TCRAP_Public/080501.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

             Thursday, May 1, 2008, Vol. 11, No. 86

                            Headlines

A U S T R A L I A

ABC LEARNING CENTRES: To Post AU$89 Million Loss in 2008
ALLCO FINANCE: Japan Unit Placed in Trading Halt
BRIGHTPOINT INC: Subsidiary Acquires Hugh Symons Business
CENTRO PROPERTIES: Gets One-Week Extension to Pay AU$5.6BB Debt
CENTRO PROPERTIES: Posts AU$190.9MM Dec. 2007 Investment Income

COEUR D'ALENE: To Complete Palmarejo Project Feasibility Study
DUNCAN J BASSETT: Commences Liquidation Proceedings
GLOBAL MARKETING: Michael Smith Appointed as Liquidator
LUJAN INVESTMENTS: Alex Koutzoumis Appointed as Liquidator
NRG ENERGY: Moody's Changes Outlook to Stable; Holds Ba3 Ratings

PEARCE DESIGN: Commences Liquidation Proceedings
ROO GROUP: Net Loss Up to $12MM in Quarter Ended December 31
SHARPER IMAGE: Allowed to Employ Weil, Gotshal as Attorney
SHARPER IMAGE: Committee Wants to Retain Cooley as Lead Counsel
SHARPER IMAGE: Committee Wants to Retain Loughlin as Advisor

SHARPER IMAGE: Committee Wants to Retain Whiteford as Counsel
SMARTIRE SYSTEMS: CFO Finkelstein Quits; Dodge Named Interim CFO
SYNOPSIS SOLUTIONS: To Declare Final Dividend on May 30


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

CHINA EASTERN: Posts First-Quarter Net Profit of CNY210.8Mil.
CHINA EASTERN: Adds Flights for Sanya-Moscow Routes
CHINA EASTERN: Directors Approve Various Renewal Agreements
ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt
GREENTOWN CHINA: Annual General Meeting Slated for May 23

HAINAN AIRLINES: 1st Qtr. Net Income Increases to CNY286.7 Mil.
HAINAN: Hires Mr. Chusid as General Manager for North America
HEXCEL CORP: S&P Maintains 'B3' Corp. Rating With Stable Outlook
HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating
SHIN KONG: S&P Affirms D+ Bank Fundamental Strength Rating

YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter
YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating
ZTE CORP: Seals Belarus IPTV Project Contract


I N D I A

ESSAR OIL: Unit Bids for 2 Offshore Blocks in Australia
GENERAL MOTORS: To Cut One Shift of Full-size Truck Production
GMAC LLC: Financial Arm Posts $589MM Net Loss in 2008 1st Qtr.
ICICI BANK: Khandwala Puts “Buy” Rating on Firm's Shares
IFCI LTD: Incurs INR425.20 Mil. Net Loss in Qtr. Ended March 31

QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer
QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007
QUEBECOR WORLD: Quebecor Inc. Issues Clarification
TATA POWER: Refinances Bridge Loan to Fund Stake Purchase


I N D O N E S I A

BANK RAKYAT: Reports IDR1.4 Trillion Net Profit in 1Q 2008
EXCELCOMINDO PRATAMA: Earns IDR368 Billion in 1st Quarter 2008
INDOFOOD: Reports IDR383 Billion 1st Quarter 2008 Net Profit
GOODYEAR TIRE: Earns US$147 Million in 2008 First Quarter
MEDCO ENERGI: Mitsubishi LNG Project May Cost US$1.4 Billion


J A P A N

BANCO BRADESCO: Net Income Up 23.3% to BRL2.1 Billion in 1Q 2008
BANCO BRADESCO: Units Earn BRL746 Million in First Quarter 2008
BANCO BRADESCO: Forms Unit to Handle Credit Card Operations
BANCO BRADESCO: Won't Enter Commercial Banking Segment Abroad
COREL CORP: Reports $18M Stockholders' Deficit, Lower Net Loss

FORD MOTOR: Inks Master Economics Offer Agreement with CAW
JASDAQ SECURITIES: May Resort to Merger to Keep Business
SADIA SA: To Form Joint Venture With Kraft Foods


K O R E A

DAEWOO ELECTRONIC: Ziontech, et al. Acquire 945,300 Shares
DURA AUTOMOTIVE: Files First Revised Chapter 11 Plan Supplements
DURA AUTOMOTIVE: Unable to File 2007 Annual Report on Time
KENERTEC CO: Moves Private Placement Listing Date to May 28
KENERTEC: Unit to Acquire 85% Stake in Ratanak Kenertec


N E W  Z E A L A N D

AIR NEW ZEALAND: To Increase Domestic Fares by May 6
AMRIT GLASS LIMITED: Reynolds Appointed as Liquidator
AURUM UPHOLSTERY: Court to Hear Wind-Up Petition Today
CLASSIC MOTORS: Court to Hear Wind-Up Petition Tomorrow
CLICK SOUND (2004): Claim Filing Deadline is May 20

CLUBZONE LTD: Court to Hear Wind-Up Petition Tomorrow
DOTCARD (AUSTRALASIA) LIMITED: Claim Filing Deadline is July 9
EURO BUILDERS: Creditors Must File Claims by May 23
GENEVA FINANCE: S&P Lifts LT Counterparty Credit Rating to CCC
GENEVA FINANCE: To List on NZX by July 1 "at the Latest"

INTERNATIONAL ENVIRONMENTAL: Court Appoints Liquidators
GRAND VIEW HOLDINGS: Commences Liquidation Proceedings
INTO THE LIGHT CONSULTANCY: Faces Sloane's Wind-Up Petition
MFS PACIFIC FINANCE: Presents Draft Moratorium Proposal
QUICK FREIGHT LIMITED: Commences Liquidation Proceedings

RPM DIRECT LIMITED: Creditors Must File Claims by July 9
THAI KITCHEN (NEW LYNN) LIMITED: Court Appoint Liquidators
WOULD CAFE LTD: Court to Hear Wind-Up Petition on May 7


P H I L I P P I N E S

* PHILIPPINES: Pre-Need Industry First Qtr 2008 Sales Down 27%


                         - - - - -


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

ABC LEARNING CENTRES: To Post AU$89 Million Loss in 2008
--------------------------------------------------------
The Australian Associated Press reports that ABC Learning
Centres expects to post a loss of up AU$89 million this year.

ABC co-founder Eddy Groves told the AAP that "the company had
been hit hard by a number of external factors, including
changing interest rates and changes in the debt market, but
conceded communication to the market was poor."

"We have not helped ourselves internally," the AAP quotes Mr.
Groves as saying.  "We cannot blame it all on external factors.
We certainly have not communicated well with the market.  We
need to improve that."

According to the report, ABC Chairman Sallyanne Atkinson and
Chief Financial Officer James Black have decided to step down on
their own accord.

ABC plans to reduce its debt by AU$485 million by selling 60% of
its portfolio of childcare centres in the U.S. to Morgan Stanley
Private Equity for US$700 million, the AAP relates.

                      About ABC Learning

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

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

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


ALLCO FINANCE: Japan Unit Placed in Trading Halt
------------------------------------------------
Katherine Jimenez of The Australian reports that Allco Finance
Group's Rubicon Japan Trust was placed in a trading halt on
Tuesday, pending news on the refinancing of a debt facility with
the Shinsei Bank.

According to Ms. Jimenez, Rubicon asked Shinsei Bank and Credit
Suisse for an extension of the deadline to repay its JPY5.5
billion debt.  Rubicon is supposed to repay JPY4.9 billion to
Shinsei Bank on May 6.

The Australian relates that in a brief statement, Rubicon said
it requested the trading halt because "we believe that there
will be information regarding the refinancing of the Shinsei
Bank debt facility which we will soon be in a position to
release to the market".

Allco Finance Group is also trying to restructure a corporate
debt facility of up to AU$1.15 billion.

                       About Allco Finance

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

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

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

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

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

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


BRIGHTPOINT INC: Subsidiary Acquires Hugh Symons Business
---------------------------------------------------------
Brightpoint Inc.'s wholly-owned subsidiary, Brightpoint Great
Britain Limited, has acquired the Hugh Symons Group Ltd.'s
wireless distribution business.  Brightpoint Great Britain Ltd.
acquired the assets in exchange for GBP294,000 (approximately
US586,000) and the value of inventory at date of closing.  In
addition, Brightpoint agreed to contingent cash earn out
payments based upon certain operating performance measures which
may be payable on the 1st, 2nd and 3rd anniversary of closing.  
The total earn out payments shall in no event exceed GBP3.6
million (approximately US7.2 million).

Mr. Hugh Roper and other key former members of Hugh Symons Group
Ltd.'s wireless distribution business will join Brightpoint
Great Britain Ltd. and will continue to be involved with the
management and operation of the business.

"The acquisition will strengthen our position in Europe," stated
Steen F. Pedersen, President for Brightpoint Europe.  "We have
been looking for an opportunity to enter the UK market for the
past few years.  We believe that we have found the right
opportunity. Hugh Symons Group Ltd. has been developing the
smart phone market in UK, which is an important element of our
growth strategy.  Additionally, we want Hugh Roper and his team
to further expand the business with other Brightpoint models
like the customized logistic services model."

"I believe that the ownership of Brightpoint gives us huge
opportunities in UK," stated Hugh Roper, Managing Director and
sole-shareholder of Hugh Symons Group Ltd.  "I am convinced that
our UK team together with the knowledge and competences from
Brightpoint will be a powerful platform for further development
of the business.  I am looking forward to develop Brightpoint
Great Britain Ltd. into a full-blown value adding distributor
and logistic provider."

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                         *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CENTRO PROPERTIES: Gets One-Week Extension to Pay AU$5.6BB Debt
---------------------------------------------------------------
Centro Properties Group's lenders gave the company until May 7,
2008, to refinance AU$5.6 billion or US$5.2 billion of debt as
it works to sell assets, Laura Cochrane of Bloomberg News
reports.

The company's debt repayment deadline was supposedly yesterday,
April 30.

Centro's lenders, according to Bloomberg,  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.

Early last month, Centro Properties said in a statement that it
requested the Australian Securities Exchange to grant a trading
halt of its stapled securities.

A report on the shares trading halt by Laura Cochrane of
Bloomberg News was cited in yesterday's issue of the Troubled
Company Reporter.

Meanwhile, Centro Properties said in a statement Monday last
week that there have been offers received for Centro’s interest
in the Centro Australia Wholesale Fund.  The Group said it has
reviewed the offers and is reconsidering the marketing strategy
for the interest to achieve the  most value, which may include
selling the CAWF properties in smaller portfolios or
individually.

The company also noted that the Centro America Fund process
started later than the CAWF process and is ongoing with offers
currently being considered.

                     About Centro Properties

Centro Properties Group -- http://www.centro.com.au/--  is a  
retail investment organisation specialising in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under
management of $24.9 billion.

                         *     *     *

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.


CENTRO PROPERTIES: Posts AU$190.9MM Dec. 2007 Investment Income
---------------------------------------------------------------
Centro Properties Group reported AU$190.9 million in net
property investment income for December 2007 compared to
AU$175.7 million in December 2006.

Net services business income for December 2007 was AU$138.4
million up from AU$63.8 million in December 2007.

Distributable income attributable to ordinary securityholders
for December 2007 was AU$185.9 million while net AIFRS profit
was (AU$1,112.4) million.  This compares to distributable income
attributable to ordinary securityholders of AU$162.8 million and
net AIFRS profit of AU$157.3 million in December 2006.

Total Australian sales as of December 31, 2007, was AU$10,505
million.

Centro Properties Group also recorded US property portfolio
value of US$13.6 billion at December 2007 compared to US$5.4
billion in December 2006, while Australian property portfolio
value for December 2007 was AU$9.5 billion compared to AU$8.4
billion in December 2006.

Balance sheet data as of December 31, 2007, showed total assets
of AU$8,000 million financed by AU$3,892 million in borrowings,
AU$2,409 million in equity and AU$1,699 million in other
liabilities.

                     About Centro Properties

Centro Properties Group -- http://www.centro.com.au/--  is a  
retail investment organisation specialising in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under
management of $24.9 billion.

                          *     *     *

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.


COEUR D'ALENE: To Complete Palmarejo Project Feasibility Study
--------------------------------------------------------------
Coeur d'Alene Mines Corp.'s Chief Financial Officer Mitchell
Krebs told Business News Americas that the firm wants to
complete in June a feasibility study for its Palmarejo silver-
gold project in Chihuahua, Mexico.

The study will include the first proven and probable reserves
estimate for the Palmarejo deposit, BNamericas says, citing Ms.
Krebs.

According to BNamericas, "Palmarejo's measured and indicated
resources stand at 88.7 million ounces of silver and one million
ounces of gold, with additional inferred resources of
61.4 million ounces of silver and 700,000 ounces of gold.  The
current mine plan foresees a commercial production rate of 4,500
tons per day throughput, with annual output of nearly
10.4 million ounces of silver and 115,000 ounces of gold at cash
costs, net of gold byproduct, of negative US$0.41 per ounce of
silver."

Ms. Krebs told BNamericas that before Coeur d'Alene acquired the
Palmarejo project, processing equipment with a capacity of 6,000
tons per day -- including ball mills and sag mills -- were
bought.  "So we will have about 1,500 tons per day of excess
capacity that we will hopefully take up with added production
from the other nearby deposits, like Guadalupe and La Patria.  
Hopefully, although not immediately, but in the first couple of
years of production, we can bump production from 4,500 tons per
day up to 6,000 tons per day," Ms. Krebs commented.

The Palmarejo project will be "in commercial production" at
4,500 tons per day by 2009, with about 2,500 tons per day coming
from the open pit and 2,000 tons per day coming from
underground, BNamericas says, citing Ms. Krebs.  

"Capital expenditures to get Palmarejo into commercial
production are estimated at US$225 million," Ms. Krebs told
BNamericas.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                         *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's Ratings Services B-
rating.


DUNCAN J BASSETT: Commences Liquidation Proceedings
---------------------------------------------------
At a final meeting held yesterday, April 30, 2008,
John Greer, the liquidator appointed by the members
of Duncan J Bassett Services Pty Limited, presented an account
showing the manner in which the winding up of the company
has been conducted and the property disposed of.

The meeting was held at the offices of Griffiths, Forrest
& Greer, Chartered Accountants, Level 7, 276 Pitt Street,
in Sydney, Australia.


GLOBAL MARKETING: Michael Smith Appointed as Liquidator
-------------------------------------------------------
At a general meeting of the members of Global Marketing Company
Pty Ltd, formerly trading as Banjara Classic Indian Restaurant,
held March 17,  2008, it was resolved that the company be wound
up voluntarily.

The members appointed  Michael John Morris Smith of Smith
Hancock as liquidator of the company.

The liquidator can be reached at:

          Michael John Morris Smith
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150


LUJAN INVESTMENTS: Alex Koutzoumis Appointed as Liquidator
----------------------------------------------------------
Lujan Investments Pty Ltd's shareholders resolved, at a general
meeting held on March 19, 2008 , that the company be wound up
voluntarily.

Mr. Alex Koutzoumis was appointed as liquidator of the company.

The liquidator can be reached at:

          Alex Koutzoumis
          Holden & Bolster Avenir Pty Ltd
          Level 31, Australia Square
          264-278 George Street
          Sydney NSW 2000


NRG ENERGY: Moody's Changes Outlook to Stable; Holds Ba3 Ratings
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for NRG
Energy, Inc. to stable from negative, and upgraded its
Speculative Grade Liquidity Rating to SGL-1 from SGL-2.  The
rating agency also affirmed all of NRG's ratings, including its
Corporate Family Rating at Ba3, the Probability of Default
Rating at Ba3, and the senior unsecured debt at B1.

"The change in rating outlook reflects an expectation of
continued stable cash flow for the foreseeable future, execution
of a more balanced capital allocation program, and the continued
use of joint ventures and other arrangements which mitigate risk
and lower future capital expenditure requirements, "said A.J.
Sabatelle, VP -- Senior Credit Officer of Moody's.  "The upgrade
in NRG's liquidity rating to SGL-1 factors in, among other
things, the substantial reduction in working capital
requirements following recent modifications to several of NRG's
counterparty agreements," said Mr. Sabatelle.

The rating affirmation reflects relatively stable cash flows
expected at NRG given the company's competitive position in
several key markets and the degree of forward hedges in place
for the next several years.  NRG's adjusted cash flow (CFO pre-
W/C) to total adjusted debt has averaged approximately 15% for
the past three years and 16% in 2007.  Moody's expects this
financial metric to modestly improve during 2008 due to
continued steady operating cash flow generation and permanent
consolidated debt reduction, including debt retirement of around
$475 million under the company's secured term loan, the bulk of
which occurred in December 2007 and March 2008.

The rating affirmation and outlook change considers management's
efforts to balance shareholder and creditor interests through
its deployment of discretionary cash.  While Moody's believes
that the company will continue to pursue a capital allocation
strategy that returns to shareholders an average rate of 3%
annually (or approximately $250 million to $300 million each
year), the company has complimented this capital return program
with associated debt retirement.  Additionally, the rating
action considers NRG's approach to managing a substantial
capital investment program that include the use of joint venture
arrangements for all of the company's largest generation
projects, and the execution of long-term power purchase
arrangements with load serving entities at other projects in
conjunction with re-powering initiatives.

Notwithstanding this measured approach, Moody's observes that
potential capital investments for NRG over the next several
years are quite substantial when compared to the company's $10
billion market capitalization.  For 2008, NRG will be able meet
its capital expenditure requirements with operating cash flow as
free cash flow (operating cash flow less dividends and capital
expenditures) is expected to approximate $250 million (or about
3% of total consolidated debt), which incorporates a more than
$700 million year-over-year increase in capital investment,
principally for re-powering and environmental related
requirements.

The upgrade of NRG's speculative grade liquidity rating to SGL-1
from SGL-2 reflects Moody's expectation that NRG will maintain a
very good liquidity profile over the next 12-month period as a
result of its generation of strong internal cash flows,
maintenance of significant cash balances and access to
substantial credit availability.  The upgrade considers the
recent increase in credit availability following NRG's
successful exchange of collateral with its largest
counterparties, enabling the return of $622 million in letters
of credit, and acknowledges the expected further increase in
liquidity that should follow upon completion of the sale of
ITISA to a subsidiary of Brookfield Asset Management for $288
million, subject to purchase price adjustments.

NRG's stable rating outlook reflects Moody's expectation for
continued generation of relatively predictable cash flow for
this wholesale power company due to the fleet's competitive
position and hedging strategy.  The stable outlook considers
continued execution of management's capital allocation policy,
which has resulted in lower consolidated debt, and factors in
NRG's measured strategy for capital investment, including the
use of joint ventures and execution of key contractual
arrangements to mitigate risk.

In light of better macroeconomic conditions for power
generators, including lower reserve margins in certain regions
and a long-lead time for large base load construction, Moody's
expects improved financial performance in the intermediate term
for most wholesale power companies, including NRG.  The ratings
for NRG could be upgraded if such conditions lead to an
improvement in key financial metrics including adjusted cash
flow (CFO pre-W/C) to total adjusted debt rising to the high
teens level on a sustainable basis, while maintaining its
discipline in executing its capital allocation program.  An
additional consideration concerning any upgrade would be a
deeper understanding around the numerous growth initiatives at
the company, including the recent formation of Nuclear
Innovation North America, a joint venture with Toshiba Corp.

The rating could be downgraded if the degree of shareholder
initiatives accelerates over the next twelve to eighteen months
or if the company chooses to finance its capital investment
program or any acquisition with higher than anticipated levels
of debt.   Additionally, should margins compress across NRG's
generation fleet due to weaker macroeconomic factors or an
extended forced outage causing adjusted cash flow (CFO pre-W/C)
to total adjusted debt to fall below 12% for an extended period,
the rating could be downgraded.

Upgrades:

Issuer: NRG Energy, Inc.

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-1 from
     SGL-2

  -- Multiple Seniority Shelf, Upgraded to a range of 73 - LGD5
     to 17 - LGD2 from a range of 78 - LGD5 to 22 - LGD2

  -- Senior Secured Bank Credit Facility, Upgraded to 17 - LGD2
     from 22 - LGD2

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to 73 -
     LGD5 from 78 - LGD5

Outlook Actions:

Issuer: NRG Energy, Inc.

  -- Outlook, Changed To Stable From Negative

Issuer: NRG Holdings, Inc.

  -- Outlook, Changed To Rating Withdrawn From No Outlook

Withdrawals:

Issuer: NRG Holdings, Inc.

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated (P)B2

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns
and operates power generating facilities, primarily in Texas and
the northeast, south central and western regions of the United
States.   NRG also owns generating facilities in Australia and
Germany.


PEARCE DESIGN: Commences Liquidation Proceedings
------------------------------------------------
PEARCE DESIGN & CONSULTING PTY LIMITED's members resolved, at a
general meeting held on March 18, 2008, that the company be
wound up voluntarily.

Bruce Gleeson of Jones Partners, Insolvency & Business
Recovery was appointed as liquidator of the company.

The liquidator can be reached at:

          Bruce Gleeson
          Jones Partners Insolvency & Business Recovery
          Level 13 189 Kent Street
          Sydney, Australia
          Telephone: (02) 9251-5222


ROO GROUP: Net Loss Up to $12MM in Quarter Ended December 31
------------------------------------------------------------
ROO Group Inc. reported financial results for the quarter and
year ended Dec. 31, 2007, the reporting period immediately prior
to the assumption of executive management responsibilities by
the KIT Capital group.

The net loss for the quarter ended Dec. 31, 2007, was
$12.5 million compared to net loss of $5.0 million in the same
period last year.  The net loss for the quarter ended Dec. 31,
2007, includes non-cash items totaling approximately $1.1
million in stock-based compensation and other compensation
payments, compared to $860,000 in the same period last year, and
$4.1 million relating to the impairment of tangible and
intangible assets.

Excluding these non-cash items, net loss for the quarter was
$7.3 million.  The increase in net loss for the quarter is
attributed to continued investments in building out our
technology platform, the cost of running the RBS business unit,
which was still in the research and development phase, well as
legal fees and costs associated with headcount reduction.

Weighted average common shares outstanding for the three months
ended Dec. 31, 2007, was 38,953,109 compared to 21,920,172 for
the same period in the prior year.  The RBS business unit, which
was researching peer-to-peer networking technology, was closed
down in January 2008.

For the year ended Dec. 31, 2007, the net loss was $34.6 million
compared to net loss of $14.6 million in 2006.  The net loss
includes non-cash items totaling approximately $4.7 million in
stock-based compensation and other compensation payments,
compared to $2.6 million in 2006, and $4.1 million relating to
the impairment of tangible and intangible assets.

Excluding these non-cash items, net loss for the year was
$25.8 million.  The increase in net loss for the year is
attributed to the cost of development of the VX Platform, the
acquisition of strategic assets of Wurld Media and the cost of
running the RBS business unit, well as a ramp up of operations
and sales personnel.

Weighted average common shares outstanding for the year ended
Dec. 31, 2007 was 34,869,325 compared to 15,901,049 for the same
period in the prior year.

At Dec. 31, 2007, the company's balance sheet showed total
assets of $18.115 million, total liabilities of $6.76 million
and total shareholders' equity of $11.355 million.

The company also made several key corporate action statements,
including:

   (a) The conversion of all of the company's outstanding
       10 million super-voting preferred shares into an
       aggregate of 400,000 common shares, well as the
       extinguishment of all shelf preferred shares, thereby
       resulting in the extinguishment of the entire class of
       preferred stock;

   (b) The concurrent issuance of 8.65 million fully vested
       warrants to Robert Petty and Robin Smyth as part of
       restructured employment agreements, but unrelated to
       future employment;

   (c) The execution of share purchase agreements with selling
       shareholders towards acquiring the remaining 49% of
       Sputnik Agency, ROO's profitable, interactive online
       advertising subsidiary, pursuant to the agreement in
       principle originally reached on March 16, 2008; and

   (d) The corporate re-branding of ROO Group, including re-
       naming the company to 'KIT Digital Inc.'.

                      About ROO Group

Headquartered in New York, ROO Group Inc. (OTC BB: RGRP) --
http://www.roo.com/-- is a provider of digital media      
solutions and advercasting technology that enables the
activation, marketing and distribution of digital media video
content over the Internet and emerging broadcasting platforms
such as set top boxes and mobile communication devices.   ROO
was founded in 2001 and went public in 2003.  ROO has over 100
employees with worldwide operations in New York, Los Angeles,
London and Australia.

                       Going Concern Doubt

Moore Stephens PC expressed substantial doubt about ROO Group
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements as of the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses and negative cash flows from
operations.


SHARPER IMAGE: Allowed to Employ Weil, Gotshal as Attorney
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
Sharper Image Corp. authority to employ Weil, Gotshal & Manges
LLP as its attorneys to perform the extensive legal services
that will be necessary during the Chapter 11 case.

According to Rebecca L. Roedell, executive vice president and
chief financial officer of Sharper Image, the Debtor selected
WG&M because of the firm's extensive general experience and
knowledge and, in particular, its recognized expertise in the
field of debtor's protections, creditors' rights and business
reorganizations under Chapter 11 of the Bankruptcy Code.

Ms. Roedell related that WG&M has become familiar with
the Debtor's business, affairs, and capital structure because
prior to the Petition Date, in February 2008, WG&M has provided
assistance and advice to the Debtor with respect to formulating,
evaluating, and implementing various restructuring,
reorganization, and other strategic alternatives.  Also, WG&M
assisted and advised the Debtor in connection with the
preparation for the Chapter 11 case.

WG&M will represent the Debtor in coordination with Womble
Carlyle Sandridge & Rice, PLLC.  WG&M and Womble have discussed
a division of responsibilities in connection with representation
of the Debtor and will make every effort to avoid and minimize
duplication of services in the representation of the Debtor, Ms.
Roedell adds.

The Debtor proposed to pay WG&M its customary hourly rates for
services rendered that are in effect from time to time and to
reimburse WG&M according to its customary reimbursement
policies.

Harvey R. Miller, Esq., a partner at WG&M, assured the Court
that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


SHARPER IMAGE: Committee Wants to Retain Cooley as Lead Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sharper Image
Corp. seeks the authority of the U.S. Bankruptcy Court for the
District of Delaware to retain Cooley Godward Kronish LLP as its
lead counsel, nunc pro tunc to the Debtor's bankruptcy filing.

Steven D. Sass, co-chairperson of the Creditors Committee,
relates that the Creditors Committee selected Cooley Godward
because the attorneys in the bankruptcy group at the firm have
significant experience representing creditors' committees in
retail Chapter 11 cases throughout the country.

As the Creditors Committee's lead counsel, Cooley Godward will:

   (a) attend the meetings of the Creditors Committee;
   
   (b) review financial information furnished by the Debtor to
       the Creditors Committee;

   (c) negotiate the budget and the use of cash collateral;

   (d) review and investigate the liens of purported secured
       parties;

   (e) confer with the Debtor's management and counsel;

   (f) coordinate efforts to sell assets of the Debtor in a
       manner that maximizes the value for unsecured creditors;

   (g) review the Debtor's schedules, statement of affairs and
       business plan;

   (h) advise the Creditors Committee as to the ramifications
       regarding all of the Debtor's activities and motions
       before this Court;

   (i) file appropriate pleadings on behalf of the Creditors
       Committee;

   (j) review and analyze the Debtor's financial advisor's work
       product and reports to the Creditors Committee;

   (k) provide the Creditors Committee with legal advice in
       relation to the case;

   (l) prepare various applications and memoranda of law
       submitted to the Court for consideration and handle all
       other matters relating to the representation of the
       Creditors Committee that may arise;

   (m) assist the Creditors Committee in negotiations with the
       Debtor and other parties in interest on an exit strategy
       for this case; and

   (n) perform other legal services for the Creditors Committee
       as may be necessary or proper in this proceeding.

Seven Cooley Godward professionals are expected to have primary
responsibility for providing services to the Creditors
Committee:

   Professional                    Hourly Rates
   ------------                    ------------
   Lawrence C. Gottlieb               US$850
   Jay R. Indyke                      US$760
   Cathy R. Hershcopf                 US$680
   Richard S. Kanowitz                US$680
   Brent Weisenberg                   US$525
   Seth Van Aalten                    US$470
   Brian W. Byun                      US$335
    
The firm will be reimbursed for reasonable expenses incurred in
rendering services to the Creditors Committee.

Mr. Gottlieb, a partner at Cooley Godward, assures the Court
that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


SHARPER IMAGE: Committee Wants to Retain Loughlin as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sharper Image
Corp. seeks the authority of the U.S. Bankruptcy Court for the
District of Delaware to retain Loughlin Meghji + Company as its
financial advisor, nunc pro tunc to the Debtor's bankruptcy
filing.

Steven D. Sass, co-chairperson of the Creditors Committee,
relates that the Creditors Committee selected Loughlin because
of the firm's experience and expertise, and the complex nature
of the Debtor's business and financial affairs.

As the Creditors Committee's financial advisor, Loughlin will:

  (a) assist and advise the Creditors Committee in the analysis
      of the current financial position of the Debtor;

  (b) assist and advise the Creditors Committee in its analysis
      of the Debtor's business plans cash flow projections,
      restructuring programs, selling, general and
      administrative structure, and other reports and analyses
      prepared by the Debtor or their professionals, in order to
      assist the Creditors Committee in its assessment of the
      business viability of the Debtor, the reasonableness of
      projections and underlying assumptions, the impact of
      market conditions on forecast results of the Debtor, and
      the viability of any restructuring strategy pursued by the
      Debtor or other parties in interest;

  (c) assist and advise the Creditors Committee in its analysis
      of proposed transactions for which the Debtor seeks Court
      approval;

  (d) assist and advise the Creditors Committee in its analysis
      of the Debtor's internally-prepared financial statements
      and related documentation in order to evaluate performance
      of the Debtor as compared to its projected results;

  (e) attend and advise at meetings and calls with the Creditors
      Committee, its counsel and representatives of the Debtor
      and other parties;

  (f) assist and advise the Creditors Committee and its counsel
      in the development, evaluation and documentation of any
      Plan of Reorganization or strategic transaction;

  (g) assist and advise the Creditors Committee in its analysis
      of the Debtor's hypothetical liquidation analyses under
      various scenarios; and

  (h) assist and advise the Creditors Committee in other service
      as may be necessary and advisable.

The services to be provided by Loughlin will be at the request
and direction of the Creditors Committee, so as to avoid
duplicative efforts among the Creditors Committee's
professionals retained in the Chapter 11 case.

In exchange for the contemplated services, Loughlin will be paid
based on the firm's applicable hourly rates:

   Professional                   Hourly Rates
   ------------                   ------------
   Principal/Managing Director  US$625 to US$750
   Director                     US$425 to US$495
   Senior Associate                   US$375
   Associate                          US$325
   Analyst                            US$250
   Paraprofessional                   US$125

The firm will be reimbursed for reasonable expenses incurred in
rendering services to the Creditors Committee.

Kenneth Simon, Esq., a partner at Loughlin, assures the Court
that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


SHARPER IMAGE: Committee Wants to Retain Whiteford as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sharper Image
Corp. seeks the authority of the U.S. Bankruptcy Court for the
District of Delaware to retain Whiteford Taylor Preston LLC as
its Delaware counsel, nunc pro tunc as the Debtor's bankruptcy
filing.

Steven D. Sass, co-chairperson of the Creditors Committee,
states that due to the size and the complex nature of the
Chapter 11 case as well as the significant relief sought by the
Debtor during the early stages of the case, there was an
immediate need for Whiteford Taylor to perform services for the
Creditors Committee.

Mr. Sass relates that the Creditors Committee selected Whiteford
Taylor because of the firm's substantial experience appearing
before Courts in Delaware and representing committees and
creditors in complex reorganization cases.

As the Creditors Committee's Delaware counsel, Whiteford Taylor  
will:

   (a) provide legal advice with respect to the Creditors
       Committee's rights, powers and duties in the Chapter 11
       case;

   (b) assist lead counsel in preparing, filing and serving all
       necessary applications, answers, responses, objections,
       orders, reports and other legal papers;

   (c) represent the Creditors Committee in any matters arising
       in the bankruptcy case;

   (d) assist the Creditors Committee in its investigation and
       analysis of the Debtor;

   (e) represent the Creditors Committee in all aspects of
       confirmation proceedings; and

   (f) perform all other legal services for the Creditors
       Committee that may be necessary or desirable in the
       proceedings.

In exchange for the contemplated services, Whiteford Taylor will
be paid based on the firm's applicable hourly rates:

   Professional                   Hourly Rates
   ------------                   ------------
   Shareholders                 US$390 to US$530
   Associates                   US$280 to US$370
   Legal Assistants/Paralegals  US$210 to US$250

Five Whiteford Taylor professionals are expected to have primary
responsibility for providing services to the Creditors
Committee:

   Professional                   Hourly Rates
   ------------                   ------------
   Margaret M. Manning                US$385
   Daniel A. Griffith                 US$410
   Cara Chasney                       US$250
   Kathleen G. McCruden               US$210
   Jennifer L. Tittsworth             US$210

The firm will be reimbursed for reasonable expenses incurred in
rendering services to the Creditors Committee.

Ms. Manning, a partner at Whiteford Taylor, assures the Court
that her firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.

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

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


SMARTIRE SYSTEMS: CFO Finkelstein Quits; Dodge Named Interim CFO
----------------------------------------------------------------
Chief Financial Officer Jeff Finkelstein resigned from SmarTire
Systems Inc. for personal reasons.  SmarTire says there is no
disagreement with Mr. Finkelstein on any matter relating to the
company's operations, policies or practices.

The Board of Directors of SmarTire appointed David A. Dodge as
interim Chief Financial Officer.

Mr. Dodge previously served as Vice President and Chief
Financial Officer of NeoMedia Technologies, Inc., a publicly
traded software development company, from 2002 to 2007.  From
1999 to 2002, prior to assuming Chief Financial Officer
responsibilities, Mr. Dodge held the positions of Financial
Reporting Manager and Financial Planning Director at NeoMedia.  
Before joining NeoMedia, Mr. Dodge was an auditor with Ernst &
Young LLP from 1997 to 1999.

Mr. Dodge holds a B.A. in economics from Yale University and an
M.S. in accounting from the University of Hartford, and is also
a Certified Public Accountant.

                      About SmarTire Systems

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops   
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Limited.  The company has operations in
Australia and New Zealand.

SmarTire Systems Inc.'s balance sheet at Jan. 31, 2008, showed
total assets of $3.406 million and total liabilities of
$34.865 million, resulting to total shareholders' deficit of
$31.159 million.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 4, 2007,
BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
SmarTire Systems Inc.'s consolidated financial statements for
the year ended July 31, 2006, in accordance with Canadian
reporting standards which do not permit a reference to such
events and conditions which cast substantial doubt about a
company's ability to continue as a going concern when these are
adequately disclosed in the financial statements.

The company has incurred recurring operating losses and has a
deficit of $104 million as at July 31, 2006.  The ability of the
company to continue as a going concern is in substantial doubt
and is dependent on achieving profitable operations, and
obtaining the necessary financing in order to achieve profitable
operations.


SYNOPSIS SOLUTIONS: To Declare Final Dividend on May 30
-------------------------------------------------------
Synopsis Solutions Pty Limited will declare its first and final
priority employee superannuation dividend on May 30, 2008.

The deadline for creditors to prove their debts or claims was
April 22, 2008.

The company's liquidator is:

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



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

CHINA EASTERN: Posts First-Quarter Net Profit of CNY210.8Mil.
-------------------------------------------------------------
China Eastern Airlines Corporation Limited, in a filing with the
Hong Kong Stock Exchange, said first-quarter net profit
attributable to shareholders was CNY210 million, up 142% as
compared with the same period in 2007.  Basic earnings per share
rose 134% to CNY0.0433.

Thomson Financial notes the company had booked a loss of
CNY490.86 million in 2007, but has reported profits in the first
quarter of 2008 due to higher traffic and a stronger yuan.  The
company's operating revenue in the first quarter increased
14.25% year-on-year to CNY10.61 billion, while operating costs
improved 12.53% at CNY9.66 billion due to higher jet fuel costs.  
During the same period, the company booked a gain of CNY642.74
million due to the local currency's appreciation, against a loss
of CNY154.82 million a year earlier.

The company, in the stock exchange filing, acknowledged that net
financial costs decreased by 515.14% during the first quarter
compared with the same period in 2007 due to the the exchange
gains as a result of the continued appreciation of the yuan.  
Non-operating income decreased 35.14% due to a reduction in
subsidy income.

The company also said total assets rose 2% to CNY68.5 billion as
of March 31 from CNY67.1 billion as of the end of last year,
while owner's equity of the company increased 3.17% to
CNY3 billion from CNY2.9 billion at the end of 2007.  The net
earnings per share attributable to the shareholders of the
company is CNY0.6060 for the first quarter, up 3.17% from
CNY0.5882 at the end of 2007, the company noted.

The company did not disclose the amount of cash it had at the
end of the reporting period.  It had reported holding CNY1.66
billion in cash and cash equivalents at the end of 2007.  
However, the company said that during the first quarter:

  -- net cash flow generated from operating activities decreased
     by 55.92% compared to same period in 2007 due to increase
     in cash payment to and for employees;

  -- net cash flow generated from investment activities
     increased by 137.82% attributable to the increase in cash
     received from disposal of fixed assets, intangible assets
     and other long term assets; and

  -- net cash flow generated from fund raising activities
     increased by 140.77% due to the increase in cash received
     from borrowing.

                  About China Eastern Airlines

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

                          *     *     *

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


CHINA EASTERN: Adds Flights for Sanya-Moscow Routes
---------------------------------------------------
China Eastern Airlines' Moscow office opened nonstop passenger
and cargo flights from Sanya to Moscow on April 26, China
Hospitality News reports.

According to the report, the operation will start with one
flight every two weeks, using an Airbus A340-300 aircraft.

Li Jun, general manager of China Eastern Airlines Moscow office,
told the news agency that the tourism communication and
cooperation between Sanya and Moscow will be further
strengthened with the opening of the new flights.

                     About China Eastern

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

                         *     *     *

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

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


CHINA EASTERN: Directors Approve Various Renewal Agreements
-----------------------------------------------------------
China Eastern Airlines Corporation Limited, in a filing with the
Hong Kong Stock Exchange, said that the company's board of
directors passed certain resolutions during their third regular
meeting for this year held on April 28, 2008.

The company meeting was presided by Board Chairman Li Fenghu.  

During the meeting, the directors considered and unanimously:

   1. considered and approved the 2008 first quarterly financial
      report of the Company;

   2. considered and approved the 2008 first quarterly report of
      the Company and decided to publish it together with the
      first quarterly financial report in both Hong Kong and
      Shanghai on April 29, 2008;

   3. considered and approved the:

      -- Property Leasing Renewal Agreement to be entered into
         between the Company and China Eastern Air Holding
         Company,

      -- Financial Services Renewal Agreement to be entered into
         between the Company and Eastern Air Group Finance
         Company Limited,

      -- Import and Export Agency Renewal Agreement to be
         entered into between the Company and Eastern Aviation
         Import & Export Company,

      -- Maintenance Services Renewal Agreement to be entered
         into between the Company and Shanghai Eastern Aviation
         Equipment Manufacturing Corporation,

      -- Catering Services Agreement to be entered into between
         the Company and Eastern Air Catering Investment Co.
         Ltd.,

      -- Sales Agency Services Renewal Agreement to be entered
         into between the Company and four other companies
         including Shanghai DongMei Aviation Tourism Co. Ltd.,
         and

      -- Advertising Services Renewal Agreement to be entered
         into between the Company and Shanghai Eastern Aviation
         Advertising Company Limited.

   4. agreed to authorize the Chairman of the Company to release
      the notice for the 2007 Annual General Meeting of the
      Company before May 15, 2008.

                    About China Eastern

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

                         *     *     *

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

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


ELEPHANT TALK: Kabani & Co Expresses Going Concern Doubt
--------------------------------------------------------
Kabani & Company, Inc., raised substantial doubt about the
ability of Elephant Talk Communications, Inc., to continue as a
going concern after it audited the company's financial
statements for the year ended Dec. 31, 2007.  The auditor
pointed to the company’s net loss of US$12,057,732, working
capital deficit of US$24,429,464, accumulated deficit of
US$29,019,832 and cash used in operations of US$3,449,351.

The increase in net cash used in operating activities for the
year ended Dec. 31, 2007, is primarily due to the increase in
loss of US$7,228,067 in 2007, decrease in accounts receivable of
US$991,412, increase in prepaid expenses of US$183,556, decrease
in accounts payable and customer deposits of US$916,376,
decrease in deferred revenue of US$11,444 and increase in
accrued expenses and other payable of US$1,428,141.

Net cash used in investment activities for the year ended
Dec. 31, 2007, was US$2,037,269.  Cash used to purchase plant
and equipment was US$2,154,559, restricted cash deposit for
inter-connect was US$23,266, cash paid for acquisition of
subsidiary was US$241,883 and cash obtained from acquisitions
was US$382,439.

Net cash received by financing activities for the year ended
December 31, 2007 was US$9,085,991.  The Company received
US$8,498,471 from the sales of shares of its common stocks and
US$561,520 from third parties.

As a result, the Company recorded a cash and cash equivalent
balance of US$4,366,312 as of Dec. 31, 2007, a net increase in
cash and cash equivalent of US$4,034,311 for the year ended Dec.
31, 2007.

Management has devoted considerable efforts during the period
ended Dec. 31, 2007, and in the first few months of 2008 towards
obtaining additional equity financing, controlling of salaries
and general and administrative expenses, management of accounts
payable, settlement of debt by issuance of common shares and
strategically acquire profitable companies that bring synergies
to the company’s products and services.  Management believes the
company’s existing available cash, cash commitments, cash
equivalents and short term investments as of Dec. 31, 2007 in
combination with continuing contractual commitments will be
sufficient to meet our anticipated capital requirements until
the May 2008.

The company posted a net loss of US$12,057,732 on total revenues
of US$47,361,028 for the year ended Dec. 31, 2007, as compared
with a net loss of US$4,829,663 on total revenues of US$158,292
in the prior year.

At Dec. 31, 2007, the company's balance sheet showed
US$24,608,228 in total assets and US$34,322,539 in total
liabilities, resulting in US$9,714,311 stockholders' deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$9,661,500 in total current
assets available to pay US$34,090,964 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2ae8

                   About Elephant Talk

Based in Orange, California, Elephant Talk Communications Inc.
(OTC BB: ETLK) -- http://www.elephanttalk.com/-- until recently
was engaged in the long distance telephone business in China and
the Special Administrative Region Hong Kong.  The company
currently operates a switch-based telecom network with national
licenses and direct fixed line interconnects with the
Incumbents/National Telecom Operators in eight (8) European
countries, one (1) in the Middle East (Bahrain), licenses in
Hong Kong and the U.S.A. and partnerships with telecom operators
in Scandinavia, Poland, Germany and Hong Kong.


GREENTOWN CHINA: Annual General Meeting Slated for May 23
---------------------------------------------------------
Greentown China Holdings Limited will be holding an Annual
General Meeting at 3:00 p.m. on May 23, 2008, at Chater Room,
2nd Floor, Mandarin Oriental Hotel, 5 Connaught Road, Central,
Hong Kong.

At the meeting, the participants will discuss on:

   1. the audited consolidated financial statements and the
      reports of the Directors and of the auditors for the year
      ended December 31, 2007;

   2. declaration of a final dividend;

   3. re-election of retiring Directors and determining the
      Directors’ remuneration;

   4. re-appointment of auditors and fixing of their
      remuneration;

   5. passing with or without amendments certain resolutions,
      including the exercise by the Directors during the
      relevant period of all the powers of the Company to
      purchase its shares, subject to and in accordance with the
      applicable laws.

The Register of Members of the Company will be closed from
May 21, 2008, until May 23, 2008, both days inclusive, during
which period no transfer of shares will be registered.

To qualify for the proposed final dividend and to attend and
vote at the Annual General Meeting, all transfers of shares,
accompanied by the relevant share certificates and appropriate
transfer forms, must be lodged with the Company’s share
registrar in Hong Kong, Computershare Hong Kong Investor
Services Limited at:

   Rooms 1806-07, 18th Floor,
   Hopewell Centre
   183 Queen’s Road East,
   Wanchai, Hong Kong

Registration is until 4:00 p.m. of May 20, 2008.

                  About Greentown China

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

                          *     *     *

The TCR-AP reported on Dec. 5, 2007, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Greentown China Holdings Ltd. to 'BB-' from 'BB'.  The
outlook is stable.  At the same time, Standard & Poor's lowered
the long-term debt ratings on the company's US$400 million
senior unsecured notes and its CNY2.31 billion convertible notes
to 'BB-' from 'BB'.

On September 18, 2007, Moody's Investors Service downgraded
Greentown China Holdings Ltd's corporate family and senior
unsecured bond ratings to Ba3 from Ba2.  The outlook for both
ratings is stable.  This concludes the ratings review initiated
on June 25, 2007.


HAINAN AIRLINES: 1st Qtr. Net Income Increases to CNY286.7 Mil.
---------------------------------------------------------------
Hainan Airlines Co. Limited's first-quarter net income surged
more than fivefold to CNY286.7 million (US$41 million), or
CNY0.08 a share, from CNY51.2 million, or CNY0.014, in 2007,
Irene Shen of Bloomberg News reports.

According to the report, the company attributed the increase in
net income on a stronger yuan and higher ticket sales.  

Bloomberg relates that the airline benefited from a 4.2%
appreciation in the yuan, that cut their dollar-denominated
debt's value, and the increased demand for Hainan province
flights.

The airline's first-quarter sales rose 3.4% to CNY3.57 billion,
the report notes.

Bloomberg says the airline aims to boost overall passenger
numbers 16% to 16.75 million.  The airline flew 14.5 million
passengers last year, an increase of 0.7%.

                       About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is  
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

The airline currently holds Xinhua Far East China Rating's CC
issuer credit rating that was placed on October 31, 2005.


HAINAN: Hires Mr. Chusid as General Manager for North America
-------------------------------------------------------------
Hainan Airlines Co Limited appointed Joel Chusid as general
manager for North American, and promoted Xinyu (Frank) Fang as
branch manager of the Seattle office, Travel Daily News reports.

According to the report, both officials will be responsible for
the establishment of the airline's presence in Seattle,
launching the new nonstop service between Seattle and Beijing,
and introducing the Hainan Airlines brand to North American
travelers.

Hainan Airlines will launch its first service to North America
with new nonstop flights from Seattle to Beijing beginning on
June 9, 2008, the report notes.

                      About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is  
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

The airline currently holds Xinhua Far East China Rating's CC
issuer credit rating that was placed on October 31, 2005.


HEXCEL CORP: S&P Maintains 'B3' Corp. Rating With Stable Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed Hexcel Corporation's
Corporate Family and Probability of Default ratings of Ba3, and
the B1 rating of Hexcel's subordinated notes, but raised the
rating on the Secured Bank Credit Facilities to Baa3 from Ba1.  
The rating outlook remains stable.

Because about $96 million of the term loan portion of the Credit
Facilities was repaid, recovery expectations are higher under
Moody's Loss Given Default methodology and the rating on the
Credit Facilities was raised one notch to Baa3 The claim of the
Credit Facilities in the waterfall benefits from substantial
collateral, up-stream guarantees from Hexcel's material domestic
subsidiaries as well as a significant level of subordinated
debt.

The Ba3 Corporate Family and Probability of Default ratings
balance the company's modest scale, significant market presence,
strong credit metrics, and favorable growth prospects with the
ongoing investment phase in its carbon fiber capacity, which
constrains prospects for near term free cash flow.

The rating also recognizes concentration aspects in Hexcel's
customer base and the cyclical nature of the build rate for new
commercial aircraft.  Recent performance demonstrates healthy
interest coverage and significantly lower leverage, and flows
from a combination of higher production rates in commercial
aerospace and wind energy, increasing percentage use of
composite materials in new aircraft, sustained margins, and the
application of proceeds from business divestitures to reduce
indebtedness.

Moody's expects favorable operating trends to continue, but the
company's plan for substantial capital expenditures is likely to
result in no better than break-even free cash flow in the near
term.  Consequently, debt is not expected to be reduced.  Hexcel
could generate strong free cash flow once the heavy capital
investments begin to ebb and the build-rates for larger aircraft
progress to a normalized production level.  The ratings are
further supported by Hexcel's strong competitive position in
what is expected to be a continuing robust environment for OEM
aircraft suppliers.

While Hexcel is anticipated to generate credit metrics at levels
at or above those typical for the Ba3 rating, the rating
considers uncertainty in the pace at which the Airbus A380 (on
which Hexcel will have $3 million content per aircraft,
according to the company) and the ongoing delays in production
of Boeing's B787 (on which Hexcel will have between $1.3 million
to $1.6 million of content per aircraft, according to the
company).  Also, a shareholder activist group has proposed three
alternative nominees to Hexcel's board of directors (the
shareholders meeting is scheduled for May 8, 2008) and has
further said that shareholder value has not been maximized.  
Uncertainty of future financial policies constrains the rating.

The stable rating outlook reflects Moody's expectations for
continued healthy operating margins and revenue growth in an
ongoing robust commercial aerospace environment and is supported
by the firm's satisfactory liquidity profile despite the
prospects for break-even free cash flow in 2008.  The stable
outlook also assumes that any developments relating to the
production and delivery schedule of the A380 or B787 will have
no material negative impact on the company's margins or working
capital requirements.

Ratings upgraded with revised Loss Given Default Assessments:

  -- $125 million secured revolving credit facility, Baa3 (LGD-
     2, 14%) from Ba1 (LGD-2, 22%)

  -- $87 million secured term loan, Baa3 (LGD-2, 14%) from Ba1
     (LGD-2, 22%)

Ratings affirmed with revised Loss Given Default Assessment:

  -- Corporate Family, Ba3

  -- Probability of Default, Ba3

  -- $225 million senior subordinated notes, B1 (LGD-4, 69%)

The last rating action was on April 3, 2007 at which time
Hexcel's Corporate Family and Probability of Default ratings
were up-graded to Ba3 from B1.

Hexcel Corporation, headquartered in Stamford, Connecticut, is a
leading advanced structural materials company.  It develops,
manufactures and markets lightweight, high-performance
structural materials, including carbon fibers, reinforcements,
prepregs, honeycomb, matrix systems, adhesives and composite
structures, used in commercial aerospace, space and defense, and
certain industries.  Revenues in 2007 were approximately $1.2
billion.


HEXCEL CORP: Moody's Keeps Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Hexcel Corporation's  
Corporate Family and Probability of Default ratings of Ba3, and
the B1 rating of Hexcel's subordinated notes, but raised the
rating on the Secured Bank Credit Facilities to Baa3 from Ba1.
The rating outlook remains stable.

Because about US$96 million of the term loan portion of the
Credit Facilities was repaid, recovery expectations are higher
under Moody's Loss Given Default methodology and the rating on
the Credit Facilities was raised one notch to Baa3.  The claim
of the Credit Facilities in the waterfall benefits from
substantial collateral, up-stream guarantees from Hexcel's
material domestic subsidiaries as well as a significant level of
subordinated debt.

The Ba3 Corporate Family and Probability of Default ratings
balance the company's modest scale, significant market presence,
strong credit metrics, and favorable growth prospects with the
ongoing investment phase in its carbon fiber capacity, which
constrains prospects for near term free cash flow.  The rating
also recognizes concentration aspects in Hexcel's customer base
and the cyclical nature of the build rate for new commercial
aircraft.  Recent performance demonstrates healthy interest
coverage and significantly lower leverage, and flows from a
combination of higher production rates in commercial aerospace
and wind energy, increasing percentage use of composite
materials in new aircraft, sustained margins, and the
application of proceeds from business divestitures to reduce
indebtedness.  

Moody's expects favorable operating trends to continue, but the
company's plan for substantial capital expenditures is likely to
result in no better than break-even free cash flow in the near
term. Consequently, debt is not expected to be reduced. Hexcel
could generate strong free cash flow once the heavy capital
investments begin to ebb and the build-rates for larger aircraft
progress to a normalized production level.  The ratings are
further supported by Hexcel's strong competitive position in
what is expected to be a continuing robust environment for OEM
aircraft suppliers.

While Hexcel is anticipated to generate credit metrics at levels
at or above those typical for the Ba3 rating, the rating
considers uncertainty in the pace at which the Airbus A380 (on
which Hexcel will have US$3 million content per aircraft,
according to the company) and the ongoing delays in production
of Boeing's B787 (on which Hexcel will have between US$1.3
million to US$1.6 million of content per aircraft, according to
the company).  Also, a shareholder activist group has proposed
three alternative nominees to Hexcel's board of directors (the
shareholders meeting is scheduled for May 8, 2008) and has
further said that shareholder value has not been maximized.
Uncertainty of future financial policies constrains the rating.

The stable rating outlook reflects Moody's expectations for
continued healthy operating margins and revenue growth in an
ongoing robust commercial aerospace environment and is supported
by the firm's satisfactory liquidity profile despite the
prospects for break-even free cash flow in 2008.  The stable
outlook also assumes that any developments relating to the
production and delivery schedule of the A380 or B787 will have
no material negative impact on the company's margins or working
capital requirements.

Ratings upgraded with revised Loss Given Default Assessments:

   -- US$125 million secured revolving credit facility, Baa3
      (LGD-2, 14%) from Ba1 (LGD-2, 22%)

   -- US$87 million secured term loan, Baa3 (LGD-2, 14%) from
      Ba1 (LGD-2, 22%)

Ratings affirmed with revised Loss Given Default Assessment:

   -- Corporate Family, Ba3;
   -- Probability of Default, Ba3;
   -- US$225 million senior subordinated notes, B1 (LGD-4, 69%).

The last rating action was on April 3, 2007 at which time
Hexcel's Corporate Family and Probability of Default ratings
were up-graded to Ba3 from B1.

Hexcel Corporation, headquartered in Stamford, CT, is a leading
advanced structural materials company.  It develops,
manufactures and markets lightweight, high-performance
structural materials, including carbon fibers, reinforcements,
prepregs, honeycomb, matrix systems, adhesives and composite
structures, used in commercial aerospace, space and defense, and
certain industries.  Revenues in 2007 were approximately
US$1.2 billion.  The company has subsidiaries in Austria, the
United Kingdom, Spain, Hong Kong, Japan and Brazil.


SHIN KONG: S&P Affirms D+ Bank Fundamental Strength Rating
----------------------------------------------------------
Standard & Poor's Ratings affirmed its 'BBB+' long-term and 'A-
2' short-term counterparty credit ratings on Taiwan Shin Kong
Commercial Bank.  The outlook on the long-term rating is stable.
At the same time, Standard & Poor's affirmed its 'D+' bank
fundamental strength rating on the bank.

"The ratings reflect Shin Kong Bank's importance to the Shin
Kong Financial Holding Co. Ltd. [Shin Kong FHC; BBB/Stable/A-3]
group, as well as the bank's adequate capitalization," said
credit analyst Andy Chang.

Counterbalancing factors include the bank's mediocre core
earnings generating capability and small market position.

Shin Kong Bank is the core member of Shin Kong FHC group, a
midsize insurance-centric financial holding company with a well-
established domestic franchise and customer base. The bank has
effective cross-selling activities under the group's
bancassurance strategy, and contributed about 11 % of the
first-year premiums of Shin Kong Life Insurance Co. Ltd.
(BBB+/Stable/--) in 2007. Shin Kong Bank accounted for about 21%
of the group's consolidated equity at the end of 2007.

Shin Kong Bank's core earnings are mediocre due to the bank's
scale disadvantage and intense competition in the domestic
banking sector. The bank accounted for only about 1% of total
system assets at the end of 2007. Its pre-provision (excluding
one-time disposal gain/losses) return on average assets (ROAA)
and ROAA were only 0.6% and 0.4%, respectively, in 2007.

The bank's capitalization is adequate. Its ratio of adjusted
total equity to assets stood at 5.2% at the end of 2007.

Shin Kong Bank's asset quality is adequate, supported by its
clean-up of problematic loans and increasingly sophisticated
underwriting skills.  The bank's ratio of impaired assets
(including official NPLs and foreclosed property) stood at 2.6%
at the end of 2007. Its loss coverage ratio was 55% at the same
time.


YRC WORLDWIDE: Posts US$45.8 Million Net Loss in First Quarter
--------------------------------------------------------------
YRC Worldwide Inc. reported a first quarter 2008 loss of
US$45,875,000 on operating revenue of US$2,232,592,000.  This
compares to a net income of US$1,279,000 on operating revenue of
US$2,328,342,000 for the three months ended March 31, 2007.  The
company also said that the results included the previously
announced reorganization charges related to USF Holland and USF
Reddaway and losses on property disposals.  The results also
included unfavorable actuarial adjustments primarily related to
prior-year development of self-insurance claims.

At March 31, 2008, the company had total assets of
US$5,011,025,000 and total debts of US$1,174,510,000.

"The soft economy, severe winter weather and record fuel prices
created a very difficult operating environment in the first
quarter," stated Bill Zollars, Chairman, President and CEO of
YRC Worldwide.  "With that said, we have taken a number of
actions that address the areas within our control and we are
seeing benefits from those efforts.  Despite the macroeconomic
challenges that we are facing, we believe that we have turned
the corner and expect meaningful earnings improvement starting
with the current quarter," Zollars continued.

Although the practice of providing earnings guidance was
suspended in 2007, due in great part to uncertainty in the
economy, which remains difficult to predict, the company
determined that investors should be provided with additional
near-term clarity regarding the anticipated performance of YRCW.  
Based upon the internal actions the company has already
implemented, including securing a more competitive labor
contract, renewing its credit agreement, and making footprint
changes at YRC Regional Transportation, YRCW expects to earn
between US$.30 and US$.40 per share in the second quarter, which
ends June 30, 2008.

"Given our solid action plans and the momentum that is underway,
we are excited about the future of YRC and what we can do for
our customers, employees and investors," stated Zollars.

                      Segment Information

Key segment information for the first quarter 2008 included:

    * YRC National Transportation LTL revenue per hundredweight
      up 6.3% from first quarter 2007 and LTL tonnage per day
      down 8.9%

    * YRC Regional Transportation LTL revenue per hundredweight
      up 5.4% compared to last year and LTL tonnage per day down
      10.1%

    * YRC Logistics revenue and operating income consistent with
      last year despite the weak economy

                        About YRC Worldwide

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

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


YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
YRC Worldwide Inc., including the 'BB' corporate credit rating,
and removed the ratings from CreditWatch, where they had been
placed with negative implications on Feb. 21, 2008.  The outlook
is negative.  The ratings had been placed on CreditWatch because
of heightened concerns over the company's refinancing risk,
earnings performance, and liquidity position over the next year,
given the slowing U.S. economy and continuing pressures in the
trucking sector.
     
"The company has since obtained an amendment to its credit
facility that allows additional covenant relief, and has renewed
its 364-day asset-backed security facility, which was due to
expire on May 16, 2008," said Standard & Poor's credit analyst
Anita Ogbara.  YRC has meaningful debt maturities over the next
year and expects to use some combination of free cash flow,
refinancing, and capacity under its amended bank facility to
meet these maturities.  "We believe the additional covenant
relief provides sufficient room and expect the company to remain
in compliance with its covenants," the analyst added.
   
At the same time, Standard & Poor's lowered its issue-level
rating on Yellow Corp.'s unsecured debt to 'B+' from 'BB' (two
notches lower than the corporate credit rating on YRC Worldwide
Inc.).  S&P assigned a recovery rating of '6' to this debt,
indicating the expectation for negligible (0-10%) recovery in
the event of a payment default.  The issue-level rating on the
now partly secured notes at Roadway LLC is unchanged at 'BB'.  
S&P assigned a recovery rating of '4' to this debt, indicating
the expectation for average (30%-50%) recovery.
   
YRC is the largest less-than-truckload trucking company in North
America, generating US$9.6 billion in annual revenues.  YRC
competes with large LTL companies Arkansas Best Corp. (US$1.8
billion in revenue) and Con-Way Inc. (US$4.2 billion in revenue)
and with numerous smaller long-haul and regional LTL companies.  
Conditions in the trucking sector have deteriorated over the
past several quarters and will likely not improve materially
over the near term, given the weaker U.S. economy.
   
YRC has pursued selective acquisitions in the past that have
helped the company gain market share and increase its product
offering.  However, these acquisitions have stretched the
company's financial profile, and YRC has not yet rationalized
these acquired LTL operations.  To improve profitability, YRC
plans to streamline operations, reduce overhead, and manage
costs more effectively.  YRC has formalized plans to improve
financial performance and is targeting US$100 million in cost
savings over the next few quarters through the combination of
terminal rationalization, elimination of redundant activities,
and other cost reductions.
   
S&P expects YRC's financial results to improve by early 2009 in
response to various operating initiatives and as the freight
environment improves.  S&P could lower the ratings if financial
results do not improve and the expected improvement in credit
protection measures fails to materialize or if access to
liquidity becomes constrained.  S&P could revise the outlook to
stable if YRC's credit metrics return to expected levels, and
the improvement appears sustainable.

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

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


ZTE CORP: Seals Belarus IPTV Project Contract
---------------------------------------------
ZTE Corporation penetrated the Eastern European IPTV market by
sealing an IPTV project contract with the Republican Unitary
Telecommunication Enterprise (RUE) Beltelecom, a National
Telecommunications Operator of the Republic of Belarus.

Since May 2006, Beltelecom has been initiating the national IPTV
development and conducting IPTV trial tests with leading
providers in the industry.  ZTE beats other competitors in the
contract bid with its network video technology, which has a
solid network performance infrastructure design, and one of the
most reliable and comprehensive end-to-end multimedia solutions
in the industry that meets sophisticated needs of multimedia
service providers.

"We are honored to be selected by Beltelecom for its national
IPTV project.  We have an extensive track record and IPTV system
deployment experience with service providers in various
international markets," said Mr. Yu Yifang, General Manager of
ZTE Multimedia and Terminal Product Lines.  "This new and
significant customer win not only validates our proven
capability in offering reliable IPTV network video solution, but
also another key milestone for our IPTV expertise in penetrating
international markets."

Beltelecom, which is wholly owned by the State Republic, is the
only telecom fixed-line provider and general internet provider
with advanced telecommunication networks in the country.
Established in July 1995, the company was transformed to RUE
Beltelecom in 2004 by Order of the Ministry of Communications
and Informatization.  Today, Beltelecom has nine State-level
unitary telecommunication enterprises, and six joint ventures
under these enterprises.  In addition to regulating the
country's national fixed-line business and data transmission
backbone infrastructure, Beltelecom is a shareholder of three
mobile telecom providers in Belarus.

Over the years, ZTE has conducted major IPTV trials in China as
well as deployed IPTV systems in Europe, Asia Pacific, Latin
America and other regions.  In December 2007, ZTE clinched a
major contract win with China Netcom Group Corporation (CNC) for
the world's first AVS-IPTV commercial network development bid.  
The company has also sealed deals to construct IPTV projects for
China Telecom, including the world's largest H.264 standard-
based IPTV network for Shanghai Telecom. To-date, ZTE holds more
than 50% of China's current IPTV market.

                          About ZTE Corp

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

                           *    *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

ESSAR OIL: Unit Bids for 2 Offshore Blocks in Australia
-------------------------------------------------------
Essar Oil's wholly owned subsidiary, Essar Exploration and
Production Ltd, has bid for 100% interest in two shallow-water
offshore blocks in Australia, writes Pratim Ranjan Bose for the
Business Line.

According to the report, the bidding round ended on April 17 and
the award is expected within a month.

Moreover, S.R. Agarwal, Essar Exploration's CEO, told Business
Line in an interview that the company has also tied up with a
global major having US$15-20 billion market capitalisation for
bidding in consortium for offshore blocks offered under NELP-VII
in India.

                         About Essar Oil

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

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


GENERAL MOTORS: To Cut One Shift of Full-size Truck Production
--------------------------------------------------------------
General Motors Corp. is eliminating one shift of production at
its full-size pickup truck assembly plants in Pontiac, Michigan;
Flint, Michigan; and Oshawa, Ontario; and its full-size SUV
assembly plant in Janesville, Wisconsin.  The decisions were
made to bring production capacity more in line with market
demand.

Under this plan, approximately 88,000 units of full-size pickup
and 50,000 units of full-size SUV production will be removed
from [UTF-8?] North American production capacity for the
remainder of the 2008 calendar year.

Based on current plans, the shift reductions will be effective
on these dates:

   * Flint Assembly (Heavy Duty Chevrolet Silverado and GMC
     Sierra): July 14;

   * Janesville (Chevrolet Tahoe and Suburban, GMC Yukon, Yukon
     XL): July 14;

   * Pontiac Assembly (Chevrolet Silverado, GMC Sierra): July
     14;

   * Oshawa Truck (Chevrolet Silverado and GMC Sierra): Sept. 8.

The full-size pickup truck and full-size SUV segments have
[UTF-8?]softened for the entire industry -– down 15 and 26%,
respectively, through the first quarter of 2008.  Nonetheless,
GM remains the segment leader in both instances, with nearly 40%
share of full-size trucks and more than 63% share in the full-
size SUV market.

"With rising fuel prices, a softening economy, and a downward
trend on current and future market demand for full-size trucks,
a significant adjustment was needed to align our production with
market realities," Troy Clarke, president GM North America,
said.  "This is a difficult move, but we remain committed to
retaining and growing our leadership position in the full-size
truck market."

Mr. Clarke noted that with the market shifting toward cars and
crossovers, GM is seeing strong sales of the new Chevrolet
Malibu, Cadillac CTS, Chevrolet Cobalt, Pontiac G6, Chevrolet
Impala, Buick Enclave and GMC Acadia.  He added that the company
is continuing to explore options to increase car and crossover
production, but there are no changes to car production at this
time.

The full-size truck production cuts will result in lower
staffing requirements at all four plants, and those details will
be worked out over the next several weeks with the United Auto
Workers and Canadian Auto Workers unions.

                            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.  


GMAC LLC: Financial Arm Posts $589MM Net Loss in 2008 1st Qtr.
--------------------------------------------------------------
GMAC LLC's unit, GMAC Financial Services reported a 2008 first
quarter net loss of $589 million, compared to a net loss of $305
million in the first quarter of 2007.  Profitable results in the
global automotive finance and insurance businesses were more
than offset by significant declines in the international
mortgage operation of Residential Capital, LLC.  Affecting
results in the quarter were market-driven valuation adjustments
and lower net financing revenue.

"Continued volatility in the capital and credit markets put
pressure on first quarter results," GMAC Chief Executive Officer
Alvaro de Molina said.  "While the actions we have taken to date
to reduce risk, reduce leverage and streamline the cost
structure have produced results, there is still more to do to
stabilize ResCap and position the overall company for profitable
growth.  Moving through this unprecedented market environment
clearly requires endurance, and liquidity is the key enabler.  
GMAC has made prudent liquidity management a top priority
including holding high levels of cash, expanding the use of GMAC
Bank and working with our banking partners on an approach to
renew bank facilities."

                        Liquidity and Capital

GMAC's consolidated cash and certain marketable securities were
$18.6 billion as of March 31, 2008, down from $22.7 billion at
Dec. 31, 2007.  Of these total balances, ResCap's consolidated
cash and cash equivalents were $4.2 billion at quarter-end, down
from $4.4 billion at Dec. 31, 2007.  The decline in cash is due
mainly to open market debt repurchases, unsecured debt
maturities and an increase in originations.

During the fourth quarter of 2007 and first quarter of 2008,
GMAC purchased ResCap debt for $750 million in the open market,
which was contributed to ResCap and retired during the first
quarter.  In exchange for the capital contribution, GMAC
received shares of a new class of ResCap preferred equity that
is equal to the market value of the debt at the time of the
contribution.  GMAC took this measure to further support the
capital position at ResCap, while still maintaining
consideration for GMAC's investors and stakeholders.  As of
March 31, 2008, ResCap's total equity base was $5.8 billion,
exceeding its minimum tangible net worth requirements in its
credit facilities.

                        Global Automotive Finance

GMAC's global automotive finance business reported net income of
$258 million in the first quarter of 2008, compared to net
income of $398 million in the year-ago period.  Strong vehicle
origination and wholesale penetration were offset by weaker
credit performance which drove unfavorable valuation
adjustments, higher credit loss provisions and increased
operating expenses related to restructuring, remarketing and
servicing initiatives.  In addition, affecting performance was
lower gain on sale of receivables and deterioration in the
residual performance of off-lease vehicles.

New vehicle financing originations for the first quarter of 2008
increased to $12.9 billion of retail and lease contracts from
$12.3 billion in the first quarter of 2007, despite lower
industry sales levels in North America.  Used vehicle
originations for the quarter remained stable at $2.1 billion,
the same amount as the year-ago period.  This reflects
refinement of the diversification strategy to better balance
credit risk.

Delinquencies decreased in the first quarter of 2008 to 2.42% of
managed retail assets, versus 2.52% in the prior year period.  
The decrease reflects additional underwriting and servicing
measures taken in late 2007, which included expanding collection
resources, increasing contact with higher-risk borrowers and
strategically tightening underwriting.  Credit losses have
increased to 1.34% of managed assets, versus 1.13% in the first
quarter of 2007.  The actions taken have stemmed delinquencies
in the first quarter, although losses increased as a result of
higher year-end delinquency levels and loss severity in North
America.  In addition, international operations posted higher
credit losses as a result of a maturing portfolio in Asia
Pacific and weakness in Latin America; however, losses remain in
line with expectations.  Delinquency trends in the international
operation improved in the first quarter.

In February, GMAC disclosed a restructuring plan for its North
American automotive finance operations that would consolidate 20
regional offices into five business centers in the U.S. and
Canada and reduce the workforce by approximately 930 employees.  
GMAC expects to incur a total of $65 to $85 million in
restructuring charges related to severance and other employee-
related costs and the closure of facilities. During the first
quarter, GMAC incurred $11 million of restructuring charges and
the majority of the remaining charges are expected to occur in
the second half of the year. As a result of the restructuring,
GMAC expects an annual run rate savings of approximately $175
million.

                               Insurance

GMAC's insurance business recorded net income of $132 million,
compared to net income of $143 million in the first quarter of
2007.  Results primarily reflect investments related to growth
initiatives in the U.S.

The total value of the insurance investment portfolio was
$7.2 billion at March 31, 2008, compared to $6.7 billion at
March 31, 2007.  The year-ago level reflects a dividend payment
to GMAC.  The majority of the investment portfolio is in fixed
income securities with less than 10% invested in equity
securities.

On April 8, 2008, GMAC disclosed a plan related to the insurance
business that aids in maintaining the current A - (excellent)
financial strength rating issued by A.M. Best. The plan includes
a dividend by GMAC of 100% of the voting interest in the
insurance business to GMAC's shareholders, while GMAC continues
to hold 100% of the economic interest in the business.  This
plan is expected to preserve the value of the insurance
operations and enable growth initiatives to continue worldwide.

                        Real Estate Finance

ResCap reported a net loss of $859 million for the first quarter
of 2008, compared to a net loss of $910 million in the year-ago
period.  The aggressive actions taken to reduce risk and
rationalize the cost structure have favorably affected results
in the U.S. residential finance business.  These improvements,
however, were offset by significant deterioration in
international operations.  Results in the quarter are
attributable to market- driven valuation adjustments on mortgage
loans held for sale, real estate assets and mortgage related
investment securities.  Partially offsetting these losses was a
$480 million gain recognized from the retirement of $1.2 billion
(face value) of debt.

ResCap's U.S. residential finance business experienced improved
results in the first quarter 2008, compared to the prior year.  
Prime conforming loan production increased to $15.4 billion in
the first quarter of 2008, versus $9.6 billion in the year-ago
period, the servicing portfolio posted strong results and
operating expense targets were achieved.  Deterioration in the
mortgage market continues, however, driving increased charge-
offs, lower valuations and higher cost of funds.

The international mortgage business experienced a significant
decline in the first quarter 2008 related to illiquidity in the
global capital markets and weakening consumer credit in certain
markets.  This environment drove significant realized and
unrealized losses in mortgage loans held for sale and investment
securities.  As a result, ResCap has reduced the size of its
balance sheet and limited production of mortgages in overseas
markets to only those products with market liquidity.  The
business lending operation also experienced continued pressure
in the first quarter related to the decline in home sales and
residential real estate values.

Earlier this month, ResCap disclosed additional restructuring
efforts in its international business aimed to further reduce
the cost structure and change the business model to reflect
current market conditions.  In the U.K., approximately 280
positions will be eliminated and mortgage origination activity
will be reduced.  
In Continental Europe, ResCap has suspended all new mortgage
originations and refocused the business on asset management
activities.

As expected, ResCap has significant near-term liquidity
requirements, which include approximately $4 billion in
unsecured and $13 billion in secured debt maturities through the
remainder of 2008.  To meet these requirements, management is
actively pursuing various alternatives including: potential
secured funding to be provided by GMAC, ongoing and potential
utilization of available committed lines of credit, the
liquidation of certain assets, the extension of maturities and
the refinancing or modification of our existing indebtedness.  
These efforts are ongoing and have not yet been completed.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors     
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.  Cerberus Capital
Management LP bought 51% GMAC LLC stake from General Motors
Corp. on December 2006.

                          *     *     *

As reported in the Troubled Company Reporter on April 25, 2008,
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade.  This action follows Moody's rating downgrade of
ResCap LLC, GMAC's wholly-owned residential mortgage unit, to
Caa1 from B2.


ICICI BANK: Khandwala Puts “Buy” Rating on Firm's Shares
--------------------------------------------------------
Khandwala Securities has assigned a "buy" rating on ICICI Bank's
shares, Moneycontrol.com reports.

Moneycontrol.com relates that the target price for ICICI Bank's
shares is INR1425.

ICICI Bank's Net Interest Margins (NIMS) although have remained
stable for FY08 at 2.2%, NIMs has improved during Q4FY08 to 2.4%
from 2.3% in corresponding quarter last year.  NIMs have
expanded gradually during the year, from 1.9% in Q1FY08 to 2.4%
in current quarter.  NIMs have expanded on the back of improved
CASA deposits, utilization of equity issuance of USD 5 billion
and lower spike in bulk deposits rates in the month of March
2008 compared to last year, Moneycontrol.com adds citing a
Khandwala Securities research report dated April 28, 2008.

According to Moneycontrol.com., Khandwala Securities expects
that ICICI Bank will continue its growth streak and net profit
by 25-30% over next two years; although there are concerns on
decreasing ROE after further capital issue and increase in NPA.

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

                          *     *     *

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


IFCI LTD: Incurs INR425.20 Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
IFCI Ltd has posted a net loss of INR425.20 million in the three
months ended March 31, 2008, as compared to a net profit of
INR6.68 billion recorded in the same quarter of 2007.

Total Income has decreased from INR10.94 billion in the quarter
ended March 31, 2007, to INR4.51 billion in the current quarter
under review.

The company booked an operating profit of INR1.31 billion for
the three months ended March 31, 2008.  Depreciation for
the quarter aggregated INR18.8 million while taxes totaled
INR1.71 billion.  

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

                          *     *     *

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


QUEBECOR WORLD: Randy Benson Named Chief Restructuring Officer
--------------------------------------------------------------
Quebecor World Inc. has appointed Randy Benson, Chief
Restructuring Officer of the company.  Mr. Benson will report to
the Restructuring Committee of the Board of Directors.

"We are very pleased to have someone of Randy's experience and
capabilities joining Quebecor World at this time," said Jacques
Mallette, President and CEO, Quebecor World.  "Randy brings
valuable experience in working with other companies going
through a financial restructuring process.  He will work closely
with our senior management team and the Creditors' Committees,
as we develop our restructuring plan with a view of quickly
emerging from creditor protection as a strong company in our
industry."

Mr. Benson most recently served as Chief Restructuring Officer
for Hollinger Inc and prior to that held the same position at
Ivaco Inc. Mr. Benson was Senior Vice-President and Chief
Financial Officer at Call-Net Enterprises-Sprint Canada Inc. and
before that he served as a division president at Parmalat Canada
and as Executive Vice-President and Chief Financial Officer of
Beatrice Foods Inc.  He is the principal of R.C. Benson
Consulting Inc., a management consulting company focused on
providing strategic analysis, chief executive management, and
financial and operational restructuring expertise.

                    About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


QUEBECOR WORLD: Posts US$2 Billion Net Loss for Full Year 2007
--------------------------------------------------------------
Quebecor World Inc. reported that for full year 2007 it
generated revenues of US$5.7 billion compared to US$6.1 billion
in 2006 and a net loss of US$2.2 billion or (US$16.85) per share
compared to a net income of US$28.3 million or a net loss of US$
0.04 per share the previous year taking into account dividends
on preferred shares.  Full-year results included a goodwill
impairment charges, and impairment of assets, restructuring and
other charges net of income taxes of US$2.1 billion or
(US$16.26) per share, compared to US$87.3 million or (US$0.67)
per share in 2006.  The cash component of this charge was
US$42.7 million in 2007 compared to US$76.4 million in 2006.
Excluding these charges, the adjusted net loss was US$54.9
million or (US$0.58) per share in 2007 compared to adjusted net
income of US$117.9 million or diluted earnings per share of
US$0.64 for the same period in 2006.  Operating income before
IAROC and goodwill impairment charge in 2007 was US$90.1 million
compared to US$241.5 million in 2006.  On the same basis, EBITDA
was US$461.9 million in 2007 compared to US$579.9 million in
2006.  The reduction of EBITDA in 2007 is principally explained
by US$80 million in largely non-cash, additional specific
charges, compared to the prior year.

Quebecor World's full-year 2007 revenues reflect a reduction in
volume in its North American operations, in particular as the
result of several plant closures as the company moved to
complete its three-year restructuring and retooling program.  In
addition to goodwill, IAROC and specific charges, the decrease
in profitability reflects volume reduction, pricing pressure,
underperforming European assets and higher financial expenses
not fully compensated by cost reductions and efficiency gains.

On January 21, 2008, Quebecor World filed for creditor
protection in the United States and Canada due to the inability
of the Company to raise new capital in the current market
environment and to complete the sale of its European operations.  
The filing was necessary to ensure the long-term viability of
the Company within a process that ensures fair and equitable
treatment for all stakeholders.

"We have made important and substantial efforts to stabilize our
business and to reach out to all our stakeholders in this
process," said Jacques Mallette, President and CEO, Quebecor
World.  "I am pleased with what we have accomplished so far, and
it demonstrates the support of our customers, our suppliers and
our employees to our business going forward.  We continue to
renew and earn new business with important customers across our
global platform including, most recently, McGraw Hill, Wenner
Media and RONA."

                        Bankruptcy Update

Since the initial filing, the company received the final order
for its US$1 billion DIP (debtor-in-possession) financing from
the US court.  As stated in the Monitor's report of April 1,
2008, the company had unrestricted cash balances of US$160
million and access to revolving credit facility of up to US$400
million.  The company believes that this financing and its
ability to generate significant cash flow from operations will
allow it to emerge from creditor protection as a strong company
in its industry.  The company continues to serve all its global
customers with superior products and enhanced value-added
services as illustrated by the recent launch of its integrated
multi-channel solutions offering designed to increase the
efficiency of its customers advertising campaigns.

To assist in its efforts to emerge from creditor protection as
quickly as possible, the Company has appointed Mr. Randy Benson,
Chief Restructuring Officer of the company.  Mr. Benson has
extensive experience in working with other companies going
through a financial restructuring process.  He reports to the
Restructuring Committee of the Board of Directors.

"The restructuring process is proceeding as planned. To date we
have passed several important milestones and we are actively
developing our five-year business plan which we expect to be
completed in the second quarter.  The appropriate creditors and
ad hoc committees have been established in the U.S. and Canada
and we are pursuing an active and ongoing dialogue," added Mr.
Mallette.  "To date we have had more than 60 uncontested motions
approved in the U.S. process which is a strong indication of
everyone's focus and determination to make this process a
success by exiting creditor protection as soon as possible."

                      Fourth Quarter Results

For the fourth quarter of 2007, the company generated revenues
of US$1.5 billion compared to US$1.6 billion in 2006, and a net
loss of US$1.8 billion or (US$13.87) per share compared to net
income from continuing operations of US$11.6 million or US$0.03
per share in the same period last year.  Fourth quarter results
included impairment of assets, restructuring and other charges
(IAROC) and a goodwill impairment charge, net of income taxes,
of US$1.8 billion or (US$13.81) per share compared to US$33.0
million or (US$0.25) per share in 2006.

The cash component of this charge was US$5.1 million in 2007
compared to US$21.1 million in 2006. Excluding these charges,
the adjusted net loss was US$1.9 million or (US$0.06) per share
for the fourth quarter of 2007 compared to adjusted net income
of US$44.6 million or diluted earnings per share of US$0.28 for
the same period in 2006.  Operating income before IAROC and
goodwill impairment for the fourth quarter of 2007 was US$1.8
million compared to US$74.2 million for the same period in 2006.
On the same basis, EBITDA was US$130.3 million for the fourth
quarter of 2007 compared to US$170.2 million for the same period
in 2006.  In the fourth quarter 2007, the Company incurred US$45
million in additional specific charges compared to the fourth
quarter of 2006.  These charges were largely non-cash. Excluding
these additional charges, EBITDA in the fourth quarter 2007 was
slightly higher than during the same period in 2006.

                       About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


QUEBECOR WORLD: Quebecor Inc. Issues Clarification
--------------------------------------------------
Following the release of the financial results of Quebecor World
Inc. for the 2007 financial year, Quebecor Inc. specifies that
Quebecor World is a legal entity distinct from Quebecor and
Quebecor World's announced net losses have no impact on
Quebecor's liquidity.

On January 21, 2008, Quebecor World Inc. placed itself under the
protection of the Companies' Creditors Arrangement Act in Canada
and Chapter 11 of the Bankruptcy Code in the United States.  As
a result, Quebecor Inc. does not expect to realize any future
earnings on its investment in Quebecor World.  Quebecor Inc. has
not secured Quebecor World's commitments, including its debt and
advances under its securitization programs.

In accordance with generally accepted accounting principles,
Quebecor Inc. ceased consolidating the result of Quebecor World
as of Jan. 21, 2008.

Quebecor Inc. plans to release its financial results for the
2007 financial year and the results of its Quebecor Media
subsidiary for the first quarter of 2008 during the week of
May 5, 2008.

                        About Quebecor Inc.

Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a holding company with
interests in two companies, Quebecor Media Inc. and Quebecor
World Inc.  Quebecor holds a 54.7% interest in Quebecor Media,
which owns operating companies in numerous media-related
businesses: Videotron Ltd., the largest cable operator in Quebec
and a major Internet Service Provider and provider of telephone
and business telecommunications services; Sun Media Corporation,
the largest publisher of newspapers in Canada; Quebecor
MediaPages, a publisher of print and online directories; TVA
Group Inc., operator of the largest French-language over-the-air
television network in Quebec, a number of specialty channels,
and the English-language over-the-air station Sun TV; Canoe
Inc., operator of a network of English- and French-language
Internet properties in Canada; Nurun Inc., a major interactive
technologies and communications agency with offices in Canada,
the United States, Europe and Asia; magazine publisher TVA
Publishing Inc.; book publisher and distributor Quebecor Media
Book Group Inc.; Archambault Group Inc. and TVA Films, companies
engaged in the production, distribution and retailing of
cultural products, and Le SuperClub Videotron ltee, a DVD and
console game rental and retail chain.

                       About Quebecor World

Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers.  The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, and Switzerland.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.


TATA POWER: Refinances Bridge Loan to Fund Stake Purchase
---------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Tata
Power Company Ltd disclosed that it has refinanced its bridge
loan taken for the acquisition of 30% equity stakes in major
Indonesian thermal coal producers, PT Kaltim Prima Coal and PT
Arutmin Indonesia, as well as related trading companies owned by
PT Bumi Resources Tbk.  Tata Power company has successfully
refinanced US$650 million out of a total of US$950 million
bridge loan taken at the time of acquisition.

The US$950 million bridge loan had a tenor of one year of which
US$850 million is being refinanced with long-term loans.  The
refinancing consists of a non-recourse US$580 million facility
and a USO 270 million facility with recourse to the company.  
The non-recourse facility has a door-to-door tenor of six years
and the recourse facility has a door-to-door tenor of seven year
and the pricing on the facilities is competitive for loans of
such nature.  The financing has been provided by a group of
banks led by five mandated lead arrangers including Barclays
Capital, Bank of India, ICICI Bank State Bank of India and
Sumitomo Mitsui Banking Corporation.

Tata Power will evaluate the option of refinancing the balance
US$100 million of the bridge loan at an appropriate time within
the residual bridge loan tenor.

Speaking on the occasion, Mr. Prasad R Menon, Managing Director,
Tata Power said, "We are happy to refinance the bridge loan at
competitive pricing in such challenging financial markets.  The
rising coat prices in the international market reinforce our
belief that our investment in Indonesian coal companies is
timely and pragmatic".

                         About Tata Power

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

                          *     *     *

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

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



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

BANK RAKYAT: Reports IDR1.4 Trillion Net Profit in 1Q 2008
----------------------------------------------------------
PT Bank Rakyat Indonesia Tbk BBRI.JK reported a net profit of
IDR1.4 trillion in the first quarter of 2008, compared with
IDR1.2 trillion in the same period in 2007.

Bank Rakyat's net interest income for the first quarter 2008 was
IDR4.6 trillion, compared with IDR3.9 trillion in the same
period in 2007.

The bank also disclosed that:

   * loans reached IDR118.4 trillion or grew at 30.06% year-on-
     year, driven by micro and small commercial segments;

   * deposits was at IDR159.6 trillion or grew at 30.96% year-
     on-year, still maintaining Low Cost Funds at preferable
     level;

   * fee based income grew year-on-year 55.01% supported by
     large number of accounts; and

   * extending asset growth for 31.74% year-on-year to be
     allocated in the productive assets.

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

     http://bankrupt.com/misc/bankrakyat_1Q2008.pdf

According to Nury Sybli and Harry Suhartono of Reuters, analysts
expect Bank Rakyat to post a net profit of IDR6.2 trillion in
2008, up from IDR4.84 trillion in 2007.

                           About RBI

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'.


EXCELCOMINDO PRATAMA: Earns IDR368 Billion in 1st Quarter 2008
--------------------------------------------------------------
In the first quarter of 2008, PT Excelcomindo Pratama Tbk
recorded robust revenue growth of 51% compared to the 1Q 2007
and slightly increased as compared to the last quarter.

Highlights for First Quarter ended March 31, 2008:

   * Revenue at IDR2.7 trillion (Increased 51% YoY )
   * EBITDA at IDR1.1 trillion (Increased 47% YoY )
   * EBITDA margin at 42%
   * Net Income at IDR368 billion (Increased 109% YoY )
   * Total subscribers at 18.4 million (Increased 82% YoY)

“We are satisfied with our performance in 1Q 2008 against the
industry.  This achievement is the result of our key strategies
that have been consistently implemented since 2007.  We provide
comparable quality and best value with clear and aggressive
pricing to our subscribers which have strengthened our brand
awareness and we have seen a good response from our
subscribers,” said Hasnul Suhaimi, President Director of XL.

XL revenue grew by 51% YoY and 1% QoQ to IDR2.7 trillion.  The
growth was driven by a strong increase in minutes volume and
subscriber base.  As of March 31, 2008, XL had 18.4 million
subscribers, an increase of 82% YoY.  To sustain its voice
tariff competitiveness, XL evolved its voice tariff in 2 stages
during the first quarter.  First, in Jan 2008, XL reduced its
on-net and off-net voice tariff to IDR0.1/second.  Then in March
2008, XL launched a new voice tariff mechanism of charging one
rate per call regardless of the duration for on-net calls which
is much cheaper and affordable.  The tariff is as low as IDR300
sampai puas (one call rate “all you can eat”) for Sumatera,
Sulawesi and Eastern Indonesia and IDR600 sampai puas for Java
including greater Jakarta and also for Kalimantan.

Compared to 1Q 2007, XL's EBITDA increased by 47% to IDR1.1
trillion; an increase of 4% QoQ.  EBITDA margin for Q1 2008 was
42% as a result of XL's strong focus on productivity and
efficiency.  In 1Q 2008, XL recorded net income of
IDR368 billion, growth of 109% YoY and 287% QoQ.

“During the 1Q 2008, we have deployed 1,133 BTS nationwide
bringing our total BTS to 12,290.  By the end of 2007, we have
covered 90% of the national population.  Thus, our additional
BTS during 1Q 2008 is focused in capacity expansion rather than
coverage expansion in order to handle increased MoU as a result
of our aggressive pricing strategy.  We will allocate up to
US$1 billion for capex in 2008 with a focus on capacity
expansion,” said Hasnul Suhaimi.

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

     http://bankrupt.com/misc/excelcomindo_1q2008.pdf

In accordance with AGMS result held on April 4, 2008, XL will
distribute a cash dividend based on 2007 performance on May 16,
2008 totaling IDR142 billion or IDR20/share, an increase of 115%
compared to previous year dividend.

On April 28, 2008, Telekom Malaysia Berhad’s Board announced
that the process of the TM Group demerger and the acquisition by
Indocel Holding Sdn Bhd from Khazanah Nasional Berhad’s entire
shareholding in XL was completed on April 25, 2008.  As a
result, Indocel Holding Sdn Bhd’s shareholding in XL is 83.8%.

                 About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 29,
2008, Moody's Investors Service affirmed PT Excelcomindo Pratama
Tbk's Ba2 local currency issuer rating and changed the outlook
to stable from positive.  At the same time, Moody's affirmed
XL's Ba2 senior unsecured foreign currency rating.  
Concurrently, PT Moody's Indonesia affirmed the company's
national scale rating of Aa1.id.  Moody's said the outlook for
all ratings is stable.

On Dec 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit ratings on Excelcomindo Pratama and
removed them from CreditWatch with negative implications. The
outlook is stable.  The 'BB-' ratings on all foreign currency
senior unsecured debt were also affirmed.

In May 2007, Fitch Ratings affirmed PT Excelcomindo Pratama
Tbk's Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch affirmed the 'BB-' rating on its senior
unsecured notes programme.


INDOFOOD: Reports IDR383 Billion 1st Quarter 2008 Net Profit
------------------------------------------------------------
PT Indofood Sukses Makmur Tbk reported that its net profit for
the first quarter of 2008 reached IDR382.93 billion, up 116%
from a year ago, Reuters reports.

Reuters relates that Indofood's net sales jumped 51.8 percent to
IDR8.85 trillion.

On March 31, 2008, Indofood released its financial results for
the year ended December 31, 2007, which provides that:

   * Consolidated net sales grew 27.0% to IDR27.86 trillion from
     IDR21.94 trillion in 2006, resulting from the growth in
     sales across most of the Strategic Business Group (SBG).

   * Operating profit increased 46.8% to IDR2.89 trillion with
     operating margin improving to 10.4%, compared with IDR1.97
     trillion and 9.0%, respectively in 2006.

   * Net income rose significantly to IDR980.36 billion or
     IDR115 per share, from IDR661.21 billion or IDR78 per share
     in 2006, despite higher minority interest as a result of
     placement and listing of IndoAgri shares on the Singapore
     Stock Exchange in February 2007.  

   * Net cash provided by operation was IDR2.50 trillion,
     compared with IDR1.54 trillion in 2006, driven by strong
     operating profit growth.

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

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

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


GOODYEAR TIRE: Earns US$147 Million in 2008 First Quarter
---------------------------------------------------------
The Goodyear Tire & Rubber Company reported record first quarter
sales and its highest first quarter net income in several years.

Goodyear's first quarter 2008 sales were US$4.9 billion, a 10%
percent increase compared with the 2007 quarter, offsetting
lower volumes with higher prices, a richer product mix and
favorable currency translation.

Improved pricing and product mix in all four businesses drove
revenue per tire up 7% over the 2007 quarter, reflecting the
company's successful strategy to focus on high-value-added
tires.  Lower volume primarily resulted from weak original
equipment markets in North America as well as soft consumer
replacement demand in North America and Europe, particularly for
low-value-added tires.

"Our excellent first quarter results demonstrate the success of
our strategies to grow our higher-margin premium product lines,
reduce costs and pay down debt," said Robert J. Keegan, chairman
and chief executive officer.

"Each of our four businesses improved margins and operating
income as we capitalized on attractive growth opportunities in
targeted market segments," he said.

"While the economy remains a concern, we continue to be
confident about the opportunities we see in the market and our
ability to take advantage of them," Keegan said.  "Over the last
five years, our strategic decisions have better positioned
Goodyear to face an economic downturn and to emerge as a
stronger competitor."

Goodyear said it made additional progress during the first
quarter on its plan to achieve US$1.8 billion to US$2 billion in
gross cost savings by the end of 2009. "We have now achieved
more than US$1.2 billion in savings since beginning this plan
and remain on target to reach our four-year goal," Keegan said.

Segment operating income set a first quarter record at US$367
million in 2008, up 62% from US$226 million in the strike-
affected 2007 first quarter.  Gross margin was 19.9% for the
2008 first quarter compared to 16.8 percent last year.

Segment operating income benefited from improved pricing and
product mix of US$157 million, which more than offset increased
raw material costs of US$13 million.

Favorable currency translation positively impacted sales by
US$341 million and segment operating income by US$27 million in
the quarter.

First quarter 2008 net income from continuing operations was
US$147 million (60 cents per share).  This compares to a loss
from continuing operations of US$110 million (61 cents per
share) in the year-ago quarter.  Including discontinued
operations, Goodyear had a net loss of US$174 million (96 cents
per share) in 2007's first quarter.  All per share amounts are
diluted.

The 2008 quarter included after-tax financing fees related to
debt repayment of US$43 million (18 cents per share), US$13
million (5 cents per share) in after-tax rationalization
charges, an after-tax gain on asset sales of US$33 million (13
cents per share) and an after-tax gain on an excise tax
settlement in Latin America of US$8 million (3 cents per share).

The 2007 quarter was impacted by after-tax charges of US$64
million (35 cents per share) due to salaried benefit plan
changes, an estimated US$34 million (19 cents per share) related
to the 2006 United Steelworkers strike and US$31 million (17
cents per share) in rationalization and accelerated depreciation
charges.

                        Business Segments

All three of the company's businesses outside of North America
achieved record sales for any quarter during the 2008 first
quarter as the emerging markets businesses continued to grow.

Segment operating income increased in all four businesses.
Segment operating income for the Latin America and Asia Pacific
businesses were records for any quarter.  Segment operating
income for the Europe, Middle East and Africa business was a
first quarter record.

                      North American Segment

North American Tire's first quarter sales decreased 1% from last
year.  The 2007 quarter included approximately US$150 million in
sales from T&WA, which was divested in December 2007.  Sales in
the 2008 quarter were impacted by reduced original equipment
volume resulting from lower vehicle production and a decline in
the consumer replacement tire market, particularly for low-
value-added tires.  Sales benefited from strong pricing and
product mix as well as market share gains for Goodyear and
Dunlop brand tires in the consumer replacement market.

Segment operating income increased US$52 million primarily due
to improved pricing and product mix of US$67 million, which more
than offset increased raw material costs of US$5 million. Lower
selling, administrative and general expenses and structural cost
savings, including savings from the 2006 contract with the USW,
were partially offset by lower volume and transitional
manufacturing costs.

The company estimates the USW strike reduced 2007 first quarter
sales by US$102 million and segment operating income by US$34
million.

                        EMEA Segment

Europe, Middle East and Africa Tire's first quarter sales were a
record for any quarter and increased 16% over last year due to
favorable currency translation, improved pricing and product mix
and market share gains in the consumer replacement and
commercial replacement markets.

Segment operating income was a first quarter record and up 24%
due to improved pricing and product mix of US$40 million, which
more than offset increased raw material costs of US$4 million.  
Favorable currency translation and lower selling, administrative
and general expenses offset higher manufacturing costs related
to ongoing labor issues in France and higher transportation
costs.

                     Latin America Segment

Latin American Tire's first quarter sales were a record for any
quarter and increased 29% over 2007 due to improved pricing and
product mix and favorable currency translation.

Segment operating income was a record for any quarter,
increasing 46% compared to the prior year.  Improved pricing and
product mix of US$37 million, a US$12 million gain from the
settlement of an excise tax case and favorable currency
translation more than offset higher manufacturing costs and
selling, administrative and general expenses.

                    Asia Pacific Segment

Asia Pacific Tire's first quarter sales were a record for any
quarter and up 21% over last year due to favorable currency
translation, higher volume and improved pricing and product mix.

Segment operating income increased 69% and was a record for any
quarter.  The improvement was due to improved pricing and
product mix of US$13 million, which more than offset US$4
million in increased raw material costs, as well as higher
volume, favorable currency translation and lower selling,
administrative and general expenses.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 60 facilities in 26
countries and employs 80,000 people worldwide.  Goodyear has
subsidiaries in New Zealand, Venezuela, Peru, Mexico,
Luxembourg, Finland, Korea and Japan, among others.  

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 7, 2008, Fitch Ratings upgraded The Goodyear Tire & Rubber
Company's Issuer Default Rating to 'BB-' from 'B+' and senior
unsecured debt rating to 'B+' from 'B-/RR6'.


MEDCO ENERGI: Mitsubishi LNG Project May Cost US$1.4 Billion
------------------------------------------------------------
Leony Aurora of Bloomberg News reports that "PT Medco Energi
Internasional and Mitsubishi Corp. may spend a higher-than-
estimated US$1.4 billion to build Indonesia's fourth liquefied
natural gas plant after metal prices rose."

The plant is a joint project among Medco Energi (20% stake),
Mitsubishi (51% stake) and PT Pertamina (29% stake).  In August
2007, the project was estimated to cost US$1.2 billion.

Bloomberg relates that Lukman Mahfoedz, chief of Medco's
exploration and production unit, said the plant may start
producing the fuel in the first quarter of 2012.

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged   
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

     * B1 local currency corporate family rating -- Medco

     * B2 foreign currency long-term rating -- MEI Euro Finance
       Ltd (guaranteed by Medco).



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

BANCO BRADESCO: Net Income Up 23.3% to BRL2.1 Billion in 1Q 2008
----------------------------------------------------------------
Banco Bradesco presented its main figures for the first quarter
of 2008.  The Report on Economic and Financial Analysis
containing the complete Financial Statements is available on the
investor relations Web site http://www.bradesco.com.br/ir

                          Highlights:

   -- Net Income in the first quarter 2008 stood at
      BRL2.102 billion (up 23.3% in relation to the net income
      of BRL1.705 billion in the same quarter of 2007),
      corresponding to EPS of BRL0.68 and return of 32% on
      Average Shareholders' Equity.

   -- Net Income comprised BRL1.356 billion from financial
      activities, which accounted for 65% of the total, and
      BRL746 million from insurance, private pension plan and
      certificated savings plan activities, which accounted for
      35% of Net Income.

   -- Market capitalization grew by 12.1% compared to first
      quarter 2007, reaching BRL93.631 billion in March 2008
      (BRL104.959 billion on April 25, 2008).

   -- The balance of total assets in March 2008 stood at
      BRL355.517 billion, an increase of 26.1% in relation to
      March 2007.  Annualized return on average total assets was
      2.4%, versus 2.5% in the same period of 2007.

   -- The total loan portfolio grew to BRL169.408 billion, 38.5%
      higher than a year ago.  Loans to individuals totaled
      BRL62.226 billion (up 34.3%), while operations with
      corporate clients totaled BRL107.182 billion (up 41%).

   -- The sum of funds raised and managed was BRL506.805
      billion, an increase of 24.5% from the BRL406.970 billion
      in March 2007.

   -- Shareholders' Equity was BRL32.909 billion in the first
      quarter of 2008, an increase of 26.4% versus first quarter
      2007.  The Capital Adequacy Ratio stood at 13.9%.

   -- Remuneration to shareholders in the period in the form of
      interest on shareholders' capital paid and provisioned
      totaled BRL740 million,  equivalent to 35.2% of Net Income
      of the same quarter.

   -- The Efficiency Ratio in 12 months stood at 41.7%, an
      improvement compared to the 42.1% in March 2007.

   -- In the first quarter 2008, investments in infrastructure,
      information technology and telecommunications amounted to
      BRL573 million, up 20.6% million in relation to the first
      quarter of 2007.

   -- Taxes and contributions, including social security, paid
      or provisioned in the period, stemming from the main
      activities developed by Bradesco Organization, totaled
      BRL1.697 billion, equivalent to 80.7% of Net Income.

   -- Banco Bradesco has Brazil's largest private customer
      service network, with 3,169 branches, 26,735 ATMs in the
      Bradesco Dia&Noite (Day&Night) Network, 4,221 ATMs in the
      Banco24Horas (24HourBank) Network, 12,381 Bradesco
      Expresso outlets, 5,851 Postal Bank branches, 2,825
      corporate site branches and 357 branches of Finasa
      Promotora de Vendas.

   -- On Jan. 21, Grupo Bradesco de Seguros e Previdencia,
      through Bradesco Seguros S.A., entered into a "Quotas
      Assignment Agreement" with Marsh Corretora de Seguros
      Ltda., with a view to acquiring  control of Mediservice -
      Administradora de Planos de Saude Ltda.  The transaction
      represents an important strategic step that will allow for
      expanding the client base with scale gains.

   -- On March 6, Banco Bradesco BBI S.A. entered with the
      shareholders of Agora Corretora de Titulos e Valores
      Mobiliarios S.A., into a "Private Instrument of Commitment
      of Merger of Shares and Other Covenants", aiming at the
      acquisition of its total capital. Agora Corretora is
      Brazil's largest brokerage firm in online purchase and
      sale transactions of shares to individuals (home broker),
      with around 29,000 active clients.  The operation is
      subject to the approval by the respective government
      agencies and to the due diligence results.

   -- On March 27, Brazil's Central Bank (BACEN) approved: (i)
      the increase in the Capital Stock in the amount of BRL1.2
      billion, from BRL19 billion to BRL20.2 billion, through
      the subscription of new shares introduced at the Special
      Shareholders' Meeting held on Jan. 4, 2008, and ratified
      at the Special Shareholders' Meeting held on March 24,
      2008; and (ii) an increase in the capital stock in the
      amount of BRL2,8 billion, from BRL20.2 billion to BRL23
      billion, with a 50% stock bonus, through the
      capitalization of part of the balance in the "Profit
      Reserve - Statutory Reserve" account, as resolved at the
      Special Shareholders' Meeting held on March 24, 2008.

   -- Banco Bradesco is the Brazilian bank with the best
      placement in the ranking of the world's 2,000 largest
      companies, ranking 85th, according to Forbes, one of the
      most respected international economy, finances and
      businesses magazines.

   -- Regarding Social Responsibility, for more than 50 years,
      Fundacao Bradesco has been dedicated to educating low-
      income children, adolescents and adults.  Since its
      creation, the foundation has provided free and high-
      quality education to some 2 million students, with this
      figure rising to 2.5 million once the distance-learning
      programs are included.  With an estimated budget of
      BRL220.069 million, this year Fundacao Bradesco will be
      able to provide assistance on more than 411,000 occasions
      in the many segments in which it operates.  Among the
      people assisted, 110,415 students will have free high-
      quality education.

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

                             *     *     *

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


BANCO BRADESCO: Units Earn BRL746 Million in First Quarter 2008
---------------------------------------------------------------
Banco Bradesco SA's insurance, private pension, and savings bond
businesses' net profit increased 41.0% to BRL746 million in the
first quarter this year 2008, compared to the same period in
2007, Business News Americas reports.

According to Banco Bradesco, the units' return on equity
increased to 37.8% in the first quarter 2008, compared to 33.0%
in the first quarter 2007, while equity rose 26.2% year-on-year
to BRL9.15 billion.

BNamericas relates that the units' operating income grew 47.7%
to BRL1.07 billion in the first quarter 2008, from the first
quarter 2007.  Their financial income rose 9.75% to
BRL698 million.

The report says that claims paid rose 14.8% to BRL1.64 billion
in the first quarter 2008, compared to the same period last
year, and the combined ratio improved to 83.9% from 85.1%.

BNamericas notes that insurance, private pension, and savings
bonds contributed 35% to Banco Bradesco's "bottom line," which
increased 23.3% to BRL2.10 billion in the first quarter 2008,
compared to the same period in 2007.

The insurance divisions accounted for 39% of Banco Bradesco's
recurring net income, which rose 11.8% to BRL1.91 billion in the
first quarter 2008, from the first quarter 2007, BNamericas
states.

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

                             *     *     *

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


BANCO BRADESCO: Forms Unit to Handle Credit Card Operations
-----------------------------------------------------------
Banco Bradesco SA's Chief Executive Officer Marcio Cypriano told
journalists that the bank has created a unit to handle credit
card operations.

Business News Americas relates Banco Bradesco's Vice President
Milton Vargas said that the bank saw the need to form a
subsidiary because credit card lending increased "significantly
with the March 2006 acquisition of Amex in Brazil and growing
private label operations with retailers."

"It's important to have a separate credit card company to get a
hold on the strong growth in this segment," Mr. Vargas commented
to BNamericas.

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

                             *     *     *

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


BANCO BRADESCO: Won't Enter Commercial Banking Segment Abroad
-------------------------------------------------------------
Banco Bradesco SA's Chief Executive Officer Marcio Cypriano told
journalists that the bank won't venture into the commercial
banking segment outside Brazil.

Banco Bradesco will stick to the local market and "ride the
current wave of continued lending growth," reporters say, citing
Mr. Cypriano.

Mr. Cypriano commented to Business News Americas, "We wouldn't
risk going abroad, not in the short or medium-term.  The
opportunities for growth in Brazil are still really big."

According to BNamericas, Mr. Cypriano said that Banco Bradesco
launched a broker dealer in London in 2007, which "has done well
and stirred the bank to move forward with plans to open an
office in Asia."  The current increase in lending in Brazil will
continue as higher salaries encourage more loans and economic
stability lets firms to make investments, Mr. Cypriano added.

"A long-standing demand for consumer loans is now beginning to
be met" with people making higher salaries, BNamericas says,
citing Mr. Cypriano.

The report says that Mr. Cypriano sees retail loan growth in the
banking sector at large to slow down slightly compared to 2007.

Mr. Cypriano commented to BNamericas, "Growth in both loans to
SMEs [small and medium-sized enterprises] and large corporates
means companies are investing and they believe in economic
growth.  Despite a recent increase in interest rates, no company
[polled by Bradesco's economic research department] has stopped
making investments."

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

                          *     *     *

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


COREL CORP: Reports $18M Stockholders' Deficit, Lower Net Loss
--------------------------------------------------------------
Corel Corporation reported financial results for its first
quarter ended Feb. 29, 2008.

Generally Accepted Accounting or GAAP net loss in the first
quarter of fiscal 2008 was $30,000 compared to GAAP net loss of
$11.9 million in the first quarter of fiscal 2007.

Non-GAAP adjusted net income for the first quarter of fiscal
2008 was $6.7 million compared to non-GAAP adjusted net income
for the first quarter of fiscal 2007 of $2.7 million.

At Feb. 29, 2008, the company's showed $255.9 million in total
assets and $273.6 million in total liabilities, resulting in a
$17.7 million total stockholders' deficit.

                 Liquidity and Capital Resources

As of Feb. 29, 2008, its principal sources of liquidity are cash
and cash equivalents of $28.8 million and trade accounts
receivable of $29.8 million.  As a part of its senior credit
facility, the company also entered into a five-year $75 million
revolving line of credit facility, of which $75 million is
unused as at Feb. 29, 2008.

Cash provided by operations decreased by $12.1 million to
$6.4 million for the three months ended Feb. 28, 2008, compared
to $18.4 million for the three months ended Feb. 28, 2007.  The
decrease is due to the receipt of cash for royalty revenues in
advance of its related obligation in the first quarter of fiscal
2007.

Cash used in financing activities was $0.7 million for the three
months ended Feb. 29, 2008, compared to the cash provided by
financing activities of $91.9 million for the three month period
ended Feb. 28, 2007.  In the first quarter of fiscal 2008, it
made $0.8 million of payments against its long-term debt and its
capital lease obligations.  In the first quarter of fiscal 2007,
the company obtained a $70 million term loan and used $23
million of its operating line of credit to finance its
acquisition of InterVideo.  We have since repaid the entire
balance on the line of credit.

Cash used in investing activities was $1.4 million in the three
months ended Feb. 29, 2008, a significant decrease from the cash
used of $120.5 million in the three months ended Feb. 28, 2007.

The cash outlay in the first quarter of fiscal 2008 was for the
purchase of long-lived assets relating mostly to technology
licenses, and significant investment in computer hardware.  The
cash outlay in the first quarter of 2007 reflects the purchase
of InterVideo on Dec. 12, 2006, and the remaining interest in
Ulead on Dec. 28, 2006, for an aggregate of $120.4 million.

                     About Corel Corporation

Corel Corp. (NASDAQ: CREL)(TSX: CRE) -- http://www.corel.com/--    
is a developer of graphics,  productivity and digital media  
software with more than 100 million users worldwide.  The  
company's product portfolio includes some of CorelDRAW(R)
Graphics Suite, Corel(R) Paint Shop Pro(R) Photo, Corel(R)
Painter(TM), Corel DESIGNER(R), Corel(R) WordPerfect(R) Office,
WinZip)R), WinDVD(R) and iGrafx(R).

Corel's products are sold in more than 75 countries through a  
network of international resellers, retailers, original
equipment manufacturers, online providers and Corel's global
websites.  The company's headquarters are located in Ottawa,
Canada with major offices in the United States, United Kingdom,
Germany, China, Taiwan and Japan.


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;

  * US$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 US$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 US$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-Latin America on
March 31, 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 USUS$2.3
billion (before US$600 million of pension contributions by Ford
for Jaguar-Land Rover).

As reported in the Troubled Company Reporter-Latin America 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.

In November 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.


JASDAQ SECURITIES: May Resort to Merger to Keep Business
---------------------------------------------------------
The Jasdaq Securities Exchange Inc. is projected to fall into
the red for the first time in fiscal 2007 amid falling stock
prices, the Asahi Shimbun reports, citing sources.

According to the report, Jasdaq  has judged that it will be
difficult to continue as an independent market making a merger
deal with the Osaka Securities Exchange more likely.

Jiji Press relates, citing informed sources, that the prospect
emerged as the board of Jasdaq will likely be controlled by
members supporting the integration after a coming general
meeting of its shareholders.

Jasdaq, Jiji Press says, will compile a list of candidates for
board directors in mid-May for submission to the shareholder
meeting, scheduled on June 10.

Jiji Press adds that in July, OSE will launch a tender offer for
Jasdaq with the aim of acquiring more than two-thirds of
outstanding Jasdaq shares from the Japan Securities Dealers
Association and other shareholders.   

The JSDA holds some 70 percent stake in Jasdaq, according to
Jiji Press.

Jasdaq Securities Exchange Inc. -- http://www.jasdaq.co.jp/--  
was authorized in December 2004 as a new market.   The firm
operates  the Jasdaq stock market for startups.


SADIA SA: To Form Joint Venture With Kraft Foods
------------------------------------------------
Sadia S.A. has signed a partnership agreement with Kraft Foods
Brasil S.A. and Kraft Foods Holdings, Inc., for the formation of
a joint venture, a regulatory filing with the U.S. Securities
and Exchange Commission discloses.

The joint venture, of which Kraft will hold 51% of the voting
shares while Sadia the remaining 49%, will manufacture, market
and distribute, in Brazil, cheese products, including those
currently marketed by Kraft under the Philadelphia brands, as
well as cheese products and cheese spreads sold under the Sadia
brand.

The joint venture will take the form of a closed corporation
with its registered address and industrial park located in
Curitiba-PR, the SEC filing relates.  The corporation will have
its own independent structure and corporate governance.

Sadia estimates at BRL30 million the initial investment to set
up the business.  The company expects revenues of the joint
venture to reach BRL40 million in its first year of business.

Upon the execution of the final documents by the parties, as
required by the partnership agreement, the JV will commence its
activities by the second half of August 2008.

In addition to the partnership pact, Sadia and Kraft also
executed a distribution agreement pursuant to which Sadia will
market and distribute the whole portfolio of cheese products
manufactured by Kraft, on an exclusive basis.

Sadia believes the partnership with Kraft represents an
important step towards strengthening the company in the segment
of cheese and is in full alignment with its strategy of growth
and creation of value.

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food  
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan, and Italy, among
others.

                        *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Sadia S.A.  The
outlook is stable.



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


DAEWOO ELECTRONIC: Ziontech, et al. Acquire 945,300 Shares
----------------------------------------------------------
Four related parties of Ziontech Co. Limited acquired a
combined total of 945,300 shares of Daewoo Electronic Components
Co. Limited, Reuters reports.

According to the report, the acquired shares are equivalent to a
6.88% stake in the company.  Ziontech and its seven related
parties now hold a combined 17.80% stake in Daewoo, the report
notes.

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

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

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

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


DURA AUTOMOTIVE: Files First Revised Chapter 11 Plan Supplements
----------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates
delivered to the U.S. Bankruptcy Court for the District of
Delaware supplements to their Revised Joint Plan of
Reorganization, dated March 31, 2008.

The Debtors, in the Plan Supplements, disclose that, pursuant to
the Revised Plan, they intend to implement various
reorganization transactions on or after the effective date of
the Plan.  The Debtors intend to implement several taxable sale
transactions, including the:

   (a) formation of New Dura, with nominal capitalization by
       certain Dura creditors or a nominee on behalf of them;

   (b) formation of New Dura Holdings, which in turn will form
       New Dura Opco;

   (c) transfer by Dura Operating Corporation to Dura Automotive
       Systems, Inc., of assets with an estimated value between
       $1,500,000 and $5,000,000, which assets will include one
       or more of plants that have ceased operations, plants
       that are operating, and stock in certain subsidiaries;

   (d) transfer by DASI of all of its stock in DOC to New Dura
       Opco in exchange for the Convertible Preferred Stock and
       New Common Stock;

   (e) distribution by DASI of Convertible Preferred Stock and
       New Common Stock to its creditors, which stock will be
       held by one or more independent third parties after the
       Effective Date;

   (f) continued existence of DASI and continued ownership of
       the remaining assets, some of which may be leased to New
       Dura Opco; and

   (g) the taxable sale transaction will require a stock
       transfer agreement and may require a transition services
       agreement and stockholders agreement.

The Debtors also intend to reorganize certain of their debtor
and non-debtor entities in the United Kingdom and Canada for tax
purposes.  The Debtors will also consolidation these entities
into surviving Reorganized Debtors:

   -- Dura G.P.
   -- Dura Automotive Systems of Indiana, Inc.
   -- Universal Tool & Stamping Company, Inc.
   -- Patent Licensing Clearinghouse L.L.C.
   -- Mark I Molded Plastics of Tennessee, Inc.
   -- Dura Brake Systems L.L.C.
   -- Dura Cables North LLC
   -- Dura Cables South LLC
   -- Atwood Mobile Products, Inc. and certain subsidiaries
   -- Trident Automotive, L.P.

The Debtors also disclose that they do not intend to file or
adopt revised organizational documents, except for:

   -- a certificate of incorporation and bylaws for New Dura;

   -- a registration rights agreement;

   -- certificates of incorporation and bylaws for New Dura
      Holdings and New Dura Opco; and

   -- constituent documents required to create any other new
      entity formed as part of a Plan Restructuring.

Other Plan Supplements delivered to the Court are:

   * a list of executory and unexpired leases to be assumed,
     available for free at:

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

   * a list of executory and unexpired leases to be rejected,
     available for free at:

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

   * a list of compensation and benefits programs and unexpired
     directors' and officers' liability insurance policies to be
     assumed, available for free at:

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

   * a list of compensation and benefits programs and unexpired
     directors' and officers' liability insurance policies to be
     rejected, available for free at:

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

         Debtors Object to Delay in Confirmation Hearing

The Debtors ask the Court to deny J.W. Korth's request to extend
the date of the confirmation hearing and the date to submit
confirmation objections.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, says the delay would not benefit any
parties-in-interest, least of all Senior Notes holders like
Mr. Korth.  Furthermore, Mr. Madron says the Debtors face
looming deadlines to confirm and consummate their Revised Plan
and any failure to meet those deadlines could unnecessarily
jeopardize the Revised Plan.

Mr. Madron notes that, contrary to Mr. Korth's claims, Mr. Korth
has already received all of the information he is entitled to
receive under the Court Order entered pursuant to Rule 2004 of
the Federal Rules of the Bankruptcy Procedure.

Mr. Korth may have stated that the information provided by the
Debtors contains a variety of deficiencies, however, Mr. Madron
notes that in each instance, either:

   (i) the Debtors have already supplied the information prior
       to Mr. Korth's request to extend the confirmation
       hearing;

  (ii) the Debtors were still gathering the requested
       information at the time Mr. Korth requested for the
       delay; or

(iii) the Court did not order the information be produced
       because it did not exist.

Mr. Madron asserts that Mr. Korth has had more than sufficient
time within which to conduct the additional discovery he wanted.  
"Mr. Korth is seeking to delay the Revised Plan's confirmation
hearing at a time when he has already had many months in which
to take discovery of the underlying assets and financial
condition of the Debtors," Mr. Madron says.

                         Korth Talks Back

Mr. Korth argues that the Debtors have failed to refute or
explain these concerns:

   * huge conflict of interest, which might be detrimental to
     all stakeholders;

   * "broad brush" Liquidation Analysis did not value the
     Debtors' subsidiaries as individual going concerns;

   * failure to valuate 422 patents and even mention them or the
     subsidiary holding them;

   * unexplained write down of $900,159,000 in investment to
     $200,000,000; and

   * Lawrence Denton's employment contract as DURA's CEO with a
     "Sales Incentive Clause," which properly could be invoked
     prior to DURA emerging from Chapter 11

"Failure to clearly refute or explain these concerns tacitly
admits they exist and the Court should take them under
consideration when it is making its decision whether or not the
unsecured creditors may receive a higher value through
liquidation rather than under the Revised Plan of
Reorganization," Mr. Korth says.

Mr. Korth admits that he has received a lot of material from the
Debtors but he states that a large part of the information was
received on April 21, 2008.  Mr. Korth says he still has to
catalog the new information before he can hire a financial
consultant.  He says it will take at least 45 days from the day
he received the materials to take the depositions necessary to
understand the Debtors' operations and produce an independent
valuation.  Mr. Korth believes that the cost for the delay will
be substantially less than $1,000,000.

                          Judge's Decree

The Honorable Kevin J. Carey denies Mr. Korth's request to
inspect the Debtors' books and records.  However, the Court
directs the Debtors to provide to Mr. Korth:

   (1) an explanation why the patents held by the Debtors are
       contained in the particular place within the Debtors'
       corporate structure, and how the patents are incorporated
       into the valuation of the Debtors provided in the
       Disclosure Statement; and

   (2) a calculation of the amount identified in the Debtors'
       most recent monthly operating report as investment in
       non- debtor subsidiaries.

All information the Debtors will disclose is subject to a Court-
approved confidentiality agreement and protective order between
the Official Committee of Unsecured Creditors and Mr. Korth.

                           About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings. Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had $1,503,682,000 in total
assets and $1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.  A plan confirmation hearing is set for May 13,
2008.

(Dura Automotive Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DURA AUTOMOTIVE: Unable to File 2007 Annual Report on Time
----------------------------------------------------------
DURA Automotive Systems, Inc., was unable to file its annual
financial report on Form 10-K for the year ended Dec. 31, 2007,
with Securities and Exchange Commission.  According to a SEC
filing, DURA was unable to timely file a Form 10-K by March 31,
2008, without unreasonable effort and expense.

C. Timothy Trenary, DURA's vice president and chief financial
officer, related that the company is currently addressing
various material weaknesses, which has delayed the completion of
the financial and other information to be included in the 2007
Form 10-K.  The company, he said, is working diligently to
finalize its financial statements for the year ended Dec. 31,
2007, and is providing Deloitte & Touche LLP with the
information necessary to complete the audit of the company's
consolidated financial statements.

Mr. Trenary added that Deloitte has informed the DURA's Audit
Committee that its report on the company's consolidated
financial statements will include an explanatory paragraph
indicating that substantial doubt exists as to the company's
ability to continue as a going concern.  DURA, according to Mr.
Trenary, does not intend to include any adjustments to its
financial statements to reflect the possible future effects that
may result from the uncertainty of its ability to continue as a
going concern.

DURA expects to report a substantial net loss for the year ended
Dec. 31, 2007, Mr. Trenary said.  The 2007 net loss results
from the decline in business and the overall industry
conditions, increased raw material costs than in prior years,
impact of closing certain facilities, and moving businesses to
lower cost countries based on the company's restructuring plans.  
The 2007 net loss will include charges for facilities
consolidation, asset impairments, restructuring and
reorganization.

In 2007, DURA has incurred a significant amount of professional
fees and debt termination charges associated with its
reorganization, Mr. Trenary said.  Effective Oct. 30, 2006,
certain interest on unsecured prepetition debt has not been
accrued as provided for under the Bankruptcy Code.  This result
in reporting lesser interest expense in 2007 compared to 2006.  
Furthermore, during the third quarter of 2007, the company
completed the sale of its Atwood Mobile Products division, which
will also impact the financial results in 2007.

DURA has not filed quarterly financial reports on Form 10-Q for
the quarterly periods ended April 1, July 1, and Sept. 30, 2007.

                           About DURA

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings. Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had $1,503,682,000 in total
assets and $1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.  A plan confirmation hearing is set for May 13,
2008.

(Dura Automotive Bankruptcy News, Issue No. 53; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


KENERTEC CO: Moves Private Placement Listing Date to May 28
-----------------------------------------------------------
Kenertec Co. Limited has amended the listing date for the
private placement of 1,315,000 common shares, which was
announced on April 17, 2008, Reuters reports.

According to Reuters, the new listing date has been changed to
May 28, 2008 from May 20, 2008.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC: Unit to Acquire 85% Stake in Ratanak Kenertec
-------------------------------------------------------
Kenertec Co. Limited's wholly owned subsidiary, Kenertec
Resources Co. Limited, will acquire an 85% stake in
Ratanak Kenertec Resources Co Ltd for KRW 14,919 million, in a
bid to acquire a mining in Cambodia, Reuters reports.

Reuters relates that Ratanak Kenertec Resources, a mining
company, have signed a contract with Ratanak Stone Cambodia
Development Co. Ltd. to acquire 100% of an iron mine in
Cambodia.  

The deal is expected to settle on August 31, 2008, Reuters says.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


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

AIR NEW ZEALAND: To Increase Domestic Fares by May 6
----------------------------------------------------
Tracy Withers of Bloomberg News reports that "Air New Zealand
Ltd. will raise fares on domestic services for the second time
in six weeks because of record high jet fuel costs."

According Ms. Withers, in a statement e-mailed to Bloomberg
News, the airline said it will increase fares by an average 3
percent from May 6.  The carrier's latest fare increase was  
March 26.  

The New Zealand Herald relates that Trans-Tasman fares are also
being reviewed.

Bloomberg notes that Air New Zealand is the fourth airline to
raise fares since late March joining Qantas Airways Ltd., All
Nippon Airways Co. and Delta Air Lines Inc.  

Ms. Withers relates that Norm Thompson, Air New Zealand's deputy
chief executive officer, said in the statement that the airline
is committed to driving down costs within its control.  The New
Zealand Herald said Air New Zealand regretted having to lift
fares so soon but it "could not continue to absorb the
significantly higher cost of fuel."  The Herald notes that
Singapore jet fuel per barrel had increased from US$130 on
March 17 to US$144 on April 30.

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

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

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


AMRIT GLASS LIMITED: Reynolds Appointed as Liquidator
-----------------------------------------------------
On April 9, 2008, Amrit Glass Limited was placed into
liquidation and Grant Bruce Reynolds was appointed as
liquidator.

The liquidator fixed May 20, 2008, as the last day for creditors
to file their proofs of claim.

The liquidator can be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


AURUM UPHOLSTERY: Court to Hear Wind-Up Petition Today
------------------------------------------------------
On March 13, 2008, an application to put Aurum Upholstery
Limited into liquidation was filed in the High Court at Dunedin.

The application will be heard before the High Court at Dunedin
today at 10:00 a.m.

The plaintiff is Tradestaff Group Limited and its solicitor is:

           KEVIN PATRICK MCDONALD
           Kevin McDonald & Associates
           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


CLASSIC MOTORS: Court to Hear Wind-Up Petition Tomorrow
-------------------------------------------------------
On December 13, 2007, an application to put Classic Motors and
Restoration 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


CLICK SOUND (2004): Claim Filing Deadline is May 20
---------------------------------------------------
On April 10, 2008, Click Sound (2004) Limited was placed into
liquidation and Grant Bruce Reynolds was appointed as
liquidator.

The liquidator fixed May 20, 2008, as the last day for creditors
to file their proofs of claim.

The liquidator can be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


CLUBZONE LTD: Court to Hear Wind-Up Petition Tomorrow
-----------------------------------------------------
On December 11, 2007, an application to put Clubzone 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:

          Simon John Eisdell Moore, Crown Solicitor
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street (PO Box 2213 or DX CP 24063)
          Auckland


DOTCARD (AUSTRALASIA) LIMITED: Claim Filing Deadline is July 9
--------------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Dotcard (Australasia)
Limited by the High Court on April 9, 2008.

The liquidators fixed July 9, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


EURO BUILDERS: Creditors Must File Claims by May 23
---------------------------------------------------
The High Court at Auckland on April 1, 2008, appointed John
Trevor Whittfield and Boris van Delden, insolvency practitioners
of Auckland, jointly and severally as liquidators of Euro
Builders Limited.

Creditors have until May 23, 2008, to file their proofs of
claim.

The liquidator can be reached at:

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


GENEVA FINANCE: S&P Lifts LT Counterparty Credit Rating to CCC
--------------------------------------------------------------
Standard & Poor's Ratings raised its long-term counterparty
credit rating on New Zealand finance company Geneva Finance Ltd.
(Geneva) to 'CCC' from 'CC'. The three-rating-notch upgrade
follows Geneva debtholders' acceptance of a recapitalization and
new funding proposal, and Geneva's banker support to the
proposal. The proposal will provide more funding certainty in
the short term, and will materially strengthen the company's
capitalization.  At the same time, the rating was removed from
CreditWatch with developing implications, where it was initially
placed on Nov. 5, 2007. The outlook on the rating is negative.

Concurrently, the insurer financial strength and counterparty
credit ratings on Geneva's sister company Quest Insurance Group
Ltd. (Quest) were removed from CreditWatch developing and raised
to 'CCC' with a negative outlook. Rating actions on Quest
reflect the insurer's core status within the Geneva group, which
means that the ratings on Quest are expected to remain equalized
with that on Geneva. Quest will also undertake a reconstruction
that will strengthen its balance sheet.

Geneva has taken steps to reduce overheads by closing down all
but one of its branches and retrenching staff. It has also
tightened its credit policy by not extending new loans to
higher-risk segments, and by increasing resources on collections
activity. While the company's immediate prospects have improved,
we expect that Geneva will face increasing challenges within the
segment that it operates. The New Zealand economic conditions
have become more difficult and Geneva's clients will likely face
more tightening pressures on their household budgets, which
could result in higher credit delinquencies.

"The negative outlook reflects our view that over the next two
years, economic and operating conditions will become more
challenging for the finance sector including Geneva," Standard &
Poor's credit analyst Sharad Jain said.  "In addition, the
closure of most of Geneva's branches means that it has reverted
to being a mainly centralized business. This change has resulted
in a number of one-off material losses over the past several
months. Consequently, a return to profitability has yet to be
proven and the company will need to manage its operations, cash
position, and banker relationship carefully. The rating could be
lowered if credit conditions or financial performance does not
improve significantly or if Geneva's banker withdraws its
support."


GENEVA FINANCE: To List on NZX by July 1 "at the Latest"
--------------------------------------------------------
Ninety-three percent of Geneva Finance Limited's debenture and
subordinated note holders approved on April 28, 2008, the
company's capital restructuring plan, helping the company avoid
a receivership, various reports say.  Geneva Finance committed
to listing on the New Zealand Stock Exchange on July 1, at the
latest, The New Zealand Herald reports.

Under the restructuring plan, The Sunday Star Times relates, the
company proposed:

  -- Geneva to list on the NZAX, with 15% of debenture-holders'
     and 55% of subordinated note-holders' investments converted
     to ordinary shares;

  -- the remaining investments will be repaid in a scheduled
     plan;

  -- all interest will continue to be paid monthly, at the
     increased minimum rates of 11% for debenture
     holders and 13% for subordinated note holders; and

  -- 40% of the outstanding debenture principal will be repaid
     with interest over eleven months from May 2008.

Tamsyn Parker of The New Zealand Herald writes that several
hundred debenture holders and subordinated noteholders attended
on Monday a meeting at Auckland's Ellerslie Convention Centre to
hear what the board had to say about its proposal.  Ms. Parker
relates that for many, the decision had already been made last
year.  

The Troubled Company Reporter-Asia Pacific previously reported
that Geneva Finance Ltd's investors approved on Nov. 5, 2007, a
proposed loan moratorium to give the company time to negotiate a
funding package that could bring it back to a stable position.  
The moratorium provided the company an extension of six and half
months on all investment maturities.  

Geneva Director Brian Walshe told investors that Geneva had been
forced to go to a moratorium after funding problems were
escalated by the failure of a number of finance companies, Ms.
Parker reports.

Reports quote Geneva Chief Executive Officer Shaun Riley as
saying: "The company remains operational and continues to lend
following the stabilisation and consolidation that took place
during the six-month moratorium period.  This period allowed
Geneva to generate a NZ$26 million cash reserve, and the final
step of gaining investor approval for our proposal for capital
reconstruction has put the company in a strong and stable
position."

According to The Sunday Star Times, the company’s primary
banker, Bank of Scotland, has indicated its continued support by
retaining a NZ$35 million funding facility for a further three-
year term.

                     Management Reshuffle

Ms. Parker relates that the company will have a management
reshuffle before the listing.  According to The Herald, Chief
Financial Officer David O'Connell will replace Glen Walker as
managing director; Mr. Walker and Mr. O'Connell will form the
basis for a new board alongside independent chairman Brian Walsh
and preference shareholder Peter Francis.  Two more positions on
the board will be filled by independent directors, the report
states.  Independent adviser Grant Samuel will make
recommendations for appointments over the coming weeks, The
Herald adds.

In a separate report, Ms. Parker writes that the business has
been left with 120 staff members and will continue to maintain
its eight regional representatives.

                   About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations.  Geneva is
owned by Financial Investment Holdings.


INTERNATIONAL ENVIRONMENTAL: Court Appoints Liquidators
-------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of International
Environmental Engineering Limited by the High Court on April 9,
2008.

The liquidators fixed July 9, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


GRAND VIEW HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On April 7, 2008, Grand View Holdings Limited was placed into
liquidation and Grant Bruce Reynolds was appointed as
liquidator.

The liquidator fixed May 20, 2008, as the last day for creditors
to file their proofs of claim.

The liquidator can be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


INTO THE LIGHT CONSULTANCY: Faces Sloane's Wind-Up Petition
-----------------------------------------------------------
On March 7, 2008, an application to put Into the Light
Consultancy Limited into liquidation was filed in the High Court
at Auckland.

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

The plaintiff is Sloane Enterprises Limited and its solicitor
is:

           A. M. DOUGLAS
           Wynn Williams & Co, Solicitors
           BNZ House, Level 7
           129 Hereford Street
           Christchurch


MFS PACIFIC FINANCE: Presents Draft Moratorium Proposal
-------------------------------------------------------
MFS Pacific Finance, now known as OPI Pacific Finance, discloses
in a filing with the New Zealand Stock Exchange that it has now
provided the Trustee and its advisors with a draft moratorium
proposal, and is working with them to finalise the moratorium
documentation that needs to be sent to Stockholders as quickly
as possible.  In this respect it is mindful of the deadline for
the release to it of the AU$20 million payment.

The Company said stockholders and their advisors should wait
until they receive the moratorium documentation before making
assumptions as to the amount that they might receive under the
moratorium.  "The moratorium process is complex and is taking
sometime to work through.  However, Pacific Finance's Directors
are satisfied with progress and remain of the firm belief that
the moratorium proposal, if it is approved by Stockholders, will
provide Stockholders with a significantly better outcome than
under any receivership scenario."

Tamsyn Parker of The New Zealand Herald relates that some 12,000
investors have been waiting since February to find out the
details of the promised moratorium proposal.

According to David Hargreaves of The Dominion Post, at the end
of 2007, debenture holders were owed NZ$245.8 million and
unsecured noteholders NZ$54.4 million.

                  Negotiations with Octaviar

Negotiations with Octaviar around key aspects of its involvement
in the moratorium are, in the view of Pacific Finance's
Directors, sufficiently advanced for the moratorium proposal to
proceed.  Octaviar is formerly known as MFS Limited and is OPI
Pacific Finance's ultimate parent.

Octaviar is still negotiating with Pacific Finance and its other
large unsecured creditors in relation to it reaching
accommodation with them in respect of its indebtedness.  
However, the Directors of Pacific Finance do not consider that
the finalisation of that process is necessary in order for the
moratorium proposal to proceed.

             AU$20 Million Payment Made by Octaviar

About AU$20 million on account of Octaviar's obligations to
Pacific Finance is currently being held in trust but is not yet
accessible by the Company.

Octaviar's Interim Financial Report indicates that in the event
that Pacific Finance enters into a moratorium by May 19, 2008,
the AU$20 million will be released to Pacific Finance as an
initial payment under either the Put Option, or a standstill
arrangement to be agreed between Octaviar and its large
unsecured creditors (including Pacific Finance).  Should Pacific
Finance not enter into a moratorium by May 19, 2008 -- and
Octaviar does not otherwise agree to an extension of that date
-- then the AU$20 million must be returned to Octaviar.

Accordingly, the moratorium documentation is expected to be
released this week and the meeting held on May 19, 2008.

                     Put Option Provision

As at December 31, 2007, Pacific Finance had approximately
AU$455 million in assets.  At that date, Pacific Finance had
NZ$245.8 million in Debentures and NZ$54.4 million in Notes on
issue.

Octaviar has made a provision for impaired assets of AU$246
million in its accounts in relation to its potential obligations
to Pacific Finance under the Put Option.  Octaviar's Interim
Financial Accounts note a number of factors that have
contributed to the significant increase in that provision,
including decreasing property values, increasing construction
costs and a lack of alternative sources of funding for
borrowers.

At this stage, the Company is not able to provide firm figures
on the amount that it will receive by way of loan recoveries,
from the realisation of its assets and from Octaviar under the
standstill arrangement referred to in Octaviar's Interim
Financial Report until a Short Form Prospectus, which is
required to be issued with the moratorium documentation, has
been registered.  However it confirms that, as the majority of
its loans and investments are located in Australia, it will be
faced with the same issues as have caused Octaviar to increase
the provision for its Put Option obligations, and that these
will impact on the figures.  Throughout the term of the
moratorium it expects that it will recognise as an asset an
amount that is equivalent to Octaviar's Put Option obligations.

In a separate report, Mr. Hargreaves adds that Octaviar expects
further losses of about AU$1 billion because of events since
late last year.

The Troubled Company Reporter-Asia Pacific reported on Feb. 13,
2008, that MFS Pacific Finance defaulted on interest payments to
its 12,000 New Zealand investors after its parent company halted
support.  


QUICK FREIGHT LIMITED: Commences Liquidation Proceedings
--------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Quick Freight Limited
by the High Court on April 9, 2008.

The liquidators fixed July 9, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


RPM DIRECT LIMITED: Creditors Must File Claims by July 9
--------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of RPM Direct Limited by
the High Court on April 9, 2008.

The liquidators fixed July 9, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


THAI KITCHEN (NEW LYNN) LIMITED: Court Appoint Liquidators
----------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin
Thomas McCloy, chartered accountant, both of Auckland, were
appointed joint and several liquidators of Thai Kitchen (New
Lynn) Limited by the High Court on April 9, 2008.

The liquidators fixed July 9, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


WOULD CAFE LTD: Court to Hear Wind-Up Petition on May 7
-------------------------------------------------------
On December 13, 2007, an application to put Would Cafe Limited
into liquidation was filed in the High Court at Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 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



=====================
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* PHILIPPINES: Pre-Need Industry First Qtr 2008 Sales Down 27%
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Sales of the pre-need industry in the Philippines plunged by
27.06% to Php3.84 billion in the first quarter of 2008, down
from Php5.26 billion a year ago, R.A.M. Rubio of Business World
reports, citing data from the Philippine Securities and Exchange
Commission.

The industry is expected to slowdown amid competition with other
products such as mutual funds, Jose Alberto T. Alba,
Prudentialife Plans, Inc. president, told Business World.

Business World relates that a few years back, several pre-need
firms, including College Assurance Plan Philippines Inc. and
Platinum Plans Philippines Inc.,  were forced to apply for
corporate rehabilitation due to liquidity problems, which
disrupted servicing of maturing plans.


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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.


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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.
   
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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