TCRAP_Public/080506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Tuesday, May 6, 2008, Vol. 11, No. 89

                            Headlines

A U S T R A L I A

ACN 057 587 881: Commences Liquidation Proceedings
ALBERTO-CULVER: Commences Liquidation Proceedings
CAPITAL SECURITISATION: Placed Under Voluntary Liquidation
CENTRO PROPERTIES: Employees Lost AU$265 Million in Holdings
CHARTWELL ENTERPRISES: Director Graeme Hoy Expects Charges

COEUR D'ALENE: Matrix Research Upgrades Rating on Firm to Sell
CROYDON PARK: Commences Liquidation Proceedings
EYRA SKIN: Commences Liquidation Proceedings
GC CONCRETE: Appoints Grahame Hill as Liquidator
HUNTER SMITH: Appoints Francis O'Connor as Liquidator

INTERNATIONAL LAMINEX: Final Members' Meeting Set for May 19
KLEINS GROUP: Placed Under Voluntary Administration
LUJAN FAMILY: Commences Liquidation Proceedings
MATADOR BULLBARS: Placed Under Voluntary Liquidation
NOSAKA PTY: Commences Liquidation Proceedings

PREMIER PAINTING: Placed Under Voluntary Liquidation
REFLECT ENTERPRISES: Placed Under Voluntary Liquidation
REVLON INC: March 31 Balance Sheet Upside-Down by $1.1 Billion
SEAVIEW KWIK-PRINT: To Declare Final Dividend on May 13
SKEETA-M: Commences Liquidation Proceedings

ST. GEORGE BANK: Analysts Expect AU$619 Million Cash Profit


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

AGRICULTURAL BANK: 1Q Domestic Operating Profit Up to CNY14.1BB
AGRICULTURAL BANK: Pan Gongsheng to be Appointed as Bank's VP
AGRICULTURAL BANK: Inks CNY10 Bil. Credit Pact With Benxi Steel
BLOUNT INT'L: March 31 Balance Sheet Upside-Down by $43.8 Mil.
CAPITAL SHIPPING: Members' Final Meeting Set for May 29

CHINA SOUTHERN AIRLINES: Launches Guiyang-Seoul Route
CHINA TOP: Creditors' Proofs of Debt Due May 26
CITIC GROUP: Considers Increasing Stake in Macarthur Coal
CNH GLOBAL: S&P Upgrades Corporate Credit Rating From 'BB+'
EUROPOINT WATCH: Members & Creditors to Meet on May 28

FUSION COMPUTER: Members' Final Meeting Set for May 28
HONGKONG TECHNICAL: Creditors' Proofs of Debt Due May 10
KING FORTUNE: Members' Final Meeting Set for May 24
KHK TRADING: Members & Creditors to Meet on May 28
PATERIGHT DEVELOPMENT: Creditors' Proofs of Debt Due May 26

RISE POINT: Members' Final Meeting Set for May 28
STONE ENERGY: Inks Merger Deal With Boise d'Arc for $1.8 Billion
STONE ENERGY: Moody's Keeps B3 Ratings on Bois d'Arc Acquisition
STONE ENERGY: Bois d'Arc Deal Cues S&P to Hold 'B+' Debt Rating
UNIVERSAL ALUMINIUM: Members & Creditors to Meet on May 27


I N D I A

GENERAL MOTORS: Total April 2008 Sales Decrease 16 Percent
QUEBECOR WORLD: Names Randy Benson as CRO
SUN MICROSYSTEMS: Eliminates 2,500 Jobs to Save $220MM in Costs
TATA STEEL: May Bid for a Stake in PT Krakatau Steel


I N D O N E S I A

MEDCO ENERGI: Reports US$22.96 Million 1st Quarter Net Profit
NORTEL NETWORKS: Net Loss Widens to $138MM in 2008 First Quarter


J A P A N

CHRYSLER LLC: Seeks to Sell Two Michigan Axle Plants for $400MM
DRAKE MANAGEMENT: To Liquidate $2.5 Billion Investment Fund
FORD MOTOR: To Offer Buyouts to 1,300 Workers in Two Plants
HERBALIFE LTD: Reports US$62.4 Mil. Net Income in First Quarter
NISHI-NIPPON: Fitch Holds 'BB+' Rating on Subordinated Debt

JAPAN AIRLINES: Inks JALCARD Transfer Pact With Mitsubishi UFJ
SADIA SA: Consolidated Net Income Doubles to BRL216MM in 1Q 2008
* Fitch Says Japanese REITs Have Falling Share Prices Since 2007


K O R E A

FRESH DEL MONTE: Richard Contreras Replaces John Inserra as CFO
HYUNDAI ENGINEERING: Inks US$2.07 Billion Qatar Projects Deal
HYUNDAI ENGINEERING: Signs Sri Lanka Port Expansion Project Deal


M A L A Y S I A

MALAYSIA AIRLINES: To Keep Low Fares Program in Asean Region
SINORA INDUSTRIES: To Hold Annual General Meeting on May 26


N E W  Z E A L A N D

ARBITRATION & ALTERNATIVE: Faces Katavich's Wind-Up Petition
HAMILTON NURSERIES: Faces CIR's Wind-Up Petition
JOSEPH PRODUCTIONS NO. 16: Court to Hear Petition on May 7
JOSEPH PRODUCTIONS NO. 18: Court to Hear Petition on May 7
JOSEPH PRODUCTIONS NO. 19: Court to Hear Petition on May 7

JOSEPH PRODUCTIONS NO. 21: Court to Hear Petition on May 7
JOSEPH PRODUCTIONS NO. 22: Court to Hear Petition on May 7
JOSEPH PRODUCTIONS NO. 23: Court to Hear Petition on May 9
JOSEPH PRODUCTIONS NO. 24: Court to Hear Petition on May 9
JOSEPH PRODUCTIONS NO. 25: Court to Hear Petition on May 9

JOSEPH PRODUCTIONS NO. 26: Court to Hear Petition on May 9
JOSEPH PRODUCTIONS NO. 28: Court to Hear Petition on May 9
JOSEPH PRODUCTIONS NO. 29: Court to Hear Petition on May 9
MACH 4: Faces Maddison Slurry's Wind-Up Petition
PROFILE WINE: Faces Crab Farm's Wind-Up Petition

SARNIA FINANCIAL: Court to Hear Wind-Up Petition on May 7
TECHNOLOGY DEVELOPMENTS: Court to Hear Wind-Up Petition on May 7
VTL GROUP: Releases Half-Year Report Ended Feb. 29
WWW.CARTOON.CO.NZ: Court to Hear Wind-Up Petition on May 7


P H I L I P P I N E S

ACE HARDWARE: Moody's Designates 'Ba3' Corporate Family Rating
FEDDERS CORP: Wants to Sell Air Quality Biz for $25 Million
MANILA ELECTRIC: Malacañang Supports GSIS' Transparency Call


S I N G A P O R E

CONEXANT SYSTEMS: Terminates Daniel Artusi as President & CEO
CONEXANT SYSTEMS: Names D. Scott Mercer as CEO
SCOTTISH RE: S&P Retains 'B' Credit Rating Under Negative Watch
SPACE TECHNOLOGIES: Court to Hear Wind-Up Proceedings
AUSSEA ORGANICS: Court to Hear Wind-Up Proceedings

CHENG POH: Members' Final Meeting Set for May 6
M-COMMERCE: Creditors' Proofs of Debt Due May 26
MJC (SINGAPORE): Members' Final Meeting Set for May 6
PETROLEUM DEVELOPMENT: Court to Hear Wind-Up Proceedings
SEI WOO VENTURE: Creditors' Proofs of Debt Due May 26

SEI WOO PLASTIC: Creditors' Proofs of Debt Due May 26
SHINE STAR: Members' Final Meeting Set for May 9
SMSHUB PTE: Court to Hear Wind-Up Proceedings


V I E T N A M

VIETCOMBANK: S&P Affirms Counterparty Credit Rating at BB/B
* S&P Revises Outlook on Vietnam's Sovereign Ratings to Negative


X X X X X X X X

* BOND PRICING: For the Week May 5 to May 9, 2008


                         - - - - -


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

ACN 057 587 881: Commences Liquidation Proceedings
--------------------------------------------------
At the general meeting of the members of A.C.N 057 587 881 Pty
Ltd held May 1, 2008, Andrew Simmons, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted.


ALBERTO-CULVER: Commences Liquidation Proceedings
-------------------------------------------------
ALBERTO-CULVER HOLDINGS PTY LIMITED is under liquidation and
MURRAY SMITH has been appointed to wind up the company.

A final meeting of the company's members was held 11:00 a.m.
yesterday, May 5, 2008.

At that meeting, the liquidator gave an account about how the
winding of the company up has been conducted and the property of
the company has been disposed of.

The liquidator can be reached at:

          MURRAY SMITH
          McGrathNicol
          Level 9, 10 Shelley Street
          Sydney NSW 2000
          Telephone: (02) 9338-2666


CAPITAL SECURITISATION: Placed Under Voluntary Liquidation
----------------------------------------------------------
Capital Securitisation Pty Ltd's members agreed on March 18,
2008, to voluntarily liquidate the company's business.  The
company has appointed Nicholas Crouch to facilitate the sale of
its assets.

The liquidator can be reached at:

          Nicholas Crouch
          Crouch Insolvency Chartered Accountants
          Level 28, 31 Market Street
          Sydney, New South Wales 2000
          Australia


CENTRO PROPERTIES: Employees Lost AU$265 Million in Holdings
------------------------------------------------------------
Turi Condon of The Australian reports that employees of Centro
Properties Group are understood to have sustained losses of
about AU$265 million on their holdings in the company since
December.

"That represents a loss of just under $500,000 per employee for
each of the 531 workers who were known to be holders of Centro
via an in-house scheme," Turi Condon writes.

The Australian relates that Centro's latest annual report shows
531 employees took part in the "Centro Employee Security Plan
and Loan Scheme (ESP)", with 27.8 million Centro securities
issued.  "When Centro's share price reached its zenith of
[AU]$10, on paper the employees had [AU]$278 million worth of
company securities under the plan.  [As of May 4], the shares
were worth $13 million," Turi Condon notes.

A Centro spokesman told The Australian that "[i]t was obviously
very upsetting for all involved when the share price fell, given
the financial impact it had on some of our staff and investors
generally. . . .  However, it is not unusual for individuals to
establish personal margin loans or for a company to put in place
a share plan for its employees."

                   Interim Financing Extension

Centro Properties Group advised last week that it continues to
work closely with its financiers in order to finalise (before
May 7, 2008) terms to extend facilities until at least Sept. 30,
2008.  The facilities are comprised of:  

   * Facilities of AU$2.3 billion in aggregate owed to the
     Australian lending group; and  

   * US$450 million in aggregate owed to US Private Placement
     noteholders.  

In the company’s view, the negotiation of all material terms for
the further extensions has been substantively concluded (subject
to final documentation) with all of its financiers except
one which is owed less than AU$200 million.

All of the other relevant financiers, comprising Australian
lenders, US Private Placement noteholders and US lenders, have
indicated their support for the longer term extension and
continue to work constructively to finalise these arrangements
as quickly as possible by May 7, 2008.

This debt has been extended or refinanced as follows:

               Amount Expiring
   Fund        April 30, 2008 (AU$)   Comments
   ----        --------------------   --------
   Centro (CNP)     $4.2 billion      These amounts are included
                                      in the interim seven-day
                                      extension:  

                                      * AU$2.3 billion under the
                                        Australian extension
                                        arrangements;  

                                      * US$450 (AU$505) million
                                        collectively owed to US
                                        PP noteholders; and  

                                      * AU$1.3 billion
                                        associated with its US
                                        joint venture with
                                        Centro Retail Trust
                                        (CER) which has been
                                        extended to Sept. 30,  
                                        2008, subject to
                                        similar arrangements
                                        being agreed under the
                                        Australian extension
                                        arrangements.  

   CER              $1.2 billion      Included as part of the
                                      interim seven-day
                                      extension.  This is debt
                                      associated with its US
                                      joint venture with Centro
                                      which has been extended to
                                      September 30, 2008 subject
                                      to similar arrangements
                                      being agreed under the
                                      Australian extension
                                      arrangements.

   CAWF             $0.7 billion      * AU$117 million has been
                                        refinanced to 2010; and  

                                      * AU$622 million is
                                        currently being
                                        refinanced and is under
                                        a separate extension to
                                        May 30, 2008 whilst a
                                        longer term extension is
                                        finalised.

   Centro MCS       $0.5 billion      * AU$159 million for
   (Australia)                          Centro MCS 9 has been
                                        extended to May 30, 2008
                                        whilst a longer term
                                        extension is negotiated;  

                                      * AU$16 million for Centro
                                        MCS 16 has been
                                        extended to March 31,
                                        2009.  This amount has
                                        recently been increased
                                        by $31 million being
                                        additional development
                                        funding; and

                                      * AU$331 million for eight
                                        syndicates is currently
                                        being refinanced.  A
                                        separate interim
                                        extension has been put
                                        in place to allow for
                                        the completion of
                                        documentation for a new
                                        two-year term expiring
                                        April 2010.  
   
   Total            $6.6 billion

                     About Centro Properties

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

                         *     *     *

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


CHARTWELL ENTERPRISES: Director Graeme Hoy Expects Charges
----------------------------------------------------------
The Australian Associated Press reports that Chartwell
Enterprises Director Graeme Hoy says he expects to be charged
over the collapse of his multi-million dollar stockbroking firm.

A creditors' meeting was held yesterday in Geelong.

Mr. Hoy told the AAP that he could end up in jail: "It's a
distinct possibility and if I'm found guilty of offences then so
be it. . . .  I don't believe (I deserve jail) because I don't
believe I'm guilty of offences."

"I'm just devastated, absolutely devastated. It's not an outcome
that was intended. . . .  I'm not running away from it and I'll
deal with the consequences of it," the AAP quotes Mr. Hoy as
saying.

According to the AAP, Administrator Bruno Secatore was not
optimistic Chartwell's investors would get their money back.

Reports earlier related that the company hired a financial
astrologer to predict sharemarket trends based on when the
"stars were aligned".  Mr. Hoy denied this saying that the
system his stockbroking firm was working on was sound, the AAP
relates.  "The mistake was not in the system, the mistake was in
the level of returns that was being offered," Mr. Hoy told the
AAP.

Mr. Hoy admitted to the AAP that the high-flying lifestyle he
led prior to his firm's collapse -- complete with a yacht,
luxury cars and a luxury apartment -- were partly "ego out of
control" and partly a plan to attract investment.

Mr. Hoy told the AAP that he was now seeing a psychiatrist to
put his life back together.

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

The Troubled Company Reporter-Asia Pacific reported on April 30,
2008, that administrators have been appointed to look into the
collapse of Chartwell Enterprises.  The Australian Securities
and Investments Commission is also investigating Chartwell
Enterprises, which owes about 100 staff and investors millions
of dollars.  Bruno Secatore from Cor Cordis Chartered
Accountants was appointed as one of the administrators.


COEUR D'ALENE: Matrix Research Upgrades Rating on Firm to Sell
--------------------------------------------------------------
Matrix Research Ltd said in research notes that it has upgraded
its ratings on Coeur d'Alene Mines Corp.'s shares to "sell" from
"strong sell," Newratings.com reports.

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

                         *     *     *

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


CROYDON PARK: Commences Liquidation Proceedings
-----------------------------------------------
At the final meeting of the members and creditors of Croydon
Park Mechanical Repairs Pty Ltd held on 2 May 2008, P. Ngan, 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:

          P. Ngan
          Ngan & Co.
          Level 5, 49 Market Street,
          Sydney New South Wales 2000
          Australia


EYRA SKIN: Commences Liquidation Proceedings
--------------------------------------------
At the general meeting of the members of Eyra Skin Clinic Pty
Ltd held May 1, 2008, A. R. Nicholls, 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:

          A. R. Nicholls
          Nicholls & Co
          Suite 6, 459 Peel Street
          Tamworth, New South Wales 2340
          Australia


GC CONCRETE: Appoints Grahame Hill as Liquidator
------------------------------------------------
At a general meeting of GC CONCRETE PLACEMENTS PTY LTD's
members held March 17, 2008, it was resolved that the company be
wound up by Grahame Hill.

The liquidator can be reached at:

          Grahame Hill
          c/- Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Telephone (02) 9599 7945
          Facsimile (02) 9599 7946


HUNTER SMITH: Appoints Francis O'Connor as Liquidator
-----------------------------------------------------
At a general meeting held March 20, 2008, HUNTER SMITH MOREE PTY
LTD appointed Francis William O'Connor as liquidator of the
company.

The liquidator can be reached at:

          Francis William O'Connor
          43 Auburn Street
          Moree NSW 2400


INTERNATIONAL LAMINEX: Final Members' Meeting Set for May 19
------------------------------------------------------------
International Laminex Pty Ltd will hold a final meeting of its
members on May 19, 2008, at 10:00 a.m., at the offices Adrian
Garrett, 175 Inlet Road, Keri Keri, in Bay of Islands, New
Zealand.

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

The liquidator is:

          Adrian Garrett
          175 Inlet Road
          Keri Keri, Bay of Islands
          New Zealand


KLEINS GROUP: Placed Under Voluntary Administration
---------------------------------------------------
The Australian Associated Press reports that Kleins Group has
been placed into voluntary administration after the company
collapsed.  The jeweller owes more than AU$20 million, the
report adds.

According to the AAP, "Ferrier Hodgson partners James Stewart
and George Georges have been appointed as administrators of the
Kleins Group, which includes Kleins Franchising, The Jewellery
Chain and JDA Imports."

Mr. Stewart told the AAP that they have started going through
the company's financial records so it's "too early to comment on
the scale of the debt or the depth of the company's financial
position."  The AAP relates, citing Mr. Stewart, that the
administrators will consider selling the business on a going-
concern basis.  Mr. Stewart said, the AAP notes, "the business
would continue to operate in administration while the company's
financial records are examined."

The New Zealand Press Association reports that the company's
affairs are being handled in New Zealand by BDO Spicers.

Kleins is an Australian, privately owned company, which has been
trading for more than 24 years.  The company has 200 stores
across Australia, New Zealand and South Africa.  Kleins head
office and warehouse are situated in Melbourne, Victoria where
Kleins employ more than 65 people dedicated to ensuring that
Kleins follows it's mission statement of "Looking Good Costs So
Little."


LUJAN FAMILY: Commences Liquidation Proceedings
-----------------------------------------------
At a general meeting of LUJAN FAMILY HOLDINGS PTY LTD's
shareholders held March 19, 2008,  it was resolved that the
company be wound up voluntarily by Mr Alex Koutzoumis.

The liquidator can be reached at:

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


MATADOR BULLBARS: Placed Under Voluntary Liquidation
-----------------------------------------------------
Matador Bullbars & Towbars Pty Ltd's members agreed on March 18,
2008, to voluntarily liquidate the company's business.  The
company has appointed Robert Whitton to facilitate the sale of
its assets.

The liquidator can be reached at:

          R. W. Whitton
          Lawler Partners Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney, New South Wales 2000
          Australia


NOSAKA PTY: Commences Liquidation Proceedings
---------------------------------------------
At the final meeting of the members of Nosaka Pty Ltd held
April 22, 2008, Jamieson Louttit, 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:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, 88 Pitt Street
          Sydney, New South Wales 2000
          Telephone: (02) 9231-0505
          Facsimile: (02) 9231-0303


PREMIER PAINTING: Placed Under Voluntary Liquidation
----------------------------------------------------
Premier Painting & Decorating Pty Ltd's members agreed on
March 18, 2008, to voluntarily liquidate the company's business.
The company has appointed M. F. Cooper to facilitate the sale of
its assets.

The liquidator can be reached at:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney, New South Wales 2000
          Australia


REFLECT ENTERPRISES: Placed Under Voluntary Liquidation
-------------------------------------------------------
At a general meeting of Reflect Enterprises Pty Ltd's members
held March 19, 2008, it was resolved that the company be wound
up voluntarily and that Bradd Morelli of Jirsch Sutherland be
appointed to act as liquidator of the company.

The liquidator can be reached at:

          Bradd Morelli
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone: (02) 9236-8333
          Facsimile: (02) 9236-8334
          Email: admin@jirschsutherland.com.au


REVLON INC: March 31 Balance Sheet Upside-Down by $1.1 Billion
--------------------------------------------------------------
Revlon Inc. disclosed Thursday its earnings for the fiscal
quarter ended March 31, 2008.

At March 31, 2008, the company's consolidated balance sheet
showed $882.6 million in total assets and $2.0 billion in total
liabilities, resulting in a $1.1 billion total stockholders'
deficit.

The company reported a net loss of $2.5 million in the first
quarter of 2008, compared with a net loss of $35.2 million in
the first quarter of 2007.

Operating income was $32.5 million in the first quarter of 2008,
versus operating income of $3.0 million in the first quarter of
2007.  Adjusted EBITDA in the first quarter of 2008 was
$58.1 million, compared to an Adjusted EBITDA of $32.3 million
in the same period last year.

Operating income, net loss and Adjusted EBITDA in the first
quarter of 2008 included a net gain of $6.0 million related to
the sale of a non-core trademark.  Operating income, net loss
and Adjusted EBITDA in the first quarter of 2007 were also
reduced by $4.3 million of restructuring charges, and included a
benefit of $4.4 million from the reduction of lease liability
related to the consolidation of office space in New York.

The improvement in operating income, net loss and Adjusted
EBITDA in the first quarter of 2008 compared to the same period
last year, excluding the $6.0 million net gain related to the
sale of a non-core trademark, was due mainly to lower selling,
general and administrative expenses, primarily due to the fact
that the first quarter of 2007 included significant brand
support expenses related to the launch of Revlon Colorist hair
color.  

Revlon president and chief executive officer, David Kennedy,
said, "Our strong financial results for the first quarter of
2008 build upon our performance in 2007.  These results continue
to validate our strategy, and we remain focused on increasing
the value of our company by building the Revlon brand."

                    First Quarter 2008 Results

Net sales in the first quarter of 2008 decreased 2.5% to
$320.4 million, compared to net sales of $328.6 million in the
first quarter of 2007.  Excluding the favorable impact of
foreign currency fluctuations, net sales in the first quarter
decreased 5.5% versus year-ago.  Net sales in the first quarter
of 2007 benefited from initial shipments of beauty care
products, including the launches of Revlon Colorist hair color
and Mitchum Smart Solid anti-perspirant and deodorant.

In the United States, net sales in the first quarter of 2008
decreased 8.3% to $177.2 million, compared to net sales of
$193.3 million in the first quarter of last year.  

In the company's international operations, net sales in the
first quarter of 2008 increased 5.8% to $143.2 million, compared
to net sales of $135.3 million in the first quarter of last
year.

Excluding the favorable impact of foreign currency fluctuations,
net sales in the first quarter of 2008 decreased 1.5% compared
to the same period last year, reflecting higher net sales in the
Asia Pacific and Latin America regions, which were more than
offset by lower net sales in the Europe region.  In the first
quarter of 2007, net sales in the Europe region were positively
impacted by retail space gains related to the Revlon brand and
higher closeout sales.

             $150 Million Two-Year Interest Rate Swap

In April 2008, the company entered into a $150.0 million two-
year floating-to-fixed interest rate swap transaction related to
indebtedness under the company's bank term loan, intended to
reduce exposure to interest rate volatility.  Following the
execution of this swap and the $150.0 million two-year floating-
to-fixed interest rate swap that the company entered into in
September 2007, approximately 60% of the company's total long-
term debt is at fixed interest rates and approximately 40% is at
floating interest rates.  

                             Outlook

In conclusion, Mr. Kennedy said, "We have delivered improved
margins and demonstrated our ability to control costs and
improve cash usage.  We have also demonstrated, with our 2008
new product launches, that we have reinvigorated our new product
development process.  We believe that strong new product
development will result in sustainable sales growth, which given
our margin structure, will be profitable.  Our plan, therefore,
is based on growing our sales and continued control of our
costs.  We believe these factors, along with other efficiencies,
will lead to further margin expansion.  All combined, we expect
to generate sustainable, profitable sales growth and positive
free cash flow."

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE: REV) --
http://www.revlon.com/-- is a worldwide cosmetics, hair color,  
beauty tools, fragrances, skincare, anti-perspirants/deodorants
and personal care products company.  The company's brands, which
are sold worldwide, include Revlon(R), Almay(R), Mitchum(R),
Charlie(R), Bozzano(R), Gatineau(R) and Ultima II(R).


SEAVIEW KWIK-PRINT: To Declare Final Dividend on May 13
-------------------------------------------------------
SEAVIEW KWIK-PRINT PTY LIMITED will be declaring a first and
final dividend to participating creditors on May 13, 2008.

The deadline for creditors to prove their debts or claims
was April 24, 2008.

For further information, contact:

          ADAM SHEPARD
          Deed Administrator
          Star Dean-Willcocks
          Level 1, 32 Martin Place
          Sydney NSW 2000
          Telephone (02) 9223 2944
          Facsimile (02) 9223 3011


SKEETA-M: Commences Liquidation Proceedings
-------------------------------------------
At the final meeting of the members of Skeeta-M Corporation Pty
Ltd held April 22, 2008, Jamieson Louttit, 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:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, 88 Pitt Street
          Sydney, New South Wales 2000
          Telephone: (02) 9231-0505
          Facsimile: (02) 9231-0303


ST. GEORGE BANK: Analysts Expect AU$619 Million Cash Profit
-----------------------------------------------------------
Ross Kelly of the Australian Associated Press reports that
analysts forecast that St. George Bank will report today a cash
profit of AU$619 million for the six months ended March 31,
2008, compared with AU$586 million in the same period a year
before.

The AAP notes that "St. George has shone in customer
satisfaction ratings and has a successful track record serving
small and medium-sized business, particularly in its home state
of New South Wales. . . .  but the bank's capacity to find
enough reasonably priced money to fund its rapid growth is
causing concern."

Mr. Kelly relates that St. George has exposure to several
struggling companies hurt by the credit crunch like Allco
Finance Group, Centro Properties Group and MFS Finance.

The AAP interviewed analysts at Citigroup, Goldman Sachs JBWere,
Credit Suisse and Merrill Lynch.

         Prices AU$700 Million Subordinated Notes Issue

In a news release, St. George Bank Limited disclosed the pricing
on May 2, 2008, of a new AU$700 million Subordinated Notes
issue.  The issue was upsized from an initial AU$300 million to
AU$700 million following strong investor demand and will settle
on May 9, 2008.

The Notes have a 10-year tenor, maturing on May 9, 2018. They
will be callable by St.George, with the prior written consent of
the Australian Prudential Regulation Authority (APRA), in May
2013 and quarterly thereafter.

The issue comprises a Fixed Rate series of AU$590 million and a
Floating Rate series of AU$110 million. The Fixed Rate tranche
has a semi-annual coupon of 10.00% to the first call date and is
priced at 99.519%, yielding a margin of 395 basis points over
the May 2013 Commonwealth Government bond or 275 basis points
over the 5 year swap rate. The Floating Rate tranche was priced
at par with a coupon of 275 basis points over quarterly BBSW.
The coupon on both series will step up to 3 month BBSW+375 basis
points if the Notes are not called at the first call date.

The Notes are being distributed to non-retail investors by St.
George Bank Limited as Sole Lead Manager. The minimum parcel
size is AU$500,000.

APRA has indicated that the Notes will qualify as Lower Tier 2
capital for St. George. It is expected the Notes will be rated
Aa3 by Moody’s, A by Standard & Poor’s and A by Fitch.

                     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
==================================================

AGRICULTURAL BANK: 1Q Domestic Operating Profit Up to CNY14.1BB
---------------------------------------------------------------
Agricultural Bank of China's first-quarter domestic operating
profit increased 71% year-on-year to CNY14.1 billion
(US$2.01 billion), attributable to intermediate service growth
and an improved business structure, Xinhua News reports.

The report relates that the company's income from intermediate
services increased 53% to CNY5.97 billion.

The bank's non-performing loan ratio fell by 1.14 percentage
points from 23.64% at the end of last year, with the total
amount of non-performing loans dropping CNY7.3 billion in the
first quarter from the end of last year, Xinhua News notes

According to the report, that decline was CNY2.2 billion more
than the same period last year.

Meanwhile, Xinhua says the bank had given extensive support to
reconstruction work following the severe winter weather, as well
as to spring planting and stabilizing supplies of grains, meat,
edible oils and dairy products.

New loans to support agriculture and farming and county-level
economic development reached CNY68.3 billion, accounting for 48
percent of total first-quarter loan growth, the report adds.

              About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the  
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AGRICULTURAL BANK: Pan Gongsheng to be Appointed as Bank's VP
-------------------------------------------------------------
Pan Gongsheng, board secretary of the Industrial and Commercial
Bank of China, is to be appointed vice president of Agricultural
Bank of China, Xinhua News reports citing the 21st Century
Business Herald.

According to the report, Mr. Gongsheng is also the general
manager of ICBC's strategic management department.

Mr. Gongsheng's appointment was intended to speed up the
restructuring of Agricultural Bank of China, the report relates.

Agricultural Bank of China -- http://www.abchina.com/-- is the  
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                         *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AGRICULTURAL BANK: Inks CNY10 Bil. Credit Pact With Benxi Steel
---------------------------------------------------------------
Agricultural Bank of China signed a comprehensive cooperation
agreement with Benxi Iron and Steel Group, Steel Guru News
reports.

According to the report, under the business contract, the bank
will provide CNY10 billion intention credits to Benxi Iron and
Steel Group and the two sides will carry out full cooperation in
traditional credit business and financing advisers, investment
in bank and other fields.

Agricultural Bank VP Yang Kun told the news agency that it has
been actively supporting the development of Chinese iron and
steel industry, providing financial services for iron and steel
enterprises' adjustment of industrial structure, energy saving
and emission reduction.

Agricultural Bank of China -- http://www.abchina.com/-- is the  
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                         *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BLOUNT INT'L: March 31 Balance Sheet Upside-Down by $43.8 Mil.
--------------------------------------------------------------
Blount International Inc. disclosed Wednesday financial results
for its first quarter ended March 31, 2008.

At March 31, 2008, the company's consolidated balance sheet
showed $407.5 million in total assets and $451.3 million in
total liabilities, resulting in a $43.8 million total
stockholders' deficit.

The company reported net income of $6.8 million in the first
quarter of 2008, compared with net income of $4.7 million in the
same period of 2007.  The increase in net income is a result of
the improved year over year operating income and lower net
interest expense due to a reduction in debt levels and lower
borrowing rates.  Company debt at the end of the first quarter
was $296.7 million, a decrease of $70.8 million from last year's
first quarter.

The company's sales in the first quarter were $133.2 million,
compared to $118.3 million in 2007, a 12.6% increase.  The
Outdoor Products segment sales increased by 13.9% from last
year's first quarter.  Operating income increased in this year's
first quarter to $16.7 million from $16.2 million last year.  In
the first quarter, operating income was adversely impacted by
approximately $2.7 million from changes in foreign currency
exchange rates as compared to last year.

Commenting on the first quarter results, James S. Osterman,
chairman and chief executive officer, stated: "In the first
quarter, we continued to see robust demand for saw chain
products.  

The stronger euro, volume gains in developing markets and
various marketing programs contributed to our increase in sales.  
A solid order backlog is encouraging for continued top line
growth for the balance of the year; however, foreign currency
and raw material cost trends will continue to put pressure on
our operating margins for the remainder of 2008."

                    About Blount International

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
-- is an international company operating one principal business
segment, the Outdoor Products segment.  Blount sells its
products in more than 100 countries around the world.  

The Outdoor Products segment manufactures and markets cutting
chain, guide bars, sprockets and accessories for chainsaw use,
concrete-cutting equipment and accessories and lawnmower blades.
This segment also markets branded parts and accessories for the
lawn and garden equipment market.  The segment's products are
sold to original equipment manufacturers for use on new
chainsaws and yard care equipment, and to the retail replacement
market through distributors, dealers and mass merchants.


CAPITAL SHIPPING: Members' Final Meeting Set for May 29
-------------------------------------------------------
Members of Capital Shipping and Transport Consulatants Limited
will have their final general meeting on May 29, 2008, at One
Pacific Place, 35th Floor, 88 Queensway, in Hong Kong to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Lai Kar Yan, Derek
         Darach Eoghan Haughey
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong


CHINA SOUTHERN AIRLINES: Launches Guiyang-Seoul Route
-----------------------------------------------------
China Southern Airlines Co. Limited launched a new route linking
Guiyang City in southwest China's Guizhou Province to Seoul of
the Republic of Korea, Xinhua News reports.

According to the report, local officials said that a three-day
sightseeing tour of Korean journalists in March prompted the
opening of the route.

The airline will use a Boeing 737 aircraft to service the route
twice a week, the report adds.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of   
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                          *    *    *

As reported in the Troubled Company Reporter-Asia Pacific on  
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'B+'.  The Outlook on the ratings is Stable.


CHINA TOP: Creditors' Proofs of Debt Due May 26
-----------------------------------------------
Creditors of China Top Investments Limited are required to file
their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 18, 2008.

The company's liquidator is:

         Chan Chi Kei Ronald
         Shanghai Industrial Investment Building
         Suite 1304, 60 Hennessy Road
         Wanchai, Hong Kong


CITIC GROUP: Considers Increasing Stake in Macarthur Coal
---------------------------------------------------------
CITIC Group is considering to increase its 19.9% stake in the
Australian miner Macarthur Coal by launching a bid for
Macarthur Coal founder's holdings worth about US$830 million,
various reports say.

According to The South China Morning Post, founder Ken Talbot
holds a 24% stake in Macarthur Coal, which two weeks ago the
company announced he was planning to sell.

Australian mining magnate Nathan Tinkler, The Post relates,
indicated that he would also sell his 10% stake in Macarthur
Coal if Mr Talbot did.  

Australian law requires an acquiring company to launch a general
offer when its stake rises above 20%.

Meanwhile, BHP Billiton, Rio Tinto and Brazil's Vale have not
only also considered bidding for Mr. Talbot's stake in Macarthur
but also wanted Citic's stake, various reports note.

Citic's decision to make a bid or in whether it succeeds or not,
could be affected by the Australian government's tightened
scrutiny of Chinese interest in buying Australian mining
companies.  This was prompted by Prime Minster Kevin Rudd due to
increasing similar situations.  However, one source told The
Post that Citic's long-standing investment could play in its
favor.

Moreover, The Australian Business News reports citing, a
statement to the Australian Securities Exchange, Macarthur said
it is still in discussions after an approach from an interested
party.  "No formal proposal has yet been made to the Macarthur
Coal board and there can be no certainty that any proposal will
be made to the board or to shareholders," the company said.

                        About CITIC Group

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's  
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services said that it
had removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.  At the same time,
Standard & Poor's also removed the BB+ foreign currency issue
rating on the group's senior unsecured debt from CreditWatch.


CNH GLOBAL: S&P Upgrades Corporate Credit Rating From 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on CNH Global N.V. to 'BBB-' from 'BB+' after taking the
same rating action on CNH's parent company, Italy-based auto and
truck manufacturer Fiat SpA (BBB-/Stable/A-3).  The outlook is
stable.
     
Owing to the investment-grade rating, recovery methodology is no
longer applicable and Standard & Poor's has thus withdrawn its
'4' recovery rating on Case Corp.'s and Case New Holland Inc.'s
senior unsecured debt.
     
The corporate credit rating and outlook on publicly traded CNH
are the same as those on Fiat because of the close ties between
the two.  Fiat views CNH as a core business and continues to
provide strong liquidity support to CNH by way of intercompany
loans and bank loan guarantees.  Fiat has a roughly 90% equity
ownership stake in CNH.  As of March 31, 2008, CNH had $1
billion of cash deposited with Fiat affiliates' cash management
pools (repayable to CNH on one day's notice).
      
"Because S&P views CNH as core to the Fiat Group, a positive or
negative rating action on Fiat would result in the same action
on CNH," said Standard & Poor's credit analyst Dan Picciotto.  
"If S&P ceases to view CNH as core to the Fiat Group, and if
CNH's stand-alone financial profile fails to support the
ratings, S&P could take a negative rating action."

CNH Global N.V. -- http://www.cnh.com/-- (NYSE: CNH)  
manufactures agricultural and construction equipment businesses.  
CNH Global is a majority-owned subsidiary of Fiat S.p.A. (MILAN:
FIA) (NYSE: FIA).  Aside from the U.S. and Canada, the company
also has manufacturing facilities in Austria, Belgium, France,
Italy, Poland, United Kingdom, China, India, Brazil, and Mexico,
among others.


EUROPOINT WATCH: Members & Creditors to Meet on May 28
------------------------------------------------------
Europoint Watch & Jewelry Limited will hold a joint meeting for
its members and creditors at 10:30 a.m. and 11:00 a.m.
respectively, on May 28, 2008.  At the meeting, the company's
liquidators, Wong Man Chung, Francis will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Wong Man Chung, Francis
            3rd Floor, 34-37 Connaught Road
            Central, Hong Kong


FUSION COMPUTER: Members' Final Meeting Set for May 28
------------------------------------------------------
Members of Fusion Computer Limited will have their final general
meeting on May 28, 2008, at C C Wu Building, Room 1304, 302-8
Hennessy Road, Wanchai, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Liu Chi Tat Stephen
         C C Wu Building, Room 1304
         302-8 Hennessy Road, Wanchai
         Hong Kong


HONGKONG TECHNICAL: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
Creditors of HongKong Technical Services Limited are required to
file their proofs of debt by May 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 14, 2008.

The company's liquidators are:

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


KING FORTUNE: Members' Final Meeting Set for May 24
---------------------------------------------------
Members of King Fortune Enterprises Limited will have their
final general meeting on May 24, 2008, at Chung Chi House, 2nd
Floor, Room 208, Chung on Chi Estate, Ma On Shan, Shatin, New
Territories, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Luk Sau Man
         Chung Chi House, 2nd Floor
         Room 208, Chung on Chi Estate
         Ma On Shan, Shatin, New Territories
         Hong Kong


KHK TRADING: Members & Creditors to Meet on May 28
--------------------------------------------------
KHK Trading Limited will hold a joint meeting for its members
and creditors on May 28, 30, 2008.  At the meeting, the
company's liquidators, Liu Chi Tat Stephen will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Liu Chi Tat Stephen
          C C Wu Building, Room 1304
          302-8 Hennessy Road, Wanchai
          Hong Kong
           

PATERIGHT DEVELOPMENT: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------------
Creditors of Pateright Development Limited are required to file
their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 14, 2008.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki, Alice
         Kwan Chart Tower, 6th Floor
         6 Tonnochy Road, Wanchai
         Hong Kong


RISE POINT: Members' Final Meeting Set for May 28
-------------------------------------------------
Members of Rise Point Trading Limited will have their final
general meeting on May 28, 2008, at Grand Progress Building, 3rd
Floor, Room B, 58 D' Aguilar Street, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Liu Chi Tat Stephen
         Grand Progress Building
         3rd Floor, Room B, 58 D' Aguilar Street
         Hong Kong


STONE ENERGY: Inks Merger Deal With Boise d'Arc for $1.8 Billion
----------------------------------------------------------------
Stone Energy Corporation and Bois d'Arc Energy Inc. have entered
into a definitive merger agreement pursuant to which Stone will
acquire Bois d'Arc.

Bois d'Arc stockholders will receive $13.65 in cash and 0.165
shares of Stone common stock for each share of Bois d'Arc common
stock.  The transaction has an aggregate value of approximately
$1.8 billion.

"Bois d'Arc is an outstanding fit with Stone given the
complementary asset bases, strategies and skill sets of the two
companies," David Welch, chief executive officer of Stone, said.   
"Stone is a strong exploitation and development company and
combined with Bois d'Arc's outstanding inventory of shelf
exploration prospects, the combined company will be a leading
Gulf of Mexico producer."

"The transaction will be accretive to Stone on a 2008 cash flow
basis and the combined entity is expected to generate
significant free cash flow which will continue to strengthen its
balance sheet," Mr. Welch added.

Following the merger, Stone expects to produce over 300 Mmcfe
per day and have over 700 Bcfe of estimated proved reserves and
approximately 275 Bcfe of estimated probable reserves, with a
multi-year exploration prospect inventory, extensive 3D seismic
coverage over the Gulf of Mexico, and a material leasehold
position of over 800,000 net undeveloped acres.

"Stone has the cash flow as well as the depth of personnel and
the infrastructure in place to effectively capture the full
value of Bois d'Arc's extensive prospect inventory," Gary
Blackie, chief executive officer of Bois d'Arc, stated.  "The
case for combining the two companies is extremely compelling to
the Bois d'Arc stockholders."

Stone expects to fund the transaction utilizing existing cash on
its balance sheet, borrowings from a proposed new $700 million
credit facility underwritten by Bank of America N.A., and the
issuance of approximately 11.3 million shares of Stone common
stock.  The transaction is expected to close in the third
quarter of 2008.  After the closing, Stone will remain
headquartered in Lafayette, Louisiana, and David Welch will
continue as chief executive officer of the combined company.

The boards of directors of both companies have approved the
merger agreement, and each will recommend the transaction to its
respective stockholders for approval.  Completion of the
transaction is subject to stockholder approval of Stone and Bois
d'Arc, regulatory approvals, and other customary conditions.  
Post closing, it is anticipated that the Stone stockholders will
own approximately 72% of the combined company, and the Bois
d'Arc stockholders will own approximately 28% of the combined
company.

Concurrent with the execution of the merger agreement, Comstock
Resources Inc., which holds approximately 49% of the outstanding
shares of Bois d'Arc, entered into a stockholder agreement in
which it agreed to vote in favor of the merger and agreed to a
one-year lock-up.  In addition, Gary Blackie, director and chief
executive officer of Bois d'Arc, and Wayne Laufer, director and
former chief executive officer of Bois d'Arc, who own
approximately 8% and 10% of the outstanding shares of Bois d'Arc
common stock, also entered into stockholder agreements in which
they agreed to vote in favor of the merger.

"We are very excited about this combination and are enthusiastic
about our 13% post-merger ownership in Stone Energy," Jay
Allison, chief executive officer of Comstock, said.  "Stone has
made significant strides in positioning itself as a leader in
the Gulf of Mexico and the Bois d'Arc team has done an
outstanding job of creating value since Bois d'Arc's inception."

Gary Blackie and certain key Bois d'Arc employees have entered
into a participation agreement with Stone, under which, after
the completion of the merger, Mr. Blackie and his team will
generate exploration prospects in the Gulf of Mexico drawing on
their extensive geological expertise in the region.  Stone will
provide overhead support and will advance certain funds needed
to conduct exploration activities.  Stone will be entitled to a
non-promoted 50% working interest in each prospect generated.

Tudor, Pickering, Holt & Co. acted as financial advisor to Stone
and provided a fairness opinion to the board of Stone.  Scotia
Waterous (USA) Inc. and Raymond James & Associates Inc. acted as
financial advisors to Bois d'Arc, and Raymond James & Associates
Inc. provided a fairness opinion to the board of Bois d'Arc.

                     About Bois d'Arc Energy

Based in Houston, Texas, Bois d'Arc Energy Inc. (NYSE:BDE) --
http://www.boisdarcenergy.com/-- is an independent exploration  
company engaged in the discovery and production of oil and
natural gas in the Gulf of Mexico.  The company's oil and
natural gas properties are estimated to have proved reserves of
398 billion cubic feet of natural gas equivalent.  Bois d'Arc's
proved oil and natural gas reserve base is 63% natural gas and
37% proved developed on a Bcfe basis as of Dec. 31, 2007, and it
serves as operator for approximately 98% of its properties.  
During the year ended Dec. 31, 2007, its daily production
averaged 88 million cubic feet of natural gas and 4,578 barrels
of oil or 116 million cubic feet of natural gas equivalent.  The
company's properties are located in the outer continental shelf
of the Gulf of Mexico in water depths of up to 75 feet.  Its
Gulf of Mexico operations include properties located offshore of
Louisiana and Texas, in state and federal waters of the Gulf of
Mexico.

                  About Stone Energy Corporation

Headquartered in Lafayette, Louisiana, Stone Energy Corporation
(NYSE:SGY) -- http://www.stoneenergy.com/-- is an independent  
oil and natural gas company.  The company is engaged in the
acquisition and subsequent exploration, development, operation
and production of oil and gas properties located in the
conventional shelf of the Gulf of Mexico, the deep shelf of the
Gulf of Mexico, the deepwater of the Gulf of Mexico, the Rocky
Mountain Basins and the Williston Basin.  Stone Energy is also
engaged in an exploratory joint venture in Bohai Bay, China.


STONE ENERGY: Moody's Keeps B3 Ratings on Bois d'Arc Acquisition
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings for Stone Energy
Corp. following the company's announcement that it is acquiring
Bois d'Arc Energy, Inc.  The ratings being affirmed are the B3
corporate family rating, the B3 probability of default rating,
and the Caa1 (LGD 4; 62%) senior subordinated note rating.

Simultaneously, Moody's is changing the speculative grade
liquidity rating to SGL-3 from SGL-2.  Moody's notes that while
the Caa1 note rating remains one notch below the CFR, an
additional notch down could occur if the long-term financing
plan consists of a significant amount of senior secured debt.  
The outlook is stable.

On April 30, 2008, Stone announced that it is acquiring Bois
d'Arc Energy, a Gulf of Mexico focused producer that is 49%
owned by Comstock Resources (B1 CFR), for total consideration of
$1.8 billion. Under terms of the agreement, Bois d'Aarc's
shareholders will get $13.65/share in cash and 0.165 shares of
Stone stock, making the total consideration about 55% cash and
45% equity.  At closing, Stone shareholders will own 72% of the
combined company and Bois d'Arc shareholders will own 28%.  
Based on year-end 2007 reserves, the purchase price reflects a
very high $4.54/mcfe ($27.27/boe) of proved reserves and about
$93,103/ boe ($15,517/mcfe) of flowing Q4 '07 production.  
However, Moody's notes that this valuation does compare
favorably to some recent GOM transactions.

The stable outlook considers the increased scale of the combined
company as well as the outlook for commodity prices, both of
which provide the company with additional opportunities to
achieve reserve and production growth and to execute on its debt
reduction strategy.  However, the stable outlook also reflects
that the combined company will have increased leverage on the PD
reserves at close, the high cost structure of the two companies
and the concentration in the GOM, where Stone had been
previously challenged to grow its reserves and production.  Pro
forma leverage on the PD reserve base will be higher (over
$9.00/boe compared to $7.49/boe at FYE Dec. 31, 2007) expected
and elevates the already high reinvestment risk associated with
the GOM.

A positive outlook and upgrade would be considered if management
is executing on its debt reduction plans and there are clear
indications that the capital productivity is improving.  
Evidence of this would be sustained sequential quarterly
production growth, replacing all of its production at more
sustainable costs, and leverage on the PD reserve base is
trending towards $8.00/boe.  The company's 2008 year-end FAS 69
disclosure will be a critical element in determining its
progress.

The B3 ratings continue to reflect the Stone's inconsistent
track record of replacing its reserves (though there has been
some improvement) and the company's very high cost structure
which has resulted in a leveraged full cycle ratio below 100%
despite very supportive commodity prices.

The B3 is supported by the significantly increased scale of the
combined company.  Pro forma for the acquisition, Stone's
reserves will essentially double in size and production will
increase by approximately 80% and will make it one of the larger
Gulf of Mexico producers within the single-B rated exploration
and production company peer group.  While leverage is increasing
with the acquisition, the B3 CFR can accommodate this added
leverage, assuming that commodity prices and production volumes
remain supportive for debt reduction over the next twelve
months.

The downgrade of the speculative grade liquidity rating to SGL-3
from SGL-2 primarily reflects the company's use of about
$500 million of its own cash on hand for the acquisition,
leaving cash balances at modest levels.  Although the
acquisition is not expected to close until Q3'08, the cash will
in the meantime be earmarked for the purchase and will not be
made available for other use.  Currently, Stone has no borrowing
under its $300 million secured revolving credit facility ($175
million borrowing base), however, upon closing, a new $700
million facility is expected to be significantly drawn to
partially fund the purchase of Bois d'Arc.  The company is
expected to be well within its maintenance covenants under the
credit facility, though it the facility will be secured by
essentially all of its reserves, leaving no alternative sources
of liquidity.

Stone Energy Corporation is headquartered in Lafayette,
Louisiana, and is an independent oil and gas company engaged in
the acquisition and subsequent exploration, development,
operation and production of oil and gas properties primarily
located in the conventional shelf of the GOM, the deep shelf of
the GOM, and the deepwater of the GOM.


STONE ENERGY: Bois d'Arc Deal Cues S&P to Hold 'B+' Debt Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Stone Energy Corp. and its 'BB-' corporate
credit rating on Comstock Resources Inc.  The outlook on both is
stable.
     
At the same time, S&P placed the issue ratings on Stone's
subordinated notes and Comstock's senior notes on CreditWatch
with negative implications.  S&P rate Stone's subordinated notes
'B+', with a recovery rating of '3', which indicates its
expectation of meaningful (50% to 70%) recovery in the event of
default.  S&P rate Comstock's senior notes 'B+', with a recovery
rating of '5', which indicates its expectation of modest (10% to
30%) recovery in the event of default.

"These rating actions follow the announcement that Stone has
entered into a definitive agreement to acquire Bois d'Arc Energy
Inc., in which Comstock holds a 49% ownership interest," said
Standard & Poor's credit analyst Jeffrey Morrison. (Standard &
Poor's does not rate Bois d'Arc Energy Inc.)

Stone and Comstock are independent exploration and production
firms focused in Gulf of Mexico.
     
The CreditWatch listings on Stone and Comstock's subordinated
notes and senior notes issue ratings, respectively, reflect the
potential that S&P could lower the issue ratings and change the
recovery ratings in the near term.  S&P's concerns derive from
changes to the capital structure and assets caused by the
transaction--specifically, increased secured debt capacity at
Stone, and a reduced enterprise valuation at Comstock after the
sale of its interests in Bois d'Arc.  S&P expect to resolve the
CreditWatch in the near term.


UNIVERSAL ALUMINIUM: Members & Creditors to Meet on May 27
----------------------------------------------------------
Universal Aluminium Company Limited will hold a joint meeting
for its members and creditors on May 27, 30, 2008.  At the
meeting, the company's liquidators, Fung Tat Man will provide
the attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Fung Tat Man
            Xiu Ping Commercial Building
            104 Jervois Street, Sheung Wan
            Hong Kong



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

GENERAL MOTORS: Total April 2008 Sales Decrease 16 Percent
----------------------------------------------------------
General Motors Corp. dealers in the United States delivered
260,922 vehicles in April.  Retail car and crossover sales were
up more than 9%.  A sharp sales increase in fuel efficient cars
and crossovers could not make up for soft truck demand and a
sharp decline in fleet deliveries impacted by the American Axle
& Manufacturing Holdings Inc. strike.  On a non-adjusted basis,
retail sales were down 11.5% and total sales for the month were
down 16%.

On an adjusted basis, total sales declined 22.7%.

Dealer inventories were at their lowest level since September
2005 with about 824,000 vehicles in stock, down about 206,000
vehicles compared to last April, and down more than 84,000
vehicles compared with December 2007.

"Consumer preference is shifting and we're shifting with it as
evidenced by our strong car and crossover sales," Mark LaNeve,
vice president, GM North America Vehicle Sales, Service and
Marketing, said.  "Our new products such as the Chevrolet
Malibu, Cadillac CTS and Buick Enclave were hot throughout the
month.  Throughout the industry, truck sales have been soft.
We've been able to match the current economic slowdown with
historically low total inventories, and as we look for ways to
increase car and crossover production, we are improving our
competitive position for the economic recovery."

Chevrolet Malibu total sales were up 29% with retail sales up
147%, Aveo sales were up 14% total and 13% retail, and Cobalt
sales were up 16% total and 17% retail.  Pontiac Vibe total
sales were up 36% and retail sales were up 39% compared with
April 2007.  Saturn Aura was up 19% total and 16% retail, and
the Astra had its fourth consecutive month of increasing sales
with more than 900 vehicles sold.  In the luxury car segment,
the award-winning Cadillac CTS saw total sales increase 8% with
a strong retail increase of 12%.

GM's popular crossover Buick Enclave, GMC Acadia and Saturn
Outlook together accounted for nearly 13,000 retail vehicle
sales in the month, an increase of 7% compared with the same
month last year.  There were more than 6,600 Acadia, 4,000
Enclave and 2,300 Outlook retail sales.  The Saturn Vue had a
total sales increase of about 600 vehicles compared with April
2007.

"Our sales performance in mid-cars and crossovers shows the
power of new products to attract consumers -- even in a tough
market," Mr. LaNeve added.  "So as the mix shifts from trucks to
cars, we're ready in our dealers' showrooms with vehicles that
provide industry-leading value, great fuel economy and the best
warranty coverage of any full-line automaker."

                      Certified Used Vehicles

April 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 44,479
vehicles, up nearly 7% from April 2007 results.  Year-to-date
sales are 168,087 vehicles, down 7% from the same period last
year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted April sales of 38,861 vehicles, up 6% from last
April.  Cadillac Certified Pre-Owned Vehicles sold 3,565
vehicles, up 27%.  Saturn Certified Pre-Owned Vehicles sold
1,159 vehicles, down 21%.  Saab Certified Pre-Owned Vehicles
sold 727 vehicles, up 14%, and HUMMER Certified Pre-Owned
Vehicles sold 167 vehicles, up 109%.

"Our certified sales momentum continued in April, as GM
Certified Used Vehicles sales grew for the fourth consecutive
month, a 6 percent increase over last April's results," Mr.
LaNeve said.  "The Cadillac, Saab and HUMMER Certified Pre-Owned
Vehicles programs also generated robust increases as consumers
take advantage of the great value and peace-of-mind assurances
that come with the purchase of certified GM vehicles."

In April, GM North America produced 242,000 vehicles (128,000
cars and 114,000 trucks).  This is down 93,000 vehicles or 28
percent compared to April 2007 when the region produced 335,000
vehicles (120,000 cars and 215,000 trucks).  (Production totals
include joint venture production of 22,000 vehicles in April
2008 and 16,000 vehicles in April 2007.)

Approximately 130,000 units of production have been lost in
April due to the American Axle work stoppage.  Since the dispute
began in late February, approximately 230,000 units of
production have been lost.  GMNA has revised its forecast for
2008 second-quarter production to 950,000 vehicles, down 130,000
units from the prior forecast to reflect April production
losses.  Due to the current American Axle work stoppage, there
is considerable uncertainty with regard to the second quarter
production forecast.

On April 30, 2008, GM's annual total vehicle sales forecast for
the industry was revised to an expected mid-to-high 15 million
vehicle SAAR.  The previous forecast provided in January of this
year was in the low-16 million unit range.  The revision
reflects actual industry sales rates for the first four months
of 2008 and the current assessment of the recovery of the U.S.
economy.

                           About GM

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

                         *     *     *

As reported in the Troubled Company Reporter on April 28, 2008,
Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. remain on CreditWatch with negative implications, where
they were placed March 17, 2008.  The CreditWatch update follows
downgrades of 49%-owned subsidiaries GMAC LLC (B/Negative/C) and
Residential Capital LLC (CCC+/Watch Neg/C).  The rating actions
on Residential Capital LLC and GMAC were triggered by the
resignation of the only independent directors at Residential
Capital LLC.


QUEBECOR WORLD: Names Randy Benson as CRO
-----------------------------------------
Quebecor World Inc. appointed Randy Benson, Chief Restructuring
Officer of the Company.  Mr. Benson will report to the
Restructuring Committee of the Board of Directors.

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

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

                       About Quebecor World

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

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

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

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

The Debtors' CCAA stay has been extended to May 12, 2008.  The
Debtors have until Sept. 30, 2008, to exclusively file a
reorganization plan.

(Quebecor World Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000)


SUN MICROSYSTEMS: Eliminates 2,500 Jobs to Save $220MM in Costs
---------------------------------------------------------------
Sun Microsystems Inc. will reduce its workforce by around 1,500
to 2,500 people in the current quarter, Christopher Lawton of
The Wall Street Journal reports.

The company relates that it needs to slash costs as the U.S.
economy is pretty weak and they are facing delays in orders from
customers.

Sun adds that they would be taking a charge of $130.0 million to
$220.0 million in its fiscal fourth quarter to account for the
cuts.

Sun shares rose 67 cents, or 4.3%, to $16.33 at 4 p.m. in Nasdaq
Stock Market composite trading, before the formal statement, WSJ
notes.  WSJ adds that shares fell 11.2% to $14.50 in after-hours
trading.

                 Third Quarter Financial Results

Sun Microsystems reported net loss for the third quarter ended
March 30, 2008, on a Generally Accepted Accounting procedures or
GAAP basis of $34.0 million as compared with net income of
$67.0 million for the third quarter of fiscal 2007.

In the third quarter of fiscal 2008, the company recorded a
$52 million dollar tax provision, as compared to a tax benefit
of $3 million in the third quarter of fiscal 2007.  Net loss for
the third quarter included charges related to the acquisition of
MySQL.

Cash generated from operations for the third quarter of fiscal
2008 was $329.0 million, and the cash and marketable debt
securities balance at the end of the quarter was $3.8 billion.
During the third quarter, Sun continued to leverage its cash
position, spending $300.0 million to repurchase 17.5 million
shares of its common stock.  There is $500.0 million remaining
of the $3.0 billion share repurchase program disclosed in the
company's fiscal fourth quarter of 2007.

At March 30, 2008, the company's balance sheet showed total
assets of $14.2 billion, total liabilities of about $8.5 billion
and total shareholders' equity of $5.7 billion

                     About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://sun.com/-- provides network computing    
infrastructure product and service solutions worldwide.  Sun
Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                          *     *     *

Moody's Investors Service placed Sun Microsystems Inc.'s
corporate family and unsecured debt rating at 'Ba1' in September
2005.  The ratings still hold to date with a stable outlook.


TATA STEEL: May Bid for a Stake in PT Krakatau Steel
----------------------------------------------------
Tata Steel Limited plans to bid for a stake in Indonesia's
largest steel maker PT Krakatau Steel, various reports say.

Ansari Bukhari, the industry ministry's director general for
metal, told Antara News that Tata Steel has also expressed  its
interest in finding out more details in the Krakatau Steel
privatization.  A representative of Tata Steel would meet
Industry Minister Fahmi Idris early next week, he said, Antara
News relates.

According to Agence France-Presse, Australian firm BlueScope
Steel Limited, ArcelorMittall, and  Indian firm Essar have also
reportedly expressed an interest in Krakatau's privatization.  
Mr. Bukhari's office confirmed Mr. Idris will also receive a
representative of Bluescope Steel, AFP adds.

                        About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro   
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating was removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.



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

MEDCO ENERGI: Reports US$22.96 Million 1st Quarter Net Profit
-------------------------------------------------------------
Antara News reports that PT Medco Energi Internasional Tbk
disclosed that it booked a net profit of US$22.96 million in the
first quarter, compared with US$15.43 million a year earlier,
aided by stronger sales.

According to Antara News, Medco's sales jumped 86 percent to
US$334.55 million from US$179.87 million in the first quarter of
2007, mainly driven by oil and gas sales, which rose 68 percent
to US$210.5 million.  The report relates that the remaining
sales came from drilling and related services, chemicals and
other petroleum products, and power sales.

Antara News adds that Medco's operating profit rose to US$87.75
million from US$49.44 million a year ago.

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

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

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

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

     * B1 local currency corporate family rating -- Medco

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


NORTEL NETWORKS: Net Loss Widens to $138MM in 2008 First Quarter
----------------------------------------------------------------
Nortel* Networks Corporation reported its results for first
quarter ended March 31, 2008, which demonstrated continued
progress against the company's turnaround strategy.

The company reported a net loss in the first quarter of 2008 of
$138 million compared to net loss of $103 million in the first
quarter of 2007 and net loss of $844 million in the fourth
quarter of 2007.

The net loss $138 million included:

   -- special charges of $88 million for restructurings;

   -- a loss of $19 million due to changes in foreign exchange
      rates;

   -- a charge of $12 million related to a patent lawsuit
      settlement; and

   -- a gain of $16 million from mark-to-market gains on
      interest rate swaps.

The net loss in the first quarter of 2007 of $103 million
included a shareholder litigation gain of $54 million reflecting
a mark-to-market adjustment of the share portion of the class
action settlement and special charges of $80 million for
restructuring.

The net loss in the fourth quarter of 2007 of $844 million
included a reduction of the deferred tax asset of $1,043
million, special charges of $38 million for restructurings, a
gain of $23 million on the sale of assets, a gain of $40 million
due to favourable effects of changes in foreign exchange rates
and a gain due to a market value adjustment of $15 million on an
interest rate swap.

"Nortel had a strong first quarter, driven by the completion of
a contract in our LG-Nortel joint venture and continued
improvements in gross and operating margins, Mike Zafirovski,
Nortel president and chief executive officer, said.  "Nortel's
operating margin, a critical measure of our plan's traction,
expanded for the seventh consecutive quarter year over year,
recording a 512 bps improvement to 4.7%."

"We except to achieve our full year guidance and we continue to
make solid progress against the strategy to turn around the
company," Mr. Zafirovski added.  "Our relentless focus on
execution and our determination to deliver value to customers is
strengthening the foundation upon which to build our performance
over the balance of 2008 and beyond."

Cash balance at the end of the first quarter of 2008 was
$3.2 billion, down from $3.5 billion at the end of the fourth
quarter of 2007.  The decrease in cash was driven by a cash
outflow from operating activities of $260 million, cash used in
investing activities of $44 million and cash used in financing
activities of $14 million.

The cash outflow from operating activities of $260 million
included a net loss of $138 million and outflows of $264 million  
related to:

   -- the payment of 2007 bonuses and fourth quarter sales  
      compensation;

   -- $121 million related to pension funding;

   -- $51 million cash payments related to its restructuring
      plans.

The cash outflow was partially offset by net cash inflows of
$99 million of working capital and non-cash additions including
$82 million of amortization and depreciation and $78 million of
minority interest related to profitability of the LG-Nortel
joint venture.

At March 31, 2008, the company's balance sheet showed total
assets of $16.2 billion, total liabilities of $13.6 billion and
total shareholders' deficit of about $2.6 billion.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service's
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.



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

CHRYSLER LLC: Seeks to Sell Two Michigan Axle Plants for $400MM
---------------------------------------------------------------
Chrysler LLC offered to sell two axle facilities in Michigan for
$400 million, and approached private equity firms and axle
suppliers Dana Holding Corp. and American Axle and Manufacturing
Holdings Inc., The Wall Street Journal reports citing unnamed
sources.

WSJ relates that Chrysler is selling its unfinished Maryville
plant and the Detroit Axle.  However, no buyers have come
forward.

Chrysler did not comment on the matter.

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 $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
$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.


DRAKE MANAGEMENT: To Liquidate $2.5 Billion Investment Fund
-----------------------------------------------------------
Katherine Burton at Bloomberg News reports that Drake Management
LLC is winding down the $2.5 billion Global Opportunities Fund,
its largest hedge fund, after losses prompted clients to
withdraw investments.

The Global Opportunities Fund lost 25% last year on wrong-way
bets on U.S. Treasuries, as well as Japanese bonds and stocks in
developed markets, Bloomberg says, citing a year-end report
Drake sent to investors.  The fund manager borrowed about $12
for every $1 of net assets as of Dec. 31, according to a
separate report by Bloomberg in March.

Bloomberg says Drake's managers, Anthony Faillace and Steve
Luttrell, will decide on the fate of its two other hedge funds
by the end of the May and plan to start a new fund this year.

Drake also runs the $1.3 billion Drake Absolute Return Fund and
the $160 million Drake Low Volatility Fund.  Bloomberg relates
that the Drake Absolute Return Fund fell 14% in 2007.

Mr. Luttrell has said current investors have committed about
$300 million to a new Absolute Return fund, Bloomberg reports.  
The two managers will continue to manage $8 billion in
traditional fixed-income accounts, according to Bloomberg.

In a report by the Troubled Company Reporter on March 14, 2008,
Drake restricted client redemptions or allowed clients to shift
assets to a new fund.  In an 11-page letter to investors dated
March 12, Drake said it "would seem more probable that the
market disruptions we have experienced will not abate in the
short term, but will instead continue for some time."

The Wall Street Journal, citing a person familiar with the
situation, said in March Drake also was likely to stop investor
withdrawals from its two other hedge funds.

Ms. Burton, citing Drake's letter to investors, relates that
clients had voted to switch about $500 million to the new fund,
but when some investors opposed splitting the assets, Drake
decided to liquidate Global Opportunities.  Ms. Burton reports
that investors may get most of their money back by the end of
the year.  The shut down, she says, is scheduled to be completed
by the first quarter of 2009.

New York-based Drake is an investment advisor registered with
the Securities and Exchange Commission, specializing in active
fixed income strategies.  The firm was founded in May 2001  with
the goal of delivering attractive risk-adjusted returns for
substantial investors worldwide.

Founded by Anthony Faillace and Steve Luttrell, who both
previously worked at New York-based BlackRock and Pacific
Investment Management Co. in Newport Beach, California, Drake
began managing assets in January 2002.  Drake currently manages
more than $10 billion.

With more than 100 professionals, Drake has offices in Tokyo,
Japan; Miami, Florida; Sao Paulo, Brazil; and Istanbul, Turkey.


FORD MOTOR: To Offer Buyouts to 1,300 Workers in Two Plants
-----------------------------------------------------------
Ford Motor Company spokeswoman Angie Kozleski disclosed that the
automaker intends to offer buyouts to 800 workers in an assembly
plant in Chicago, Illinois, and to 500 workers in an assembly
plant in Louisville, Kentucky, several papers report.

The Associated Press relates that workers in an engine plant in
Cleveland, Ohio, will also be offered buyouts, although, figures
weren't reported.

As reported in the Troubled Company Reporter on March 4, 2008,
Ford disclosed plans to further align its capacity with demand
at four U.S. manufacturing facilities as it works to return its
North American operations to profitability by 2009.  The Chicago
Assembly Plant and Louisville Assembly Plant will operate on one
shift beginning this summer.  The date for the shift reduction
has not been finalized.  Cleveland Engine Plant #2 will operate
on one shift beginning in late April.  In addition, Cleveland
Engine Plant #1, which has been idled since May 2007, will
resume production in the fourth quarter.  The company had
planned to resume production resume this spring.

AP recounts that the Chicago plant produces the Ford Taurus and
Mercury Sable sedans and Taurus X crossover vehicle, while the
Louisville assembly facility manufactures the Ford Explorer and
Mercury Mountaineer sport utility vehicles.  The Cleveland plant
produces engines.

Michael Dolan of The Wall Street Journal writes that the
automaker is instigating another round of buyouts since only
4,200 hourly workers had accepted the company's latest buyout
and early retirement offers in April.  The company expected
8,000 workers to accept the compensation packages last month.

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

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

                          *     *     *

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

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

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


HERBALIFE LTD: Reports US$62.4 Mil. Net Income in First Quarter
---------------------------------------------------------------
Herbalife Ltd. reported first quarter net sales of
US$604.4 million, an increase of 19.0 percent compared to the
same period of 2007.  This record performance was attributable
to double-digit growth in several of the company’s top
countries; the U.S. up 14.3 percent, Taiwan up 14.8 percent,
Italy up 29.7 percent, China up 111.5 percent, Japan up 10.4
percent, and Spain up 30.2 percent in each case as compared to
the same period in 2007, including a 710 basis point favorable
impact from currency fluctuations.  The company’s Chairman and
Chief Executive Officer Michael O. Johnson, said, “We are
pleased to report our 17th consecutive quarter of double-digit
growth and record net sales, as all five of our regions reported
positive sales growth, reflecting the strong performance of our
independent distributor organization.  Herbalife’s continued
success reflects geographic balance among our portfolio of 65
markets coupled with our distributor’s transition to a daily
consumption retail model.”

For the quarter ended March 31, 2008, the company reported net
income of US$62.4 million compared to US$41.2 million in the
first quarter of 2007.  The increase in net income was primarily
attributable to double-digit net sales growth, expansion in
operating profit margins, and a lower effective tax rate.

During the first quarter 2008, total Sales Leaders increased
11.9 percent to 351,448 and new Sales Leaders increased 10.4
percent to 48,805 versus the first quarter of 2007.  The
company’s President’s Team membership increased 12.9 percent to
1,132 members and the company’s prestigious Chairman’s Club
increased 16.7 percent to 35 members.  “Double-digit growth of
our Sales Leaders at all recognition levels of our marketing
plan demonstrates the vitality we have throughout the
distributor organization.  Close collaboration between our
independent distributors and our management team, coupled with
strong distributor leadership, provides the foundation for our
continued strong topline sales performance,” added Mr. Johnson.

During the first quarter, the company repurchased 0.4 million of
its common shares through open market transactions at an average
price of $39.28 for an aggregate cost of US$17.7 million.  Since
this share repurchase program was authorized in April 2007
through first quarter 2008, the company has repurchased 9.5
million shares at an aggregate cost of US$383.5 million, which
is 85 percent of the US$450 million authorization, or
approximately 13 percent of its common stock, outstanding at the
end of March 2008.

During the first quarter, the company invested approximately
US$25 million in capital expenditures, primarily related to
enhancements to its management information systems, including
the roll out of its Oracle ERP system, and additional
infrastructure investments to improve distributor service levels
in high growth markets.

              First Quarter 2008 Business Highlights

The company supported the development and training of its
distributors during the first quarter by hosting multiple
events, including over 20,000 distributors at the South America
Extravaganzas, as well as training events in the North America,
EMEA, Mexico and Central America and Asia Pacific regions.

In March, Herbalife hosted its annual global Herbalife Honors
event in Singapore where 1,100 President’s Team members from
around the world met and shared best practices and Herbalife
distributors received approximately US$34 million in Mark Hughes
Bonus awards related to 2007.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a     
global network marketing company that sells weight management,
nutritional supplement, energy & fitness products and personal
care products through a network of over 1.7 million independent
distributors where the company currently sells the products
through retail stores and an employed sales force.  The company
reports in the U.S., Canada, Jamaica, Mexico, Costa Rica, El
Salvador, Panama, the Dominican Republic, Brazil, Europe,
Africa, among others.  Herbalife was founded in 1980 and is
based in Grand Cayman, Cayman Islands.

In Asia, the company has presence in Japan, Korea, China and the
Philippines.

                          *      *      *

In April 2007, Standard & Poor's Ratings Services said that its
'BB+' corporate credit rating on Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


NISHI-NIPPON: Fitch Holds 'BB+' Rating on Subordinated Debt
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Miyazaki Bank, Ltd.
and The Nishi-Nippon City Bank Ltd., as:

Miyazaki:
  --  Long-term foreign and local currency Issuer Default
Ratings:
      affirmed at 'BBB+'; Stable Outlook;

  --  Short-term foreign and local currency IDRs: affirmed at
      'F2';

  --  Individual rating: affirmed at 'C';
  --  Support rating: affirmed at '2';
  --  Support Rating Floor: affirmed at 'BBB  -- '; and
  --  Subordinated debt: affirmed at 'BBB'.

NNC:
  --  Long-term foreign and local currency IDRs: affirmed at
      'BBB-'; Stable Outlook;
  --  Short-term foreign and local currency IDRs: affirmed at
      'F3';

  --  Individual rating: affirmed at 'D/E';
  --  Support rating: affirmed at '2';
  --  Support Rating Floor: affirmed at 'BBB  -- '; and
  --  Subordinated debt: affirmed at 'BB+'.

Miyazaki's ratings were affirmed, mainly in reflection of its
sound asset quality, moderate capitalisation supported by
consecutively posted net income and its strong franchise in the
Miyazaki prefecture.  Miyazaki's asset quality was above the
average of Japanese regional banks, with the net problem loan
ratio of 1.8% at end-September 2007.  Although the asset quality
may get worsen gradually in light of further weakening regional
economies, this should not lead to an immediate downgrade (as
indicated by the Stable Outlook), unless the magnitude of the
deterioration is dramatic.  On April 11 2008, the bank revised
downward its forecast of net income at end-March 2008 due to an
increase of impairment charges for securities investment.  
However, Miyazaki is likely to post a modest JPY1.6 billion net
income, which should support a slow yet continuous growth of its
capitalisation.

NNC's Long-term IDRs remain supported solely by its high Support
rating. On the other hand, the Individual rating is constrained
mainly by its weak capitalisation, and the potential adverse
effects on its capital from having a weak subsidiary.  NNC's
capitalisation remains weak with a high percentage of gross DTAs
to its Tier 1 capital and public funds, limiting the bank's
operational flexibility.  

And despite an improvement in the financial position of NNC's
subsidiary, Bank of Nagasaki Ltd. (Nagasaki, 'D/E'/Stable), due
to a dramatic NPL disposal and bolstering of its capitalisation
including JPY30bn injected from NNC in the first half of the
fiscal year to end-March 2008, Fitch takes the view that
Nagasaki might need further support.  In the event that a
further capital injection is required by Nagasaki, NNC's non-
consolidated capital would be impacted negatively.  In addition,
NNC also injected JPY3 billion into an alliance bank, Howa Bank,
in August 2006, which served to reduce NNC's regulatory capital.


JAPAN AIRLINES: Inks JALCARD Transfer Pact With Mitsubishi UFJ
--------------------------------------------------------------
Japan Airlines International, a subsidiary of the JAL
Corporation, and the Bank of Tokyo-Mitsubishi UFJ Ltd, a
subsidiary of Mitsubishi UFJ Financial Group Inc, have reached
an agreement on the transfer of 49.375% of the shares of JALCARD
Inc., to BTMU.

Also as part of the agreement, JAL International, JALCARD, BTMU,
Mitsubishi UFJ NICOS Co. Ltd, and JCB Co. Ltd (JCB) have agreed
on a business partnership relating to the credit card business.  

Against the backdrop of an expansion in the utilization and
availability of credit cards, diversification of related awards
and services, and advancements in related technology, the credit
card market continues to expand both in the number of cards
issued and card shopping sales income, and is expected to
continue growing.

On the other hand, competition is becoming fierce due to retail,
service, and other businesses entering the credit card market,
and the advent of mergers and acquisitions.  It is of urgent
necessity that customer convenience is increased by improving
services, conditions for use and expanding channels, and by
developing and strengthening products, services, systems,
channels in order to gain customer support.

Based on these business conditions and changes, the JAL Group
and MUFG have agreed on a strategic business and capital
alliance with regard to JALCARD’s business.

Established in 1984, JALCARD, a 100% owned subsidiary of JAL
International, offers a frequent flyer program card with a
credit function to over 2.03 million cardholders (as of March
31, 2008).  The average amount used per customer is markedly
high in the industry.

Mitsubishi UFJ NICOS, the biggest card company in Japan and the
core card company of MUFG, and JCB, Japan’s only internationally
recognized credit card brand, have played a central role in the
development of JALCARD’s business as the issuing companies for
JALCARD.  The business and capital tie-up will build on this
existing relationship of trust and cooperation until, and
through synergy effects, strive to improve customer service and
increase customer convenience.

JALI will transfer 3,950 shares out its total holding of 8,000
JALCARD shares (share of voting rights 49.375%)to BTMU as of
July 1, 2008.

JAL Group, MUFG Group and JCB will implement various measures
utilizing their own strengths to expand the scope of business
cooperation, centering on the areas below, aiming to become the
No. 1 airline credit card chosen by the customer by providing
high quality services to meet the customers’ diversified needs.

As a result of this business alliance, JALI plans to grant BTMU
certain priority rights relating to the issuance of JALCARD.

   1) Committees

         a) Steering Committee, Special Strategy Committee:

            To facilitate JALCARD business operations, a
            Steering Committee and Special Strategy Committee,
            jointly chaired by executive directors of JAL Group
            and MUFG Group, will discuss and formulate the
            management policy and management/business strategies
            of JALCARD.

         b) Business Alliance Committee:

            To realize synergy effects through a business
            alliance, an administrator-level business alliance
            committee will be set up to study, prepare and
            implement measures to expand the customer base,
            improve member services, and strengthen
            competitiveness.

   2) Expansion of customer base and improvement of member
      services

         a) Gain new members utilizing Mitsubishi UFJ NICOS and
            JCB: Further expand the customer base of JALCARD,
            utilizing the marketing network and sales teams of
            Mitsubishi UFJ NICOS, and through active promotion
            activities conducted by JCB.

         b) Development of new products/services, increasing
            alliance partners:

            Joint studies will be made to:

            - develop a new type of premium card, utilizing
              MUFGs product and service development abilities

            - new services linked with MUFG's financial products
              and services (priority interest rate service)

            - promote alliances with strong enterprises of
              various business forms/types, based on MUFG's
              alliance partners, partner financial institutions,
              and corporate customers

            - add awards offered by partners, etc.

        c) Measures to improve services for current members:

           By expanding JALCARD special partner shops, utilizing
           Mitsubishi UFJ NICOS's partner shop network (the
           biggest in the card industry), and the ability of
           Mitsubishi UFJ NICOS to explore new partner shops, we
           will strive to improve services and convenience to
           current JALCARD members.

        d) Other measures to improve member services:

           Optimize benefits from business efficiency and scale
           utilizing Mitsubishi UFJ NICOS and JCB's know-how and
           infrastructure relating to processing, and improve
           the ability to share/coordinate data on new
           membership applications, screening results, change of
           address, membership withdrawal, and shopping mile
           crediting, through a highly advanced joint system of
           the alliance companies, and thereby improve member
           services.

   3) Further collaboration between JAL Group and MUFG

      To further develop JALCARD's business, we will actively
      collaborate with credit cards of JALCARD and group
      companies of MUFG and their alliance partners, and create
      high added-value products and services by combining the
      air services of JAL Group and financial services of MUFG.

   4) Schedule

      May 2, 2008: Decision at JALI executive directors' meeting
      & conclusion of share transfer agreement and business
      alliance agreement.

      July 1, 2008: Planned date of transfer of shares and
      receipt of payment

   5) Outlook

      Through this business and capital alliance, JAL Group
      plans to post about 42 billion yen as extraordinary profit      
      for the financial results for the year ending March 2009,   
      on the transfer of share and effects of the business
      alliance.  

                    About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

As reported in the Troubled Company Reporter  on April 17, 2008,
Fitch Ratings revised the Outlook on Japan Airlines Corporation
and its whollyowned operating subsidiary, JAL International
Co., Ltd.'s Long-term Issuer Default ratings to Stable from
Negative.  At the same time, Fitch affirmed both companies'
Long-term IDRs and ratings of outstanding bonds at 'BB-'.  The
Outlook revision follows JAL's operational turnaround and better
liquidity.

As reported on Feb. 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


SADIA SA: Consolidated Net Income Doubles to BRL216MM in 1Q 2008
----------------------------------------------------------------
Sadia S.A. reported consolidated net income of BRL216.14 million
in the three months ended March. 31, 2008, more than twice the
BRL96.15 million earned in the same quarter in 2007.

Net of sales deductions, Sadia's consolidated operating revenues
for the Jan.-Mar. 2008 period aggregated BRL2.29 billion, up 21%
compared to that earned in the corresponding three-month period
last year.

With cost of goods sold of BRL1.74 billion, the company booked a
gross profit of BRL554.07 million in the latest quarter under
review.  The bulk of the operating expenses was from selling
expenses, which totaled BRL355.45 million.  

Consolidated balance sheet as of March 31, 2008, shows total
assets of BRL8.79 billion, total liabilities of BRL5.68 billion,
minority interest in subsidiaries of BRL29.06 million,  
resulting in a shareholders' equity of BRL3.07 billion.  

A copy of the company's interim results for the quarter ended
March 31, 2008, is available for free at:

              http://ResearchArchives.com/t/s?2b68

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

                        *     *     *

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


* Fitch Says Japanese REITs Have Falling Share Prices Since 2007
----------------------------------------------------------------
Fitch Ratings says falling share prices of Japanese REITs,
observed since the second half of 2007, may cause some J-REITs
to change their management policy and, in some cases, affect
their credit.

The Tokyo Stock Exchange REIT index has almost halved from the
peak reached at end-May 2007 (2,618.98) to the recent bottom on
17 March 2008 (1,285.34).  As of 30 April 2008, the share prices
of 27 out of the total 42 J-REITs are below their respective
per-unit investment.

When rating J-REITs, Fitch assesses the cash flows and values of
their property portfolio, as well as financial strength and
management policies.  Falling share prices, in themselves, do
not have an impact on the credit quality of J-REITs provided
they continue to operate in line with their original management
policy.  However, if sliding share prices lead J-REITs to change
their management policy, this may ultimately impact their credit
quality.

For example, if asset management companies are focused on
increasing dividends, they may pursue higher leverage, shift
their portfolio to high-risk high-return assets or liquidate
holding properties with unrealised gains.  The measures will
have a negative impact on J-REITs' financial strength and
portfolio quality may deteriorate.  If obtaining unsecured debt
financing becomes difficult, they may try to obtain secured
financing or opt to reduce loan-to-value ratios through the
disposal of their assets.  The former will result in a reduction
of cash flows available for unsecured debt servicing, which may
have a negative impact on their credit quality.  The latter
tends to result in a higher expense ratio as assets are reduced.  
In the case of smaller J-REITs, should the reduction of assets
become a reality, this would lead to reduced asset management
fees reflecting their smaller portfolio size, and the viability
of their asset management companies may need to be reviewed.

In Fitch's view, mergers and acquisitions may be expected among
J-REITs to streamline management or to arbitrage between the
market values of J-REITs and their property portfolios,
reflecting the current low share prices.  Once J-REITs revise
their investment or financial policy following a merger or
change in their sponsors, their credit quality will need to be
reviewed based on their new policies.



=========
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.


HYUNDAI ENGINEERING: Inks US$2.07 Billion Qatar Projects Deal
-------------------------------------------------------------
Hyundai Engineering & Construction Company Limited has signed a
US$2.07 billion initial agreement to build a desalination and
electric power plant in northeastern Qatar, The China Post
reports.

According to The Post, the construction was subcontracted by
lead contractor Mitsui of Japan, which won the order from state-
run Qatar Electricity and Water Corp.  The Korean firm said it
expects to sign a formal deal with the Japanese company this
month, the same report relates.

Hyundai Engineering and Construction told Asia In Focus News
that the plant will be built by 2011 in Ras Laffan Industrial
City, 80 kilometers north of Doha, the capital of Qatar.

                    About Hyundai Engineering  

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited -- http://www.hdec.co.kr/-- is    
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due in
2004 and about KRW4 trillion in loan guarantees related to
construction activities.

The TCR-AP stated that Hyundai Engineering ran into a liquidity
problem in 2000 after extending massive subsidies to prop up its
weak subsidiaries and loss-making businesses.  Huge outstanding
debts in Iraq further strained the contractor's finances.

Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006.


HYUNDAI ENGINEERING: Signs Sri Lanka Port Expansion Project Deal
----------------------------------------------------------------
Hyundai Engineering & Construction Co. Limited signed an EPC
contract with Sri Lanka Ports Authority for the proposed Colombo
Port Expansion Project to be performed as pre-stage of the
Colombo South Container Terminal Project.

Its workscope includes reclamation works of 19.6 Mil.M3 and
construction of 6 km breakwater, with the project amount
US$377 million and the construction period 48 months.

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited -- http://www.hdec.co.kr/-- is    
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due in
2004 and about KRW4 trillion in loan guarantees related to
construction activities.

The TCR-AP stated that Hyundai Engineering ran into a liquidity
problem in 2000 after extending massive subsidies to prop up its
weak subsidiaries and loss-making businesses.  Huge outstanding
debts in Iraq further strained the contractor's finances.

Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006.



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

MALAYSIA AIRLINES: To Keep Low Fares Program in Asean Region
------------------------------------------------------------
Bernama reports that Malaysia Airlines Managing Director and
Chief Executive Officer Datuk Seri Idris Jala said the company
has no plan to introduce its "Everyday Low Fares" campaign
outside the Asean region.

"We have no intention to do that.  If you look at many of our
loads for international, they are pretty good.  If you look at
New Zealand, Europe and Australia, the loads are good," he told
reporters after the launch of the campaign yesterday in Petaling
Jaya, Bernama relates.

According to the report, Malaysia Airlines is offering one
million zero fares for all its domestic destinations to enable
Malaysians to continue traveling and boost tourism.  Zero fares
means that the passengers only pay airport tax, fuel surcharge
and administration fees, Bernama explains.

Bernama states that the campaign is valid for travel between
June 10 and Dec 14, 2008, while the booking period is from May 5
to May 19.

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

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


SINORA INDUSTRIES: To Hold Annual General Meeting on May 26
-----------------------------------------------------------
Sinora Industries Berhad will hold its 14th Annual General
Meeting on Monday, May 26, 2008, at 10.30 a.m. at Bohayan Hall,
1st Floor, Heritage Hotel, TB210-213, Jalan Bunga, Fajar
Complex, 91000 Tawau, Sabah.

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  

Delisting procedures and suspension on the trading of Sinora's
securities will be imposed in the event that:

   * the company is unable to achieve its profit forecast for
     FY2007 or its unaudited financial results for FY2007 is
     not submitted by February 28, 2008;

   * the company fails to announce and submit its Regularization
     Plan to the Approving Authorities for approval by Feb. 28,
     2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     the Regularization Plan and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge an appeal; and

   * the company fails to implement the Regularization Plan
     within the timeframe or extended timeframe stipulated by
     the Approving Authorities.


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

ARBITRATION & ALTERNATIVE: Faces Katavich's Wind-Up Petition
------------------------------------------------------------
On December 13, 2007, an application to wind up Arbitration &
Alternative Dispute Resolution Centre N.Z. Limited was filed in
the High Court at Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 2008, at 10:45 a.m.

The plaintiff is Elaine Katavich and her solicitor is:

          Stephen McDonald
          S. W. Greer, Arandee Chambers
          108 Rockfield Road, Level 2
          Penrose, Auckland


HAMILTON NURSERIES: Faces CIR's Wind-Up Petition
------------------------------------------------
On December 31, 2007, an application to put Hamilton Nurseries
Limited into liquidation was filed in the High Court at
Hamilton.

The application was heard before the High Court at Hamilton
yesterday, May 5, 2008.

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

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


JOSEPH PRODUCTIONS NO. 16: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 16 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. 18: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 18 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. 19: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 19 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. 21: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 21 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. 22: Court to Hear Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 22 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. 23: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 23 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 24: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 24 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 25: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 25 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 26: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 26 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 28: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 28 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


JOSEPH PRODUCTIONS NO. 29: Court to Hear Petition on May 9
----------------------------------------------------------
On December 11, 2007, an application to put Joseph Productions
No. 29 Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on May 9, 2008, at 10:00 a.m.

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

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


MACH 4: Faces Maddison Slurry's Wind-Up Petition
------------------------------------------------
On April 3, 2008, an application to put Mach 4 Limited into
liquidation was filed in the High Court at Hamilton.

The application was heard before the High Court at Hamilton
yesterday, May 5, 2008.

The plaintiff is Maddison Slurry Spreading Limited and its
solicitor is:

          Christine Masters
          Chartwell Law, Solicitors
          190 Hukanui Road (PO Box 12162)
          Hamilton
          Telephone: (07) 854 7192
          Facsimile: (07) 853 7192


PROFILE WINE: Faces Crab Farm's Wind-Up Petition
------------------------------------------------
On December 12, 2007, an application to put Profile Wine Limited
into liquidation was filed in the High Court at Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 2008, at 10:45 a.m.

The plaintiff is Crab Farm Winery Limited and its solicitor is:

          J.D. Ray
          Wadsworth Ray, Solicitors
          95 Manukau Road
          Epsom, Auckland


SARNIA FINANCIAL: Court to Hear Wind-Up Petition on May 7
---------------------------------------------------------
On December 11, 2007, an application to put Sarnia Financial
Services Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 2008, at 10:45 a.m.

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

           Simon John Eisdell Moore
           Meredith Connell
           Forsyth Barr Tower, Level 17
           55-65 Shortland Street
           (PO Box 2213 or DX CP 24063)
           Auckland
           Telephone: (09) 336 7556


TECHNOLOGY DEVELOPMENTS: Court to Hear Wind-Up Petition on May 7
----------------------------------------------------------------
On April 14, 2008, an application to put Technology Developments
Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 2008, at 10:45 a.m.

The plaintiff is Robert Antony Fordyce and his solicitor is:

          J. K. HUDSON
          Glaister Ennor, Solicitors
          Norfolk House, 1st Floor
          18 High Street (PO Box 63 or DX CX 10236)
          Auckland


VTL GROUP: Releases Half-Year Report Ended Feb. 29
--------------------------------------------------
VTL Group Ltd. disclosed an operating loss of NZ$20,184,000 for
the six months ended February 29, 2008.

In a May 5 filing with the New Zealand Stock Exchange, the
company said the loss is a result of the current climate the
company is operating in, following Nathan Finance NZ Limited,
its finance subsidiary, being placed into receivership in August
2007.  In particular the result includes interest costs accruing
in respect of Nathans Finance NZ Limited (In Receivership) and
Chancery Finance Limited; further asset write downs arising from
the sale of non core businesses and costs in relation to the
restructuring and asset sales processes.  A significant
component in the increase in operating expenses, as compared
with the previous period, is a movement of NZ$7.4 million in
foreign exchange.

On May 2, 2008, the Troubled Company Reporter-Asia Pacific
reported that the New Zealand Stock Exchange threatened to
suspend the trading of VTL Group Ltd.'s securities if it could
not file its Preliminary Half Year report within five business
days of the due date.  Under Listing Rule 10.4.1(b), the report
was due to be issued to NZX on April 30, 2008.

                                6 months ended   6 months ended
                                 Feb. 29, 2008    Dec. 31, 2006
                                        NZ$000           NZ$000
                                --------------   --------------
   Total Operating Revenue              $5,584          $19,507

   Operating Expenses (incl F/X)       $23,768          $18,953

   Operating Surplus before
      Unusual Items & Tax             ($18,184)         ($5,884)

   One-off Items                       ($2,000)               -

   Equity Accounted earnings                 -              $12

   Operating Surplus/
      Loss after tax and
      equity contributions            ($20,184)         ($5,872)

The company said the report has been prepared in a manner that
complies with generally accepted accounting practice and is
based on unaudited accounts.

The preliminary half year announcement for VTL for the period
ended February 29, 2008, is non compliant with the NZSX Listing
Rules, as the circumstances of the Company have meant that it
has been unable to move to adopt the New Zealand equivalents to
the International Financial Reporting Standards.  The Company
intends entering into discussions with NZX, including making
submissions for a temporary waiver from the content requirements
of its half-year results.

Going forward the Company intends to work towards the adoption
of IFRS, at which point it will re-release the preliminary half-
year announcement.  It is expected that this announcement will
be made by June 30, 2008.  The Company will keep shareholders
informed of its exchanges with NZX and their rights.

In the interim the Company will continue to be subject to the
continuous disclosure requirements of the NZSX Listing Rules and
will continue to keep the market updated with any material
information.

                         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.


WWW.CARTOON.CO.NZ: Court to Hear Wind-Up Petition on May 7
----------------------------------------------------------
On December 11, 2007, an application to putt www.cartoon.co.nz
Limited into liquidation was filed in the High Court at
Auckland.

The application will be heard before the High Court at Auckland
on Wednesday, May 7, 2008, at 10:45 a.m.

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

          Simon John Eisdell Moore
          Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street (PO Box 2213 or DX CP 24063)
          Auckland
          Telephone: (09) 336 7556



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

ACE HARDWARE: Moody's Designates 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time corporate
family rating to Ace Hardware Corporation in connection with its
new financing package.  These ratings are subject to review of
final documentation, and assume the financing successfully
closes as outlined to Moody's.  The outlook is stable.

First time ratings assigned are:

  -- Corporate family rating of Ba3;

  -- Probability of default rating of Ba3, and

  -- $300 million senior secured notes maturing 2016 at Ba2
     (LGD 3, 37%).

The Ba3 corporate family rating reflects Ace's favorable
position in the home improvement and hardware segment of retail,
leverage that is moderate for the rating category, and liquidity
that will markedly improve as a result of this transaction.  
These factors are balanced against a fiercely-competitive
operating environment that is being stressed by weak
macroeconomic factors, particularly housing related, and the
ongoing remediation of internal controls, particularly inventory
accounting.  Ace is a significant player in the convenience sub-
segment of the home improvement and hardware segment of retail,
with its network of 3,100 members collectively operating more
than 4,600 retail stores in all 50 states and over
60 foreign countries.  This member store network generates
$10 billion in retail sales, with Ace's wholesale sales to these
members at $4 billion.  Despite the presence of Home Depot
(Baa1/Prime-2) and Lowe's (A1 / Prime-1), which combined
generate almost $130 billion of revenue, home improvement and
hardware remains a fairly-fragmented segment of retail,
especially the convenience hardware sub-segment.

The new financing package will consist of the Ba2-rated
$300 million senior secured notes, as well as a $300 million
unrated senior secured five year revolving ABL credit facility
that will be undrawn at closing.  These facilities, as well as
excess cash on hand, will repay $131 million in current revolver
borrowings, redeem $184 million in private placement notes, and
pay attendant fees and expenses.  The revolver will have a first
lien on accounts receivable and inventory, and a second lien on
other business assets.  The Ba2-rated senior secured notes will
have a first lien on fixed assets with first mortgages on real
estate with an appraised value of $293 million, a first lien on
capital stock and intangibles, including the Ace trademark, and
second liens on accounts receivable and inventory.

                      About Ace Hardware

Ace Hardware Corporation, headquartered in Chicago, Illinois, is
a cooperative with over 3,100 members that operate 4,600 stores
in the U.S. and over 60 foreign countries.  It generated
merchandise sales to its members of $4 billion for fiscal 2007.

In Asia, the company has stores in Malaysia, Indonesia and the
Philippines.


FEDDERS CORP: Wants to Sell Air Quality Biz for $25 Million
-----------------------------------------------------------
Fedders Corporation asked the U.S. Bankruptcy Court for the
District of Delaware for permission to sell its indoor air
quality business and related assets for $25 million, Bankruptcy
Data reports.

The stalking horse bidder, according to the report, is composed
of Tomkins Industries, Tomkins Finance, Air System Components
Investments China Limited and Ruskin Air Management Limited.  
The assets for sale include the assets of FI, Herrmidifier,
Trio, Trion Limited and Envirco's, the report relates.  Tomkins
Finance will buy Trion GmbH, Ruskin Air will buy Trion Limited,
and Air Systems will buy Fedders Indoor Air Quality(Suzhou) Co.,
report adds.

Under an asset purchase agreement, the break-up fee is at
$625,000, Bankruptcy Data says.

Bids, plus a $2.5 million deposit, must be submitted by May 15,
2008, based on the report.  The public sale of the assets is set
for May 22, 2008, and the sale hearing is set for May 22, 2008,
Bankruptcy Data reports.

                    About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of $186,300,000 and total
debts of $322,000,000.

The Debtors have sought an extension of their exclusive plan
filing period until May 31, 2008.


MANILA ELECTRIC: Malacañang Supports GSIS' Transparency Call
------------------------------------------------------------
Malacañang will support the move of state pension fund
Government Service Insurance System in pressing for
transaparency in Manila Electric Co., reports say.

According to various sources, the GSIS is studying legal moves
that should be taken against Meralco over a Php30-billion
billing controversy.

The Philippine Daily Inquirer notes that in 2003, Meralco was
ordered by the Supreme Court to reimburse its customers a total
of Php30 billion for overcharging its customers from 1994 to
2002.

Earlier, GSIS President Winston Garcia lamented at Meralco's
refusal to provide copies of its financial and operational
records to the GSIS.

Just like any other stockholder, Malacañang said GSIS has a
right to look into the financial documents in order to ensure
that its best interests are protected, Marvin Sy  of The
Philippine Star relates.

The Philippine government controls 33 percent of Meralco,
23 percent of which is held by the GSIS.  

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2008, Meralco disclosed in a filing with the
Philippine Stock Exchange that the generation charge for April
2008 will reflect a cost of PHP4.9073 per kwh -- an upward
adjustment compared to Meralco's March 2008 generation charge.

The company also said in the filing that the generation charge
increase was mainly due to high wholesale electricity spot
market prices which was responsible for the upward adjustment of
51.88 centavos in Meralco's cost of supply in March 2008.

Meralcosaid that its transmission charge rates beginning the
April 2008 billing month for all customer classes were also
updated to reflect the National Transmission Corporation's
2008 Maximum Allowable Revenue-based rates.

For residential customers, the transmission charge increase is
7.59 centavos or PHP0.9922 kwh.  Due to adjustments in both
generation and transmission charges, the system loss charge for
residential users will also increase by 7.70 centavos per kwh.

All the adjustments, Meralco explained, are revenue-neutral for
Meralco.

The utility company also noted that contrary to some reports,
Meralco charges (distribution, supply, and metering) have not
changed since Meralco's unbundling in June 2003.

According to audited company financial statements cited by the
Troubled Company Reporter-Asia Pacific in its March 19, 2008
report, Meralco earned a net income of Php4.04 billion in 2007.

The bottom line dipped by Php13.88 billion compared to that
booked in 2006 because of the reversal of losses in that year.  
The company pointed out that 2006 net income would have been
just Php3.66 billion if not for the reversal of probable losses
in that year of Php15.73 million.  The reversal in 2006 was a
result of the favorable ruling of the Supreme Court on Meralco's
Unbundled Rate Case that questioned the granting of a rate
increase to the company by the Energy Regulatory Commission in
2003, the company said.

Total revenues increased by 5.19% from Php190.79 in 2006 to
Php200.69 billion in 2007.  Revenues from the sale of Php196.17
billion in 2007.  This was brought about by the increase in
overall electricity sales of 4.6%, the company states.  Sales to
commercial customers grew by 6.0%, followed by industrial
customers at 4.2% and residential customers by 3.3%.

As of November 30, 2007, Meralco has Php116.46 billion of debt
outstanding.

                     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.



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

CONEXANT SYSTEMS: Terminates Daniel Artusi as President & CEO
-------------------------------------------------------------
Conexant Systems, Inc. said that on April 21, 2008, it executed
an agreement with Daniel A. Artusi, pursuant to which:

   -- Mr. Artusi's service as President and Chief Executive
      Officer of the company ceased effective as of April 14,
      2008; and

   -- Mr. Artusi became a non-executive employee of the company,
      which position he held through April 25, 2008.

The agreement became effective on April 29, 2008.

Pursuant to the Artusi Agreement, the company elected to
terminate Mr. Artusi's employment as President and Chief
Executive Officer with the company per section 8(b)(ii) of the
original employment agreement between Mr. Artusi and the Company
dated June 21, 2007.  Mr. Artusi will receive certain
compensation and benefits that he is entitled to receive
pursuant to the 2007 Agreement as a result of his termination
"without cause" from the company.

Pursuant to his employment agreement, Mr. Artusi will receive a
lump sum separation payment in full and final settlement of
matters relating to his employment with the company of
$2,716,438, which payment will be paid within 30 days of April
25, 2008.  In addition, all of Mr. Artusi's stock options and
shares of non-performance based restricted stock will vest and
all vested stock options may be exercised for two years from the
date of termination, after which time all of his stock options
will expire.

In addition, Mr. Artusi is restricted from competing with the
company or soliciting employees or customers of the Company,
which provisions will apply to Mr. Artusi until April 25, 2009.

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a   
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services'
B- rating with a negative outlook.

Moody's Investor Service placed Conexant Systems Inc.'s long
term corporate family and probability of default ratings at
'Caa1' in October 2006.  The ratings still hold to date with a
stable outlook.


CONEXANT SYSTEMS: Names D. Scott Mercer as CEO
----------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Conexant Systems, Inc. said that board member D.
Scott Mercer has been named chief executive officer.

The company also said that Christian Scherp, senior vice
president of Worldwide Sales, has been promoted to president,
and that Sailesh Chittipeddi, senior vice president of Global
Operations, has been promoted to executive vice president of
Global Operations and chief technical officer.

Mr. Mercer and Mr. Scherp replace Daniel Artusi, who had been
president and chief executive officer.  Mr. Artusi will be
leaving the company to pursue outside opportunities.

"We are fortunate that an executive of Scott's caliber and
experience has chosen to become Conexant's next chief executive
officer," said Dwight W. Decker, non-executive chairman of
Conexant's board of directors.  "Scott has been a Conexant
director for the past five years, so he is intimately familiar
with the issues facing our company.  I am confident that he will
provide the strategic leadership Conexant requires to attain the
next level of performance."

Mr. Mercer, 57, will continue as a company director.

"I want to thank Dwight and the Conexant board for giving me the
opportunity to lead the company," Mr. Mercer said.  "Over the
past three quarters, the Conexant team has done a good job of
reducing costs and improving financial performance, and we must
continue to drive progress in these areas.  Our highest priority
right now is to determine the best way to deliver increased
value to customers and shareholders.  I am looking forward to
working with Christian, Sailesh, and the rest of the senior team
in the coming weeks to evaluate our market and financial
positions, and to establish a clear strategic direction for our
company.

"I would also like to thank Dan for his service, and wish him
the best in his future endeavors," Mr. Mercer said.

Mr. Mercer serves on the boards of Palm, Inc., Polycom, Inc.,
SMART Modular Technologies, Inc., and Adaptec, Inc., where he is
chairman.  In 2005, Mr. Mercer was named interim chief executive
officer at Adaptec.  Before that, he spent a total of eight
years at Western Digital Corporation in positions that included
executive vice president, chief financial and administrative
officer, and senior vice president and advisor to the CEO.  He
also spent a year at TeraLogic, Inc. as chief financial officer,
five years at Dell, Inc. in a variety of financial-management
positions, and seven years at LSI Logic Corporation, where he
was promoted to chief financial officer.  After graduating with
a bachelor's degree in Accounting from the California
Polytechnic University at Pomona, Mr. Mercer spent seven years
with Price Waterhouse in San Jose, California.

In his new position as president, Mr. Scherp, 42, will report to
Mr. Mercer and be responsible for the activities and results of
Conexant's three business units in addition to managing the
company's global sales force.  Prior to joining Conexant in June
2005, Mr. Scherp spent eight years with Infineon Technologies
North America.  In his last position at Infineon, he served as
vice president and general manager of the company's
Wireless/Wireline Communications Group.  He was also vice
president of marketing for the Wireline Communications Group,
and vice president and general manager of the Communications
Group's wide area networking business.  Before Infineon was
spun-off from Siemens AG in 1997, Scherp spent six years in a
variety of positions in engineering, marketing and business
planning at Siemens.  He holds a master's degree in electrical
and electronics engineering, and a master's degree in business
administration from the Technical University of Munich, Germany.

Mr. Chittipeddi, 45, joined Conexant in June 2006 as senior vice
president of Global Operations.  In his new role, Mr.
Chittipeddi will report to Mr. Mercer and be responsible for
Global Operations, Quality, Worldwide Manufacturing Engineering,
Design Platform Engineering, and Purchasing.  Prior to joining
Conexant, Mr. Chittipeddi held several senior operations-related
positions with Agere Systems, Lucent Technologies, and AT&T
Microelectronics.  He also served as Lucent's SEMATECH
representative, and was a member of the Technical Staff with
AT&T Bell Labs.  Mr. Chittipeddi holds a master's degree in
business administration from the University of Texas at Austin,
a master's degree and a doctorate in physics from Ohio State
University, and a master's degree in physics from Northern
Illinois University.  He also holds 59 U.S. patents related to
semiconductor process, package, and design, and has authored
nearly 40 publications.

                       About Conexant

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a   
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications.  Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.

Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.

                      *     *     *

Conexant currently carries Standard & Poor's Ratings Services'
B- rating with a negative outlook.

Moody's Investor Service placed Conexant Systems Inc.'s long
term corporate family and probability of default ratings at
'Caa1' in October 2006.  The ratings still hold to date with a
stable outlook.


SCOTTISH RE: S&P Retains 'B' Credit Rating Under Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its counterparty
credit rating on Scottish Re Group Ltd. (B/Watch Neg/--;
Scottish Re) and its counterparty credit and financial strength
ratings on Scottish Re's operating companies and the ratings on
these companies' dependent unwrapped securitized deals remain on
CreditWatch with negative implications.

"Standard & Poor's placed these ratings on CreditWatch on
Jan. 31, 2008, because of the erosion of Scottish Re's
capitalization due to the declining market value of its subprime
and Alt-A investments, our increased estimate of expected losses
on these assets, and the meaningful risk of losing some reserve
credits secured through Ballantyne Re plc," said Standard &
Poor's credit analyst Robert Hafner.
     
"Our increasing estimates of cumulative subprime and Alt-A
expected losses based on the composition of such investments, by
vintage and other characteristics negatively affects our view of
Scottish Re's capitalization," said Mr. Hafner.  "Scottish Re's
announcement of a letter of intent signed with ING, the only
cedent for the Ballantyne trust, moderates our concern about its
ability to avert loss of significant reserve credits pending
execution of the arrangement."

"We continue to monitor developments and awaits the release of
Scottish Re's delayed financial data, which are needed to better
refine our view of expected cumulative losses and the impact on
the firm's capitalization," Mr. hafner added.  "The ratings will
be lowered if a substantial risk of losing reserve credits
lingers or if our investment loss estimate were to increase
materially.  The ratings will be affirmed if our refined
investment loss estimate is in line with our current
expectations and the risk of losing reserve credits is
ameliorated."


SPACE TECHNOLOGIES: Court to Hear Wind-Up Proceedings
--------------------------------------------------
On April 11, 2008, W Y Steel Construction Pte Limited, filed a
petition to have Space Technologies Pte Limited's operations
wound up.

The Plaintiff's solicitors are:

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


AUSSEA ORGANICS: Court to Hear Wind-Up Proceedings
--------------------------------------------------
On March 20, 2008, Aussea Organics Pte Limited, filed a petition
to have their operations wound up.

The High Court of Singapore will convene at 10:00 a.m. on
May 9, 2008, to hear the petition.

The Plaintiff's solicitors are:

          Jacob Mansur & Pillai
          49 Cantonment Road,
          Level 2, Singapore 089750


CHENG POH: Members' Final Meeting Set for May 6
-----------------------------------------------
Members of Cheng Poh Building Construction Pte Limited will have
their final general meeting on May 6, 2008, Keppel Room, #02-
13B, Tower 4, 167 Jalan Bukit Merah, Singapore 150167, to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          K C Yin & Co
          Certified Public Accountants
          100 Tras Street,
          #16-01 Amara Corporate Tower
          Singapore 079027


M-COMMERCE: Creditors' Proofs of Debt Due May 26
------------------------------------------------
Creditors of M-Commerce Venture Pte Limited are required to file
their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.


The company's liquidator are:

         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


MJC (SINGAPORE): Members' Final Meeting Set for May 6
-----------------------------------------------------
Members of MJC (SINGAPORE) Pte Limited will have their final
general meeting on May 6, 2008, at  #17-00 PWC Building, 8 Cross
Street, Singapore to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


PETROLEUM DEVELOPMENT: Court to Hear Wind-Up Proceedings
--------------------------------------------------------
On April 15, 2008, SWG Offshore International Pte Limited, filed
a petition to have Petroleum Development Consultants Pte
Limited's operations wound up.

The High Court of Singapore will convene at 10:00 a.m. on
May 9, 2008, to hear the petition.

The Plaintiff's solicitors are:

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


SEI WOO VENTURE: Creditors' Proofs of Debt Due May 26
------------------------------------------------------
Creditors of Sei Woo Venture Pte Limited are required to file
their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.


The company's liquidators are:

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


SEI WOO PLASTIC: Creditors' Proofs of Debt Due May 26
------------------------------------------------------
Creditors of Sei Woo Plastic Plus Pte Limited are required to
file their proofs of debt by May 26, 2008, to be included in the
company's dividend distribution.


The company's liquidators are:

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


SHINE STAR: Members' Final Meeting Set for May 9
------------------------------------------------
Members of Shine Star Sea Transport Pte Limited will have their
final general meeting on May 6, 2008, at 6 Shenton Way, #32-00
DBS Building Tower Two, Singapore 068809, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

SMSHUB PTE: Court to Hear Wind-Up Proceedings
---------------------------------------------
On April 18, 2008, Malayan Banking Berhad, filed a petition to
have Smshub Pte Limited's operations wound up.

The Plaintiff's solicitor is:

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



=============
V I E T N A M
=============

VIETCOMBANK: S&P Affirms Counterparty Credit Rating at BB/B
-----------------------------------------------------------
Standard & Poor's Ratings Services revised on May 2, 2008, the
outlook on its counterparty credit rating on Bank for Foreign
Trade of Vietnam (Vietcombank) to negative from stable. At the
same time, Standard & Poor's affirmed the bank's counterparty
credit rating at 'BB/B'.

The action followed a similar revision on the outlook for the
sovereign credit rating on Vietnam (foreign currency
BB/Negative/B; local currency BB+/Negative/B). It reflects the
bank's systemic importance in the Vietnam banking system such
that its ratings would qualify for a two-notch uplift from
its standalone rating of 'B+'; the counterparty credit rating on
Vietcombank would move downward with the sovereign credit rating
as implicit government support cannot raise the rating on the
bank above the foreign currency sovereign rating.

Bank for Foreign Trade of Vietnam (Vietcombank) is a Vietnam-
based financial institution. The Bank engages in commercial
banking business for individual and corporate clients. Its main
services are lending and borrowing activities, international
clearing and trade financing, cards issuance, treasury,
correspondent banking, securities services, leasing, asset
management, and equity investment. Its major clients are
companies engaged in international trading business. As of
December 31, 2006, 73.55% of total income came from net
interest-related sources. Headquartered in Hanoi, the Bank has
seven subsidiaries engaged in diversified financial business.


* S&P Revises Outlook on Vietnam's Sovereign Ratings to Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
sovereign credit ratings on the Socialist Republic of Vietnam to
negative from stable on rising risks to macroeconomic stability
from an overheating economy. At the same time, S&P affirmed its
'BB/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on Vietnam.

"Hectic investment activity of recent years appears to have
pushed the economy to the limits of its capacity," said Standard
& Poor's credit analyst Kim Eng Tan. "In April 2008, inflation
increased to above 21% year-on-year, while we project the annual
current account deficit to be maintained at close to 10% of
GDP."

Policy measures announced recently by the government should help
rein in growth and prevent a further exacerbation of
macroeconomic imbalances. However, rapid economic restructuring
in recent years has made the task of economic management more
complex. The weak banking sector, which experienced excessive
credit growth in the past few years, aggravates this situation.
Chances of policy missteps are, therefore, not negligible.

Monetary policy response thus far has not been effective in
addressing economic overheating. Partly as a result, domestic
credit has expanded rapidly and S&P forecast it to rise to 95%
of GDP by the end of 2008, from just 71% of GDP in 2006. Given
the unproven risk management capability of domestic banks,
an unexpectedly severe slowdown in economic growth could see
sharply higher loan losses at many of these institutions. If the
subsequent regulatory response is inadequate, this could
potentially develop into a situation of widespread economic and
financial distress that could only be resolved at substantial
cost to the government.

The credit ratings on the government could be lowered if the
probability of this scenario materializing increases. The
likelihood of the sovereign rating remaining at the current
level could rise on indications that the economy will return to
a sustainable growth path and that the financial fallout of
economic rebalancing will be confined to a small number of
systemically unimportant institutions. This would allow the
outlook to revert to stable.

"Despite the near-term risks, good prospects for sustained
economic growth provide fundamental support for sovereign
creditworthiness in Vietnam," added Mr. Tan. "In recent years,
foreign investment has lifted the level of foreign reserves held
by the central bank. Vietnam's positive net external credit
position should help the economy withstand a large adverse
economic shock."



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

* BOND PRICING: For the Week May 5 to May 9, 2008
-------------------------------------------------

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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