TCRAP_Public/080502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Friday, May 2, 2008, Vol. 11, No. 87

                            Headlines

A U S T R A L I A

ACN 003 678 493: Commences Liquidation Proceedings
ACN 003 996 870: Commences Liquidation Proceedings
ACN 062 619 818: Commences Liquidation Proceedings
ACN 073 737 256: Commences Liquidation Proceedings
ALLCO FINANCE: Expects to Post AU$1.5 Billion in Fiscal 2008

BANKWEST: Moody's Changes C BFSR Outlook to Stable
CHRYSLER LLC: Financial Results Are Better Than Daimler's
CHRYSLER LLC: To Review Terms of CAW-Ford Tentative Agreement
DOME ENGINEERING: Commences Liquidation Proceedings
GMAC LLC: Resumes Mortgage-Backed Bonds Issue in Australia

GRAHAM BEST: Final Members' Meeting Slated for May 6
MIVA CATTLE: Schedules General Meeting on June 4
NYLEX LTD: To Restructure to One Operating Group
ON Q LIMITED: Auditor Raises Going Concern Doubt
OPES PRIME: Nicholas Mather Files Lawsuit to Recoup Shares  

ST GEORGE BANK: To Cut Mortgage Brokers' Commissions


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

AGILE PROPERTY: Posts CNY10,312 Million Turnover for 2007
CHINA FISHERY: FY2007 EBITDA Increases to US$147.5 Million
CHINA FISHERY: Acquires Eighth Fishmeal Plants in Peru
ELIM LIMITED: Court to Hear Wind-Up Proceedings on May 14
ENG'S WILLIE: Court to Hear Wind-Up Proceedings on May 14

GRAND MARINE & INDUSTRIES: Members & Creditors to Meet on May 27
GRAND MARINE INT'L: Members & Creditors to Meet on May 27
HAPPYHOME INVESTMENT: Members' Final Meeting Set for June 6
HENRY INT'L: Court to Hear Wind-Up Proceedings on May 21
MULTI DELTA: Court to Hear Wind-Up Proceedings on May 28

OASIS AIRLINES: Appoints New Liquidators
OMNICON FREIGHT: Court to Hear Wind-Up Proceedings on June 4
PETROLEOS DE VENEZUELA: Complex & Plants Unaffected by Blackout
PRESTIGE INVESTMENT: Court to Hear Wind-Up Proceedings on May 14
SCENIC OCEAN: Members & Creditors to Meet on May 21

SCENIC OCEAN: Creditors' Proofs of Debt Due on May 20
SHANGHAI ZENDAI: Moody's Affirms B2 Ratings With Stable Outlook
SINO FOREST: Court to Hear Wind-Up Proceedings on May 21
SURE SUCCESS: Court to Hear Wind-Up Proceedings on May 21
W.I.F. GLASS: Court to Hear Wind-Up Proceedings on May 21

YUEXIN INT'L: Court to Hear Wind-Up Proceedings on May 21
* CHINA: S&P Report Explains Chinese Real Estate Sector Rating


I N D I A

GENERAL MOTORS: Posts US$3.3 Bil. Net Loss in 2008 First Quarter
ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31
QUEBECOR WORLD: Final Recovery is 41.1%, Global DiSCS Says
SPICEJET: Aims to Boost Revenue Through Online Ad Space Selling
SPICEJET LIMITED: Resumes Fare Hike on Soaring Fuel Prices

TATA POWER: Secures Loans for US$4.2 Bil. Mundra Project


I N D O N E S I A

BANK PERMATA: Reports IDR176 Billion 1st Quarter Net Profit


J A P A N

DELPHI CORP: Closes Sale of Bearings Biz to Hephaestus' Unit
DELPHI CORP: Seeks DIP Facility Amendment Extension
SANYO ELECTRIC: Matsushita Tie-Up Seen, Yomiuri Shimbun Says


K O R E A

FRESH DEL MONTE: Richard Contreras Replaces John Inserra as CFO
MAGNACHIP SEMI: Posts US$203.1 Mil. Revenue for 1st Quarter 2008


M A L A Y S I A

LIQUA HEALTH: 2007 Shareholders' Fund Misses Listing Requirement
MANGIUM INDUSTRIES: Terminates MOU with Ramajuta


L E B A N O N

BANK AUDI: Weak Governance Cues Fitch's B- Issuer Default Rating


N E W  Z E A L A N D

BLUE CHIP: Co-Founder Mark Bryers Faces More Complaints
CASH CANTERBURY: Commences Liquidation Proceedings
DEF LIMITED: Court Appoints Liquidators
ENCOS GLOBAL: Investors Lose NZ$12 Million as Firm Winds Up
EXCEL PAINTERS: Court Appoints Liquidators

JOIN RADIUS SECURITY: Commences Liquidation Proceedings
JOSEPH PRODUCTIONS NO. 11: Court to Hear Petition on May 7
JOSEPH PRODUCTIONS NO. 12: Commences Liquidation Proceedings
JOSEPH PRODUCTIONS NO. 13: Court to Hear Petition on May 7
PRECISION PLACINGS: Court Appoints Kevin Greer as Liquidator

VTL GROUP: Failure to File Report Prompts NZX Suspension Threat


P H I L I P P I N E S

MANILA ELECTRIC: Lopez Group Won't Bid for Gov't. Stake
* PHILIPPINES: S&P Says Rising Prices Threaten Growth


T H A I L A N D

* S&P Says Asian Economies Remain Resilient


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ACN 003 678 493: Commences Liquidation Proceedings
--------------------------------------------------
At a general meeting of the members of A.C.N. 003 678 493 Pty
Ltd held April 24, 2008, John Wilcox, the appointed Liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Wilcox
          Hill Rogers Chartered Accountants
          Level 5, No 1 Chifley Square
          Sydney NSW 2000
          Telephone: (02) 9232-5111


ACN 003 996 870: Commences Liquidation Proceedings
--------------------------------------------------
At a general meeting of the members of A.C.N. 003 996 870 Pty
Ltd held April 24, 2008, John Wilcox, the appointed Liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Wilcox
          Hill Rogers Chartered Accountants
          Level 5, No 1 Chifley Square
          Sydney NSW 2000
          Telephone: (02) 9232-5111


ACN 062 619 818: Commences Liquidation Proceedings
--------------------------------------------------
At a general meeting of the members of A.C.N. 062 619 818 Pty
Ltd held April 24, 2008, John Wilcox, the appointed Liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Wilcox
          Hill Rogers Chartered Accountants
          Level 5, No 1 Chifley Square
          Sydney NSW 2000
          Telephone: (02) 9232-5111


ACN 073 737 256: Commences Liquidation Proceedings
--------------------------------------------------
At a general meeting of the members of A.C.N. 073 737 256 Pty
Ltd held April 24, 2008, John Wilcox, the appointed Liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Wilcox
          Hill Rogers Chartered Accountants
          Level 5, No 1 Chifley Square
          Sydney NSW 2000
          Telephone: (02) 9232-5111


ALLCO FINANCE: Expects to Post AU$1.5 Billion in Fiscal 2008
------------------------------------------------------------
Allco Finance Group released yesterday an update on its senior
debt facilities and business restructuring plan.

                     Maturity Date Extended

Company Secretary Tom Lennox said that Allco Finance Group
Limited advises that it has reached agreement the financiers
under its AU$250 million bridge facility, to extend the maturity
date of that facility from May 1, 2008, to May 30, 2008, or such
later date as they may notify to Allco.

The extension of the bridge facility has been granted to enable
the continuation of ongoing negotiations between Allco and its
full senior bank group for a restructuring of all of Allco's
senior debt facilities.  At the same time, the bank review
period consequent on the previously advised Review Event under
all of the senior debt facilities has been further extended to
May 30, 2008.

In order to obtain the bridge facility extension and as a
condition to the other senior banks continuing to negotiate the
restructure of Allco’s senior debt facilities, the banking group
required Allco and each of its subsidiaries who are currently
guarantors of the senior debt to grant security over all of
their assets to the senior banks. Allco and those subsidiaries
agreed to grant this security on the basis that the extension of
the bridge facility, the banks continuing constructive approach
to the restructure negotiations, and the prospect of Allco being
able to implement successfully its business plan provide the
best opportunity of maximising the value of the interests of all
stakeholders.

As part of the bank negotiations, Allco has delivered a business
plan to the banks, which entails restructuring the business to
focus on its core asset classes, and an asset sale program to
support the pay down of senior debt to a target of $400 million
by September 2009. To date, the estimated values for the asset
sales that have been completed, including select shipping and
rail assets, and aviation loans, have been achieved. Consistent
with Allco's business plan, AU$67.5 million of senior debt was
repaid on April 30, from the proceeds of asset sales already
completed. This reduces Allco's total outstanding obligations
under its senior debt facilities to $946.5 million. In addition,
Allco is scheduled to repay further debt at the end of May and
has capacity to further reduce debt through other planned asset
sales.

Allco and the banks are currently engaged in detailed
negotiation of the key terms of the restructured senior debt
facility. It is likely that the borrowing costs will be higher
than under the current arrangements and the facility operating
conditions tighter however, the negotiations are not adequately
progressed to provide a definitive position at this time.  

Whilst the banks continue to engage with Allco in constructive
negotiations, unless and until formal documentation is signed,
there can be no assurance that the negotiations will be able to
be concluded successfully.

Given Allco’s focus on preserving capital and liquidity and
significantly reducing its borrowings, Allco does not envisage
paying a dividend in the foreseeable future.

In the Directors’ Report for the six months ended December 31,
2007, it was noted that the assets of the Group included an
amount of AU$1.3 billion in respect of goodwill and AU$176
million in respect of intangible management rights arising from
acquisitions the Group had made since July 1, 2006. Further, it
was noted that while it was difficult to quantify at that point,
it was likely that these goodwill and intangible management
rights balances had suffered material impairment.

                          Loss Expected

Whilst the Board is continuing to assess the appropriate
carrying values of these items, it can advise that the write-
down of goodwill and impairment of the management rights will
give rise to a significant loss. These write-downs and
impairments, together with anticipated restructuring costs
and the potential sale of assets at less than carrying values,
may result in a loss in excess of AU$1.5 billion for the company
for the year ending June 30, 2008.

The Board will make public the key elements of its restructuring
plan including an indication of the earnings profile of the
restructured business of Allco focusing on its aviation,
shipping, rail and associated funds management activity, and the
restructured senior debt facility once agreement has been
reached with the senior lending syndicate.  

                       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.


BANKWEST: Moody's Changes C BFSR Outlook to Stable
--------------------------------------------------
Moody's Investors Service has changed the outlook on Bank of
Western Australia Limited's ("BankWest") Aa3 debt and deposit
ratings to negative from stable. At the same time the positive
outlook on its BFSR of C was changed to stable. The short-term
ratings of P-1 were not affected.

"The change to negative for the bank's debt & deposit rating
outlook follows an identical rating action on its parent HBOS
plc and the group's principal operating company, Bank of
Scotland plc, on 30 April 2008, " says Marina Ip, a Moody's
Assistant Vice President/Analyst.

"The rating actions on HBOS plc and Bank of Scotland plc have a
direct consequence for BankWest, as BankWest's debt and deposit
ratings incorporate a very high level of support from its parent
entities," Ip adds.

The stable outlook on the BankWest's BFSR reflects the impact
the liquidity crisis has had on credit markets, which have in
turn impacted BankWest's ability to improve its financial
position to the extent that would justify a ratings upgrade.

Pressures include increased funding costs, closure of
securitisation markets and the potential for a slowing domestic
economy to impact asset quality.

Bank of Western Australia Limited is headquartered in Perth,
Western Australia. It reported assets of AU$ 58.8 billion
(approximately US$ 51.5 billion) at December 31, 2007.


CHRYSLER LLC: Financial Results Are Better Than Daimler's
---------------------------------------------------------
Since the acquisition of Chrysler LLC by affiliates of Cerberus
Capital Management, LP on Aug. 3, 2007, the company has enjoyed
positive operating earnings, Chrysler said in a news statement.

Chrysler related that Daimler AG reports Chrysler Holding LLC's
results on a one quarter lag based on International Financial
Reporting Standards, rather than U.S. GAAP which is utilized by
the company.  Due to that lag, the results disclosed by Daimler
on April 29 primarily relate to the fourth quarter of 2007.  The
results for Chrysler Holding LLC include both the automotive and
financial services operations.

There are significant differences between IFRS and U.S. GAAP
accounting standards.  Major differences include the effects of
the acquisition of Chrysler Holding LLC by Cerberus, including
recent restructuring actions by Chrysler LLC and the accounting
for pension costs under the 2007 UAW contract.  Accordingly, the
2007 financial results of Chrysler LLC under U.S. GAAP are
substantially better than the IFRS-based financial results
utilized by Daimler.

The Wall Street Journal's Neal E. Boudette said Tuesday that
Daimler has cut by nearly two-thirds the book value of its 19.9%
stake in Chrysler.  Mr. Boudette said the move is a sign the
former U.S. unit continues to weigh on Daimler.  

Cerberus acquired an 80.1% stake in Chrysler in August.  At that
time, Mr. Boudette related, Daimler assigned its remaining stake
a value of EUR1.4 billion or US$2.19 billion.  At the end of
2007, Daimler lowered that to EUR916 million to reflect the
impact of losses Chrysler ran up after the deal.

According to Mr. Boudette, Chrysler's Chief Executive Robert
Nardelli said recently Chrysler will not be profitable in 2008.  
In March, Mr. Nardelli acknowledged the U.S. automaker isn't yet
generating positive cash flow, Mr. Boudette added.

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

                          *     *     *

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

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


CHRYSLER LLC: To Review Terms of CAW-Ford Tentative Agreement
-------------------------------------------------------------
Chrysler LLC will review the terms of a tentative agreement
between the Canadian Auto Workers union and Ford Motor Company
of Canada Ltd. to gain a better understanding of the economics
put forth in the Master Economics Offer.

Chrysler views the bargaining process with the CAW to be
confidential in nature, between the company and CAW, therefore
it refrains from discussing or negotiating details in the media.  

As reported in the Troubled Company Reporter on April 29, 2008,
following early background negotiations, Ford Canada and CAW
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.

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

Cerberus acquired an 80.1% interest in Chrysler in August 2007.  
Chrysler Holding LLC, a unit of Daimler AG, holds the remaining
19.9% stake.

                          *     *     *

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

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


DOME ENGINEERING: Commences Liquidation Proceedings
---------------------------------------------------
At a general meeting of the members of Dome Engineering Pty Ltd
held April 24, 2008, John Wilcox, the appointed Liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          John Wilcox
          Hill Rogers Chartered Accountants
          Level 5, No 1 Chifley Square
          Sydney NSW 2000
          Telephone: (02) 9232-5111


GMAC LLC: Resumes Mortgage-Backed Bonds Issue in Australia
----------------------------------------------------------
GMAC LLC is offering a record-high yield margin for the
Australian market to sell mortgage-backed bonds, Laura Cochrane
of Bloomberg News reports, citing three people familiar with the
deal.

According to Bloomberg's sources, GMAC RFC Australia Ltd., the
local mortgage unit of GMAC LLC, will probably pay at least 250
basis points more than the bank bill swap rate on securities
backed by AAA-rated non-conforming home loans.

The report relates that GMAC's debut bonds would be the first
sale of mortgage- backed securities in Australia in more than
four months since sales stopped in December due to the credit
market turmoil in the U.S.

                         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.


GRAHAM BEST: Final Members' Meeting Slated for May 6
----------------------------------------------------
Graham Best Tools Pty Limited will hold a final meeting of its
members on May 6, 2008 at 10:00 a.m., at the offices of Heard
Phillips, Chartered Accountants, Level 2, 45 Grenfell Street, in
Adelaide.

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

The liquidator is:

          Andrew Heard
          Heard Phillips Chartered Accountants
          Level 2, 45 Grenfell Street
          Adelaide SA 5000
          Telephone:(08) 8212-3433


MIVA CATTLE: Schedules General Meeting on June 4
------------------------------------------------
Miva Cattle Station Pty Ltd will convene a general meeting on
June 4, 2008, at 10:30 a.m., at the offices of R.E. Murphy,
Chartered Accountant, Level 9, 46 Edward Street, in Brisbane,
Queensland.

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


NYLEX LTD: To Restructure to One Operating Group
------------------------------------------------
NYLEX Limited yesterday delivered to the Australian Stock
Exchange its Performance Guidance and disclosed it expects
earnings for 2008 to reach AU$5 million.

   * BUSINESS PERFORMANCE

Whilst the half year profit announcement to the market reported
year on year EBIT improvement, the results were below internal
expectations and projections that had been the basis of the
Company’s original forecasts. The Auto Group and Films and
Fabrics business units have performed to and above expectations
respectively, and have generated solid cash returns. This has
been more than offset by the Water and Consumer business units,
which have failed to build on the momentum generated to the end
of the last financial year, and are performing at levels
significantly behind last year.

The Water Tank business has been impacted by extreme wet weather
in Queensland and NSW, as well as increased competition. The
Consumer business revenue has been similarly impacted by reduced
tank sales, as well as below expectation sales for Building and
Garden categories. The company is responding to this by
extending our product range in the consumer goods and materials
handling businesses into markets which are less seasonal.

Corrective action has been taken to reduce the cost base of
Water operations to reflect current demand and new management is
in place at Consumer.  

Earnings for 2008 are now forecast at a normalised AU$5 million
or around break even at the reported EBIT level (AU$9 million
reported EBITDA or approximately AU$14 million of normalised
EBITDA) after bringing to account around AU$5-6 million of non
recurring costs including exchange rate variations,
restructuring costs, inventory write-offs and the costs
associated with the CHAMP transaction.  

These earnings estimates do not include any reassessment of
asset values, fixed and intangible, which will take place in the
normal course of closing the company’s books.

   * ONE NYLEX

The Board is mindful that this result is unacceptable and as a
result has approved a restructuring of the Company operating
platforms and underlying cost base. The costs of the Company
would currently support a much larger business and the
flexibility to change with a changing market and changing
customer demand has been constrained by a structure of the past.
Nylex will embark on its own process of building a single,
integrated and focused business under the banner of One Nylex.
The company is targeting sustainable annual cost reductions of
AU$6 to AU$8 million. One off costs to achieve the projected
savings and implement the One Nylex initiatives are estimated to
be AU$4.2 million, including initial capital investment of
AU$1.2 million.  As custodian of shareholder funds, the Company
must realise a significantly improved profit performance.  To
achieve this, it must deliver significant cost savings and drive
revenue increases over the next eighteen months, which will
include significant reductions to the costs of doing business
and most importantly, the realisation of significant synergies
in what has previously been a multi-divisional structure.

   * VISION

One Nylex is an exciting opportunity to truly change the
business by breaking down the divisional barriers which prevent
realisation of synergies in areas such as marketing, customer
service, logistics and supply chain management.

The Company will begin this significant process by integrating
the areas where it interacts with customers and then address
other areas of the business.  

The plan is to create three groups of highly interdependent
teams – the first a shared services group including IT, finance
and administration.  The second group will be focused on
operations including manufacturing, distribution and logistics,
technical and supply chain.  And the third group will include
sales, marketing and customer service.   

The Board will keep shareholders informed of developments in One
Nylex.

                         About Nylex

Nylex Limited's principal activities are carried out through 3
segments: Lifestyle, Solutions and Automotive.  Nylex Lifestyle
distribute Nylex, Gardena, Esky, Ajax Fasteners, Senco, Melded,
Colorino and Frontrunner branded products.  Nylex Solutions
supply plastic based solutions including water tanks, garbage
bins, communications pits and plastic containment solutions.
Nylex Automotive supply plastic based products and interior
carpets to the car manufacturers and their suppliers including
fuel tank.  Nylex operates in Australia and New Zealand.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
column on Jan. 29, 2008, listed Nylex Limited's bonds, with a
10.00% coupon, a December 8, 2009 maturity date, and a trading
price of 2.35 cents on the AU$.


ON Q LIMITED: Auditor Raises Going Concern Doubt
------------------------------------------------
The Australian Stock Exchange said the securities of On Q Group
Limited will be placed in pre-open at the company's request for
a trading halt, and the securities will remain in pre-open until
the earlier of the commencement of normal trading on May 5,
2008, or when the company releases an announcement to the
market.

On Q Group disclosed the that the trading halt request was in
response Bill Express's request.  Bill Express is involved in a
dispute with Optus regarding its supply agreement for pre-paid
products.  Bill Express Limited is the exclusive Australian
licensee of the On Q EBMS technology solutions.  On Q owns a
strategic stake in Bill Express Limited as well as earning an
on-going license fee based on sales.

Ian Christiansen, chief executive officer of Bill Express
Limited, said: "Optus has purported to terminate its supply
agreement with Bill Express on the basis of a failure to pay an
amount owing to Optus.  The company disputes that Optus was
entitled to do so and will defend its position.  The company is
also engaged in negotiations with Optus to resolve the dispute.  
The company has taken advice on the impact of the dispute and
advises that it is able to pay its debts as and when they fall
due."

                      Going Concern Doubt

In a March 12, 2008, independent auditor's report, Grant Sincock
of Moore Stephens noted that as of December 31, 2007, On Q
Group's current liabilities exceeded its current assets by
AU$7.2 million.  This condition, along with other matters,
indicates the existence of a material uncertainty, which may
cast significant doubt about the company's ability to continue
as a going concern, Mr. Sincock said.  The auditor noted that
the company's ability to pay its debts as and when they fall due
is dependent on the company's ability to renegotiate borrowing
facilities with its financiers and its ability to continue to
generate sufficient cash flows from trading, including the
successful completion of anticipated transactions and joint
ventures.  In addition, Mr. Sincock notes, the company's largest
liquid asset is its investment in its subsidiary, Bill Express
Limited.  "Should it be necessary, this asset would be sold.  
The fair value of this asset at balance date was AU$27 million;
however, the market price has since decreased to AU$19.5
million."

The company's directors said they remain confident that the
company is a going concern and will continue to settle
liabilities as and when they become due and payable,
notwithstanding the half-year financial report of Bill Express,
which states that there is uncertainty as to the recoverability
of the debt from the company to Bill Express.

For the half-year ended December 31, 2007, On Q Group reported
consolidated a net loss of AU$4.8 million, compared with AU$1.8
million net profit.  As of December 31, 2007, the company's
total current assets was AU$161.4 million while total current
liabilities was AU$218.2 million.  The company's total assets
was AU$298.7 million and total debts was AU$235.6 million.

George Lekakis, Olga Galacho and Josh Robertson of The Herald
Sun report that a major contributor to the underperformance of
On Q Group was the $3 million loss reported by Bill Express for
the six months to December.  The Herald Sun relates that ANZ
Banking Group has almost AU$50 million at risk with On Q Group.  
According to the report, the weakened financial position of On Q
Group and Bill Express has triggered concern among newsagents
across Australia that its payments network may be in financial
trouble.  

                       About On Q Group

Based in Victoria, Australia, On Q Group Limited (On Q) is a
public entity listed on the Australian Stock Exchange (ASX Code:
ONQ).  The company owns a suite of intellectual property and
software business systems – the EBMS (Electronic Business
Management System) - to manage electronic product distribution,
payments processing, prepaid visa card transactions and in-store
promotional media.


OPES PRIME: Nicholas Mather Files Lawsuit to Recoup Shares  
----------------------------------------------------------
Christine Flatley of the Australian Associated Press reports
that Nicholas Mather, chairman of Waratah Coal, filed an
application in the Supreme Court in Brisbane in March against
the receivers of Opes Prime Group Limited to retrieve more than
AU$2 million in shares.

According to the AAP, court documents reveal that Mr. Mather met
with two stockbrokers from Opes Prime in January to discuss
obtaining a margin loan to prop up an existing margin loan.  In
that meeting, the report notes, Mr. Mather proposed to send Opes
Prime 825,241 shares in Waratah Coal to secure the loan.  Mr.
Mather said he didn't know about Opes Prime's problems and that
he learned about the company's receivership soon after he sent
his shares to Opus Prime's Melbourne office, the report states.

Ms. Flatley relates that the matter has been set down for a
five-day trial in July.

                        About Opes Prime

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

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

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

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

      advisory firm specializing in small and mid cap stocks.

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

                          *     *     *

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

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


ST GEORGE BANK: To Cut Mortgage Brokers' Commissions
----------------------------------------------------
St. George Bank said it will change the way mortgage brokers
earn their commissions for originating home loans.  In response
to higher funding costs being experienced across the market, St.
George has endeavoured to develop a model which is mutually
sustainable to both the Bank and its broker partners.

From June 1, 2008, commissions paid to brokers will better
reflect the value of the business introduced to the Bank.  The
upfront commission paid will be between 0.70% and 0.50%, and the
trail commission will be between 0.25%pa and 0.15% pa.  Full
commission will be paid to brokers who:

   * lodge home loan applications electronically;

   * assist with cross selling non home loan products during the
     life of the loan;

   * meet or exceed an agreed percentage of home loan
     applications that convert to settlements, and

   * meet or exceed agreed home loan book run-off rate.

Acting Group Executive Retail Business, George Beatty said; “We
are introducing these changes after careful consultation with
our broker partners and, rather than just cutting commissions,
we intend this to be a clear signal that we will continue to
support the mortgage broking industry.”

“Driving the usage of electronic lodgement will assist customers
in getting a faster decision on their home loan applications,
whilst other changes will result in customers experiencing a
superior level of service from their broker.”

“We are keen to reward brokers for value, efficiency and loyalty
and we want to build partnerships with those brokers who are
serious about working with us. Our objective is to ensure the
longevity and quality of our relationships with our mortgage
broker partners,” George continued.

St. George’s third party relationships are very important to the
Bank, with a high proportion of loans sourced through mortgage
brokers. The Bank continues to invest in the broker channel, and
will continue its process improvement initiatives, product
innovation and service enhancements.

The Australian Associated Press reports that a St. George
spokesperson refuted the suggestion that the bank was creating a
conflict of interest for brokers by rewarding them for writing
more of its loans.  "It's up to the broker," the AAP quotes the
the spokesperson as saying.  "Their role is to find the best
product for the customer, and this is just a way they are
remunerated."

                     About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a   
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 28,
2008 that Fitch Ratings assigned a 'B' rating on the AU$1.0
million Class E bond of St. George.  A subsequent TCR-AP report
on April 2, 2008, said Fitch Ratings rated St. George's AU$1.7
million Class D bond a 'BB'.



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

401 HOLDINGS: Appoints New Liquidators
--------------------------------------
Members of 401 Holdings Limited appointed Messrs. Cosimo
Borrelli and G Jacquline Fangonil Walsh as the company's
liquidators.

The liquidators are:

          Messrs. Cosimo Borrelli
          G Jacquline Fangonil Walsh
          Tower 1, Level 14, 1401
          Admiralty Center, 18 Harcourt Road
          Hong Kong


AGILE PROPERTY: Posts CNY10,312 Million Turnover for 2007
---------------------------------------------------------
Agile Property Holdings Limited recorded a turnover of
CNY10,312 million, an increase of approximately 54.5%, for the
year ended 2007.  Profit attributable to shareholders increased
69.3% to CNY2,103 million.  Earnings per share were CNY0.561,
surged by 58.0% over that of the previous year.  The Board
proposed to declare a final dividend of CNY15.3 cents per share.  
Taking into account the interim dividend of CNY5.5 cents, total
dividend for the year was CNY20.8 cents, up 73.3% over last year
so as to reward the support of its shareholders.

For the year ended December 31, 2007, the Group's completed
gross floor area was 1,530,000 sq. m., the GFA for recognized
sales was approximately 1,410,000 sq. m., and there were 8 new
projects launched.  During the year under review, both of the
Group's gross profit margin (LAT not accounted for) and net
profit margin reached record-high levels of 50.5% and 20.4%
respectively.

Commenting on the satisfactory results, Mr. Chen Zhuo Lin,
Chairman of Agile, said, "The year 2007 was the fifteenth
anniversary of the Group's property development business and
marked an important milestone of Agile's business development.
During the year, the Group's business attained sustainable rapid
growth and recorded outstanding performance, which further
enhanced our brand influence nationwide.  To further extend our
regional diversification in the PRC, the Group has pro actively
expanded its property development business into 20 cities across
six major regions in China, with a total of 51 projects.  As of
December 31, 2007, the Group's total land bank reached 23.78
million sq.m."

During the year under review, property development business of
the Group remained strong. As at 31 December 2007, total GFA
under construction of the Group was 3.07 million sq. m., which
has increased by 156% as compared with 1.2 million sq. m. by the
end of 2006.  During the year, the Group extended its
geographical coverage from Pearl River Delta Area to six major
regions, namely Eastern Guangdong (Huizhou and Heyuan), Yangtze
River Delta Region (Shanghai and Nanjing), Western China
(Chengdu, Xi'an and Chongqing), Hainan province and others
(Shenyang).  During the year, 8 new projects were launched
in Chengdu, Huizhou, Heyuan, Foshan, etc and received
overwhelming market response.

During the year, the Group secured several quality land reserves
outside Guangdong Province with a total GFA of approximately
9.48 million sq. m.  These newly acquired sites are mainly
located in cities and regions including Guangzhou, Zhongshan,
Foshan, Shanghai, Nanjing, Shenyang and Hainan province.  As at
April, 18, 2008, the Group has a land bank with a total GFA
expanded to 28.43 million sq.m, laying a solid foundation for
the Group's sustained development in the coming 8 years.

Property management, as the basis of after-sale service and
brand image elevation, has always been paid the Group's high
level of attention to.  During the year, La Cite Greenville
Project won "Outstanding Awards for Global Living Environment in
2007"; Property management service of Nanhai Majestic Garden
was granted "Property Management Model Community of Foshan City
in 2007" and "Green Model Unit of Nanhai of Foshan City";
Zhongshan Agile Property Management Services Co., Limited was
awarded "Youth Civilized Unit" in Zhongshan City.  The numerous
awards won by the Group demonstrated that the first-in-class
professional property management service of Agile in the
community has earned widespread recognitions from the community
and in turn further enhanced the popularity of the brand name of
the Group.  During the year, turnover from property management
business was CNY165 million, with 6.50 million sq. m. of GFA of
property under management, receiving a customer-satisfaction
rate of over 90%.

During the year, in order to set the scene for sustainable and
stable growth for the business in the future and increase source
for revenue, the Group expands its investment property business,
which has entered a constructive phase and enhanced the Group's
property portfolio.  Guangzhou Agile Hotel and Foshan Agile
Hotel commenced operations in October 2007 and April 2008
respectively, housing a total of 331 guest rooms and are running
smoothly.  Besides, there are 7 hotels in Hainan under planning,
2 of which will be launched in 2010.  The hotels in Huizhou and
Shanghai, Grade A commercial building, Zhujiang New City of
Guangzhou and Zhongshan will be completed and commenced
operation by 2010.

Agile continued to persevere with its prudent financial
strategies.  Capitalizing on the environment of capital market,
the Group adopts a flexible fund raising strategy to enhance its
debt structure and reduce financing risk.  In June 2007, the
Group signed an agreement with a group of 16 international and
domestic banks in connection with a dual currency revolving
credit facility equivalent to US$200 million.  The success of
financing exercise proved that the Group was able to use
different financial instruments to raise funds from the capital
market for supporting its long-term development.

Mr. Chen concluded, "We believe that China property market will
maintain a sustainable healthy and stable growth after the PRC
Government implemented a series of macro-economic measures,
aiming to cool down the overheated property sector.  China
property industry has shown a new facet and the market principle
of 'Survival of the Best' will provide favorable operating
environment for large property developers with extensive
geographic coverage, quality products and comprehensive after-
sale services. In addition, the continuous increase of people's
spending power and improvement of people's livelihood will
further stimulate the demand and in turn accelerate the growth
of China property industry.

Capitalize on its competitive advantages, the Group will
continue to leverage on its meticulous project management
capability and diversified business and product portfolio; by
adopting its flexible yet prudent financial strategy while
maintaining a high standards of corporate governance and strong
vigilances on social responsibilities and environmental
protection, Agile is committed to become the most capable China
property developer. While focusing on property development
business, the Group will also participate and expand its
property development business for generating stable income in  
the future and continue to bring fruitful returns to our
shareholders and customers."

                      About Agile Property

With principal offices in Kowloon, Hong Kong, Agile Property
Holdings Limited -- http://www.agile.com.cn-- is a land    
developer of Guangdong Province, China.  It was established in
1985 as a furniture maker in Zhongshan City, and entered the
property business in 1992.  On December 15, 2005, Agile Property
was listed on the Hong Kong Stock Exchange.  Agile holds a range
of properties, such as villas, duplexes, apartments and
condominiums.  Besides residential property business, Agile is
also engaged in the development of commercial properties,
including retail shops and commercial complexes.

                         *     *    *

The Troubled Company Reporter-Asia Pacific reported on Nov. 5,
2007, that Moody's Investors Service assigned its Ba3 rating to
Agile Property Holding's proposed senior unsecured notes of up
to US$400 million.  At the same time, Moody's affirmed
Agile's Ba3 corporate family rating.

The TCR-AP also reported that Standard & Poor's Ratings Services
assigned its 'BB' issue rating to Agile's proposed issue of up
to US$400 million in senior unsecured notes.


CHINA FISHERY: FY2007 EBITDA Increases to US$147.5 Million
----------------------------------------------------------
China Fishery Group Limited disclosed that in fiscal year 2007,
it more than doubled the Group's earnings before interests, tax,
depreciation and amortisation with a 111.4% year-on-year
increase to US$147.5 million from US$69.7 million.

According to the Group, this was achieved on the back of a
revenue growth of 160.4% to US$406.4 million from US$156.0
million.  After accounting for all expenses, net profit soared
84.5% to US$88.5 million from US$48.0 million a year ago.

With the result, the Group posted three-year revenue and net
profit compounded annual growth rates of 111.8% and 69.9%,
respectively.

The results, the Group said, reflect the effects of the growth
initiatives undertaken by China Fishery in FY2007, which
included enlarging the scale of its trawling operations, as well
as acquisitive activities in its Peruvian fishmeal processing
business.

The Group’s trawling and fishmeal operations accounted for 71.3%
and 28.7% of FY2007 revenue respectively.  The People’s Republic
of China remained China Fishery’s largest market, accounting for
53.7% of total revenue.

The Group increased its trawling capacity in FY2007 through
signing on its 3rd and 4th Vessel Operating Agreements in
January 2007.  The VOAs enlarged China Fishery’s trawling fleet
size from 14 to 23 supertrawlers, and also significantly
increased its harvesting capacity in the Pacific Ocean.

Riding on acquisition opportunities in the world’s largest wild-
catch fishery – Peru – the Group also expanded its Peruvian
fishmeal operations with the acquisition of 3 fishmeal plants
and 16 purse seine fishing vessels in FY2007.  The acquisitions
boosted the Group’s fish hold capacity from 5,228 m3 as at the
end of FY2006 to 9,395 m3 at present, representing 5.3% of the
total industry steel vessel fishing capacity in Peru.  The Group
also increased its fishmeal processing capacity from 381 tons/hr
to 545 tons/hr in the same period, representing 6.1% of the
total processing capacity in Peru.

In line with the China Fishery’s dividend policy, the Board of
Directors is proposing a final dividend of 2.19 Singapore cents
per ordinary share, on top of an interim dividend of 3.29
Singapore cents, bringing total dividend to be paid out for
FY2007 to 5.48 Singapore cents, or one third of China Fishery’s
full-year earnings.

Commenting on the Group’s performance, Group Managing Director
Mr. Ng Joo Siang said, “We are pleased to have delivered yet
another year of strong revenue and profit growth.  We endeavour
to consistently introduce new growth drivers to our business, so
as to create more long-term value for both our equity and bond
holders.”

                        Group Outlook

The Group sees that global demand for ocean-caught fish will
remain strong in FY2008 and beyond.  In particular, demand for
Alaskan Pollock – one of the Group’s key fish species – is
expected to continue rising due to its versatility and relative
affordability.

In its trawling operations, the Group expects to deliver a
higher volume of fish catch from the fishing grounds that it
currently operates in this year.  The Group is also in active
negotiation to restructure the terms of the 4th VOA from a daily
rental hire to a prepaid charter hire basis.  When concluded,
this will bring about significant annual savings to charter hire
attributable under the 4th VOA.

At the same time, China Fishery will continue to execute its
strategy of securing more long-term access to fishery resources,
by enlarging its fishing fleet through more VOAs or
acquisitions, or by making inroads to relatively unexplored new
fishing grounds, such as those in the South Pacific Ocean.
To this end, the Group expects to deploy 3 upgraded
supertrawlers for fishing operations in the South Pacific Ocean
in the second quarter of FY2008 and gain early mover advantage
in this fishing ground.

“Apart from opening up a new and potentially important revenue
stream, we hope to realise our objective of promoting the
consumption of relatively underutilised fish species, especially
in developing markets where there is a growing need for
affordable and accessible animal protein,” said Mr Ng.

With respect to its fishmeal business, the Group expects needs
from animal-farming and aquaculture industries in the PRC to
continue to sustain demand for fishmeal in 2008. Fishmeal is an
essential component of animal and aquaculture feeds.
Following the rapid expansion of China Fishery’s Peruvian
operations in FY2007, management focus for these operations in
FY2008 will be on increasing production volumes and enhancing
operational efficiencies. The Group’s now-larger purse seiner
fleet will allow it to harvest more fish for raw material
purposes, while having more fishmeal plants will increase the
number of discharging locations that the Group’s fleet can have
access to during fishing activities, thereby reducing fishing
turnaround time and enhancing fleet efficiency, giving the Group
greater competitive edge under Peru’s fishing system.

                       About China Fishery

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

                         *     *    *

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

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


CHINA FISHERY: Acquires Eighth Fishmeal Plants in Peru
------------------------------------------------------
China Fishery Group Limited has acquired its eighth fishmeal
plants in Peru.  For a purchase consideration of US$19.9
million, the Group will acquire the entire issued share capital
of a Peruvian company Epesca Pisco S.A.C., which owns one
fishmeal plant and three fishmeal depots built on land totalling
80,431 m2 in area.

With a Peruvian Anchovy processing capacity of 110 tonnes per
hour, the new plant is China Fishery's single largest steam-
dried processing facility in Peru.  Steam-dried fishmeal is
considered a product superior to standard flame-dried fishmeal,
and commands a higher market price.  With this Acquisition, the
Group's total Peruvian Anchovy processing capacity is increased
to 655 tonnes per hour, further reinforcing its market position
as one of the largest processors in Peru.

The plant is located in Pisco, approximately 231 kilometers
south of Peru's capital, Lima.  With most of the Group's
existing plants concentrated in Central and Northern Peru, the
new plant will strategically enhance the geographical spread of
China Fishery's fishmeal plants.

Under Peru's current fishing system, increasing plant density
along the coast is critical to improving operating efficiencies,
as it allows fishing vessels harvesting in the nearby fishing
ground to shorten transit and unloading times of raw material.
Thus, the Group will be able to reduce turnaround time in its
Peruvian Anchovy fishing operations, and also increase its
sourcing capabilities from third parties.  This, in turn, will
optimize utilization of the Group's fishmeal processing
capacities.

China Fishery, which enjoys a strong cash inflow from its
operations, intends to fund the acquisition from internal
resources.  The Group has reached an agreement with the seller
for payment to be made in seven (7) quarterly installments from
June 2008 to December 2009.

Speaking on the acquisition, Group Managing Director Mr Ng Joo
Siang said, "Our latest acquisition has been instrumental in
helping us fill a void in the geographical spread of our
fishmeal plants.  With that accomplished, we shall focus on
improving operational efficiencies and realising the fishing and
processing capacities that we have acquired. Given the right
opportunities, we will still be keen to acquire more fishing
vessels to further enhance our efficiencies."

This Acquisition is not expected to bring about any material
impact to the Group's performance in the financial year ending
December 31, 2008.

                       About China Fishery

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

                         *     *    *

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

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


ELIM LIMITED: Court to Hear Wind-Up Proceedings on May 14
---------------------------------------------------------
On March 12, 2008, Yueng Lee Mui, filed a petition to have Elim
Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 14, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


ENG'S WILLIE: Court to Hear Wind-Up Proceedings on May 14
---------------------------------------------------------
On March 12, 2008, Cheung Suet Ping, filed a petition to have
Eng's Willie Textiles Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 14, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


GRAND MARINE & INDUSTRIES: Members & Creditors to Meet on May 27
----------------------------------------------------------------
Grand Marine & Industries Company Limited will hold a joint
meeting for its members and creditors at 10:30 a.m. and
10:45 a.m. respectively on May 27, 2008.  During the meeting,
the company's liquidator, Dermot Agnew at One Pacific Place,
32nd Floor, Room 3201, 88 Queensway, in Hong Kong, will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Dermot Agnew
            One Pacific Place, 32nd Floor
            Room 3201, 88 Queensway
            Hong Kong


GRAND MARINE INT'L: Members & Creditors to Meet on May 27
---------------------------------------------------------
Grand Marine International Limited will hold a joint meeting for
its members and creditors at 10:00 a.m. and 10:15 a.m.  
respectively on May 27, 2008.  During the meeting, the company's
liquidator, Dermot Agnew at One Pacific Place, 32nd Floor, Room
3201, 88 Queensway, in Hong Kong, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Dermot Agnew
            One Pacific Place, 32nd Floor
            Room 3201, 88 Queensway
            Hong Kong


HAPPYHOME INVESTMENT: Members' Final Meeting Set for June 6
-----------------------------------------------------------
Members of HappyHome Investment Limited will have their final
general meeting on June 6, 2008, at Eton Building, 7th Floor,
Unit C, 288 Des Voeux Road, Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Wong Ming Lai
         Eton Building
         7th Floor, Unit C
         288 Des Voeux Road
         Central, Hong Kong


HENRY INT'L: Court to Hear Wind-Up Proceedings on May 21
---------------------------------------------------------
On March 17, 2008, Peng Yuling, filed a petition to have Henry
International Watch Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


MULTI DELTA: Court to Hear Wind-Up Proceedings on May 28
--------------------------------------------------------
On March 19, 2008, Wong Po Fong, filed a petition to have Multi
Delta International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 28, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


OASIS AIRLINES: Appoints New Liquidators
----------------------------------------
Members of Oasis Hong Kong and Income Investments Limited
appointed Messrs. Edward Simon Middleton and Patrick Cowley as
the company's liquidators.

The liquidators are:

          Messrs. Edward Simon Middleton
          Patrick Cowley
          Alexandra House, 18 Charter Road
          Central, Hong Kong

OMNICON FREIGHT: Court to Hear Wind-Up Proceedings on June 4
------------------------------------------------------------
On April 1, 2008, Weiming International Transportation Limited,
filed a petition to have Omnicon Freight Management Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 4, 2008, to hear the petition.

The petitioners' solicitors are:

          Poon Yeung & Li
          Golden Center, Unit 2303
          23rd Floor, 188 Des Voeux Road
          Central, Hong Kong


PETROLEOS DE VENEZUELA: Complex & Plants Unaffected by Blackout
---------------------------------------------------------------
Petroleos de Venezuela SA's Paraguana refining complex and the
Amuay and Cardon plants weren't affected by a power outage that
left almost half of Venezuela in the dark, Dow Jones Newswires
reports, citing an unnamed worker.

The worker told Dow Jones that output at the plants continued
normally due in part to their electricity units that got
activated during the blackout.

According to Dow Jones, Amuay and Cardon handle most of the
crude processed into fuel in Venezuela.  

The power failure was due to problems with two regional
electricity transmission systems, Dow Jones states, citing
government authorities.

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

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

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 28, 2008, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Petroleos de
Venezuela S.A.  S&P said the outlook is stable.


PRESTIGE INVESTMENT: Court to Hear Wind-Up Proceedings on May 14
----------------------------------------------------------------
On March 10, 2008, Tam Mei Lai, filed a petition to have
Prestige Investment Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 14, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


SCENIC OCEAN: Members & Creditors to Meet on May 21
---------------------------------------------------
Scenic Ocean Limited will hold a joint meeting for its members
and creditors at 9:30 a.m. and 10:00 a.m.  respectively on
May 21, 2008.  During the meeting, the company's liquidator,
Dermot Agnew at Offices of Barker Tilly Hong Kong, China
Merchants Tower, Unit 1203-13, 12th Floor, 168-200 Connaught
Road, Central, in Hong Kong, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

            Bruno Arboit
            China Merchants Tower
            Unit 1203-13, 12th Floor
            168-200 Connaught Road
            Central, Hong Kong


SCENIC OCEAN: Creditors' Proofs of Debt Due on May 20
-----------------------------------------------------
The creditors of Scenic Ocean Limited are required to file their
proofs of debt by May 20, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

         Bruno Arboit
         China Merchants Tower
         Unit 1203-13, 12th Floor
         168-200 Connaught Road
         Central, Hong Kong


SHANGHAI ZENDAI: Moody's Affirms B2 Ratings With Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
and senior unsecured ratings of Shanghai Zendai Property Limited
("Zendai"). The outlook remains stable.

The affirmation follows Zendai's announcement that it will
purchase the entire interest in Giant Hope Investment Ltd
("Giant Hope") for a maximum consideration of HK$1,011 million
from the Vendor, which is 85%-owned by Zendai's major
shareholder.

Giant Hope has investment projects (Radisson Hotel and Zendai
Thumb Plaza) in Shanghai, as well as development projects in
Shanghai and Qingdao.

"Zendai's leverage and liquidity position will remain largely
unaffected as the transaction is to be fully equity funded,"
says Kaven Tsang, Moody's lead analyst for Zendai, adding, "The
impact of the assumption of debts at the acquired group will
also be largely covered by the increased cash flow and enlarged
equity base."

"While these new development projects will increase Zendai's
construction expenditure in the near-to-medium term, the
investment projects are well located and cash generative, and
hence would support the company's recurring cash flow," says
Tsang.

The issuance of new shares will result in an increase of the
Vendor's and interested parties' shareholding in Zendai from
41.32% to a maximum of 62.8%, and hence trigger the Takeovers
Code. The completion of the acquisition is also subject to
various regulatory approvals, including the grant of a Whitewash
Waiver in accordance with the Takeovers Code, and consent from
independent shareholders.

Shanghai Zendai Property Ltd is a property developer focusing on
mid-to-high end residential and commercial developments in the
Yangtze River Delta area, Hainan Province and Northeast China.
The company currently has 11 projects in various stages of
development located in Shanghai, Haimen, Yangzhou, Haikou,
Changchun and Jilin.


SINO FOREST: Court to Hear Wind-Up Proceedings on May 21
---------------------------------------------------------
On March 17, 2008, Louie Wai Po, filed a petition to have Sino
Forest International Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


SURE SUCCESS: Court to Hear Wind-Up Proceedings on May 21
---------------------------------------------------------
On March 19, 2008, Chan Man Keung, filed a petition to haveSure
Success Investment Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris  
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


W.I.F. GLASS: Court to Hear Wind-Up Proceedings on May 21
---------------------------------------------------------
On March 13, 2008, New World Liberty China Ventures Limited,
filed a petition to have W.I.F. Glass Bottle (Int'l) Limited's
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitors are:

          Woo, Kwan, Lee & Lo
          Sun Hung Kai Centre, Room 2801
          30 Harbour Road, Wanchai, Hong Kong


YUEXIN INT'L: Court to Hear Wind-Up Proceedings on May 21
---------------------------------------------------------
On March 13, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Yuexin International Limited's operations wound
up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 21, 2008, to hear the petition.

The petitioners' solicitors are:

          Ford Kwan and Company
          Chinachem Golden Plaza, Suites 1505-1508
          77 Mody Road, Tsimshatsui East
          Kowloon, Hong Kong


* CHINA: S&P Report Explains Chinese Real Estate Sector Rating
-------------------------------------------------------
Challenging conditions in the Chinese real estate sector,
including tightening liquidity and constantly evolving
regulations, have put a sharper focus on the criteria used to
determine the corporate credit ratings on developers. In a
report, released on April 30, 2008, titled "Key Rating Factors
For Chinese Real Estate Developers", Standard & Poor's outlines
the methodology used to assess major credit strengths, such as
the benefits of good diversification and market position, and
key credit risks, such as aggressive strategies.

The article explains how Standard & Poor's determines the
business risk and financial risk profiles of 13 Chinese
developers, and indicates how the difficult operating
environment could affect its ratings.

"The majority of the rated developers should have sufficient
short-term resources to weather the current challenging
operating conditions and to seize opportunities. Others that
continue to pursue aggressive growth without sufficient
liquidity management will come under greater rating pressure
this year," said Standard & Poor's credit analyst Bei Fu.



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

GENERAL MOTORS: Posts US$3.3 Bil. Net Loss in 2008 First Quarter
----------------------------------------------------------------
General Motors Corp. disclosed financial results for the first
quarter of 2008, marked by improved adjusted automotive
operating performance, rapid growth in emerging markets,
continued cost performance in GM North America (GMNA) operations
and liquidity of nearly US$24 billion, despite the impact of the
American Axle & Manufacturing Holdings Inc. strike on North
American operations and weakness in the U.S. auto industry.

GM reported a net loss of US$3.3 billion in the first quarter of
2008, compared with a net loss from continuing operations of
US$42 million in the year-ago quarter.

"We continue to leverage our global product portfolio to take
advantage of tremendous growth in key emerging markets, while at
the same time taking the appropriate actions to deal with the
challenging economic conditions in the U.S.," GM Chairman and
Chief Executive Officer, Rick Wagoner said.

Adjusted automotive earnings before taxes were US$392 million,
up US$161 million despite the significant impact of the American
Axle strike and weak U.S. auto industry (reported earnings
declined US$118 million).  These positive results were driven by
strong combined earnings before taxes ofUS$1 billion in GM Latin
America, Africa and Middle East (GMLAAM), GM Asia Pacific (GMAP)
and GM Europe (GME), which more than offset a loss at GMNA.

Excluding special items, GM posted an adjusted net loss of
$350 million in the first quarter of 2008, reflecting losses at
GMAC and tax expenses.  These results compare to an adjusted net
loss from continuing operations of US$10 million in the first
quarter of 2007.

The reported results for the first quarter of 2008 include
unfavorable special items totaling US$2.9 billion.  The charges
include US$1.45 billion to record a non-cash partial impairment
of our equity investment in GMAC.  Based on current market
pricing, GM concluded that the estimated fair value of the
common and preferred equity interests it holds in GMAC were
approximately US$1.45 billion less than GM's carrying value.

GM also took a non-cash charge of US$731 million to increase
GM's liability for estimated net costs associated with GM's
support of Delphi's bankruptcy and restructuring efforts.  This
charge primarily results from updated estimates reflecting
uncertainty around the nature, value and timing of GM's
recoveries.  In addition, GM recorded US$394 million in non-cash
tax-related valuation allowances related to deferred tax assets
in Europe, and US$324 million in charges related to
restructuring actions in North America and Europe.

Total revenue for the first quarter of 2008 was US$42.7 billion,
down slightly from US$43.4 billion in the year-ago quarter
primarily due to lower North America automotive and financial
services and insurance revenues.  Automotive revenues outside of
North America were up over 20%, with strong growth in China,
Brazil, Russia and India.

                     GM Automotive Operations

Adjusted profits from GM's global automotive operations
improved, with first quarter 2008 earnings before tax of US$392
million on an adjusted basis (reported earnings before tax of
US$68 million), compared to US$231 million in the year-ago
period (reported earnings before tax of US$186 million).

As reported in the Troubled Company Reporter on April 25, 2008,
GM sold 2.25 million vehicles in the first quarter of 2008, down
less than 1% from 2.27 million units in the first quarter 2007,
with a record 64% of sales outside of the United States.  Unit
sales outside GMNA were up 8% compared with the same quarter
last year.  Robust sales in the first quarter in GM's GMLAAM and
GMAP regions, and improved sales in the GME region helped offset
a 10% unit decline in GMNA.

GMNA revenue for the first quarter 2008 was US$24.5 billion,
compared to US$28.1 billion in the year-ago period.  The decline
in GMNA first quarter revenue was significantly impacted by the
lost production due to the American Axle strike.  Other factors
include a softer U.S. market and planned actions to maintain
lean inventories.  With the industry shift toward more fuel-
efficient vehicles, GM's most recently launched passenger cars
and crossovers, including the Cadillac CTS, GMC Acadia, Buick
Enclave and the all-new Chevrolet Malibu continue to perform
well in the marketplace.

The decline in GMNA first quarter earnings was more than
accounted for by the loss of 100,000 production units resulting
from the American Axle strike, which had an estimated impact to
earnings of US$0.8 billion.  Other factors included lower
volumes resulting from a softer U.S. market and lower market
share, as well as shifts in product mix.  Partially offsetting
the declines were favorable material and structural cost
performance and commodity hedging gains and foreign exchange.

GME Revenue was up 17% and adjusted earnings before tax improved
byUS$137 million.  GME's improved earnings for the first quarter
were driven by improved material cost performance, commodity
hedging gains and reduced warranty costs, which were partially
offset by negative foreign exchange and unfavorable country mix.  
GME had record first-quarter sales volumes of 572,000 units.

Adjusted earnings before tax in the GMLAAM region more than
doubled in the first quarter of 2008, driven by continued strong
market growth and gains in GM market share in the region.  
GMLAAM revenue was up over 33 percent and volumes were up 20%,
setting new first-quarter records for both unit sales and
revenue.  In addition, Argentina, Egypt and North Africa each
set new quarterly sales records.

GMAP adjusted earnings before tax increased by 49%, driven by
strong volume and improvements in material cost performance,
which were partially offset by mix and pricing deterioration and
increased structural costs incurred to support growth.  Revenue
and earnings before tax improved significantly due to the
overall volume gains, although market share was down slightly
primarily due to declines in China, Australia and Korea.

                          Cash and Liquidity

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$23.9 billion on March 31, 2008, down from US$24.7 billion on
March 31, 2007.  The change in liquidity reflects adjusted
negative operating cash flow of US$3.6 billion in the first
quarter 2008.  The decrease was driven largely by lower
production in GMNA, including the impact of the American Axle
strike.  Including undrawn, committed U.S. credit facilities of
approximately US$7 billion, GM has access to more than US$30
billion in liquidity.

                           Looking Forward

In light of the current state of the U.S. economy and automotive
industry, GM has revised its 2008 U.S. total industry seasonally
adjusted annual rate outlook to the mid to high 15 million unit
range, down from the low 16 million unit range.  As a result of
the anticipated softer automotive industry, GM disclosed earlier
this week that it will eliminate a shift of production at four
assembly plants: Janesville, Wisconsin; Pontiac and Flint,
Michigan, and Oshawa, Ontario.

"We remain focused on taking the actions necessary to assure
GM's long-term success -- product excellence, leadership in
advanced propulsion technology, growth in emerging markets, and
accelerating the restructuring of our U.S. business to achieve
sustainable profitability," Mr. Wagoner said.

                            About GM

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
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.

                          *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.  The CreditWatch placement reflects S&P's decision
to review the ratings in light of the extended American Axle
(BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.

To resolve the CreditWatch listings, S&P's will assess the
strike's impact on the companies' credit profiles, particularly
liquidity, once production resumes.  S&P could lower the ratings
any time prior to a resolution of the Axle strike if the
liquidity of the companies becomes compromised, although
downgrades are not likely for another several weeks.

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Oriental Bank of Commerce posted a net loss of INR994.4 million
in the three months ended March 31, 2008, as compared to
INR548.60 million net profit in the same quarter of 2007.

Total income rose to INR20.71 billion in the Jan.-March 2008
quarter from the recorded INR15.77 billion income in the same
quarter of the preceding year.

The bank's operating expenses increased to INR2.72 billion in
the current  quarter under review from the INR2.65 billion
incurred a year earlier.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating was affirmed at C/D.  On
March 15, 2007, Fitch upgraded the support rating of the bank to
'3' from '4'.

The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.


QUEBECOR WORLD: Final Recovery is 41.1%, Global DiSCS Says
----------------------------------------------------------
Global DiSCS Trust 2004-1 (TSX: DST.UN) said that the final
recovery amount among the Trust's unitholders related to
Quebecor World Inc. is 41.1% and that a bankruptcy credit event
will not result in any reduction in collateral or an investor's
capital amount.

                         Credit Event

On Jan. 23, 2008, the Trust was notified that Quebecor filed a
petition for creditor protection under the Companies' Creditors
Arrangement Act (CCAA) in Canada.  The exposure of the Trust's
unitholders to Quebecor was 0.50% of the Reference Portfolio.

Following the Quebecor Bankruptcy Credit Event, the Trust's
remaining synthetic first loss tranche protection is 3.606% of
the Reference Portfolio.  The initial 4.10% first loss tranche
was reduced to 3.88% as a result the 2006 Delphi Corporation
Credit Event.

Unitholders' entitlement to receive US$25 per unit on Dec. 20,
2009, and quarterly distributions of US$0.325 per unit will not
be affected by this Credit Event.  However, if future Cumulative
Net Loss Amount resulting from credit events exceeds 3.606%, the
Trust's unitholders will not receive the original subscription
price of US$25 per unit upon the maturity date.

                   Trading Information and NAV

The Units of Global DiSCS Trust 2004-1 are listed for trading on
the Toronto Stock Exchange under the symbol DST.UN.  As of
April 23, 2008, the net asset value of the Trust was US$20.78
per unit.

                About Sentry Select Capital Corp.

Sentry Select Capital Corp. is a Canadian wealth management
company that manages over US$6.5 billion in gross assets as of
March 31, 2008.  The company offers a diverse range of
investment products including closed-end trusts, mutual funds,
principal-protected notes and flow-through limited partnerships,
covering a variety of domestic and global mandates.  Sentry
Select is the manager and advisor to 29 TSX-listed reporting
issuers.  In addition, Sentry Select manages and provides
advisory services to four reporting issuers listed on the TSX
Venture Exchange.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX:IQW)
(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides  
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 27,500
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom.

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., its U.S.
subsidiary, 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 Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


SPICEJET: Aims to Boost Revenue Through Online Ad Space Selling
---------------------------------------------------------------
SpiceJet aims to increase its revenue by eight million in FY2010
through ad space selling in its website, Indiantelevision.com
reports.

Spicejet.com., the company's own website, has an approximately
14 million page views a month and 800,000 registered database
per month, which the the airline accounts 75-80% of its ticket
booking, says the report.

The company plans to bring a whole host of advertising
opportunities for online advertisers, available in the form of
banners on home page, flight schedule page, pop-up windows and
space on exclusive e-mailers that are sent to all SpiceJetters,
the report adds.

"This is a conscious decision by SpiceJet to cash on the
lucrative online advertising space.  The airline which
represents both masses and classes in the country gets huge
traffic to its website everyday from the aspiring middle class
segment, students, business and corporate travelers, and mid
size entrepreneurs.  This makes it the right place for the
advertisers to advertise and reach out to all their target
audience.  Spicejet.com has been a great source of revenue since
the beginning and we are now working towards generating non-
ticketing revenues through ad space selling on the site,"  
Indiantelevision.com quotes SpiceJet chief commercial officer,
Samyukth Sridharan, as saying.

The report relates that according to industry experts, the
internet penetration in India is estimated to have grown at an
average of 60% for the last five years and online advertising is
estimated to reach a value of INR7.5 billion by 2010.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal  
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft.  SpiceJet has integrated with various travel related
Web sites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


SPICEJET LIMITED: Resumes Fare Hike on Soaring Fuel Prices
----------------------------------------------------------
Spice Jet Limited decided to increase fuel surcharge levied by
them on tickets by INR150 for short haul sectors (less than 750
kms.) and by INR350 for long haul sectors (more than 750 kms),
on soaring jet fuel prices, the Business Standard reports.

"This will lead to a 7-8 per cent increase in fares," Business
Standard quotes a Spice Jet executive as saying.  The fuel
surcharge for short haul routes is INR1,950 while for long haul
sectors will be charged INR2,350.

That apart, full service carrier Jet Airways is also putting an
additional increase of 10% for all its business and economy
class fares in place across all sectors in the country, the
report added.

The increase, which will be effective on May 3, 2008, was
necessary for prices of ATF (aviation turbine fuel) has also
increased, relates the Business Standard citing Wolfgang Prock
Schauer, CEO of Jet Airways.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal  
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft.  SpiceJet has integrated with various travel related
Web sites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


TATA POWER: Secures Loans for US$4.2 Bil. Mundra Project
--------------------------------------------------------
Tata Power Ltd.has secured loans to build a US$4.2 billion plant
in Mundra, India, Archana Chaudhary and Pratik Parija write for
Bloomberg News.

Citing a company statement, Bloomberg News reports that Tata
Power signed agreements for US$1.8 billion in overseas debt and
55.5 billion rupees or US$1.4 billion in domestic loans.  Tata
Power will also invest 42.5 billion rupees as equity in the
project.

Overseas lenders to the Mundra project include South Korea's
Exim Bank, the Asian Development Bank, International Finance
Corp. and BNP Paribas, Tata said.  State Bank of India, India
Infrastructure Finance Co. and the Housing and Urban Development
Corp. are among the Indian lenders, Bloomberg News says.

Construction of the Mundra Project will begin by October,
Bloomberg cited Ashok Mitra, chief financial officer of Tata
Power's Indonesian coal unit, as saying.

To fire the plant, the company will buy about 10 million tons of
coal starting 2011 from an Indonesian mine it partly owns, the
report relates.

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 PERMATA: Reports IDR176 Billion 1st Quarter Net Profit
-----------------------------------------------------------
Novia D. Rulistia of The Jakarta Post reports that Bank Permata
recorded a net profit of IDR176.03 billion by the end of March,
up from IDR86.49 billion in the same period in 2007.

The Jakarta Post relates that Permata President Director Stewart
D. Hall said: "During the first quarter, we significantly
enhanced our distribution capability by opening new branches in
secondary cities and by increasing the number of Electronic Data
Capture terminals."  According to the report, Mr. Hall also said
that "the bank had launched a revolutionary mortgage product,
KPR Bijak, the first of its kind in Indonesia to synergize
housing loans with saving accounts."

The Jakarta Post adds that the bank's net interest income by the
end of March reached IDR618 billion, compared with IDR595.65
billion in March 2007.  The report also notes that Bank
Permata's total assets rose from IDR37.46 trillion in March last
year to IDR41.26 trillion in the same period of this year.

                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include  
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

As reported by the Troubled Company Reporter-Asia pacific on
Feb. 25, 2008, Fitch Ratings revised PT Bank Permata Tbk's
outlook to Stable from Positive.  The bank's support ratings was
upgraded to '3' from '4'.  The Support Rating Floors were
upgraded to 'BB-' from 'B+' or 'B' previously to reflect the
stronger financial ability of the sovereign state to provide
support.  The bank's individual rating was also affirmed at C/D.

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

    -- The foreign currency long-term deposit rating was raised
       to B1 from B2.

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



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

DELPHI CORP: Closes Sale of Bearings Biz to Hephaestus' Unit
------------------------------------------------------------
Delphi Corp. completed the sale of substantially all the non-
cash assets primarily used in the North American Bearings
Business to Kyklos Bearing International, Inc., an indirect,
wholly owned subsidiary of Hephaestus Holdings, Inc.

As reported in the Troubled Company Reporter on Feb. 22, 2008,
Delphi entered into a purchase agreement with Kyklos, which
follows Kyklos being declared the successful bidder in an
auction conducted on Feb. 21, 2008, as part of a sale process
under Section 363 of the United States Bankruptcy Code.

In January 2008, Delphi Automotive Systems LLC and Delphi
Technologies, Inc., debtor-subsidiaries of Delphi Corp., planned
to sell their global bearings business to ND Acquisition Corp.,
or to another party submitting a higher and better offer for the
business.  ND Acquisition, a wholly owned subsidiary of private
equity investment firm Resilience Capital Partners LLC, agreed
to submit a stalking horse bid of US$44,200,000, subject to
adjustments, for the Bearings Business.

Kyklos acquired substantially all of the Bearings Business's
inventory, intellectual property, and machinery and equipment,
including the manufacturing and engineering facility located in
Sandusky, Ohio.  Kyklos has also hired substantially all of the
Bearings Business's employees and has assumed all of the
customer and supplier contracts.

"We are delighted with HHI's profitable growth under George
Thanopoulos's leadership and look forward to supporting the
company as it proceeds with its aggressive growth and industry
consolidation strategies," Michael G. Psaros, a Managing Partner
of KPS, said.  "HHI has now completed three successful
acquisitions since its creation by KPS in September 2005, and
the company has also achieved significant organic growth and
customer diversification.  HHI is well capitalized, with access
to significant additional capital, and we welcome inquiries from
potential sellers of forging businesses, assets or products
lines that contain large forging value content."

"I am thrilled with the success and rapid growth of HHI since
its creation," George Thanopoulos, Chief Executive Officer of
HHI, said.  "HHI was formed to consolidate the North American
forging industry and to expand into products and markets where
our forging and metalworking expertise result in immediate
synergy and value creation. We are very excited to expand into
the wheel bearings business, and we look forward to becoming a
significant global competitor in the industry."

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

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

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

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


DELPHI CORP: Seeks DIP Facility Amendment Extension
---------------------------------------------------
Delphi Corp. and its debtor-affiliates' request to amend its
debtor-in-possession credit agreement is scheduled for hearing
on April 30, 2008, with the U.S. Bankruptcy Court for the
Southern District of New York.

The Debtors are seeking:

  (i) an extension of their DIP Facility to Dec. 31, 2008, and  

(ii) refinancing of the DIP Facility, which will consist of:

    * Tranche A.  A US$1 billion first priority revolving
      credit facility,

    * Tranche B.  An up to US$600 million first priority term
      loan, and

    * Tranche C.  An approximate US$2.5 billion second priority
      term loan.

Delphi had redacted certain pricing information for the Second
Amended and Restated DIP Credit Agreement but said that it will
disclose the information following a bank meeting at which the
DIP extension is launched.  John Wm. Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois,
now divulges the LIBOR floor and pricing in connection with the
Amendment:

                           First Amended        Second Amended
                           DIP Facility         DIP Facility
                           ------------         ------------
     Undrawn Pricing       50 bps               100 bps

     Drawn Pricing
        Tranche A :        L+350                L+400
        Tranche B :        L+350                L+400
        Tranche C :        L+400                L+525

     LIBOR Floor
        Tranche A :        None
        Tranche B :        None                 3.25%
        Tranche C :        None                 3.25%

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

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

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

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


SANYO ELECTRIC: Matsushita Tie-Up Seen, Yomiuri Shimbun Says
------------------------------------------------------------
Sanyo Electric Co. is considering a business and capital tie-up
with Matsushita Electric Industrial Co. in an effort to emerge
from a long business slump, The Yomiuri Shimbun reports.

According to the report, the plan would involve three finance
companies with a sizable number of shares in Sanyo--including
Sumitomo Mitsui Banking Corp.--divesting those shares to
Matsushita.

In a media release dated April 28, 2008, Sanyo stated that media
reports about a possible merger of operations between Matsushita
and Sanyo were not announced by either company and are untrue.

For the three-month period ended December 31, 2007, Sanyo
reported JPY12,778 million in net income on net sales of
JPY597,165 million, compared to a net loss of JPY7,295 million
on net sales of JPY588,862  million for the comparable quarter
in 2006.

Sanyo's balance sheet as of  December 31, 2007, showed
total assets of JPY1,866,682 million, total liabilities of
JPY1,502,725 million, and total shareholders' equity of
JPY337,732 million.  

                      About Sanyo Electric

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

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

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



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

FRESH DEL MONTE: Richard Contreras Replaces John Inserra as CFO
---------------------------------------------------------------
Fresh Del Monte Produce Inc. has appointed Richard Contreras,
Senior Vice President, Finance, to succeed John F. Inserra who
is retiring as the company’s Executive Vice President, Chief
Financial Officer.  Mr. Contreras will assume the role of Senior
Vice President, Chief Financial Officer on May 2, 2008.
Mr. Inserra’s retirement was previously announced by the Company
on Jan. 14, 2008 and will be effective May 1, 2008.

“We are excited to introduce Richard as the new Senior Vice
President, Chief Financial Officer for Fresh Del Monte Produce,”
said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief
Executive Officer.  “Richard brings to his new position
extensive knowledge in financial management and business
leadership, along with a nine-year history with Fresh Del Monte
Produce.  We are confident that with his finance experience and
proven track record, he will be a great addition to our highly
experienced management team.”

Mr. Contreras joined the company as Controller, North America in
1999, and has held various regional and corporate accounting and
finance roles of increasing responsibility over the past nine
years, including Vice President, Budgeting and Forecasting and
Vice President, Finance and Administration for North America.  
Prior to joining the Company, Mr. Contreras started his career
with Ernst & Young, LLP in 1989, and spent 10 years there in
various audit and accounting positions.  Mr. Contreras is a
Certified Public Accountant and obtained his Bachelor's degree
in Accounting from Florida International University.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Fresh Del Monte Produce Inc.,
and removed the rating from CreditWatch, where it was placed
with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


MAGNACHIP SEMI: Posts US$203.1 Mil. Revenue for 1st Quarter 2008
----------------------------------------------------------------
MagnaChip Semiconductor has disclosed results for the first
quarter ended March 30, 2008.

Revenue for the three months ended March 30, 2008 was US$203.1
million, compared to US$151.8 million in the first quarter of
2007.

Gross margin was US$47.9 million or 23.6% of revenue for the
quarter ended March 30, 2008, compared to US$14.9 million or
9.8% of revenue for the first quarter of 2007.

Operating expenses for the first quarter of 2008 were US$54.7
million or 26.9% of revenue, compared to US$57.8 million or
38.1% of revenue for the first quarter of 2007.

Operating loss was US$6.8 million during the current quarter,
compared to an operating loss of US$42.9 million in the prior
year quarter.

Net interest expense for the first quarter of 2008 was US$15.7
million, compared to US$14.4 million in the first quarter of
2007.

Net loss for the three months ended March 30, 2008 was US$67.9
million, compared to a net loss of US$67.0 million in the first
quarter of 2007. The net loss results were negatively impacted
by a foreign currency loss of US$42.9 million in the first
quarter of 2008, compared to a foreign currency loss of US$7.4
million in the first quarter of 2007. A substantial portion of
this net foreign currency loss resulted from a non-cash
translation loss recorded for intercompany borrowings at our
Korea subsidiary that are denominated in U.S. dollars.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "We continued to make progress in 2008 vs. 2007, with
an increase in revenues of 33.8% vs. the first quarter of 2007.
During the quarter, we began sampling our new line of power
management products as part of an overall strategy to leverage
our analog and mixed signal technology platform to expand our
market opportunities. We expanded our image solutions business
to new end markets and increased our account penetration in our
display solutions business. In our Semiconductor Manufacturing
Services business, we strengthened our specialty technology
portfolio and achieved a design win at a recognized leader in
the microcontroller market. Our product pipeline is strong, and
our design win activity is at an all-time high as we enter into
the second quarter."

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "We continued to make progress in the first quarter of
2008. Our gross margin and operating profit improved year over
year, as we focused on maintaining our cost competitiveness.
Though some of our markets are slower than expected, we believe
we are well-positioned for continued performance improvement
throughout 2008."

                About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures         
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.



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

LIQUA HEALTH: 2007 Shareholders' Fund Misses Listing Requirement
----------------------------------------------------------------
Pursuant to the Amended Practice Note 17/2005 and Paragraph
8.14C of the Listing Requirements of Bursa Malaysia Securities
Berhad, Liqua Health Corporation Berhad disclosed that it was
classified as an Affected Listed Issuer as it has triggered
Paragraph 2.1 of the Amended PN17.

Based on the draft audited financial statements for the
financial year ended December 31, 2007, tabled by the external
Auditors to the Board at a meeting, the company has triggered
paragraph 2.1(a) of the PN17 as the consolidated shareholders'
fund has dropped to approximately MYR5.9 million which is below
the 25% of the paid-up share capital which stands at MYR144.3
million and the minimum issued and paid up capital of
MYR60 million required under paragraph 8.16A(1) of the Listing
Requirements.

Obligations of Liqua as an affected listed issuer:

   * given a timeframe of eight months from April 23, 2008, to
     submit its plan that is substantive and falls within the
     ambit of Section 212 of the Capital Market and Services
     Act, 2007 to regularize its financial condition to the
     approving authority;

   * announce its compliance or non-compliance with a particular
     obligation imposed pursuant to the Amended PN17 on an      
     immediate basis;

   * announce the status of its Regularization Plan and the
     number of months to the end of the relevant time frame on a
     monthly basis until further notice from Bursa;

   * implement the Regularization Plan within the time frame
     stipulated by the relevant authorities; and

   * required to appoint an investment bank or a participating
     organization that may act as a principal adviser under the
     Securities Commission's Guidelines on the Offering of
     Equity and Equity-Linked Securities, to make the
     announcement on the details of the Regularization Plan and
     the time line for the complete implementation of the
     Regularization Plan.

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company’s subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.


MANGIUM INDUSTRIES: Terminates MOU with Ramajuta
------------------------------------------------
Mangium Industries Bhd. and Ramajuta (Sabah) Sdn Bhd have
mutually agreed to terminate the Memorandum of Understanding
entered between the two, in which Mangium will acquire assets in  
Ramajuta for a total consideration of  MYR240 million, with
Sagajuta (Sabah) Sdn Bhd being the principal assets.

With the termination of the MOU, all the negotiations on the
proposal will be discontinued.

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The TCR-AP reported that Mangium Industries, on May 22, 2007,
became an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
capital.  As an affected listed issuer, Mangium is required to
formulate and implement a plan to regularize its financial
condition within a time frame stipulated by relevant
authorities.



=============
L E B A N O N
=============

BANK AUDI: Weak Governance Cues Fitch's B- Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirmed Lebanon-based Bank Audi S.A.L.'s and
Byblos Bank's ratings at Long-term Issuer Default 'B-' with
Stable Outlook, Short-term IDR 'B', Individual 'D' and Support
'5'.  The Support Rating Floors for both banks are affirmed at
'CCC'.  At the same time BLOM Bank's, another Lebanese bank,
Support rating is affirmed at '5'.  Fitch does not maintain any
other ratings, apart from Support, on BLOM.

The ratings reflect, and are constrained by, the ongoing
weaknesses of the Lebanese operating environment and the banks'
substantial, albeit declining, exposure to the sovereign.  The
Individual ratings reflect the risk of a continuation, or even
an escalation, of the current political tensions around the
nomination of a new president and consequent effects on
depositor confidence and asset quality.  They also reflect the
banks' strong franchises, competent management, and resilient
profitability in spite of ongoing economic and political
instability.  Fitch still believes the balance of risk is
reflected in the 'B-' rating; the direction of the rating will
be determined by political developments, their implications for
economic reform implementation, and confidence in the banking
system.  The banks' Support ratings reflect Fitch's view that
the Lebanese authorities would almost certainly try to support
the banks if needed; however, a low sovereign rating ('B-')
means the ability to provide such support cannot be relied upon.

Bank Audi, Byblos and BLOM have reported sound results for the
full year 2007, recording continued profit growth in spite of
difficult operating conditions.  The three banks aim to
circumvent the constraints of a small and challenging domestic
market through selective regional expansion; and while
diversification is to be viewed positively, some of the
expansion is to countries that also have uncertain political and
economic outlooks.

Bank Audi was the largest Lebanese bank by assets at end-2007,
accounting for just over a fifth of the system total.  
Commercial lending is the bank's core business although it is
broadening its range of retail and investment banking
activities; it also offers private banking services.  Like other
large Lebanese banks, regional expansion is a priority and the
bank is expanding in Jordan, Egypt, Syria, Sudan, Qatar and
Saudi Arabia.  The bank is also present in France and
Switzerland (where it has a private banking subsidiary).  At
end-2007 over a quarter of assets and about 20% of profits were
generated outside Lebanon.  The bank intends to have its foreign
operations contribute half of both assets and profits by 2011, a
diversification which Fitch on the whole views as a positive
move.  Bank Audi's shares are listed on the London and Beirut
stock exchanges.

Byblos is the third-largest bank in Lebanon by assets,
accounting for about 12% of system assets, and has the third-
largest market share of loans and deposits.  Its core business
is commercial banking, although it is active in retail and
investment banking.   Byblos is expanding internationally; the
bank operates in Abu Dhabi, Belgium, Cyprus, France, Syria,
Sudan and the UK.  It is planning operations in Algeria and
Iraq.  Currently about 21% of assets and 17% of net income are
generated from outside Lebanon, the bank is aiming to raise this
to 40% each within the next five years.

Blom is the second-largest bank in Lebanon by assets, accounting
for about 20% of system assets at end-2007.  Mainly active in
corporate banking, BLOM is a leading player in consumer lending
and is developing private banking activities.  The bank operates
in Cyprus, Egypt, Syria, Jordan, France, Switzerland, UAE and
the UK; it is also establishing an investment subsidiary in
Saudi Arabia and has obtained a license to establish a
commercial bank in Qatar.  The Bank of New York is BLOM's main
shareholder with a 34.4% stake, as the depositary for BLOM's
GDRs.


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

BLUE CHIP: Co-Founder Mark Bryers Faces More Complaints
-------------------------------------------------------
Maria Slade of the New Zealand Herald reports that more
complaints have been made to the Companies Office about Blue New
Zealand Ltd. co-founder Mark Bryers.

Ms. Slade writes that the liquidators of a Blue Chip-related
company, Swordfish Lodge Management, wants to examine Mr. Bryers
as he is the sole director of Swordfish, which managed the Gulf
Harbour Lodge in Whangaparaoa on behalf of 29 investors.  The
Herald relates that Swordfish owes NZ$2.7 million and it
commenced liquidation proceedings last month.

According to the report, Mr. Bryers has been uncooperative
because he failed to give liquidators Montgomerie and Associates
a statement of Swordfish's affairs and he did not turn up to a
creditors' meeting.

Ms. Slade relates that the liquidators of the other 21 failed
Blue Chip-related companies have complained that Mr. Bryers did
not attend their March 26 creditors' meeting.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


CASH CANTERBURY: Commences Liquidation Proceedings
--------------------------------------------------
On March 31, 2008, Cash Canterbury Limited was placed into
liquidation, and Iain Andrew Nellies and Wayne John Deuchrass
were appointed as liquidators.

The liquidators can be reached at:

          Insolvency Management Limited
          148 Victoria Street, Level 1 (PO Box 13401)
          Christchurch


DEF LIMITED: Court Appoints Liquidators
---------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of DEF Limited (formerly
Merlin Equities Limited).  The liquidators were appointed by the
High Court on April 11, 2008.

The liquidators can be reached at:

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


ENCOS GLOBAL: Investors Lose NZ$12 Million as Firm Winds Up
-----------------------------------------------------------
Tina Law of The Press reports that Encos Global Systems has
folded, leaving 700 shareholders, including Timaru millionaire
Allan Hubbard, NZ$12 million out of pocket.

According to Ms. Law, Director Nigel Gormack said the firm was
not achieving the sales volumes it needed to remain operational
-- in fact, it had been losing money from day one, it never made
a profit and relied solely on shareholder support to sustain it.  
Mr. Gormack told The Press that people liked the technology but
most were not prepared to pay for it, or did not need it now.

Ms. Law relates that 10 key shareholders held around 50% of the
company, including Secon Technology, which Mr. Hubbard held an
interest in through Forresters Nominee Company.

The report adds that directors made the decision two months ago
to wind up the company and that shareholders paid an extra
$130,000 to pay unsecured creditors and employees.

Based in Christchurch, New Zealand, Encos Global Systems Ltd.
was a software development company that provided electronic
solutions to capture, manage and report on data for a wide range
of applications and industries -- agriculture, health, food,
transport, post and manufacturing.  The company had a staff of
30 in 2006.


EXCEL PAINTERS: Court Appoints Liquidators
------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Excel Painters
Limited by the High Court on April 11, 2008.

The liquidators can be reached at:

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


JOIN RADIUS SECURITY: Commences Liquidation Proceedings
-------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed joint and several liquidators of Join Radius Security
Limited by the High Court on April 11, 2008.

The liquidators can be reached at:

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

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

The application will be heard before the High Court at Auckland
on May 7, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 12: Commences Liquidation Proceedings
------------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 12 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 7, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 13: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 13 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 7, 2008, at 10:00 a.m.

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

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


PRECISION PLACINGS: Court Appoints Kevin Greer as Liquidator
------------------------------------------------------------
Kevin Gordon Greer, chartered accountant of Palmerston North,
was appointed as liquidator of Precision Placings Limited by the
High Court on April 10, 2008.

The deadline to file proofs of claim expired on April 30, 2008.

The liquidator can be reached at:

          233 Broadway Avenue
          Palmerston North
          Telephone: (06) 356 2214
          Facsimile: (06) 356 6638


VTL GROUP: Failure to File Report Prompts NZX Suspension Threat
---------------------------------------------------------------
The New Zealand Stock Exchange advises that VTL Group Ltd. has
not issued a Preliminary Half Year announcement for the half
year ending September 31, 2007, which under Listing Rule
10.4.1(b), was due to be issued to NZX on April 30, 2008.

Pursuant to NZX's policy, if an Issuer has not issued its
Preliminary Half Year announcement within five business days of
the due date, quotation of that Issuer's Securities will be
suspended until the Issuer has issued its Preliminary Half Year
Results in accordance with Listing Rule 10.4.1(b).

If VTL Preliminary Half Year announcements are not provided by
Wednesday, May 7, 2008, NZX gives notice that trading in the
company's securities will be suspended effective from the
commencement of trading Thursday, May 8, 2008.

                Closes Sale of Vending Business

Early this week, VTL Group signed an unconditional agreement for
the sale of its 24seven Australasian vending business to
Provender NZ Limited and Vending Direct NZ Limited for a
consideration of NZ$3,000,000.

The purchasing consortium includes Provender NZ Limited, an
existing New Zealand based vending franchise business
established in 1991, as well as other leaders in the vending
industry.  The consortium has extensive experience in franchise
management, vending machine asset management and a broad range
of IT skill.

VTL has completed the sale in accordance the waiver granted by
NZX on March 28, 2008, which enabled VTL to complete the sale
without shareholder approval.

                        About VTL Group

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its proprietary technology and financing.  The
company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent.  Its wholly
owned subsidiary, Nathans Finance NZ Ltd went into receivership
in August 2007.



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

MANILA ELECTRIC: Lopez Group Won't Bid for Gov't. Stake
----------------------------------------------
The Lopez Group will not participate in the bidding of the
Philippine government’s stake in Manila Electric Co.,  Malaya
reports, citing First Philippines Holding Corp. chairman, Oscar
M. Lopez, as saying.

FPHC holds a 33.4 percent stake in Meralco.

According to the report, finance secretary Margarito Teves said
that the government will push through with the sale of its stake
this year, and that the auction will be open to any interested
bidder.

The government controls 23 percent of Meralco through the
Government Service Insurance System.

                     About Manila Electric Co.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company aka Meralco -- http://www.meralco.com.ph/-- is
engaged in the distribution and sale of electric energy through
its distribution network facilities in its franchise area.  The
franchise area of Meralco covers specific areas in Luzon,
consisting of 25 cities and 86 municipalities, with a size
of approximately 9,337 square kilometers.  This includes
Metro Manila, industrial estates and urban and suburban areas
of adjacent provinces.  The principal sources of power of
Meralco include the National Power Corporation, First Gas Power,
Quezon Power and the Wholesale Electricity Spot Market.

Meralco's subsidiaries are Meralco Industrial Engineering
Services Corporation, Corporate Information Solutions Inc.,
Rockwell Land Corporation, Meralco Energy Inc., e-Meralco
Ventures Inc., and Meralco Financial Services Corporation.
These companies are engaged in various businesses such as
engineering and construction services, information technology
services, integrated business solutions and property
development.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 14, 2007, that Standard & Poor's Ratings Services revised
the outlook on its ratings on Meralco to stable from negative.
The 'B-' long-term issuer credit rating on Meralco was affirmed.


* PHILIPPINES: S&P Says Rising Prices Threaten Growth
-----------------------------------------------------
The Philippines could grow by a "respectable" 5.3-5.8%
this year, however, soaring food, fuel and commodity prices
would weigh on trade and stoke inflation in the country, Gerard
S. dela Peña of Business World and Reuters report, citing credit
rating agency Standard & Poor's.

According to the report, S&P said the Philippines remained
insulated from the turbulence in the US economy, but the
country's dependence on exports will result in wider trade
deficits.

S&P also said in the report that the deteriorating trade balance
would result in a shrinking current account surplus of 2.2% of
gross domestic product (GDP) for this year, narrowing sharply
from 2006’s 5% and last year’s 4.4%.

S&P however stated that the Philippines, along with other
countries in the Asia Pacific, would be able to ride on the
strong growth of India and China as strong domestic
demand in both countries will help support growth in exports.



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

* S&P Says Asian Economies Remain Resilient
-------------------------------------------
Despite recent turbulence in global financial markets, strong
regional drivers will help insulate Asia from the adverse impact
of a moderate U.S. recession, according to an article published
today by Standard & Poor's Ratings Services, titled "Asian
Resilience Amid Global Turbulence".

Standard & Poor's Asia-Pacific chief economist, Dr. Subir
Gokarn, said that while Asia-Pacific growth rates would slow
somewhat, the region would still grow at a relatively fast pace
in 2008 and 2009--buoyed by China and India. "Two of the three
largest economies--China and India--are also the
fastest growing and, together, they will continue to grow at
about 8% (or above) over the next two years. This provides the
region with enormous momentum," said Dr. Gokarn.

Other important factors supporting the region's resilience
include Japan's return to positive growth, and the ability of
Asia-Pacific's economies to exploit growth opportunities through
greater regional economic integration. Increasing integration is
reflected in the overall thrust of trade policy in the region,
which has seen a significant increase in intra-regional trade
and broader agreements.

Dr. Gokarn also cautioned that the region still faces key risks,
including a prolonged U.S. economic slump, and hikes in food and
fuel prices. "There are some visible threats to the region in
the form of food and energy prices, which may adversely affect
performance over the next couple of years," said Dr. Gokarn.
"Managing these risks will be the most important challenge
facing policymakers across the region as they try to sustain
their own performance while moving toward greater integration."

An audio replay of the teleconference on "Asian Resilience Amid
Global Turbulence" will be available until May 2, noon. There is
no charge to access the replay other than long-distance
telephone charges, if applicable. To listen, please dial:

     AUSTRALIA: 61-2-8209-6161
     HONG KONG: 852-2802-5151
     SINGAPORE: 65-6883-9146
     JAPAN: 81-3-5539-7171
     PASSCODE: 342110

For assistance, please contact Yiying Ang at
yiying_ang@standardandpoors.com or +65-6239-6392.



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

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

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

AUSTRALIA      

Advance Healthcare Group Ltd      AHG      15.65       -6.78    
Allstate Exploration NL           ALX      18.20      -42.75
Antares Energy Ltd                AZZ      16.20       -4.36
Austar United Communications      
  Limited                         AUN     525.67     -234.87
Austindo Resources
  Corporation N.L.                ARX      62.77      -15.88
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining N.L.               CRS      16.00      -13.81
Evans & Tate Ltd                  ETW     103.76      -50.22
Intellect Holdings Limited        IHG      15.25      -10.88      
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Metal Storm Limited               MST      16.47       -2.90
Renison Consolidated Mines NL     RSN      38.83       -3.94    
Tooth & Co. Ltd.                  TTH     120.47      -87.64    
ViaGOLD Capital Limited           VIA      15.49       -3.11    


CHINA AND HONG KONG      

Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
  (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      49.68     -115.81
Chia Tai Enterprises              
  International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Kejian Company Limited   000035      65.12     -167.31
China Liaoning Int. Co-op
  Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
  Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
  Investment Co.               000736      24.75      -13.38
Dandong Chemical Fibre
  Co., Ltd                     000498      115.94  -91.60
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
  Limited                         231      44.64       -9.70
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
  Group Limited                  1188      46.98      -14.92
Fujian Changyuan Investment
  Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      42.50     -100.37
Fujian Start Computer      
  Group Co.Ltd                 600734     114.76      -16.98
Guangdong Meiya Group
  Co., Ltd.                    000529      66.44      -62.41
Guangxia (Yinchuan) Industry
  Co., Ltd.                    000557      53.46      -61.33
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hainan Dadonghai Tourism
  Centre Co., Ltd              000613      18.56      -10.10
Hebei Baoshuo Co.,Ltd          600155     313.38     -212.29
Hisense Electric Co., Ltd         921     596.71      -94.69
HuaTongTianXiang Group
  Co., Ltd.                    600225      52.77      -42.02
Huda Technology & Education      
  Development Co. Ltd.         600892      17.12       -0.39
Hunan Genuine New Material
  Group Co.,Ltd                000156      77.57      -77.92
Jiangsu Chinese Online
  Logistics Co. Ltd.           000805      12.72      -20.57
Jiaozuo xin'an Science &
  Technology Co                000719      50.82      -25.45
Junefield Department Store
  Group Ltd.                      758      12.93       -5.39
Lan Bao Technology Information
  Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      30.66      -12.44
New City China Development Ltd    456     253.47      -25.03    
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Salt Lake Industry
  Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
  Co., Ltd.                    600381      47.31      -49.66
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     227.42        1.36
Shanghai Worldbest      
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
Shenzhen China Bicycle
  Co., (Hlds) Ltd.             000017      34.21     -238.76
Shenzhen Dawncom Business
  Tech & Service               000863      32.57     -137.55
Shenzhen Kondarl (Group)
  Co., Ltd.                    000048     112.05      -15.98
Shenzhen Shenxin Taifeng
  Group Co.,Ltd.               000034      69.92      -53.39
Si Chuan Direction
  Photoelectricity Co          000757     128.55     -102.62
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
  Group Co.                    000517      77.23      -17.78
SunCorp Technologies Limited     1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      44.69      -22.95
Suntime International      
  Economic Trading             600084     372.80      -50.59    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      19.47      -89.51      
Tianjin Marine Shipping      
  Co. Ltd                      600751     111.03       -3.59      
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20      
Tibet Summit Industry      
  Co., Ltd                     600338      90.92       -4.05
Welling Holding Limited           382     249.89      -32.17       
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
  Equipment Inc.               000622      40.27      -14.34
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
  Co., Ltd.                    000688      25.83     -175.37
Zhang Jia Jie Tourism
  Development Co.Ltd           000430      51.01       -8.25


INDIA      

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71      
Ashima Ltd.                      ASHM      96.57      -42.59
Balaji Distiller                  BLD      45.66  -74.20
CFL Capital Financial      
  Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Digjam Ltd                       DGJM      98.77      -14.62
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66    
Himachal Futuris                 HMFC     603.36      -13.34
HMT Limited                       HMT     316.41     -175.33
IFB Inds Ltd.                    IFBI      40.50      -70.82
India Steel Works Limited         ISI      56.76       -1.47
JCT Electronics Ltd.             JCTE     117.60      -50.17      
Jenson & Nic Ltd                   JN      14.81      -81.79    
JK Synthetics Ltd                 JKS      17.99       -2.61      
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25    
Lloyds Steel Ind                 LYDS     404.38      -86.45      
LML Ltd.                          LML      86.8 0      -27.97
Mafatlal Ind.                     MFI      95.67      -85.81
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33      
Panyam Cements                    PYC      17.18      -18.32    
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10    
Rollatainers Ltd                  RLT      22.97      -22.24
RPG Cables Ltdd                  NRPG      51.43      -20.19
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85    
Tata Teleservices (Maharashtra)      
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51          


INDONESIA      

Argo Pantes Tbk                  ARGO     217.96      -15.70
Daya Sakti Unggul Corporindo Tbk DSUC      30.76       -6.51
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Fatrapolindo Nusa Industri Tbk   FPNI      25.81   -0.72
Jakarta Kyoei Steel Works Tbk    JKSW      30.89      -41.37
Karwell Indonesia Tbk             KRW      32.21       -2.26
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
  Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      22.30       -8.31
Teijin Indonesia Fiber
  Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86      
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN      

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


KOREA      

Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95    
DaiShin Information &      
  Communication Co.             20180     740.50     -158.45
DAHUI Co., Ltd                 055250     186.00       -1.50
E-Rae Electronics Industry       
  Co., Ltd                      45310      45.47      -10.37    
EG Semicon Co. Ltd.             38720     166.70      -12.34      
Hyundai IT Corp.               048410     113.46       -43.6
Mediacorp Inc                  053890      53.31      -32.22
Nano Mining Co.,Ltd            036270      26.64      -29.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      86.75       -4.67
Seji Co., Ltd.                 053330      37.25       -0.31
Starmax Co., Ltd                17050      73.13       -5.54
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77    
Unick Corporation               11320      36.54       -4.45    


MALAYSIA      

CNLT Far East Berhad             CNLT      45.12       -3.71
Foremost Holdings Berhad         FMST      11.04       -0.11
Harvest Court Industries  Bhd     HAR      10.81       -5.62    
Lityan Holdings Berhad            LIT      23.34      -26.55    
Mangium Industries Bhd           MANG      14.36      -18.73    
PanGlobal Berhad                  PGL     178.78     -171.24    
Putera Capital Berhad            PCAP      10.56       -4.70    
Sunway Infrastructure Berhad      SIB     399.84      -10.08    
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries      
  Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94


PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
Atlas Consolidated Mining and      
  Development Corp.                AT     212.93      -69.74
Benguet Corp.                      BC      55.45      -44.94    
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49  -64.98   
East Asia Power Resources
  Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      43.03      -10.93
Filsyn Corporation                FYN      24.84      -11.37
Gotesco Land, Inc.                 GO      18.68      -10.86    
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
  Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23      
Universal Rightfield Property      UP      45.12      -13.48      
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE      

ADV Systems Auto                  ASA      21.96       -7.54
Chuan Soon Huat Industrial
  Group Ltd                       CSH      42.09   -3.64
Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
Informatics Holdings Ltd         INFO      20.42      -11.65    
Lindeteves-Jacoberg Limited        LJ     198.91      -66.97
L&M Group Inv                     LNM      56.91      -10.59    
Pacific Century Regional          PAC      80.01      -10.54


TAIWAN    

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


THAILAND      

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


                         *********


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

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

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


                            *********


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

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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