaround efforts.  Last week this was
reinforced by Ford's first quarter 2008 results, achieved
despite the difficult U.S. economic environment.  Tracinda
believes that Ford management under the leadership of Chief
Executive Officer Alan Mulally will continue to show significant
improvements in its results going forward.

As reported in the Troubled Company Reporter on April 25, 2008,
Ford reported net income of $100 million for the first quarter
of 2008.  This compares with a net loss of $282 million in the
first quarter of 2007.

Once the tender offer is commenced, offering materials will be
mailed to Ford stockholders and filed with the Securities and
Exchange Commission.  Ford stockholders are urged to read the
offering materials when they become available because they will
contain important information.

The tender offer will be subject to customary conditions for
transactions of this type, including expiration of any
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.  Tracinda's offer will not
be subject to financing.

However, analysts warn Ford on Tracinda's designs on the
automaker, Matthew Dolan and Jeff Bennett of The Wall Street
Journal relate.  JP Morgan Stanley & Co. Inc.'s Jonathan
Steinmetz predicts that like General Motors Corp., Tracinda
might, at first, be a passive shareholder, but will later seek a
board seat, criticize management leadership skills and instigate
the sale of non-core assets or potential industry consolidation.
The shareholder will eventually pull out from the company.

According to WSJ citing Peter Nesvold of Bear Stearns, Tracinda
first bought a stake, in both automakers, of just under 5% and
then offered to buy additional stake at a 13% premium.

Bloomberg recounts that Ford's trading stock rose 10% in the New
York Stock Exchange on Monday.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for $2.3 billion (before $600 million of
pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the United
Auto Workers.


FORD MOTOR: Inks Master Economics Offer Agreement with CAW
----------------------------------------------------------
Following early background negotiations, Ford Motor Company of
Canada Ltd. and the Canadian Auto Workers union have reached an
agreement on a Master Economics Offer that will now become the
centerpiece of all-out collective bargaining aimed at reaching a
tentative agreement between the two sides later this week.

For a full tentative agreement to be reached, agreement also
must now be attained on all local agreements, such as skilled
trades, health and safety.  That tentative agreement must then
be ratified by CAW members at all Canadian locations.  The
current collective agreement expires at midnight September 16.
The Master Economics Offer was endorsed unanimously by members
of the CAW-Ford Master and local bargaining committees at a
special meeting in Toronto on Monday.

Highlights of the Master Economics Offer:

   * Three year contract, expiring midnight Sept. 14, 2011;

   * No changes in base wages;

   * No two-tier system for wages, pensions or benefits;

   * Extended the life of the St. Thomas assembly plant through
     life of agreement (to 2011) The product commitment was
     scheduled to end in 2010;

   * COLA payments frozen for remainder of current contract, and
     first year of the new contract.  Quarterly COLA wage
     adjustments resume under existing formula Dec. 2009;

   * $2200 "productivity & quality" bonus to be paid upon
     ratification;

   * Inflation-indexed pension increases for both existing and
     new retirees in second and third year;

   * Significant savings in health costs (stricter cap on long-
     term care, 10% co-pay on drugs to $250 annual maximum per
     family);

   * Modest improvements in health benefits and spousal insurance
     benefit;

   * New-hire grow-in system, where wages, COLA, SUB benefits,
     and time-off provisions are phased in (starting at 70% of
     base wages) over the first three years of work; after three
     years, wages reach 100% of base wages;

   * Reduction in vacation pay by 40 hours per year, compensated
     with special $3500 cash payment in January 2009;

   * Improved restructuring benefits and renewed income security
     funds;

   * Commitment to explore Canadian opportunities to establish a
     pre-funded, off-balance-sheet Retiree Health Benefit Fund.

The offer includes a mixture of modest gains and cost savings
that in the CAW#s judgment will ensure that Canadian facilities
over the life of the agreement will remain in the ballpark for
new investment opportunities.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said that the ratings and
outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated
B/Stable/B-3) were not affected by Ford's announcement of an
agreement to sell its Jaguar and Land Rover units to Tata Motors
Ltd. (BB+/Watch Neg/--) for $2.3 billion (before $600 million of
pension contributions by Ford for Jaguar-Land Rover).

As reported in the Troubled Company Reporter on Feb. 15, 2008,
Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor
Company and Ford Motor Credit Company at 'B', and maintained the
Rating Outlook at Negative.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the United Auto Workers.


MICRON TECH: S&P Keeps 'BB-' Corp. Rating on Ample Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Micron Technology Inc., including its 'BB-' corporate credit and
senior unsecured debt ratings.  S&P removed all the ratings from
CreditWatch, where they had been placed with negative
implications on March 10, 2008.  The outlook is negative.

At the same time, Standard & Poor's assigned a '3' recovery
rating to Micron's $1.3 billion senior unsecured notes,
indicating the expectation for meaningful (50% to 70%) recovery
in the event of a payment default.

"The rating action reflects our expectation that the company
will continue to maintain a moderate capital structure with
ample liquidity in the intermediate term," said Standard &
Poor's credit analyst Bruce Hyman.  "However, Micron's near- to
intermediate-term operating results will be pressured by weak
economic conditions that will constrain an increase in demand in
the company's NAND and traditional DRAM businesses."

The ratings on Boise, Idaho-based Micron reflect the company's
current profitability challenges and likely negative free cash
flows during the latest investment cycle in the semiconductor
memory industry.  These factors are offset partially by the
company's substantial liquidity and moderate capitalization.

Micron is the fifth-largest DRAM supplier, with about a 10%
market share, having substantially reduced its exposure to the
commodity market in the past few years.



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

LG TELECOM: First Quarter Net Income Up 15% to KRW76.1 Billion
--------------------------------------------------------------
LG Telecom Limited's first quarter net income increased 15% to
KRW76.1 billion (US$76.2 million) from KRW66.2 billion a year
earlier after the company's spending on handset subsidies and
promotions was less than analysts projected, Bloomberg News
reports.

The profit compares with the KRW64 billion median estimate of 10
analysts' estimates compiled by Bloomberg.

Bloomberg relates that company sales climbed 6.6% to
KRW1.16 trillion in line with the KRW1.17 trillion median of the
10 analyst estimates, while operating profit gained 30% to
KRW89.9 billion compared with the KRW80 billion median estimate
in the survey.

Bloomberg says marketing costs rose 0.9% from a year earlier to
KRW232.4 billion compared with the KRW327 billion projected by
analysts.  The company told Bloomberg that its first quarter
marketing expenses accounted for 28% of revenue.

                         About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  Moody' said the outlook
on the rating is stable.

On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'



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

CELESTICA INC: S&P Changes Outlook to Stable; Holds 'B+' Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Toronto-based electronic manufacturing services provider
Celestica Inc. to stable from negative.  At the same time, S&P
affirmed the ratings, including the 'B+' long-term corporate
credit rating, on the company.  At March 31, Celestica had $771
million of debt outstanding.

"The outlook revision reflects a meaningful improvement in the
company's operational performance in the past three quarters
characterized by stabilized revenue losses and improved
operating margins," said Standard & Poor's credit analyst Madhav
Hari.  In addition, the company's credit metrics and liquidity
measures have improved to levels that are more consistent with
the ratings.

The ratings on Celestica reflect the highly competitive and
consolidating electronic manufacturing services industry;
difficult market conditions characterized by a high degree of
volatility in the communications and IT infrastructure end-
markets; minimal revenue growth; weak, albeit improving,
operating margins; and weak credit metrics.  These factors are
partially offset by the company's Tier 1 position in the EMS
sector, good long-term relationships with large customers, early
signs of a meaningful turnaround in its operations, and healthy
liquidity.

Celestica is the fourth-largest EMS provider in the world, with
fiscal 2007 revenues of US$8.1 billion (ended Dec. 31, 2007).
The company offers a full range of supply chain management
solutions for original equipment manufacturers; products and
services include the high-volume manufacture of complex printed
circuit-board assemblies and full-system assembly of final
products, product design, worldwide distribution, and after-
sales support.

More than 70% of the company's revenues come from IT
infrastructure, telecom, and communications end-markets, which
is a higher concentration than other Tier 1 EMS providers.  The
latter two end-markets have been experiencing weaker-than-
expected demand, especially with respect to Celestica's major
customers.

The stable outlook reflects S&P's view that Celestica has
largely stemmed revenue declines, significantly improved its
cost structure, and bolstered its liquidity.  Nevertheless, high
debt leverage and weak visibility from the company's end markets
limit consideration for higher ratings in the near term.
Consideration for a positive outlook will depend on the
company's ability to meet S&P's 2008 expectations of flat
revenue growth and a 2.5% operating margin.  S&P would consider
a negative outlook if end markets deteriorated substantially and
rapidly, causing profit levels and credit metrics to weaken.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.  Its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.   Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.


UBG BERHAD: To Hold Annual General Meeting on May 20
----------------------------------------------------
UBG Berhad will hold its 16th annual general meeting at
10:00 a.m. on May 20, 2008, at Ballroom I, Lobby Floor, Hilton
Kuching, Jalan Tunku Abdul Rahman, 93100 Kuching, in Sarawak,
Malaysia.

At the meeting, the members will be asked to:

    * receive the Audited Accounts for the year ended Dec. 31,
      2007, and the Reports of the Directors and Auditors
      thereon;

    * re-elect Dato' Vaseehar Hassan Bin Abdul Razack who is
      retiring in accordance with Article 98 of the company’s
      Articles of Association and is offering himself for re-
      election;

    * re-elect Tuan Syed Ahmad Alwee Alsree and Datu Michael Ting
      Kuok Ngie @ Ting Kok Ngie as the company's Directors who
      are retiring in accordance with Article 102 of the
      company’s Articles of Association and are offering
      themselves for election;

    * consider and if thought fit, pass these following Ordinary
      Resolutions in accordance with Section 129 of the Companies
      Act, 1965:

    -- that YBhg Dato Sri Liang Kim Bang, who is retiring
       pursuant to Section 129 of the Companies Act, 1965, be and
       is hereby re-appointed as the company's Director to hold
       office until the next Annual General Meeting;

    -- that Dato’ Paduka Nik Hashim bin Nik Yusoff, who is
       retiring pursuant to Section 129 of the Companies Act,
       1965, be and is hereby re-appointed as the company's
       Director to hold office until the next Annual General
       Meeting.

    * approve the directors’ remuneration for the year ended
      Dec. 31, 2007;

    * appoint Messrs. Ernst & Young as the company's Auditors for
      the financial year ending December 31, 2008, in place of
      the retiring Auditors, Messrs. PricewaterhouseCoopers and
      to authorize the Directors to fix their remuneration.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.


THERMADYNE HOLDINGS: Earns US$4 Million in Quarter Ended Dec. 31
----------------------------------------------------------------
Thermadyne Holdings Corporation reported results for the three
months and twelve months ended Dec. 31, 2007.

For the fourth quarter of 2007, net income was US$4.6 million
compared to a net loss of US$10.6 million.

For the fourth quarter of 2007, net income from continuing
operations was US$6.4 million.  In comparison, for the fourth
quarter of 2006, net income from continuing operations was
US$15.3 million including $13.3 million of curtailment gain and
related post retirement expense reductions.

Included in net income were losses from discontinued operations
of US$1.8 million in the 2007 fourth quarter compared to losses
of US$25.9 million in the 2006 fourth quarter.

Net cash provided from operating activities totaled $23.0
million increasing US$17.9 million over 2006.

For 2007, net income was $8.7 million compared to a net loss of
US$23.0 million for the year 2006.

For 2007, net income from continuing operations increased to
US$10.6 million from US$2.5 million of net income from
continuing operations for the year 2006.  Included in net income
were losses from discontinued operations of US$2.0 million for
the year 2007 and lost US$25.5 million.

Net cash provided from operating activities totaled US$23.0
million increasing $38.5 million over 2006.

                  Liquidity and Capital Resources

In 2007, the company's net cash provided by continuing
operations was US$4.8 million.  Net debt repayments were
US$21.7 million which included US$14 million in repayment of the
second-lien facility.  The funding for the second-lien facility
repayments arose from the proceeds of the sale of its South
African discontinued operations.

The company has US$36 million in outstanding indebtedness under
its second-lien facility.  The second-lien facility is secured
by a second lien on substantially all of the assets of the
company's domestic subsidiaries.

On June 29, 2007, the company entered into amendment and waiver
to the second lien credit agreement between the company and
Credit Suisse, as administrative agent and collateral agent, and
the lenders party thereto to: (i) extend the maturity date to
Nov. 7, 2010 and (ii) lower the interest rate from LIBOR plus
4.50% to LIBOR plus 2.75%.  In connection with this amendment,
the company prepaid US$14 million of the outstanding
indebtedness, reducing the second lien facility from
US$50 million to US$36 million.  The prepayment was funded
through the proceeds of the sale of South African assets.

The operating activities of its continuing operations provided
US$23.0 million of cash during the year ended Dec. 31, 2007,
compared to cash used of US$15.5 million during the year ended
Dec. 31, 2006.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$497.427 million, total liabilities of $375.343
million and total shareholders' equity of US$122.084 million.

               About Thermadyne Holdings Corporation

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                          *     *     *

Thermadyne Holdings Corp. continues to carry Standard & Poor's
Ratings Services 'CCC+' corporate credit rating which was placed
on Aug. 15, 2007.


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

ALEXIAM DEVELOPMENTS: Court to Hear Wind-Up Petition on July 11
---------------------------------------------------------------
On March 19, 2008, an application to put Alexiam Developments
Limited into liquidation was filed in the High Court at
Auckland.

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

The plaintiff is Alexiam Construction Limited and its solicitor
is A. J. Steele.  The plaintiff's address for service is:

           Martelli McKegg Wells & Cormack
           PricewaterhouseCoopers Tower, Level 20
           188 Quay Street, Auckland 1010


ALEXIAM PROJECT: Court to Hear Wind-Up Petition on July 11
----------------------------------------------------------
On March 19, 2008, an application to put Alexiam Project &
Property Management Limited into liquidation was filed in the
High Court at Auckland.

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

The plaintiff is Alexiam Construction Limited and its solicitor
is:

           A. J. STEELE
           Martelli McKegg Wells & Cormack
           PricewaterhouseCoopers Tower, Level 20
           188 Quay Street
           Auckland 1010


CENTRAL OTAGO HOUSE: Court to Hear Wind-Up Petition Tomorrow
------------------------------------------------------------
On February 14, 2008, an application to put Central Otago House
Limited into liquidation was filed in the High Court at Dunedin.

The application will be heard before the High Court at Dunedin
on May 1, 2008, at 10:00 a.m.

The plaintiff is Beca Carter Hollings & Ferner Limited and its
solicitor is:

            DIANNE S. LESTER
            Credit Consultants Debt Services NZ Limited
            3-9 Church Street, Level 3
            PO Box 213 or DX SX 10069
            Wellington
            Telephone: (04) 470 5972


CGC ENGINEERING: Joint Liquidators Appointed
--------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of CGC Engineering
Limited on April 9, 2008.

The liquidators can be reached at:

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


CLEAR CHANNEL: Set to Release 1st Quarter 2008 Results on May 9
---------------------------------------------------------------
Clear Channel Communications, Inc. and Clear Channel Outdoor
Holdings, Inc. said that both companies will release first
quarter 2008 financial results before the market opens on
Friday, May 9, 2008 at approximately 7:00 a.m. Eastern Time.

The companies will not be hosting a teleconference or webcast as
a result of the Clear Channel Communications, Inc. pending
merger transaction that was approved by Clear Channel
Communications, Inc. shareholders on Sept. 25, 2007.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                             *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CLEAR CHANNEL: Further Extends Offers' Expiration Date to May 2
---------------------------------------------------------------
In connection with Clear Channel Communications, Inc.'s
previously announced tender offer for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s previously announced tender
offer for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), Clear Channel disclosed that it has extended the
date on which the tender offers are scheduled to expire from
8:00 a.m. New York City time on April 25, 2008 to 8:00 a.m. New
York City time on May 2, 2008 and the consent payment deadline
for the Notes from 8:00 a.m. New York City time on April 25,
2008 to 8:00 a.m. New York City time on May 2, 2008.

The Offer Expiration Date and the Consent Payment Deadline are
subject to extension by Clear Channel, with respect to the CCU
Notes, and AMFM, with respect to the AMFM Notes, in their sole
discretion.

The completion of the tender offers and consent solicitations
for the Notes is conditioned upon the satisfaction or waiver of
all of the conditions precedent to the Agreement and Plan of
Merger by and among Clear Channel, CC Media Holdings, Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple
Crown Merger Co., Inc., dated November 16, 2006, as amended by
Amendment No. 1, dated April 18, 2007, and Amendment No. 2,
dated May 17, 2007 and the closing of the merger contemplated by
the Merger Agreement.  The closing of the Merger has not
occurred.

On March 26, 2008, Clear Channel, joined by CC Media Holdings,
Inc., filed a lawsuit in the Texas State Court in Bexar County,
Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit
Suisse, The Royal Bank of Scotland, and Wachovia, the banks who
had committed to provide the debt financing for the Merger.
Clear Channel intends to complete the tender offers and consent
solicitations for the CCU Notes, and AMFM intends to complete
the tender offers and consent solicitations for the AMFM Notes,
upon consummation of the Merger.

Clear Channel previously announced on Jan. 2, 2008 that it had
received, pursuant to its previously announced tender offer and
consent solicitation for the CCU Notes, the requisite consents
to adopt the proposed amendments to the CCU Notes and the
indenture governing the CCU Notes applicable to the CCU Notes,
and that AMFM had received, pursuant to its previously announced
tender offer and consent solicitation for the AMFM Notes, the
requisite consents to adopt the proposed amendments to the AMFM
Notes and the indenture governing the AMFM Notes.

As of April 23 date, approximately 95 percent of the AMFM Notes
have been validly tendered and not withdrawn and approximately
99 percent of the CCU Notes have been validly tendered and not
withdrawn.  The Clear Channel tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the Clear Channel Offer to Purchase and Consent
Solicitation Statement for the CCU Notes dated Dec. 17, 2007,
and the related Letter of Transmittal and Consent.  The AMFM
tender offer and consent solicitation is being made pursuant to
the terms and conditions set forth in the AMFM Offer to Purchase
and Consent Solicitation Statement for the AMFM Notes dated
Dec. 17, 2007, and the related Letter of Transmittal and
Consent.  Further details about the terms and conditions of the
tender offers and consent solicitations are set forth in the
Offers to Purchase and the related documents.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  Questions regarding the tender offers should be
directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).  Requests for documentation should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                             *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


COLOURGRAPHIX: Shareholders Appoint Liquidators
-----------------------------------------------
Shareholders of Colourgraphix Limited appointed Grant Stephen
Jarrold and Paul Jason Munro as liquidators on April 4, 2008.

Creditors have until May 12, 2008, to file their proofs of
claim.

The liquidators can be reached at:

           Deloitte, Chartered Accountants
           PO Box 248
           Christchurch
           Telephone: (03) 379 7010
           Facsimile: (03) 366 6539


DOCTOR GLOBAL: Court to Hear Wind-Up Petition on May 13
-------------------------------------------------------
On February 15, 2008, an application to wind up the operations
of Doctor Global Limited was filed in the High Court at New
Plymouth.

The application will be heard before the High Court at
New Plymouth on May 13, 2008, at 10:00 a.m.

The plaintiff is Albert Edward White and its solicitor is:

            FRANCIS ROGER MORI
            Nicholsons, Lawyers
            131 Powderham Street
            New Plymouth


ELITE BUILDING: Court to Hear Wind-Up Petition on May 30
--------------------------------------------------------
On February 5, 2008, an application to put Elite Building
Services 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 30, 2008, at 10:00 a.m.

The plaintiff is Fujitsu General New Zealand Limited and its
solicitor is:

           E. J. COLLINS
           Collins & May Law Office
           44 Queens Drive 4th Floor
           PO Box 30614
           Lower Hutt
           Telephone: (04) 566 5775


FIND US LTD: Joint Liquidators Appointed
----------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Find Us Limited on
April 7, 2008.

The liquidators can be reached at:

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


GUILDCRAFT (TAWA): Shareholders Appoint Liquidators
---------------------------------------------------
Shareholders of Guildcraft (Tawa) Limited appointed Iain Bruce
Shephard and Christine Margaret Dunphy as liquidators on
April 3, 2008.

The liquidators can be reached at:

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


GUILDCRAFT WELLINGTON: Shareholders Appoint Liquidators
-------------------------------------------------------
Shareholders of Guildcraft Wellington Region Limited appointed
Iain Bruce Shephard and Christine Margaret Dunphy as liquidators
on April 3, 2008.

The liquidators can be reached at:

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


HAERE RA LIMITED: Parsons & Kenealy Appointed as Liquidators
------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Haere Ra Limited
(previously Frontline Business Solutions Limited) on  April 7,
2008.

The liquidators can be reached at:

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


HELL ZENJIRO: Creditors Must File Claims by May 14
--------------------------------------------------
On April 9, 2008, John Albert Price, insolvency practitioner,
and Christopher Robert Ross Horton, chartered accountant, were
appointed joint and several liquidators of Hell Zenjiro Limited
by the High Court.

The liquidators fixed May 14, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims.

The liquidator can be reached at:

           Horton Price Limited
           PO Box 9125
           Newmarket, Auckland
           Telephone: (09) 366 3700
           Facsimile: (09) 366 7276

           Facsimile: (04) 473 6748


LINK ENGINEERING (2003): Claims Must Be Filed by May 2
------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan, chartered
accountants, were appointed liquidators jointly and severally of
Link Engineering (2003) Limited on April 3, 2008.

Creditors have until May 2, 2008, to file their proofs of claim
or be excluded from any distribution.

Inquiries may be made to:

           Logan Nicholls
           PPB McCallum Petterson
           PO Box 3156
           Wellington
           Telephone: (04) 499 7796
           Facsimile: (04) 499 7784


LONDON TRADERS: Court Appoints New Liquidators
----------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed joint
and several replacement liquidators of London Traders Limited by
the High Court at Palmerston North on April 1, 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/

The company had previously appointed Roderick Thomas McKenzie on
March 18, 2008, but as Court application proceedings had already
commenced, the Court replaced the earlier liquidator.


PATHWAY TO WEALTH: Claims Must Be Filed by May 30
-------------------------------------------------
Colin Gower, insolvency practitioner, and Stephen Tubbs,
chartered accountant, were appointed joint liquidators of
Pathway to Wealth Limited by a special resolution of
shareholders on April 7, 2008.

The liquidators of Pathway to Wealth Limited fixed May 30, 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 made.

Creditors and shareholders may direct inquiries to:

           Jim Barber
           BDO Spicers,
           Spicer House, Level 6
           148 Victoria Street
           Christchurch
           Telephone: (03) 943 6094
           Facsimile: (03) 353 5526
           e-mail: jim.barber@chc.bdospicers.com


R. V. MOTOR HOME: Faces ACP Media's Wind-Up Petition
----------------------------------------------------
On March 10, 2008, an application to put R. V. Motor Home World
(2003) Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on June 13, 2008, at 10:45 a.m.

The plaintiff is ACP Media Limited and its solicitor is:

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


SEWING MACHINE WAREHOUSE: Commences Liquidation Proceedings
-----------------------------------------------------------
Sewing Machine Warehouse Limited commenced liquidation
proceedings on April 3, 2008, and appointed Robert John Willis,
chartered accountant of Auckland, as liquidator.

The proof of claim filing deadline expired on April 25, 2008.

Creditors and shareholders may direct inquiries to:

           Steve Young
           CST Nexia Limited
           PO Box 76261
           Manukau 2241
           Telephone: (09) 262 2595


ST. GEORGE DEVELOPMENTS: Court to Hear Wind-Up Petition on May 2
----------------------------------------------------------------
On January 22, 2008, an application to put St. George
Developments 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:

           SANDRA JOY NORTH
           Inland Revenue Department
           Legal and Technical Services
           17 Putney Way (PO Box 76198)
           Manukau, Auckland 2241
           Telephone: (09) 985 7274
           Facsimile: (09) 985 9473


TRUBOND TIMBER LAMINATORS: Claims Must Be Filed by May 5
--------------------------------------------------------
John Michael Gilbert was appointed liquidator of Trubond Timber
Laminators Limited on April 7, 2008.

Creditors have until May 5, 2008, to file their proofs of claim.

The liquidator can be reached at:

           C & C Strategic Limited
           Private Bag 47927
           Ponsonby, Auckland
           Telephone: (09) 376 7506
           Facsimile: (09) 376 6441


TUAKE CONSULTANTS: Faces CIR's Wind-Up Petition
-----------------------------------------------
On December 17, 2007, an application to put Tuake Consultants
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 9, 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


* NEW ZEALAND: Records NZ$50 Mil. Trade Deficit in March 2008
-------------------------------------------------------------
Seasonally adjusted exports for the March 2008 quarter were down
1.4 percent (NZ$150 million) from the December 2007 quarter,
Statistics New Zealand said Tuesday. Increases in milk powder
butter and cheese, and in meat and edible offal exports helped
soften the decrease.  Although down from last quarter's record
high, the March quarter is only the second time that exports
have exceeded NZ$10 billion, and only the third quarter to
exceed NZ$9 billion.

The seasonally adjusted value of merchandise imports increased
0.4 percent (led by an increase in crude oil), following an
increase of 10.8 percent in the December 2007 quarter.  This is
only the second time the seasonally adjusted value of imports
has been greater than NZ$11 billion; the first time was in the
December 2007 quarter.

In the month of March 2008, merchandise exports were valued at
NZ$3.4 billion, up 3.7 percent from March 2007.  For the seventh
consecutive month, the same two commodity groups led the
increase in exports; milk powder, butter and cheese, and crude
oil combined were up NZ$262 million. However, exports of all
other commodities combined decreased 5.2 percent compared with
March 2007.

In the month of March 2008, imports increased 7.1 percent, led
by increases in crude oil; food residues; wastes and fodder; and
vehicles, parts and accessories.

Figures for March 2008 month indicate that the trade balance was
a deficit of NZ$50 million (1.5 percent of exports).  In the
past decade, this is only the second March deficit recorded; the
other one occurred in March 2005.  In that 10-year period, the
average balance for March months was a surplus of NZ$100 million
(or 3.5 percent of exports).



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

NIHAO MINERAL: David Atienza Acquires 1,000 Common Shares
---------------------------------------------------------
NiHAO Mineral Resources International Inc. disclosed in a
regulatory filing with the Philippine Stock Exchange that its
Director and President, Mr. David Atienza, acquired 1,000 common
stock of the company on April 16, 2008.

The total amount of the transaction was Php13,419.33 at Php13.25
per share.

As reported in the Troubled Company Reporter on April 25, 2008,
NiHAO Mineral Resources International Inc. incurred a Php14.52
million net loss on a consolidated basis for the full fiscal
year 2007, the company said in a regulatory filing.

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

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

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

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

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

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

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

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

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

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

                       About NiHAO Mineral

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

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


* PHILIPPINES: 2008 Fiscal Deficit Down to Php51.6 Billion
----------------------------------------------------------
The Philippine government incurred a fiscal deficit of Php51.6
billion for the first three months of the year, lower than last
year’s Php52.0 billion deficit and Php8.7 billion lower than the
programmed ceiling of Php60.2 billion, on account of higher
revenues collected for the period, the Philippine Stock Exchange
said on its weekly review of the country's economy.

For the month of March, PSE said the government posted a budget
deficit of Php18.6 billion.  Revenue collections for the month
amounted to Php84.8 billion, 13.0% higher than the Php75.0
billion collected in the same period last year.  Meanwhile, PSE
said expenditures reached Php103.4 billion, 4.6% lower than the
Php108.4 billion posted in March 2007.

Imports expanded by 16.2% in February to US$8.60 billion from
US$7.41 billion last year.  The expansion was primarily due to
the 9.8% growth in imports of electronic products and the 55.6%
growth in imports of mineral fuels, lubricants and related
materials, which accounted for 41.9% and 18.8% of the aggregate
import bill in February, respectively.  Total external trade for
the first two months of the year stood at US$17.83 billion,
16.5% higher than the US$15.3 billion recorded in the same
period last year.  Balance of trade in goods for the two-month
period registered a deficit of US$1.14 billion, a reversal of
the US$110 million surplus recorded in the same period last
year.

The Bangko Sentral ng Pilipinas kept its key policy interest
rates steady at 5% for overnight borrowing and 7% for overnight
lending during its Monetary Board meeting on April 24, 2008.
The decision was based on the prevailing price and output
conditions which suggest that the monetary policy stance
continues to be appropriate at present.  The factors driving
inflation have come mostly from the supply side, and the use of
monetary instruments against such influences has limited effect
compared with direct supply-side intervention measures.



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

BESTGROWTH HOLDINGS: Creditors' Proofs of Debt Due on May 9
-----------------------------------------------------------
Bestgrowth Holdings Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by May 9,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

           Tay Swee Sze
           137 Telok Ayer Street #04-01
           Singapore 068602


MJC (SINGAPORE): Creditors' Meeting Set for May 6
-------------------------------------------------
MJC (Singapore) Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors at 2:30 p.m. on May 6,
2008.

At the meeting, the creditors will be asked to appoint a
Committee of Inspection for the company's liquidation and
discuss other matters.

The company's liquidator is:

           Goh Thien Phong
           c/o PricewaterhouseCoopers
           8 Cross Street, #17-00
           PWC Building
           Singapore 048424


SEI WOO PLASTIC: Filing Proofs of Debt Due on May 26
----------------------------------------------------
Sei Woo Plastic Plus Pte. Ltd., which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by May 26, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


SEI WOO VENTURE: Requires Creditors to File Claims by May 26
------------------------------------------------------------
The creditors of Sei Woo Venture Pte. Ltd. are required to file
their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


SMSHUB PTE: Court Enters Wind-Up Order
--------------------------------------
On April 18, 2008, the High Court of Singapore entered an order
to have SMSHUB Pte. Ltd.'s operations wound up.

Malayan Banking Berhad filed the petition against the company.

SMSHUB Pte.'s liquidator is:

           The Official Receiver
           Insolvency & Public Trustee’s Office
           The URA Centre (East Wing)
           45 Maxwell Road #05-11/#06-11
           Singapore 069118


STATS CHIPPAC: Earns US$17.85 Mil. in Quarter Ended March 30
------------------------------------------------------------
STATS ChipPAC Ltd. released its financial results for the first
quarter ended March 30, 2008.

Net income for the first quarter of 2008 grew by 4.7% to
US$17.85 million or US$0.08 per diluted ADS, compared to net
income of US$17.05 million or US$0.08 per diluted ADS in the
first quarter of 2007.

Tan Lay Koon, President and Chief Executive Officer of STATS
ChipPAC, said, “Revenue for the first quarter of 2008 of
US$427.2 million increased by 9.4% over the first quarter of
2007 and declined by 10.4% from prior quarter.  Our first
quarter revenue reflected the seasonally softer demand and tight
inventory control by our customers as they became increasingly
cautious about their business outlook because of the global
economic uncertainty.”

John Lau, Chief Financial Officer of STATS ChipPAC, said, “We
continue to be disciplined in capital spending in the first
quarter of 2008.  In the first quarter of 2008, we spent
approximately US$55.2 million in capital expenditures, which
were 12.9% of revenue compared to 14.2% of revenue in the prior
quarter.  Due to the lower utilization rate from the weaker
demand, higher material cost, and Asian currencies appreciation,
gross margin for the first quarter of 2008 was 17.4% compared to
19.5% in the prior quarter.”

As of March 30, 2008, the company's balance sheet showed total
assets of US$2.06 billion and total liabilities of
US$1.12 billion.

                      About STATS ChipPAC Ltd.

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/en-US/s-- is a service provider of
semiconductor packaging design, bump, probe, assembly, test and
distribution solutions.  It provides a range of semiconductor
packaging and test solutions to a customer base servicing the
computing, communications, consumer, automotive and industrial
markets.  The company's services include packaging services,
test services and pre-production and post-production services.
The services offered by the company are customized to the needs
of its individual customers.  During the year ended Dec. 31,
2006, 73.8% of its net revenues were derived from packaging
services, and 26.2% were derived from test and other services.
In June 2006, STATS ChipPAC Ltd. entered into a strategic joint
venture with CR Logic for the assembly and test of select
products in Wuxi, China, in connection with which it acquired a
25% shareholding in Micro Assembly Technologies Limited with CR
Logic owning a 75% interest.

                          *     *     *

Standard and Poor's Ratings Services assigned a 'BB+' long term
foreign and local issuer credit rating on Jan. 15, 2008.  S&P
said the rating still holds to date.


* Fitch Says Singapore Banks Financial Profiles Remains Strong
--------------------------------------------------------------
Fitch Ratings said that Singapore banks' financial profiles
remain strong and they are still well-positioned to face a more
challenging operating environment in Asia, which is the result
of knock-on effects of global economic developments.  And while
this has contributed to downward revisions in GDP growth rates
of several Asian countries, the overall economic environment is
nevertheless expected to remain broadly favourable for Singapore
banks.  Furthermore, the local banks' net exposure to CDOs and
other structured investments is quite modest relative to their
capital (1%-5%) and this by itself is not an issue that may
affect their credit ratings.

In a forthcoming report discussing Singapore banks' 2007
financial results and 2008 outlook, the agency notes the strong
operating performance that all banks recorded in 2007, although
the momentum understandably slowed in the second half due to the
uncertainties in the global financial markets.  With good growth
in all banks' net interest income and non-interest income, and
despite higher impairment charges - mainly on account of their
subprime exposure, net profits from core businesses were higher
by 14% for DBS, 30% for OCBC and 12% for UOB.

NPL ratios continued to improve for all banks - despite a large
part of their ABS CDOs being classified as non-performing - as
recoveries, upgrades and write-offs on loans exceeded such non-
performing ABS CDOs, and fresh NPLs.  Nevertheless, with NPL
ratios being close to pre-Asian-crisis levels and having
declined significantly over the last three to four years, they
may now start inching upwards, particularly as the credit
environment has turned less benign.  However, all banks had
reserved more than 100% of their non-performing assets, and
together with their strong capital positions, their net NPL to
equity ratio was negative at end-2007 underscoring their strong
solvency position.

Fitch also notes the more robust risk management systems at all
local banks and the progress they have been making towards
implementing Internal Ratings Based approaches under Basel Il.
Simultaneously, the banks are also working on their economic
capital models, which together with their ongoing capital
management efforts may result in a slight reduction in their
capital ratios, a trend that has been visible over the last
three to four years.  However, Fitch also believes that all
banks will adopt a cautious stance in shedding capital -
especially when the credit cycle has turned less benign and cost
of raising capital has increased significantly over the past six
to nine months.

Also, the Monetary Authority of Singapore, in Fitch's opinion,
would take a conservative stance on this matter and would likely
impose additional capital charges under Pillar 2, thereby
limiting the amount of capital that banks may consider shedding
in order to operate more efficiently.  Therefore, despite a
slightly higher level of risk in the operating environment,
Fitch believes the local banks' loss absorption capacity on
balance is likely to remain strong, which underpins their high
ratings and Stable Outlook.



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

BLOCKBUSTER INC: Circuit Stockholder HBK Supports Merger Talks
--------------------------------------------------------------
Circuit City Stores Inc.'s major stockholder urged the retailer
to commence negotiations with Blockbuster Inc. on a proposal to
acquire Circuit City for at least $6 per share in cash, or
roughly US$1.3 billion, subject to due diligence, various
reports say.

HBK Investments LP holds 15.4 million shares, or about 9.1%
stake of Circuit City and is the third-largest Blockbuster
shareholder, with an 8.5% stake.

In a letter by HBK to Philip J. Schoonover, Circuit City
chairman and chief executive, the Dallas hedge fund urged the
board to allow Blockbuster access to due diligence materials and
to engage in negotiations with Blockbuster so they can make a
definitive proposal.

HBK Investments relates that Carl Icahn, or an affiliate, would
finance the transaction.  HBK will also be prepared to provide
financing for such a transaction, as HBK Investments is very
optimistic about the future prospects of a combined company.

HBK Investments stated that an acquisition at a substantial
premium to the current share price is in the best interest of
Circuit City's shareholders.  There may also be other parties
interested in acquiring Circuit City or entering into a material
transaction with Circuit City that may provide even greater
value to shareholders.

WSJ states that HBK is the second investor to call on the
company to open its books.  According to WSJ, Wattles Capital
Management, which owns 6.5% of Circuit City shares, also called
on the company to allow due diligence.  Wattles Capital has
nominated a slate of four directors to the Circuit City board
and has sought through a proxy submission to have the existing
directors replaced at the company's June 24 annual meeting, WSJ
notes.

WSJ relates that Circuit City has refused to provide Blockbuster
financial information, saying it didn't believe the video-rental
company could consummate the proposed transaction in light of
the difficult current financing environment.

                   About Circuit City Stores Inc.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has
two segments: domestic and international.

                      About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a leading global
provider of in-home movie and game entertainment, with over
7,800 stores throughout the Americas, Europe, Asia and
Australia.   The company also operates in Taiwan, Thailand, and
New Zealand.  (Movie Gallery Bankruptcy News Issue No. 15;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)

At Jan. 6, 2008, the company's total debt, including capital
lease obligations was $757.8 million compared with $984.2
million in Dec. 31, 2006.

                          *     *     *

As reported in the Troubled company Reporter on Dec. 28, 2007,
Fitch Ratings affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'.  The rating outlook is stable.  The company had
approximately $991 million of debt outstanding as of
Sept. 30, 2007.



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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                          *********

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

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

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


                             *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane E. Taladua, Rousel Elaine C. Tumanda,
Valerie 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 ***