TCRAP_Public/080507.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, May 7, 2008, Vol. 11, No. 90

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Halts Shares Trading; Debts Due Today
CHALLENGER POWERBOATS: Auditor Raises Going Concern Doubt
CHARTWELL ENTERPRISES: Administrator Recommends Liquidation
ESROM PROPERTIES: Commences Liquidation Proceedings
EXECUTIVE KITCHENS: Placed Under Voluntary Liquidation

FLORTEK PTY: Commences Liquidation Proceedings
INTERNATIONAL FORMWORK: Placed Under Voluntary Liquidation
J & M PAPALUCA: Commences Liquidation Proceedings
KLEINS GROUP: Intense Competition Caused Collapse
POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs.

SMS FLOOR: Commences Liquidation Proceedings
ST. GEORGE BANK: Reports AU$603 Million Half-Year Cash Profit
TETNS PTY: Commences Liquidation Proceedings
WEBIT TECHNOLOGIES: Supreme Court Enters Wind-Up Order


C H I N A

BLOUNT INTERNATIONAL: Acquires Carlton Holdings for $63,000,000
CITIC GROUP: Unit to Buy AVA's Infant Formula & Dairy Business
FUYAO GROUP: 1Q 2008 Net Profit Up 19% to CNY190.5 Million
INTELSAT LTD: Commences Change of Control Offers
INTERNATIONAL PAPER: Net Income Drops to $133MM in '08 1st Qtr.

LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31
VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil.


H O N G  K O N G

ABLE SMART: Commences Liquidation Proceedings
AGILE PROPERTY: Posts CNY10.3 Bil. Turnover for Year-End 2007
AGILE PROPERTY: Launches Phase I of Agile Garden Nanjing Project
ASAHI CREATIVE: Creditors' Final Meeting Set for May 7
ASAT HOLDINGS: Posts US$41.8MM Revenue for Third Quarter 2008

BRIDGETECH HOLDINGS: Jewett Schwartz Raises Substantial Doubt
CONCORD STAR: Creditors' Proofs of Debt Due May 16
CSL UNITED: Creditors' Proofs of Debt Due May 14
GOLDWAY INTERNATIONAL: Creditors' Final Meeting Set for May 9
HONG KONG KUTTLER: Creditors' Proofs of Debt Due May 24

LYON ENTERPRISE: Creditors' Proofs of Debt Due May 26
NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million
NVIDIA Corporation: Annual Stockholders Meeting Set for June 19
SOTA ELECTRONICS: Creditors' Proofs of Debt Due May 26
TAURUS NAVIGATION: Members' Final Meeting Set for June 4

YUEN SHING: Creditors' Proofs of Debt Due May 26


I N D I A

BANK OF INDIA: Earns INR7.57 Bil. in Quarter Ended March 31
GARWARE POLYESTER: Board Okays OTS Package Offered by IDBI
GMAC LLC: Fitch Cuts ID Rating to BB- After ResCap's Poor Fin'l
GMAC LLC: S&P 'B' Rating Unaffected by ResCap's Downgrades
INDUSTRIAL DEV'T BANK: Earns INR2.45 Bil. in Qtr. Ended March 31

ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31
ROLLATAINERS LTD: Approves Resolution During Meeting


I N D O N E S I A

PT INCO: Maintenance Delays to Disrupt Second Quarter Output


J A P A N

ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31
ATARI INC: To Merge with Infogrames Entertainment in $11MM Deal
SOLO CUP: Fitch Affirms Ratings and Revises Outlook to Positive


M A L A Y S I A

INTERPUBLIC GROUP: Net Loss Lowers to $62MM in 2008 First Qtr.
NEWFIELD: Fitch Holds Ratings on $425MM Notes Issuance


N E W  Z E A L A N D

ALCATEL-LUCENT: Appoints Steve Lowe as New Zealand CEO
ANDREW LIMITED: Claims Filing Deadline Is May 12
ART OF CANVAS: Court to Hear Wind-Up Petition on May 12
ASKEW AND ASSOCIATES: Creditors Have Until May 14 to File Claims
CARTUNE (NZ): Commences Liquidation Proceedings

ECO PANEL: Faces Sure Construction's Wind-Up Petition
GREIG AND ESTERMAN PAPANUI: Creditors Must File Claims by May 12
JAF Enterprises: Court to Hear Wind-Up Petition on May 12
L & S MEDIA: Faces Graphic Press' Wind-Up Petition
LUSH LOUNGE: Court to Hear Wind-Up Petition on May 12

MARSDEN VILLAS: Claims Filing Deadline Is May 12
MONMAC LIMITED: Court to Hear Wind-Up Petition on May 9
S & S LOGGING: Creditors Must File Claims by May 15
SURE ALLIANCE: Faces Sure Contruction's Petition
TANK HAIR: Creditors Have Until May 15 to File Claims

THE INTERNATIONAL BREAD: Court to Hear Petition on May 12
WHERO LIMITED: Claims Filing Deadline is May 9
ZONDA HOLDINGS: Creditors Must File Claims by May 9


P H I L I P P I N E S

FAIRCHILD SEMICONDUCTOR: Moody's Holds Ba3 Corp. Family Rating
NIHAO MINERAL: Zambales Gov. Denies Mining Permit Applications
*PHILIPPINES: Central Bank Closes Two Rural Banks in April


S I N G A P O R E

LEAR CORP: Annual Stockholders Meeting to be Held Tomorrow
LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
SEA CONTAINERS: Inks Settlement Deal with General Electric


T A I W A N

BENQ CORP: Q1 2008 LCD Monitor Unit Shipments Up 41.6%


X X X X X X X X

* ADB Provides US$500 Mil. Aid for Food Crisis in Asia-Pacific
* IATA Notes Slowdown in Asia-Pacific Carrier Traffic
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

CENTRO PROPERTIES: Halts Shares Trading; Debts Due Today
--------------------------------------------------------
Centro Properties Group halted trading in its shares as the
company's one week extension to pay its lenders ends today,
May 7, 2008.

As reported in the Troubled Company Reporter-Asia Pacific,
Centro Properties was given one week from the April 30 deadline
to refinance its debts.

Centro Properties disclosed in a statement filed today with the
Australian Stock Exchange that its securities will remain in
pre-open until the earlier of the commencement of normal trading
on May 9.

In an earlier statement with the ASX, the company said that it
continues to work closely with its financiers in order to
finalize terms to extend these facilities until at least
September 30, 2008:

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

   -- US$450 million in aggregate owed to US private placement
      noteholders.

According to Centro Properties, the negotiation of all materials
terms for further extensions has been substantively concluded
with all of its financiers except one which is owed less than
AU$200 million.

Centro further said that its Australian lenders, its US lenders
and the US private placement noteholders have indicated their
support for the longer term extension.

                     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.


CHALLENGER POWERBOATS: Auditor Raises Going Concern Doubt
---------------------------------------------------------
Jaspers + Hall PC raised substantial doubt on the ability of
Challenger Powerboats Inc. to continue as a going concern after
auditing the company's annual report for 2007.  The auditor
pointed to the company's current liabilities that exceed current
assets by $1,722,562 as of Dec. 31, 2007.  The auditor said that
the company had operating losses of $7,046,691 and $5,211,514 in
2007 and 2006, respectively and has ceased operations.  The
auditor continued that the company's recurring losses from
operations and its difficulties in generating sufficient cash
flow to meet its obligation and sustain its operations.

For the year ended Dec. 31, 2007, the company generated net
revenues of $7,399,703, as compared to net revenues of $238,171
for the year ended Dec. 31, 2006.  During 2007, the major change
in its business which impacted revenues was primarily due to the
addition of IMAR, which we acquired in January 2007.

The company had a net loss of $4,656,940 for the 12 months ended
Dec. 31, 2007, as compared to $9,133,144 for the 12 months ended
Dec. 31, 2006.  The year-over-year net loss decreased primarily
due to the sale of the Sugar Sand product line to Execute
Sports, Inc for $5,000,000 in August 2007.

                 Liquidity and Capital Resources

As of Dec. 31, 2007, the company had total current assets of
$2,769,550, compared to $1,991,808 as of Dec. 31, 2006.  This
was due primarily to an increase in accounts receivable and
inventory as a result of the acquisition of IMAR Group, LLC.  As
of Dec. 31, 2007, the company had total current liabilities of
$4,492,112, compared to $5,983,083, as of Dec. 31, 2006.  This
was due primarily to a $1,872,216 increase in accounts payable
and accrued payables, a  $510,877 increase in warranty reserve
which were offset with a $722,125 decrease in accrued interest
as a result of the Sept. 30, 2007 debt conversion, as well as a
$2,976,054 reduction of related party debt to Dutchess.

During 2007, the company did not issue any promissory notes to
related parties.  As of Dec. 31, 2007, a total of $0 was owed to
related parties for promissory notes.  The outstanding balances
of $3,083,454 on related party promissory notes were included in
the Sept. 30, 2007 Series A Convertible Preferred Stock Purchase
Agreement with Dutchess.

As of Dec. 31, 2007, the company had debt of $11,301,142,
including convertible debentures which total $3,725,041.  The
company accrue monthly interest expense on the debt under its
convertible debentures, which are due in 2009, 2010, 2011 and
2012.

As of Dec. 31, 2007, the company's balance sheet showed total
assets of $6,408,050, total liabilities of $11,301,142, and
total stockholders' deficit of $4,893,092.

           Management's Analysis and Financial Warning

According to the company's management, Challenger Powerboats did
not generate positive cash flows and is required to make large
debt service payments.  Consequently, the company continues to
require additional funding at this time.  It may be able to
secure funding from current investors, but there is no assurance
it will be able to do so.  If the company is unable to generate
sufficient cash flow or obtain funds for required payments, or
if it fails to comply with the covenants in its debt, the
company will be in default.  Accordingly, it may not be able to
able to meet its debt service obligations and may be forced to
consider alternative strategies, including ceasing its
operations.  Further, on March 17, 2008, the company was
required to layoff 58 of its 84 employees due to a slowdown in
its operations.

A full-text copy of the company's annual 2007 report is
available for free at http://ResearchArchives.com/t/s?2b73

                  About Challenger Powerboats

Washington, Missouri-based Challenger Powerboats Inc. (OTC:
CPBI) -- http://www.challengerpowerboats.com/-- designs and
manufactures boats, family sport cruisers, jet boats and water
ski tow boats under the brands Challenger Powerboats, Sugar Sand
and Gekko.  The company is a design-to-manufacturing
organization, creating or licensing designs, and creating
tooling, molds, and parts necessary to assemble its products in-
house.  The company markets its products through a dealer
network comprising more than 100 dealers throughout the United
States, Canada, Mexico, Europe, Australia, the Middle East and
Japan.  On Jan. 1, 2007, the company acquired International
Marine and Recreation, and Gekko Sports Corporation.


CHARTWELL ENTERPRISES: Administrator Recommends Liquidation
-----------------------------------------------------------
The Australian Associated Press reports that Bruno Secatore, one
of the administrators of Chartwell Enterprises, said he will
recommend the liquidation of the company because he does not
expect to retrieve any money.

About 125 creditors, who invested between AU$10,000 to AU$5
million, attended a two-hour meeting in the Geelong West Town
Hall on Monday and many of them left very upset by what they
learned, the AAP relates.  "There were a lot of disappointed
people and many were holding back from crying," the AAP quoted a
creditor who did not want to be named.

Ewin Hannan of The Australian mum-and-dad investors, some of
whom had borrowed against their homes on the promise of
phenomenal investment returns, quietly queued outside the
Geelong West Town Hall to hear if there was any hope of
recovering the AU$52 million they had collectively injected into
Chartwell.  The Australian relates that investors questioned Mr.
Secatore, who could only relay the grim news.  Some blamed the
Australian Securities and Investments Commission for not doing
its job, The Australian notes.

According to the AAP, Mr. Secatore told creditors that Chartwell
had not been audited for five years and had not paid any tax for
five years.

Another creditors' meeting is scheduled for May 28, at which
time Mr. Secatore said he will make his recommendation, the AAP
relates.

                         Criminal Charges

In a separate report, Ewin Hannan writes that the founders of
Chartwell Enterprises, Graeme Hoy and Ian Rau, "face prison
terms for alleged insolvent trading, taking millions of dollars
from mum-and-dad investors for at least 12 months without
investing a cent."

According to The Australian, Mr Secatore said he expected his
investigation would lead to criminal action being pursued
against Messrs. Hoy and Rau, including charges carrying jail
terms.  "Investors, some of whom committed up to AU$5 million
against their homes, are also considering a class action against
Chartwell, but options are limited if the money is lost," Ewin
Hannan relates.

As reported by the Troubled Company Reporter yesterday, Mr. Hoy
said he expects to be charged over the collapse of Chartwell.  
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."

                   About Chartwell Enterprises

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.


ESROM PROPERTIES: Commences Liquidation Proceedings
---------------------------------------------------
At the final meeting of the members of Esrom Properties Pty Ltd
held May 2, 2008, David Peter Latham and Philip William Webb,
the appointed liquidators, showed their final account and
report.

The liquidator can be reached at:

          David Peter Latham
          Philip William Webb
          Morse Group
          266 Howick Street
          Bathurst NSW 2795


EXECUTIVE KITCHENS: Placed Under Voluntary Liquidation
------------------------------------------------------
Executive Kitchens (Aus) Pty Ltd's members agreed on March 20,
2008, to voluntarily liquidate the company's business.  The
company has appointed Peter Paul Krejci to facilitate the sale
of its assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000


FLORTEK PTY: Commences Liquidation Proceedings
----------------------------------------------
At the joint meeting of the members and creditors of Flortek Pty
Limited held May 2, 2008, Daniel I. Cvitanovic, 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:

          Daniel I. Cvitanovic
          Cvitanovic Amos Chartered Accountants &
             Insolvency Specialists
          Shop 5 Old Potato Shed
          74-76 Hoddle Street
          Robertson NSW
          Telephone: (02) 4885-2500
          Facsimile: (02) 4885-2995


INTERNATIONAL FORMWORK: Placed Under Voluntary Liquidation
----------------------------------------------------------
International Formwork (Nsw) Pty Ltd's members agreed on
March 20, 2008, to voluntarily liquidate the company's business.  
The company has appointed Roderick Mackay Sutherland to
facilitate the sale of its assets.

The liquidator can be reached at:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236-8333
          Facsimile: (02) 9236-8334
          Email: admin@jirschsutherland.com.au


J & M PAPALUCA: Commences Liquidation Proceedings
-------------------------------------------------
At the final meeting of the members and creditors of J & M
Papaluca Pty Limited held May 2, 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 NSW 2000


KLEINS GROUP: Intense Competition Caused Collapse
-------------------------------------------------
Ferrier Hodgson partner James Stewart, one of the Administrators
of Kleins Group, relates that the company had a "fairly
significant decline in sales over the past six months or so,"  
Stephen McMahon of The Herald Sun writes.

"Over the past few years they have seen a proliferation of new
competitors entering into the market.  And existing fashion
retailers selling accessories more aggressively, which has
resulted in Kleins' traditional market changing dramatically,"
Mr. McMahon quotes Mr. Stewart as saying.

The Troubled Company Reporter-Asia Pacific reported yesterday
that Kleins Group was placed into voluntary administration owing
more than AU$20 million.  Reports related that the
administrators have started going through the company's
financial records and are considering to sell the business on a
going-concern basis.  The business continues to operate in
administration while the company's financial records are
examined.  The company's affairs in New Zealand are being
handled by BDO Spicers.

Kleins -- http://www.kleins.com.au/-- 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."


POLYPORE INT'L: Improved Performance Cues Moody's to Lift Rtgs.
---------------------------------------------------------------
Moody's Investors Service raised the ratings of Polypore
International, Inc., Corporate of Family to B2 from B3 and
Probability of Default to B2 from B3.  

Moody's also raised the ratings of Polypore's bank credit
facility to Ba2 from Ba3, and senior subordinated notes to B3
from Caa1.  The outlook is changed to stable.

The upgrade reflects Polypore's overall improvement in credit
metrics stemming from a reduction in leverage, steady free cash
flow generation, improved interest coverage, and strong
operating margins.  Polypore's de-leveraging activities and
actions to shift production to low cost countries, close plants,
and restructure away from its cellulosic membrane business have
all contributed to the improvement of credit metrics.  The
ratings also reflect the expectation that the hemodialysis and
lead-acid battery after-markets will continue to support the
company's track record of generating positive free cash, and its
recent turnaround.  The company's recent acquisition of
Microporous Holding Corporation for approximately US$76 million
adds rubber-based battery separator technology to Polypore's
energy storage segment.  The acquisition was funded with a
combination of US$45 million of cash, US$17 million of revolver
borrowings, and US$14 million of assumed debt.  Moody's sees
that additional debt from this transaction as nominal and
expects these amounts to paid down over the near term.  The
acquisition is expected to be accretive to Polypore's earnings
prior to any synergies.

The stable rating outlook reflects the expectation that the
company's solid growth trends and operating performance will
continue, bolstered by solid end-market growth prospects, its
recurring revenue base and strong geographical diversification,
tempered to some extent by a sluggish North American economy. In
addition, the outlook reflects the company's adequate liquidity
profile, including nominal debt maturities over the near term.

These ratings are raised:

    * Polypore International, Inc.

    -- Corporate Family Rating, to B2 from B3;

    -- Probability of Default, to B2 from B3;

    -- US$90 million guaranteed senior secured revolving credit
       facility due 2013; to Ba2 (LGD2, 19%) from Ba3 (LGD2,
       19%);

    -- US$370 million guaranteed senior secured term loan due
       November 2014; to Ba2 (LGD2, 19%) from Ba3 (LGD2, 19%);

    -- US$ guaranteed senior subordinated notes due May 2012, to
       B3 (LGD5, 76%) from Caa1 (LGD5, 78%);

    -- Euro guaranteed senior subordinated notes due May 2012,
       to B3 (LGD5, 76%) from Caa1 (LGD5, 78%);

The last rating action was on May 9, 2007 when the bank credit
facility ratings were assigned and the outlook changed to
Positive.

Using Moody's standard adjustments for the last twelve months
ended March 29, 2008, Polypore's consolidated total debt/EBITDA
leverage approximated 5.5x, EBIT/interest was approximately
1.4x. Pro forma for the exclusion of interest accreted on the
discount notes, EBIT/ interest coverage was approximately 1.5x.
Polypore maintained a US$90 million revolving credit facility
under which there were approximately US$17 million of borrowings
at March 29, 2008.  The company also maintained $23 million of
cash on hand.

Headquartered in Charlotte, North Carolina, Polypore
International Inc., is develops, manufactures and markets
specialized polymer-based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.


SMS FLOOR: Commences Liquidation Proceedings
--------------------------------------------
At the final meeting of the members and creditors of Sms Floor
Polishers & Builders Pty Ltd held May 2, 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 NSW 2000


ST. GEORGE BANK: Reports AU$603 Million Half-Year Cash Profit
-------------------------------------------------------------
St. George Bank reported a record cash profit result of AU$603
million for the half year ended March 31, 2008, up 6.2 percent
from March 2007.

The cash profit, which excludes significant items, represents
earnings per share growth of 2.1 percent.

Importantly, due to initiatives already in place, including the
full second half benefits of asset and fee repricing, cost
control and a reduction in volatility in investment earnings,
the Group expects a significantly stronger second half.

John Curtis, Chairman of St. George Bank said; “This is a strong
result, notwithstanding the very challenging external
environment.  As a result of this record profit, the Board has
increased the interim dividend from 82 cents in March 2007 to 88
cents.”

Paul Fegan, Managing Director & Chief Executive Officer said;
“Overall, the underlying performance is excellent and the
financial position of the Group has been strengthened.  Despite
the challenging environment, we have costs under control with a
cost to income ratio at 42.5 percent (underlying 41.7 percent).  
In addition, our net interest margin has only reduced by 5 basis
points and our asset quality remains very sound.  However, the
volatility in global equity markets has resulted in a reduction
of earnings of the Group’s mortgage insurance investment
portfolio of AU$55 million pre tax compared to March 31, 2007.  
Excluding this impact, earnings per share growth would
have increased by 8.8 percent and profit by 13.2 percent.”

   * Capital

The Group’s capital position remains strong.  As at March 2008,
the Group’s Tier 1 ratio was 6.97 percent, which is
approximately AU$500 million above its regulatory minimum ratio
of 6.25 percent.  While the Group does not have an immediate
need for capital this financial year, it has taken the
opportunity to offer a 2.5 percent discount on the Dividend
Reinvestment Plan, given its expected growth in assets in the
2009 financial year.  

   * Funding

The Group continues to have access to a well-diversified funding
base.  As at May 2, 2008, the Group has completed 84 percent of
its entire 2008 funding requirements.  In addition, retail
deposits have grown by a very strong 14 percent on an annualised
basis, which reduced the reliance on wholesale funding.

In addition, the Group has substantially increased its liquidity
by more than 80 percent or AU$7.9 billion to AU$17.7 billion,
representing 13 percent of total assets up from 9 percent at
March 31, 2007.
  
   * Credit Quality

Credit quality remains very sound, with the loan impairment
expense, as a percentage of average assets, increasing
marginally from 0.17 to 0.18 percent.  The 90-day past due
arrears for housing loans improved from 0.36 to 0.24 percent.

The Group has taken an individual provision of AU$20 million
before tax against a margin loan secured by Octaviar Ltd
(Formerly MFS Limited) shares.  This exposure has been
previously disclosed to the market.  Other exposures to Centro
entities and Allco continue to be performing and therefore do
not require specific provisions.

   * Retail Deposits

As indicated, deposits grew on an annualised basis by 14 percent
to AU$51.1 billion.  This is above system growth with market
share increasing to 8.2 percent at March 2008.

   * Home Loans

Home loans grew by an annualised 10 percent for the six months
to March 2008.  This growth reflects the New South Wales housing
market, which represents 56 percent of the Group’s total home
lending.  

   * Middle Market Business Loans

Loans for the Middle Market grew by an annualised 31 percent,
which is an outstanding result.  Greater than 90 percent of this
portfolio is secured.  Overall market share increased from 8.1
to 9.1 percent.

   * Wealth Management

Managed funds have been impacted heavily by the negative
performance of equity markets.  Managed funds were AU$43.9
billion, down from AU$44.3 billion in March 2007.  Pleasingly,
gross inflows increased by 4.7 percent, which was above the
market average.

   * Interstate Growth

Victoria, Queensland and Western Australia grew home loans by a
total of 16 percent and Middle Market loans by 43 percent.  
These numbers reflect the success of our interstate growth
strategy.  The Group continues to invest to develop these
opportunities with a further eight new branches planned for the
second half.

   * Interest Margin

As mentioned earlier, the Group’s interest margin during the
half reduced by 5 basis points from 1.97 to 1.92 percent,
largely driven by holding increased liquidity.  Given the
increase in funding costs, this is a strong result in a highly
competitive environment.

   * Expenses

Expenses have been carefully managed, increasing by only 4.8
percent compared to March 2007.  Compared to the September 2007
half, expenses increased by 1.3 percent.  The expense to income
ratio reduced from 42.6 to 42.5 percent compared to March 2007
and remains industry leading.  At the underlying level, it
reduced from 43.1 percent to 41.7 percent.

   * Significant Items

The Group has recognised AU$93m after tax of significant items
for the half.  This comprises a AU$54 million gain from the sale
of Visa, a AU$30 million restructuring charge, and a AU$117
million tax expense from a dispute with the Australian Tax
Office relating to a 1997 transaction.  While the Group is
appealing the decision, it considers it prudent to provide for
the full amount.  All figures are after tax.

The net profit for the Group including these significant items
(and preference dividends) is AU$514 million, which is down 10.1
percent compared to the same period last year.

                             Outlook

Paul Fegan said; “On the back of this strong performance, the
Group continues to pursue its organic, customer-focused growth
strategy.  To accelerate this process the Group will be
undertaking a major restructuring program over the next few
years that will see substantial improvements in efficiencies.  A
AU$30 million after tax provision has been recognised to fund
this major program.”

As previously advised, St. George’s EPS target of 10 percent
assumed no one-off material credit losses and a reasonably sound
economic environment.

As a result of recognising a AU$20 million credit loss on a
margin loan during the half and as the effects of the turmoil in
global financial markets flow through to the domestic economy,
the Group has revised its EPS growth target accordingly to a
range of 8 to 10 percent for 2008, on the basis of no further
unexpected material credit losses.

“Against the back drop of a challenging operating environment,
the financial position of the Group has been strengthened while
delivering record profits.  Even with some moderation in the
domestic economy, the Group expects to benefit from a
significantly stronger second half. St. George is confident in
its growth prospects despite the challenging environment, given
its strong business momentum, conservative business mix and
sound asset quality.  The Bank’s solid capital position puts us
in great shape to capitalise on the profitable growth
opportunities that we are seeing across  our core businesses” he
concluded.   

                          Job Cuts

The Australian Associated Press reports that St. George Bank
said it will cut jobs when it undertakes its $30 million
restructuring program, but company officials declined to specify
how many staff would go.

"I haven't been making any public comment on that at all," chief
executive Paul Fegan told journalists, the AAP relates.  
According to Mr. Fegan, the report states, the bank has not yet
finalized its plan though it envisions an increase in
"offshoring".  Mr. Fegan adds that the restructuring would also
involve outsourcing domestically, the AAP reports.

                      Missed Expectations

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, analysts expected St. George to report 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.

In a separate report, the AAP said "[s]hares in St. George Bank
fell by almost 4 percent in early trading [on May 6] after the
group's first half result missed analyst expectations and the
bank revised its annual earnings guidance."

                     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'.


TETNS PTY: Commences Liquidation Proceedings
--------------------------------------------
At the general meeting of the members of Tetns Pty Limited held
May 1, 2008, J. A. Shaw, 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:

          J. A. Shaw
          Ferrier Hodgson Chartered Accountants
          PO Box 840
          Newcastle NSW 2300


WEBIT TECHNOLOGIES: Supreme Court Enters Wind-Up Order
------------------------------------------------------
On February 25, 2008, the Supreme Court of New South Wales
entered an order to have Webit Technologies Pty Limited's
operations wound up.  Riad Tayeh was appointed as liquidator.

The liquidator can be reached at:

          Riad Tayeh
          c/- de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta NSW 2124
          Telephone: (02) 9633-3333
          Facsimile: (02) 9633-3040



=========
C H I N A
=========

BLOUNT INTERNATIONAL: Acquires Carlton Holdings for $63,000,000
---------------------------------------------------------------
Blount International Inc. acquired all the capital stock of
Carlton Holdings Inc. from its private shareholders.  Blount
paid approximately $63 million in net consideration for the
stock, funded through the company's revolving credit facility.

"The acquisition of Carlton is consistent with our intention to
invest in and grow our core business, the Outdoor Products
segment," James Osterman, Blount's chairman and CEO, said.  "The
added capacity and potential operating synergies of the combined
entities make Carlton an attractive asset to own.  

"Carlton's strengths in international markets where over 80% of
their sales take place, fits well with our expansion plans and
the additional capacity will accelerate the opportunities to
take advantage of the weakened U.S. dollar in trading," Mr.
Osterman added.

                    About Carlton Holdings Inc.

Located in Milwaukie, Oregon, Carlton Holdings Inc. is a
manufacturer of saw chain.  Carlton employs approximately 400
employees, most at its Oregon manufacturing facility, and
distributes the majority of its products to international
markets.  The company was founded in 1963.

                    About Blount International

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

As reported in the Troubled Company Reporter on April 29, 2008,
Blount International Inc.'s balance sheet at Dec. 31, 2007,
showed total assets of $411.9 million and total liabilities of
$466.0 million, resulting in a total shareholders' deficit of
$54.1 million.


CITIC GROUP: Unit to Buy AVA's Infant Formula & Dairy Business
--------------------------------------------------------------
CITIC Group's unit, CITIC Capital Holdings Limited, through its
China private equity fund, entered into an agreement with
Mainland listed Hunan AVA Holdings Co. Ltd to acquire a 100%
interest in AVA's infant formula and dairy business, at a cash
consideration of approximately CNY570 million.

The acquisition is part of AVA's asset restructuring plan where
under it will focus on real estate development while divesting
its businesses not related to real estate development.  AVA has
separately entered into agreements with other parties for the
sale of other to-be-divested assets.  The completion of CITIC
Capital's investment will facilitate AVA's restructuring plan as
the dairy business is an integral component to AVA's to-be-
divested businesses.

Infant formula, which represents the majority of AVA's dairy
business, is growing at a rate of 20% per year in China
according to industry experts.  The main growth drivers for the
industry are rising disposable incomes as well as shifting
demographic patterns in favor of increased numbers of working
mothers.

Since 1956, AVA has developed a strong regional brand –
"Nanshan" – which is among the top ten infant formula brands in
China and the fifth largest domestic manufacturer.  AVA is
particularly dominant in the central and southern regions of
China.

The transactions and the restructuring plan are subject to
approvals from the respective regulatory authorities.

                    About CITIC Capital

Founded in 2002, CITIC Capital Holdings Limited is a leading
China-focused investment management and advisory firm. We manage
over US$1.6 billion of capital from a diverse base of global
investors. Our core businesses include Private Equity, Real
Estate, Structured Finance, Asset Management and Special
Situations. Our firm combines deep knowledge of the China
business and financial markets with world-class investment
expertise in order to create value for investors.

We are part of the CITIC Group, one of China's largest and most
comprehensive conglomerates. We currently have over 150
employees located in offices in Hong Kong, Shanghai, Beijing,
Tokyo and New York.

                     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 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.


FUYAO GROUP: 1Q 2008 Net Profit Up 19% to CNY190.5 Million
----------------------------------------------------------
Fuyao Group Glass Industries Co's first-quarter profit rose 19%
on higher car demand, Financial Times reports.

FT says that according to a statement filed with the Shanghai
Stock Exchange, the company's net income rose to CNY190.5
million (US$27.21 million), or CNY0.19 a share, from CNY160.1
million, or CNY0.16 a share, a year earlier.

Company sales rose to CNY1.34 billion from CNY1.10 billion, the
report notes.

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

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


INTELSAT LTD: Commences Change of Control Offers
------------------------------------------------
Intelsat Ltd.'s indirect wholly-owned subsidiary Intelsat
Jackson Holdings, Ltd. is offering to purchase for cash any and
all of its outstanding 9-1/4% Senior Notes due 2016 and 11-1/4%
Senior Notes due 2016, in each case at a price of 101% of the
principal amount of such Notes.  Intelsat Jackson is also
offering to prepay the loans outstanding under its
US$1.0 billion Senior Unsecured Credit Agreement, dated as of
Feb. 2, 2007, at a price of 101% of the principal amount
thereof.

Intelsat Jackson is required by the terms of the respective
indentures governing the Notes and by the terms of the Senior
Unsecured Credit Agreement to make these offers as a result of
the previously announced acquisition of Intelsat Holdings, Ltd.,
the indirect parent of Intelsat Ltd., by Intelsat Global
Subsidiary, Ltd. (formerly known as Serafina Acquisition
Limited), a direct wholly-owned subsidiary of Intelsat Global,
Ltd. (formerly known as Serafina Holdings Limited), an entity
formed by funds advised by BC Partners Holdings Limited, Silver
Lake Partners and certain other equity investors.  The
Acquisition constitutes a change of control under each of the
indentures governing the Notes and under the Senior Unsecured
Credit Agreement.

The terms of the change of control offer with respect to the
Notes are described in a Notice of Change of Control and Offer
to Purchase, dated May 2, 2008, and the Letters of Transmittal
related thereto, which will be distributed to holders of the
Notes in accordance with the terms of the indentures.  The
terms of the change of control offer with respect to the loans
outstanding under the Senior Unsecured Credit Agreement are
described in a Notice of Occurrence of Change of Control and
Offer to Prepay, dated May 2, 2008, which will be sent to the
administrative agent under the Senior Unsecured Credit
Agreement in accordance with the terms thereof.

The change of control offer with respect to the Notes will
expire at 5:00 p.m., New York City time, on June 26, 2008 and
the change of control offer with respect to the Senior Unsecured
Credit Agreement will expire at 12:00 noon, New York City time,
on June 30, 2008.  Each of the change of control offers will
have a settlement date of July 1, 2008.  Holders whose
Notes are accepted for payment and lenders that elect to have
their loans under the Senior Unsecured Credit Agreement prepaid
pursuant to the offers will also receive accrued and unpaid
interest to the Settlement Date.

Intelsat Jackson has retained Wells Fargo Bank, National
Association to act as Depositary in connection with the change
of control offer for the Notes.  Bank of America, N.A. is the
administrative agent under the Senior Unsecured Credit
Agreement.

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed  
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has offices in Brazil, China, Hong Kong, France,
Germany, India, Singapore, South Africa, the United Arab
Emirates, the United Kingdom and the United States.

Intelsat, Ltd.'s December 31 balance sheet showed total assets
of US$12,053,332, total liabilities of US$12,775,716 and
stockholders' deficit of US$722,384.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch.  S&P said
the outlook is stable.


INTERNATIONAL PAPER: Net Income Drops to $133MM in '08 1st Qtr.
---------------------------------------------------------------
International Paper reported preliminary first-quarter 2008 net
earnings of $133 million compared with net earnings of
$327 million in the 2007 fourth quarter and $434 million in the
first quarter of 2007.

Earnings from continuing operations and before special items in
the first quarter of 2008 were $175 million, compared with
$294 million in the 2007 fourth quarter and $203 million in the
first quarter of 2007.

Quarterly net sales were $5.7 billion, down from $5.8 billion in
the fourth quarter and up from $5.2 billion in the first quarter
of 2007.

Industry segment operating profits were $332 million for the
2008 first quarter versus $566 million in the 2007 fourth
quarter and $403 million in the first quarter of 2007.  The
quarter-to-quarter decrease reflects higher input costs, lower
earnings from land sales and operating performance below
expectations early in the quarter.

Additionally, the company reported equity earnings, net of
taxes, of $17 million from its 50% investment in Ilim Holding
S.A., a separate reportable industry segment in Russia.

"We continued to realize price improvement in the first
quarter,"  John Faraci, chairman and CEO, said.  "However, those
gains were more than offset by sharply increasing input costs,
well as the expected quarter-to-quarter decline in earnings from
land sales."

"We are prepared to work through the weakness of the U.S.
economy.  Our business outside of North America continues to
demonstrate healthy growth and solid pricing," Mr.Faraci said.

At March 31, 2008, the company's balance sheet showed total
assets of $24.3 billion, total liabilities of $15.3 billion and
total shareholders' equity of about $9.0 billion.

                    About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
including in China.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.  

                        *     *     *

Moody's Investors Service placed International Paper Co.'s
senior subordinate rating at 'Ba1' in December 2005.  The rating
still holds to date with a stable outlook.


LIBBEY INC: Loses US$3.5 Million in First Quarter Ended March 31
----------------------------------------------------------------
Libbey Inc. disclosed that sales increased 4.3% to
US$187.3 million in the first quarter of 2008 from
US$179.5 million in the prior year first quarter.  The company
reported a net loss of US$3.5 million for the first quarter
ended March 31, 2008, compared to a net loss of US$1.8 million
in the prior year quarter.

                      First Quarter Results

For the quarter-ended March 31, 2008, sales increased 4.3% to
US$187.3 million from US$179.5 million in the year-ago quarter.  
North American Glass sales increased 2.2% to US$127.5 million.  
The increase in sales was attributable to continued solid
increases of over 18% in shipments to retail glassware customers
in the United States and Canada and strong sales performance in
Mexico.  These increases were partially offset by lower
shipments to United States foodservice customers, which were off
over 12%.  North American Other sales decreased 3.1% as
shipments to Syracuse China customers were down approximately
12%, partially offset by an increase of 3% in sales of World
Tableware products. International sales increased 22.2% as the
result of increased sales to customers of Libbey China, Royal
Leerdam and Crisal.  A majority of the increased sales is
attributable to Libbey China and a favorable currency impact on
European sales.  International sales increased approximately 8%,
excluding the currency impact.

The company reported income from operations of US$9.5 million
during the quarter, compared to income from operations of
US$10.4 million in the year-ago quarter.  Factors contributing
to the decrease in income from operations were an unfavorable
mix of sales, as a result of lower foodservice sales, a
US$1.4 million increase in natural gas expenses and a
US$2.1 million increase in depreciation partially offset by a
reduction of US$1.2 million in selling, general and
administrative expenses.

Earnings before interest and taxes (EBIT) were US$10.2 million,
compared to US$12.2 million in the year-ago quarter.  EBIT was
US$7.1 million for North American Glass, compared to
US$10.9 million in the first quarter if 2007, as a result of the
unfavorable sales mix and higher natural gas expenses.  North
American Other reported EBIT for the first quarter of 2008 of
US$3.8 million, which was flat compared to the first quarter of
2007.  The first quarter 2007 results included a US$1.1 million
one-time gain on the sale of excess land in Syracuse, New York.  
Excluding the gain on the sale of land recorded in 2007, the
increase in EBIT in 2008 is attributable to higher income from
operations at World Tableware, Syracuse China and Traex.  The
International segment reported an EBIT loss of US$0.7 million,
which was a US$1.8 million improvement in EBIT as compared to
the year-ago quarter.  The improvement in EBIT was primarily
related to Libbey China being in full operation, higher
international sales and improved margins partially offset by
higher natural gas costs in Europe.

Libbey reported that earnings before interest, taxes,
depreciation and amortization (EBITDA) was US$21.5 million in
the first quarter of 2008, compared to EBITDA of US$21.4 million
in the year-ago quarter.

As a result of higher debt, primarily driven by the payment-in-
kind notes, interest expense increased US$1.6 million compared
to the year-ago period.

The effective tax rate increased to 49.8% for the quarter,
compared to 47.5% in the year-ago quarter.  Libbey reported its
net loss was US$3.5 million compared to a net loss of
US$1.8 million in the first quarter of 2007.

                  Working Capital and Liquidity

As of March 31, 2008, working capital, defined as inventories
and accounts receivable less accounts payable, increased by
US$23.4 million from US$213.8 million to US$237.2 million,
compared to Dec. 31, 2007, due to seasonal working capital
needs.

Free cash flow was a use of US$37.5 million as compared to a use
of US$7.8 million in the first quarter of 2007.  The primary
contributors were a US$19.6 million payment to Vitro S.A. made
in the current year related to the purchase of Crisa in 2006 and
increased working capital of US$10.8 million at Libbey China,
where production did not begin until late in the first quarter
of 2007.

Libbey reported that it had available capacity of
US$82.3 million under its Asset Based Loan credit facility as of
March 31, 2008.  This compares to availability of
US$89.7 million at Dec. 31, 2007.

                       Outlook for 2008

Chairperson and chief executive officer, John F. Meier said, "We
are pleased with the strength of our total sales performance.  
We experienced healthy increases in U.S. and Canadian retail
glassware, Crisa and Libbey China shipments during the quarter.  
We reported solid EBITDA performance in spite of softness in the
U.S. foodservice market and higher natural gas costs.  We expect
second quarter sales to be in the range of US$215 million to
US$220 million, and EBITDA to be between US$30 million and
US$32 million in the second quarter of 2008."

Mr. Meier added, "As the result of a solid first quarter,
finishing on the high side of our EBITDA guidance, and given the
strong retail and International sales performance offsetting the
softness in the U.S. foodservice channel of distribution, we are
confirming our guidance for 2008 EBITDA to be in an expected
range of US$113 million to US$123 million."

                        About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/--
operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, as well as in Mexico, China,
Portugal and the Netherlands.  Its Crisa subsidiary, located in
Monterrey, Mexico, is the leading producer of glass tableware in
Mexico and Latin America.  Its Royal Leerdam subsidiary, located
in Leerdam, Netherlands, is among the world leaders in producing
and selling glass stemware to retail, foodservice and industrial
clients.  Its Crisal subsidiary, located in Portugal, provides
an expanded presence in Europe.  Its Syracuse China subsidiary
designs, manufactures and distributes an extensive line of high-
quality ceramic dinnerware, principally for foodservice
establishments in the United States.  Its World Tableware
subsidiary imports and sells a full-line of metal flatware and
holloware and an assortment of ceramic dinnerware and other
tabletop items principally for foodservice establishments in the
United States.  Its Traex subsidiary, located in Wisconsin,
designs, manufactures and distributes an extensive line of
plastic items for the foodservice industry.  In 2006, Libbey
Inc.'s net sales totaled US$689.5 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products
sector, the rating agency confirmed its B2 Corporate Family
Rating for Libbey Glass Inc., and its B2 rating on the company's
US$306 million senior secured notes due 2011.  Additionally,
Moody's assigned an LGD3 rating to the notes, suggesting
noteholders will experience a 49% loss in the event of a
default.


VISTEON CORP: March 31 Balance Sheet Upside-Down by US$136 Mil.
---------------------------------------------------------------
Visteon Corporation's balance sheet at March 31, 2008, showed
total assets of US$7.2 billion and total liabilities of
US$7.3 billion resulting in a total shareholders' deficit of
about US$136 million.

The company reported net loss of US$105 million, including a
US$40 million loss associated with the sale of North American
aftermarket facilities and a US$21 million asset impairment.  

For the first quarter 2007, Visteon reported a net loss of
US$153 million which included a US$40 million of asset
impairments.

The company related that divestitures and plant closures
decreased product sales by US$340 million; favorable currency of
US$181 million and higher Asian sales were partial offsets.  
Services revenue was US$121 million, a decrease of US$9 million
from the same period in 2007.

Visteon reduced its net loss by US$48 million to US$105 million
for first quarter 2008.  

Cash used by operating activities for first quarter 2008 was
US$126 million, a US$5 million improvement over the US$131
million in first quarter 2007.  First quarter 2008 cash from
operations was negatively impacted on a year-over-year basis by
a number of factors including cash restructuring costs, pension,
OPEB and recoverable tax assets.

Capital expenditures for first quarter 2008 were US$74 million,
US$10 million higher than the same period a year ago, reflecting
investments to support future business.  Free cash flow, for
first quarter of 2008 was negative US$200 million, compared with
negative US$195 million in the same period of 2007.

As of March 31, 2008, the company's consolidated cash balances
totaled US$1.6 billion.  

                  Restructuring and Divestitures

During the first quarter, Visteon addressed a number of
facilities as part of its restructuring initiatives.  Visteon
sold its non-core North American-based aftermarket underhood and
remanufacturing operations which included two facilities in
Mexico and one in Tennessee.  The businesses generated
approximately US$130 million of sales in 2007 and had a negative
gross margin of approximately US$16 million.

In February 2008, Visteon closed its interiors facility in
Bellignat, France, resulting in the separation of approximately
300 employees.  A majority of the production at this facility
was consolidated into other manufacturing facilities.  
Additionally, Visteon remains on track to exit its Bedford,
Indiana, and Concordia, Missouri, facilities later this year.

During the first quarter of this year Visteon recorded
US$46 million of restructuring charges.  These charges were
related to three facilities in continental Europe, which are
being addressed as part of the company's three-year plan, and
related cost-reduction actions associated with the company's
drive to reduce overhead costs, through the reduction of general
administrative and engineering related expenses.

In January Visteon expected to generate cumulative savings of
approximately US$215 million over the next three years as part
of the overhead cost reduction initiative.  To date
approximately 250 salaried employees have been separated from
the company in conjunction with this initiative, and Visteon
remains on track to generate the expected savings.

Visteon continues to address its operations in the United
Kingdom.  Visteon has a non-binding memorandum of understanding
with Linamar  Corporation for the sale of its Swansea, Wales,
facility.   Although the transaction has yet to be finalized and
negotiations continue, Visteon has been able to mitigate the
losses associated with the facility through agreements reached
with customers supplied by the Swansea facility.

                    About Visteon Corporation

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier  
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.  
The company has Latin America offices in Argentina, Brazil and
Mexico.  The company has facilities in 26
countries and employs approximately 43,000 people.

                          *     *     *

Moody's Investor Service placed Visteon Corp.'s long-term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.



================
H O N G  K O N G
================

ABLE SMART: Commences Liquidation Proceedings
---------------------------------------------
Able Smart Holdings Limited's members agreed on April 28, 2008
to voluntarily liquidate the company's business.  The company
has appointed Cosimo Borrelli and G Jacqueline Fangonil Walsh to
facilitate the sale of its assets.

The liquidators can be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Tower 1, Admiralty Center
          Level 14, 18 Harcourt Road
          Hong Kong


AGILE PROPERTY: Posts CNY10.3 Bil. Turnover for Year-End 2007
-------------------------------------------------------------
Agile Property Holdings Limited disclosed annual results for the
year ended December 31, 2007.

During the year under review, the Group's turnover amounted to
CNY10,312 million, representing an increase of approximately
54.5%. Profit attributable to shareholders increased 69.3% to
CNY2,103 million.  Earnings per share were CNY0.561, surged by
58.0% over that of the previous year.  The Board proposed
to declare a final dividend of HK15.3 cents per share. Taking
into account the interim dividend of HK5.5 cents, total dividend
for the year was HK 20.8 cents, representing a 73.3% increase
over last year so as to reward the support of its shareholders.

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

Commenting on the satisfactory results, Mr. Chen Zhuo Lin,
Chairman of Agile, said, "The year 2007 was the fifteenth
anniversary of the Group's property development business and
marked an important milestone of Agile's business development.

During the year, the Group's business attained sustainable rapid
growth and recorded outstanding performance, which further
enhanced our brand influence nationwide.  To further extend our
regional diversification in the PRC, the Group has pro actively
expanded its property development business into 20 cities across
six major regions in China, with a total of 51 projects. As at
December 31, 2007, the Group's total land bank reached 23.78
million sq.m." During the year under review, property
development business of the Group remained strong.  As at  
December 31, 2007, total GFA under construction of the Group was
3.07 million sq. m., which has increased by 156% as compared
with 1.2 million sq. m. by the end of 2006. During the year, the
Group extended its geographical coverage from Pearl River Delta
Area to six major regions, namely Eastern Guangdong (Huizhou and
Heyuan), Yangtze River Delta Region (Shanghai and Nanjing),
Western China (Chengdu, Xi'an and Chongqing), Hainan province
and others (Shenyang). During the year, 8 new projects were
launched in Chengdu, Huizhou, Heyuan, Foshan, etc and received
overwhelming market response.

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

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

During the year, turnover from property management business was
CNY165 million, with 6.50 million sq. m. of GFA of property
under management, receiving a customer-satisfaction rate of
over 90%.

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

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

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

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

                      About Agile Property

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

                          *     *     *

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

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


AGILE PROPERTY: Launches Phase I of Agile Garden Nanjing Project
----------------------------------------------------------------
Agile Property Holdings Limited launched its second project
outside Guangdong Province, Agile Garden Nanjing, on April 19
following the launch of Agile Garden Chengdu.  The market
response was so overwhelming that 350 apartments were sold just
a few days shortly after its launch.  The apartments were sold
at the average selling price of CNY12,500 per sq. m., generating
aggregate sales of over CNY600 million, which marked another
upsurge of sales outside Guangdong Province.

As a high-end project of Nanjing downtown, Agile Garden Nanjing
enjoys the proximity to prosperous commercial area, complete set
of ancillary facilities and convenient transportation, targeting
on elites and outstanding professionals from all levels in the
city.  Located in the south of Qinhuai District government of
the center of Nanjing City, Agile Garden Nanjing is adjacent to
the ancient wall of Ming Dynasty and Qinhuai River and is in
close proximity to Wudingmen Park, Bailuzhou Park and Confucian
Temple commercial circle.  The project is in a prime location
with very convenient public transport networks.  It is just a
10-minute drive to the most bustling center of Nanjing,
Xinjiekou; a 12-minute and 30-minute drive to or from Nanjing
Train Terminal and Nanjing Lukou International Airport
respectively.

Agile Garden Nanjing has comprehensive ancillary facilities with
just a few minutes walk from a number of large supermarkets, the
First Hospital of Nanjing City, Military Hospital of Jiangsu
Province, the four China's largest banks and other facilities.

The project is scheduled to be developed by two phases,
featuring a combination of high-end apartments, shops,
clubhouses, ecological greening plaza, kindergarten, primary
school and bus terminals.  The products in phase I, which
comprise finely decorated apartments and prestigious units
featuring smaller size, are put on the market in quasi-completed
form. The architectural designs of Phase I of Agile Garden
Nanjing Grandly Launched Sales Exceeded Over CNY 600 Million
April 24, 2008, that two or three units in every storey sharing
two elevators are adopted, creating a sleek, comfortable and
spacious living space. The sizes of units for sale range from 97
sq.m. to 306 sq.m.

Commenting on the overwhelming response received from the sale
of Agile Garden Nanjing, senior executive of Agile Property
said, "Benefit greatly from the prime geographic location,
comprehensive ancillary facilities, convenient traffic network,
high end positioning, excellent products as well as the
important role of Nanjing as a political and cultural center of
Jiangsu Province, Agile Garden Nanjing project has great
potential for appreciation.  The overwhelming response received
from the sale of the project has demonstrated again that Agile
Property's products fully cater to the demands of local market
and greatly enhance Agile's brand awareness while proofing
strongly that the Group has excellent ability to enforce its
projects outside Guangdong Province. "

                      About Agile Property

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

                        *     *     *

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

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


ASAHI CREATIVE: Creditors' Final Meeting Set for May 7
------------------------------------------------------
Members of Asahi Creative Technology Limited will have their
final general meeting on May 7, 2008, at Duke of Windsor Social
Service Building, Room 202, No 15 Hennessy Road, Wancahi, in
Hong Kong to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Stephen Briscoe
         Duke of Windsor Social Service Building
         Room 202, No 15 Hennessy Road
         Wancahi, Hong Kong


ASAT HOLDINGS: Posts US$41.8MM Revenue for Third Quarter 2008
-------------------------------------------------------------
ASAT Holdings Limited's net revenue for the third quarter of
fiscal 2008, ended January 31, 2008, increased for the third
consecutive quarter to US$41.8 million.

This compares with net revenue of US$40.2 million in the
previous quarter.  Third quarter net loss improved to
US$5.0 million, or a net loss of US$0.12 per American Depositary
Share (ADS), compared with a net loss of US$5.2 million, or a
net loss of US$0.13 per ADS in the second quarter. Included in
the third quarter net loss were reorganization charges of
US$149,000. Net loss in the second quarter included a charge of
approximately US$92,000 in reorganization costs for follow-on
expenses related to completing the move of the company's
manufacturing operations to China.

The company's third-quarter results also recorded:

  -- Net sales for assembly were US$40.7 million
  -- Net sales for test were US$1.1 million
  -- Capital expenditures were US$2.5 million
  -- Cash and cash equivalents at the end of the quarter
     were US$12.3 million

"We have now achieved three consecutive quarters of revenue
growth and we recorded positive income from operations for the
first time since the April 2004 quarter.  These results further
demonstrate the success of the financial improvement plan
implemented last year," said Tung Lok Li, acting chief executive
officer of ASAT Holdings Limited. "In the third quarter, we
improved on several important elements of this plan, including
expanding sales to existing customers and generating initial
revenue from new customers.  We will continue to invest in our
sales organization in order to capitalize on new business
opportunities, which should lead to additional revenue this
year."

               Fourth Quarter Fiscal 2008 Outlook

"While we remain confident with our current strategy, our
outlook for the April quarter, which is traditionally our
weakest quarter, is cautious due to normal seasonal sales trends
and uncertainty in the macro economy.  These factors lead us to
forecast revenue in the fourth quarter of fiscal 2008 will be
down 10% to 15% sequentially," said Mr. Li.

                        Future Financing

As the Company's existing US$20 million revolving credit
facility will expire in September 2008, ASAT is in the process
of obtaining external financing, including, but not limited to,
the renewal of the existing US$20 million revolving credit
facility.  These funds will be used primarily to facilitate the
Company's required working capital needs.  While ASAT believes
receipt of financing is likely, there can be no assurance that
it will be obtained, and if such financing is not obtained for  
any reason there may be questions regarding the Company's
ability to continue as a going concern.

                       About ASAT Holdings

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor   
package design, assembly and test services.  With 19 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT's advanced
package portfolio includes standard and high thermal performance
ball grid arrays, leadless plastic chip carriers, thin array
plastic packages, system-in-package and flip chip.  ASAT was the
first company to develop moisture sensitive level one capability
on standard leaded products.  

The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BRIDGETECH HOLDINGS: Jewett Schwartz Raises Substantial Doubt
-------------------------------------------------------------
Jewett, Schwartz, Wolfe & Associates in Hollywood, Fla., raised
substantial doubt about Bridgetech Holdings International,
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm pointed to the company's
operating and liquidity concerns, accumulated deficit, and
negative working capital.

For the year ended Dec. 31, 2007, the company posted a
US$15,355,456 net loss on US$243,770 of revenues compared with a
US$16,854,130 net loss on US$437,049 of total revenues for the
same period in 2006.

At Dec. 31, 2007, the company's balance sheet showed
US$1,294,315 in total assets, US$9,350,887 in total liabilities,
and US$20,325 in minority interest, resulting in an US$8,076,897
stockholders' deficit.

The company's balance sheet at Dec. 31, 2007, also showed
strained liquidity with US$610,885 in total current assets
available to pay US$9,350,887 in total current liabilities.

The company also incurred an accumulated deficit of
US$56,279,880 through the period ended Dec. 31, 2007.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b8b

Based in Cardiff, Calif., Bridgetech Holdings International,
Inc. (Other OTC: BGTH.PK) -- http://www.bridgetechholdings.com/
-- engages in the transfer of medical drugs, devices, and
diagnostics from the United States to China, with a primary
focus on oncology. The company also offers medical technology
transfer, nurse recruitment and training, medical imaging, and
healthcare radio frequency identification solutions.  It
operates its own clinical research organization in Hong Kong.  
The company has offices in Hong Kong and Beijing.


CONCORD STAR: Creditors' Proofs of Debt Due May 16
--------------------------------------------------
Creditors of Concord Star Enterprises Limited are required to
file their proofs of debt by May 16, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ng Kwok Woi
         JCG Building, Unit A, 14th Floor
         16 Mongkok Road, Mongkok
         Kowloon, Hong Kong


CSL UNITED: Creditors' Proofs of Debt Due May 14
------------------------------------------------
Creditors of CSL United Personalcom Limited are required to file
their proofs of debt by May 14, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         Alexandra House, 27th Floor
         18 Charter Road, Central
         Hong Kong


GOLDWAY INTERNATIONAL: Creditors' Final Meeting Set for May 9
-------------------------------------------------------------
Members of Goldway International Limited will have their final
general meeting on May 9, 2008, at Founder's Room. 3rd Floor,
South Tower, 41 Salibury Road, YMCA of Hong Kong, Tsimshatsui,
Kowloon, to hear the liquidator's report on the company's wind-
up proceedings and property disposal.

No liquidator information was disclosed.


HONG KONG KUTTLER: Creditors' Proofs of Debt Due May 24
-------------------------------------------------------
Creditors of Hong Kong Kuttler Auto Systems (Suzhou) Company
Limited are required to file their proofs of debt by May 24,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2008.

The company's liquidator is:

         Stephen Briscoe
         1801 Wing On House, 18th Floor
         71 Des Voeux Road
         Central, Hong Kong


LYON ENTERPRISE: Creditors' Proofs of Debt Due May 26
-----------------------------------------------------
Creditors of Lyon Enterprise 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 January 31,
2008.

The company's liquidator is:

         Tam Kwok Ming Banny
         United Centre, Flat A
         16th Floor, 95 Queensway
         Hong Kong


NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million
-------------------------------------------------------------
NVIDIA Corporation said Friday that the United States Bankruptcy
Court for the Northern District of California issued its
Memorandum Decision After Trial in the 3dfx bankruptcy action.

In the Decision, the Court found in favor of NVIDIA on all
issues and rejected the Trustee's attempts to obtain damages
from NVIDIA in excess of US$100 million.  The Trustee's lawsuit
arose from NVIDIA's 2001 acquisition of certain assets of its
former competitor, 3dfx Interactive, Inc.  Specifically, the
Trustee claimed that NVIDIA did not pay fair value for the
assets it acquired in the transaction, thereby allegedly harming
3dfx's creditors.

"A trial was necessary to fully demonstrate that we conducted
ourselves appropriately in the acquisition and we are very
pleased with the Decision from the Court.  The Decision is
comprehensive, thorough, well-reasoned, and a complete rejection
of the Trustee's legal and factual arguments," said David
Shannon, NVIDIA's senior vice president and general counsel.

The Court expressly found that "the Trustee's valuation theory
-- every way it is articulated -- is simply not credible," and
concluded that "the creditors of 3dfx were not injured by the
Transaction."

"We will continue to fight this matter through any and all
appeals," said Mr. Shannon.

                           About NVIDIA

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- is in the business of visual  
computing technologies and invented the GPU, a high-performance
processor which generates breathtaking, interactive graphics on
workstations, personal computers, game consoles, and mobile
devices.  NVIDIA serves the entertainment and consumer market
with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-
performance computing market with its Tesla(TM) products.  
Outside the U.S., the company has subsidiaries  in these
countries; Canada, Cayman Islands, Singapore, Australia, the
United Kingdom, Germany, Hong Kong, Japan, Mauritius, India,  
China, British Virgin Islands, Finland and Netherlands.

                       *     *     *
       
The company carries Standard & Poor's Ratings Services BB-
corporate credit rating.


NVIDIA Corporation: Annual Stockholders Meeting Set for June 19
---------------------------------------------------------------
NVIDIA Corporation will hold its Annual Meeting of Stockholders
of on Thursday, June 19, 2008 at 10:00 a.m.

The meeting will be held at Building E of the company's
headquarters, which is located at 2800 Scott Boulevard in Santa
Clara, California.

At the meeting, stockholders will be asked to:

     -- elect three directors nominated by the Board of
        Directors to hold office until the company's 2011 Annual
        Meeting of Stockholders described in the attached proxy
        statement.


     -- approve an amendment to the company's certificate of
        incorporation to increase the number of authorized
        shares of common stock from 1,000,000,000 to
        2,000,000,000 shares.

     -- ratify the selection of PricewaterhouseCoopers LLP as
        the company's independent registered public accounting
        firm for the fiscal year ending Jan. 25, 2009.

     -- conduct any other business properly brought before the
        Annual Meeting.

Only stockholders who own stock at the close of business on
April 21, 2008 may vote at the Annual Meeting.

                           About NVIDIA

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- is in the business of visual  
computing technologies and invented the GPU, a high-performance
processor which generates breathtaking, interactive graphics on
workstations, personal computers, game consoles, and mobile
devices.  NVIDIA serves the entertainment and consumer market
with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-
performance computing market with its Tesla(TM) products.  
Outside the U.S., the company has subsidiaries  in these
countries; Canada, Cayman Islands, Singapore, Australia, the
United Kingdom, Germany, Hong Kong, Japan, Mauritius, India,  
China, British Virgin Islands, Finland and Netherlands.

                       *     *     *
       
The company carries Standard & Poor's Ratings Services' BB-
corporate credit rating.


SOTA ELECTRONICS: Creditors' Proofs of Debt Due May 26
------------------------------------------------------
Creditors of Sota Electronics Company 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 is:

         Poon Ka Lee, Barry
         ING Tower, 1607
         38 Des Voeux Rd C
         Hong Kong


TAURUS NAVIGATION: Members' Final Meeting Set for June 4
--------------------------------------------------------
Members of Taurus Navigation Corporation Limited will have their
final general meeting on June 4, 2008, at Harbour Centre, Room
1802, 25 Harbour 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:

         Cheng Seng Chong Edward
         Harbour Centre, Room 1802
         25 Harbour Road, Wanchai
         Hong Kong


YUEN SHING: Creditors' Proofs of Debt Due May 26
------------------------------------------------
Creditors of Yuen Shing Investment Company 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 January 31,
2008.

The company's liquidator is:

         Tam Kwok Ming Banny
         United Centre, Flat A
         16th Floor, 95 Queensway
         Hong Kong



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

BANK OF INDIA: Earns INR7.57 Bil. in Quarter Ended March 31
-----------------------------------------------------------
For the three months ended March 31, 2008, the Bank of India
posted a net profit of INR7.57 billion on revenues amounting to
INR41.55 billion.  This is a big improvement compared to the
figures earned during the corresponding quarter in 2007 --
INR4.74 billion profit on revenues of INR31.92 billion.

With operating expenses of INR6.58 billion and interest
expenditure of INR22.85 billion, the bank booked an operating
profit of INR12.12 billion in Jan.-March 31, 2008.  The bank
also recorded INR2.86 billion in provision and contingencies and
INR1.68 billion in taxes.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over  
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Moody's Investors Service gave a Ba2 rating to the bank's
Foreign LT Bank Deposits.


GARWARE POLYESTER: Board Okays OTS Package Offered by IDBI
----------------------------------------------------------
During a meeting held on April 29, 2008, the Board of Directors  
of Garware Polyester Ltd approved the modified One Time
Settlement (OTS) package offered by Industrial Development Bank
of India Ltd (IDBI).  The main features of the One Time
Settlement package includes:

   * INR79.32 crore will be paid in cash before March 31, 2008;
     and

   * Conversion of balance amount of INR4.92 crore in to
     Cumulative Redeemable Preference Shares carrying coupon
     rate of 0.01% p.a which will be redeemed in one installment
     on April 01, 2016.

In order to comply Modified One Time Settlement package
sanctioned by IDBI, the company has already paid INR79.32 crore
in cash on March 27, 2008.

Currently, Garware Polyester is required to issue 0.01%
Cumulative Redeemable Preference Shares to IDBI in future.

Accordingly the company has also approved these proposals, which
are subject to shareholders' approval to:

   * Increase the Authorised Share Capital of the company from
     INR75 crores to INR100 crores.

   * Issue of 4,92,000 - 0.01% Cumulative Redeemable shares of
     INR100/- each to IDBI Ltd. on Preferential basis.

Garware Polyester will also convene an extraordinary general
meeting to seek the shareholders' approval.

In order to implement the debt restructuring with various Banks
and Financial Institutions the Board unanimously agreed for
extension of financial year by three months thereby the current
Financial Year eill be of 15 months -- from April 1, 2007 to
June 30, 2008.

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its  
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 13, 2007, that Credit Rating Information Services of India
Limited reaffirmed its 'D' rating on Garware's non-convertible
debenture programme.  The rating continues to indicate that the
instrument is in default.  The arrears on interest and principal
repayments have not been entirely cleared.


GMAC LLC: Fitch Cuts ID Rating to BB- After ResCap's Poor Fin'l
---------------------------------------------------------------
Fitch Ratings has downgraded the long-term Issuer Default Rating
of GMAC LLC and related subsidiaries to 'BB-' from 'BB'.  Fitch
has also downgraded GMAC's unsecured long-term ratings to 'B+'
from 'BB-', reflecting the potential for reduced recovery in a
default scenario should the company encumber assets.  
Additionally, Fitch has affirmed the 'B' short-term ratings.  
The Rating Outlook remains Negative. Approximately $85 billion
of unsecured debt is affected by this action.

The downgrade of GMAC's L-T IDR reflects in part continued
financial deterioration at ResCap, which has necessitated
further financial support from GMAC as part of a debt exchange
at ResCap.  In addition, given the current capital markets
environment, Fitch believes that GMAC may need to encumber
assets to enhance its liquidity.  To the extent this occurs, it
would subordinate current debtholders and reduce recovery
prospects in a default scenario.

Fitch's Negative Outlook on GMAC continues to reflect the more
challenging economic environment that will continue to pressure
core operating performance.  Given reduced industry sales,
GMAC's financing volumes will likely decline unless offset by
higher penetration rates.  In addition, Fitch expects automotive
credit quality to remain pressured throughout 2008 due to rising
consumer defaults and higher loss severity upon default.  
Ratings could be lowered if core profitability (excluding
ResCap) weakens coupled with credit quality deterioration beyond
historical averages.

Fitch has downgraded these ratings with a Negative Outlook:

GMAC LLC
GMAC International Finance B.V.
GMAC Bank GmbH
GMAC Canada Ltd.
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. of Australia
-- Long-term IDR to 'BB-' from 'BB';
-- Senior debt to 'B+' from 'BB'.

General Motors Acceptance Corp. (NZ) Ltd.
-- Long-term IDR to 'BB-' from 'BB'.

Fitch has also affirmed these ratings:

GMAC LLC
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance of Canada Ltd.
General Motors Acceptance Corp. of Australia
GMAC Australia (Finance) Ltd.
General Motors Acceptance Corp. (U.K.) Plc
General Motors Acceptance Corp. (N.Z.) Ltd.
GMAC Canada Ltd.
-- Short-term IDR 'B';
-- Short-term debt 'B'.

GMAC Canada Ltd.
-- Short-term IDR 'B'.

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

In Asia, the company has operations in Australia, China, India,
New Zealand and Thailand.


GMAC LLC: S&P 'B' Rating Unaffected by ResCap's Downgrades
----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
negative outlook on GMAC LLC (B/Negative/C) will not be affected
by the downgrade of its 100%-owned subsidiary, Residential
Capital LLC to 'CC' from 'CCC+'.

The ratings actions on Residential Capital LLC follow the
company's launch of an exchange offer for unsecured bonds that
would pay less than face value to certain Residential Capital
LLC bondholders.  The exchange illustrates the gravity of the
Residential Capital LLC's financial position.   Furthermore, the
exchange indicates that GMAC LLC's ultimate parents, General
Motors Corp. (49% owner of GMAC LLC) and Cerberus (51% owner of
GMAC LLC), are pursuing these actions rather than directly
provide GMAC LLC with additional capital to downstream to
Residential Capital LLC.  However, a successful exchange would
extend debt maturities, providing needed relief to both
Residential Capital LLC in terms of its maturing debt, and GMAC
LLC in terms of future support pressures.

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

In Asia, the company has operations in Australia, China, India,
New Zealand and Thailand.


INDUSTRIAL DEV'T BANK: Earns INR2.45 Bil. in Qtr. Ended March 31
----------------------------------------------------------------
The Industrial Development Bank of India Ltd, for the three
months ended March 31, 2008, posted a net profit of
INR2.45 billion on INR26.28 billion of revenues as compared to a
net profit of INR2.13 billion on INR21.85 billion of revenues
recorded in the same quarter of 2007.

The Bank's expenditure totaled to INR23.23 billion.  Moreover,
the bank also provided INR322 million for taxes and booked
INR277.40 million for provisions and contingencies.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers  
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on
April 24, 2007, affirmed Industrial Development Bank of India's
BFSR at D-.  Moody's also maintains the bank's Foreign Currency
Deposit Rating at Ba2.


ORIENTAL BANK: Incurs INR994.4MM Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Oriental Bank of Commerce incurred a net loss of INR994.40
million on INR20.71 billion of revenues in the quarter ended
March 31, 2008, as compared to INR548.60 million net profit on
INR15.77 billion of revenues recorded in the same quarter of
2007.

The bank's operating expenses totaled to INR2.72 billion and
interest expenditure was recorded at INR14.73 billion.  
Operating profit was recorded at INR3.25 billion in Jan.-March
2008.  The bank also recorded INR1 billion in provision and
contingencies and INR2.20 billion in taxes.

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

                          *     *     *

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

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


ROLLATAINERS LTD: Approves Resolution During Meeting
----------------------------------------------------
During a meeting held on April 29, 2008, Rollatainers Ltd  
approved the alteration of object clause of Memorandum of
Association of the company, which resolution is subject to the
approval by the company's members by way of Postal Ballot.

The Postal Ballot notice has been approved by the Board.

The company has appointed Iqneet Kaur, Practicing Company
Secretary, as the scrutinizer to conduct the postal ballot
process in fair and transparent manner.

Mr. Prakash Chandra Lohumi was appointed as special director on
the company's Board.

Rollatainers Ltd. -- http://www.rolapak.com/-- is a paper    
manufacturer whose primary products are packaging cartons and
polycoated packing material.  The company also manufactures
duplex paper board, writing and printing paper and packaging and
weighing machines.

The company incurred consecutive net losses of INR58.9 million
and INR151.6 million for the years ended Sept. 30, 2007 and
2006, respectively.



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

PT INCO: Maintenance Delays to Disrupt Second Quarter Output
------------------------------------------------------------
Novia D. Rulistia of The Jakarta Post reports that PT
International Nickel Indonesia's production output will be
disrupted during the second quarter due to maintenance delays,
which includes an electronic furnace shutdown at the Soroako
plant from March to April.

According to the report, President Director Arif Siregar said
the Soroako plant "had boosted the company's first quarter
output to 20,100 metric tons, or up by 12 percent compared to
the same period last year."

"The output for the second quarter will definitely be disturbed,
and so will the whole year, but we are still calculating how
badly it will affect our production," The Jakarta Post quotes
Mr. Arif said.

The Jakarta Post relates, citing Mr. Arif, that the company is
planning to increase the grade of nickel and increase the
capacity of their electronic furnaces to meet the production
target for this year of 77,000 to 79,000 metric tons of nickel,
compared with 76,800 metric tons in 2007.

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer  
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *     *     *

As of October 29, 2007, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.



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

ALITALIA SPA: Group Net Debt at EUR1.35 Billion as of March 31
--------------------------------------------------------------
Alitalia Group’s net debt as of March 31, 2008, amounted to
EUR1.353 billion, showing a decrease in net indebtedness of
EUR15 million compared to the situation on Feb. 29, 2008,
announced on Feb. 28, 2008.

The amount includes the encashment of EUR79 million relating to
the sale of Air France-KLM shares held in portfolio and the
disbursement of EUR56 million in payment of the annual dividend
coupon for the convertible bond loan.  Not included is the
encashment of fiscal credit amounting to about EUR69 million,
which took place on April 2, 0028.

The net debt of the parent company Alitalia on March 31, 2008,
(including short-term financial credits of subsidiaries)
amounted to EUR1.347 billion showing a decrease of EUR10 million
(-0.7%) compared to net debt as of Feb. 29, 2008.

The Group’s cash-to-hand and short-term financial credits as of
March 31, 2008, at the Group level and for Alitalia, amounted to
EUR180 million and EUR186 million respectively.

It should be noted that as of March 31, 2008, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company amounting to
EUR80 million) whose capital share, including lease closure
value, amounted to EUR92 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR9 million held by the parent
company).

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During March 2008, repayments were made of medium/long-term
financing amounting to EUR13 million.  Regarding debts of a
financial, fiscal and social welfare nature, there were no
outstanding sums or payment irregularities on March 31, 2008,
both for the parent company and for the other companies in the
Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million
      (two decrees);

    * an injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * an injunction has been issued by an IT services supplier
      for EUR812,000;

    * an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

    * an injunction has been issued by a maintenance services
      supplier for EUR492,000;

    * an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for       
      EUR3.2 million;

    * one injunction issued by a fuel supplier for about
      EUR1 million;

    * an injunction has been issued by an airport management
      company for limited failure to pay handling fees for about
      EUR375,000; and

    * an injunction has been issued by four suppliers, for
      EUR188,000.

There are no other executive actions undertaken by creditors
notified as of March 31, 2008, nor are there any threats by
suppliers to suspend operations.  It should be pointed out that,
as part of ordinary management practices, the Company is
committed to maintaining commercial relations with its customers
and suppliers who guarantee -– in the absence of critical  
situations or operational emergencies -– the necessary financial
flexibility in support of cash-to-hand requirements.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes, including United States, Canada,
Japan and Argentina.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.


ATARI INC: To Merge with Infogrames Entertainment in $11MM Deal
---------------------------------------------------------------
Atari, Inc., and Infogrames Entertainment S.A. reached a
definitive agreement to merge, which:

  * brings to a close a period of financial underperformance for
    Atari;

  * strengthens Atari under Infogrames' new management team;

  * delivers a platform for future growth in the US; and

  * offers Atari shareholders an all cash exit.

Under the terms of the merger agreement, Infogrames will acquire
the remaining outstanding equity interests of Atari (other than
shares of common stock held by Infogrames or its affiliates,
which would be cancelled) for $1.68 per share, equivalent to a
cash payment of approximately $11 million.  Infogrames is
currently the majority shareholder in Atari holding
approximately 51.4%.

Following the merger, Atari will be a wholly owned subsidiary of
Infogrames.  The merger will be funded by Infogrames from
existing cash resources.  The transaction is not subject to any
financing conditions and is expected to close in the third
calendar quarter of 2008.

This agreement is an essential and positive development for
Infogrames and its shareholders.  It brings Atari fully under
the control of Infogrames, delivering a platform for future
growth in the U.S.  This step closely follows a series of recent
major restructuring actions implemented in an effort to
reposition Atari, streamline its corporate structure and reduce
its annualized costs, including costs related to being a US
public company.

The Board of Infogrames believes that full ownership of a
restructured Atari is an important step for the Group, leading
to a simplified operating structure that will deliver greater
efficiency, provide the Group with greater opportunities to
expand its US distribution capabilities and strengthen its
platform for its global online initiatives.

"Bringing Atari US and Infogrames businesses together will
enable us to create a simplified global structure for our
business as we seek to re-build a well-managed, cohesive and
financially disciplined company," David Gardner, CEO,
Infogrames, said.  "This is a key strategic event for Infogrames
that will benefit all of our shareholders. I believe that this
transaction will generate significant benefits for the Group."

The management of Atari, Inc., led by recently appointed
President and CEO, Jim Wilson, will join the Group upon the
closing of the transaction and remain focused on growing the key
North American gaming market.

"By joining Infogrames, we will have the opportunity to further
transform Atari," Mr. Wilson said.  "As part of this newly
integrated company, we will be better able to streamline
operations and have a stronger platform for growth in North
America."

The transaction was negotiated and approved by the Special
Committee of the Board of Directors of Atari, consisting
entirely of directors who are independent of Infogrames.  In
approving and recommending the merger transaction, the Special
Committee considered, among other things, the terms of the
merger agreement, which permits the Special Committee to
terminate the agreement under certain circumstances, Atari's
financial position and results of operations, general market and
industry conditions, the risks of implementing Atari's business
plan, Atari's limited liquidity and the limited range of options
available to Atari.  The Special Committee also considered the
effects of Infogrames' controlling interest, the risk that the
transaction will not be completed, the premium to Atari's share
price 30 days prior to the date of Infogrames' offer, and the
willingness of Infogrames to extend a loan of up to $20 million
to Atari to cover expected capital requirements.

The transaction is subject to a number of customary conditions,
including the approval of the holders of a majority of
outstanding shares.  Atari expects to call a special meeting of
shareholders to consider the merger in the third quarter of
calendar 2008.  Since Infogrames controls a majority of Atari's
outstanding shares, Infogrames has the power to approve the
transaction without the approval of Atari's other shareholders.

In connection with the transaction, Infogrames has committed to
lend Atari $20 million, subject to the terms and conditions of
the credit agreement between Atari and Infogrames.  This loan
will be used to fund Atari's operational cash requirements
during the period between the date of the merger agreement and
its closing.

                        About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- publishes and distributes interactive     
entertainment software in the U.S.  The company's 1,000+
published titles distributed by the company include hard-core,
genre-defining franchises such as Test Drive(R); and mass-market
and children's franchises such Dragon Ball Z(R).  Atari Inc. is
a majority-owned subsidiary of France- based Infogrames
Entertainment SA, an interactive games publisher in Europe.

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
$43.5 million in total assets and $60.3 million in total
liabilities, resulting in a $16.8 million total stockholders'
deficit.

Atari has offices in Brazil, the United Kingdom and Japan.

                      Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As reported in the Troubled Company Reporter on March 28, 2008,
Atari Inc. received a Staff Determination Letter from the Nasdaq
Listing Qualifications Department stating that Atari Inc. has
not gained compliance with the requirements of Nasdaq
Marketplace Rule 4450(b)(3), and that its securities are
therefore subject to delisting from The Nasdaq Global Market.

On Dec. 21, 2007, the Nasdaq Listing Qualifications Department
notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule
4450(e)(1), unless the market value of Atari Inc.'s publicly
held shares, which is calculated by reference to Atari Inc.'s
total shares outstanding, less any shares held by officers,
directors or beneficial owners of 10% or more, maintains an
aggregate market value of $15 million or more for a minimum of
10 consecutive business days prior to March 20, 2008, Atari
Inc.'s securities would be subject to delisting.

As disclosed on March 21, 2008, the forbearance period granted
by BlueBay High Yield Investments (Luxembourg) S.A.R.L., the
lender under Atari's senior secured credit facility, has expired
and Atari is currently in discussions with BlueBay with respect
to, among other things, an extension of the forbearance period.


SOLO CUP: Fitch Affirms Ratings and Revises Outlook to Positive
---------------------------------------------------------------
Fitch Ratings has affirmed Solo Cup Company's Issuer Default
Rating and existing credit ratings as:

-- IDR affirmed at 'B-';
-- Senior secured term loan affirmed at 'BB-/RR1';
-- Senior secured revolving credit facility affirmed at
    'BB-/RR1';

-- Senior subordinated notes affirmed at 'CCC+/RR5'.

The Rating Outlook is revised to Positive from Stable.  
Approximately $756 million of debt is covered by the ratings.  
The company's Canadian bank debt is excluded from the ratings.

The Rating Outlook revision is based on positive operating
trends and continued execution of the company's turnaround
strategy, which offset concerns about potentially weaker volumes
and cost inflation.  Fitch expects that the company's earnings
and cash flow will continue to improve in 2008, and credit
metrics should continue to strengthen during the year.  In
addition, Solo has resolved all outstanding material weaknesses
in internal controls.  If Solo's performance continues to meet
these expectations over the course of the coming quarters, the
ratings could be reviewed for a possible upgrade.

The ratings recognize Solo's leading market share across its
product categories; strong brand recognition; diversified raw
materials mix; diverse, stable customer base; and modest near-
term debt maturities.  Concerns center on high leverage; margin
and volume pressure due to intense competition; and cost
inflation in resin and energy prices.  Fitch also expects softer
industry volumes in the coming year, which could generally
constrain demand and erode price support.

Fitch's recovery analysis continues to indicate full expected
recovery of the company's bank debt in a hypothetical distressed
scenario.  Expected recovery for the senior subordinated notes
remains within the 'RR5' band (11%-30%).  Improved earnings or
an upward revision of the IDR could lead to an upgrade of the
notes in the intermediate term.

Solo has made clear progress through its performance improvement
program, achieving about $75 million of cost savings, greater
than initial expectations of $60 to $70 million.  Performance
consultants have been disengaged which should result in
additional cost savings of $20 million or more going forward.  
While some earnings potential has been lost due to business
divestitures, improved efficiencies, better product mix
management, and greater pricing discipline are likely to more
than offset these losses.

Higher raw materials prices and other cost inflation will likely
continue to challenge profitability for Solo.  In addition,
competition within Solo's key markets remains intense.  General
foodservice industry volumes are likely to be softer in the
coming year with growth rates in the low single digit range.  
Solo's ability to manage its core product portfolio profitably
in the face of these challenges will be monitored.

Solo achieved meaningful debt reduction in 2007 and as a result
total leverage has declined appreciably from 9.8 times at first
quarter ended Apr. 1 2007 to 5.7x at fiscal year end 2007, by
Fitch calculations.  Fitch expects further deleveraging as
trailing twelve month EBITDA figures begin to benefit from the
cost savings and an unusually weak 1Q07 falls out of the
calculation.  Solo has announced a few remaining asset sales in
2008 which could serve to reduce debt modestly by the end of the
year.  Fitch expects the company will be able to meet tightening
consolidated leverage ratio requirements over the course of
2008.  By fiscal year end, Solo must achieve leverage of 4.5x
according to the terms of its bank credit agreement.

Fitch expects certain cash expenses to increase in the near term
stemming from announced facility realignments and higher
management compensation.  Capital expenditures are also likely
to move higher in 2008 as the company modernizes some equipment.  
Free cash flow is projected to remain positive and should
improve from the 2007 figure of $48.4 million, as Fitch expects
higher earnings and better working capital management.



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

INTERPUBLIC GROUP: Net Loss Lowers to $62MM in 2008 First Qtr.
--------------------------------------------------------------
Interpublic Group of Cos. reported net loss of $62.8 million
compared with a year-earlier net loss of $125.9 million, Kathy
Shwiff and Kevin Kingsbury of The Wall Street Journal reports.

According to WSJ, citing a poll by Thomson Reuters, revenue
increased 9.3% to $1.49 billion while organic revenue –
excluding divestitures, acquisitions and foreign-currency
translation -- rose 5.1%.  Analysts' mean estimates were for a
loss of 16 cents a share on revenue of $1.44 billion, WSJ adds.

WSJ notes that Interpublic is in the middle of a turnaround
after correcting accounting problems that had dogged it for
several years.

New York-based, Interpublic Group of Companies Inc. (NYSE: IPG)
-- http://www.interpublic.com/-- is one of the world's leading     
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including Malaysia.  Major global brands include Draftfcb,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM Worldwide, Octagon, Universal McCann and Weber
Shandwick.  Leading domestic brands include Campbell-Ewald,
Carmichael Lynch, Deutsch, Hill Holliday, Mullen, The Martin
Agency and R/GA.

                         *     *     *

As reported in the Troubled Company Reporter on April 9, 2008,
Fitch Ratings has upgraded Interpublic Group of Companies'
issuer default rating to 'BB+' from 'BB-'.  Approximately $2.1
billion in total debt and $525 million in preferred stock as of
Dec. 31, 2007 is affected.  The rating outlook is positive.


NEWFIELD: Fitch Holds Ratings on $425MM Notes Issuance
------------------------------------------------------
Fitch Ratings has affirmed Newfield Exploration Company's Issuer
Default Rating at 'BB+' after the company announced that it
plans to issue $425 million of senior subordinated notes due in
2018.  In addition, Fitch has affirmed the ratings on Newfield's
senior subordinated notes at 'BB-'.  Fitch maintains these
ratings on Newfield with a Stable Rating Outlook:

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured 'BB+';
  -- Senior unsecured bank facility 'BB+';
  -- Senior subordinated notes 'BB-'.

The rating action reflects Newfield's expectations that the
current debt offering should be sufficient to fund the increased
2008 capital expenditure program and to repay outstanding
borrowings under the company's credit agreement.  Following the
debt issuance, debt/boe metrics are expected to rise, however
the 2008 capital program is also expected to result in sizeable
reserve adds for the year which will drive improvement in these
metrics.  Since Newfield has shifted its asset base away from
the high decline Gulf of Mexico shelf assets toward the more
predictable onshore basins, Moody's believe the company is
currently better positioned to handle the higher debt levels
within the current rating category.

Credit metrics were strong at year-end 2007 as Newfield
generated EBITDA of $1.213 billion during the year and provided
interest coverage of 11.9 times and leverage, as measured by
debt-to-EBITDA of 0.9x.  Free cash flow during 2007 was negative
$789 million primarily related to the acquisitions and
divestitures completed by the company during the year.  Free
cash flow is expected to remain negative in 2008 as the company
aggressively develops the Woodford Shale resource play and
completed an acquisition during the first quarter of 2008.  At
year-end 2007, debt/boe of proven reserves was $2.52/boe
($.42/mcfe) and debt/boe of proven developed reserves was
$4.02/boe ($.67/mcfe).  While the proposed debt offering, is
expected to increase debt levels on a per boe basis, reserve
adds during the year are expected to significantly mitigate the
increased debt/boe and debt/PDP by year-end 2008.

Newfield's credit profile should continue to benefit from high
commodity prices and the company's active hedging program which
reduces exposure to near-term commodity price volatility.  While
interest expense and production costs are expected to rise, the
increase should be mitigated by the robust production levels
Newfield is currently generating.  During the company's first
quarter earnings call, production guidance was increased to 224
to 234 bcfe for 2008 and should support higher cash flows levels
in 2008 and beyond.

Newfield is a mid-sized oil and gas exploration and production
company headquartered in Houston, Texas.  Newfield has
operations in several major regions of the United States (Mid-
Continent, Rocky Mountains, South Texas, and deep water Gulf of
Mexico), as well as international offshore operations in
Malaysia and China.  At YE 2007, Newfield's reserves had grown
to 416 mmboe, of which 63% was proven developed and
approximately 70% natural gas.


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

ALCATEL-LUCENT: Appoints Steve Lowe as New Zealand CEO
------------------------------------------------------
Aaron Lim of Fairfax Media reports that "Alcatel-Lucent has
appointed former New Zealand Post employee Steve Lowe as chief
executive officer of its New Zealand operations."

According to Mr. Lim, Mr. Lowe, a qualified engineer, also used
to work for Tranz Rail and IBM New Zealand.  Mr. Lowe was
recently the  Asia-Pacific regional vice president of AT&T
Corporation.

Fairfax Media relates that Alcatel-Lucent's New Zealand clients
include Telecom, Kordia and Transpower.  "The company is
currently building and managing network infrastructure for
Telecom and working on network transformation projects with
state owned enterprises Transpower and Kordia," Mr. Lim writes.

Fairfax Media reports that Lowe joined Alcatel-Lucent because he
was attracted to "the opportunity to contribute to the next
generation of New Zealand's network technology."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, New Zealand,
Brunei and Cambodia.  According to Fairfax Media, Alcatel-Lucent
employs over 700 people in New Zealand through offices in
Auckland, Hamilton, Wellington and Christchurch.

                          *     *     *

As reported in the TCR-Europe on April 4, 2008, Moody's
Investors Service affirmed the ratings for Alcatel-Lucent, which
include a Ba3 corporate family rating for Alcatel-Lucent and a
Not-Prime for its short term debt, as well as Ba3 ratings for
senior and B2 ratings for subordinated debt that was issued
originally by the predecessor companies Alcatel S.A. and Lucent
Technologies, Inc.  Moody's said the outlook for the ratings is
Negative.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ANDREW LIMITED: Claims Filing Deadline Is May 12
------------------------------------------------
Richard Dale Agnew and John Anthony Waller, chartered
accountants, both of Auckland, were appointed joint and several
liquidators of Andrew Limited by special resolution of its
shareholders on April 16, 2008.

The liquidators fixed May 12, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          Simone Fernandes
          PricewaterhouseCoopers
          Auckland (Private Bag 92162)
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


ART OF CANVAS: Court to Hear Wind-Up Petition on May 12
-------------------------------------------------------
On March 31, 2008, an application to put Art of Canvas Limited
into liquidation was filed in the High Court at Christchurch.

The application will be heard before the High Court at
Christchurch on Monday, May 12, 2008 at 10:00 a.m.

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

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


ASKEW AND ASSOCIATES: Creditors Have Until May 14 to File Claims
----------------------------------------------------------------
The High Court on April 14, 2008, appointed David Donald
Crichton and Keiran Anne Horne, chartered accountants of
Crichton Horne & Associates Limited, as liquidators of Askew and
Associates Limited.

The liquidators fixed May 14, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace (PO Box 3978)
          Christchurch
          Telephone: (03) 379 7929


CARTUNE (NZ): Commences Liquidation Proceedings
-----------------------------------------------
On April 14, 2008, Cartune (NZ) Limited was placed into
liquidation and Bryan Edward Williams, insolvency practitioner,
was appointed as liquidator.

The liquidator fixed May 12, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.

The liquidator can be reached at:

          Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road
          RD 2, Henderson 0782
          Telephone: (09) 412 9762
          Facsimile: (09) 412 9763


ECO PANEL: Faces Sure Construction's Wind-Up Petition
-----------------------------------------------------
On April 11, 2008, an application to put Eco Panel Construction
into liquidation was filed in the High Court at Christchurch.

The application will be heard before the High Court at
Christchurch on May 12, 2008, at 10:00 a.m.

The plaintiff is Sure Construction Limited and its solicitor is:

          L. P. MULINDER
          Clark Boyce, Level 1
          104 Victoria Street (PO Box 13259)
          Christchurch


GREIG AND ESTERMAN PAPANUI: Creditors Must File Claims by May 12
----------------------------------------------------------------
Rhys James Cain, insolvency practitioner, and Malcolm Grant
Hollis, chartered accountant, both of Christchurch, were
appointed joint and several liquidators of Greig and Esterman
Papanui Limited by its shareholders on April 10, 2008.

The liquidators fixed May 12, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


JAF Enterprises: Court to Hear Wind-Up Petition on May 12
---------------------------------------------------------
On April 2, 2008, an application to put JAF Enterprises Limited
into liquidation by was filed in the High Court at Christchurch.

The application will be heard before the High Court at
Christchurch on Monday, May 12, 2008, at 10:00 a.m.

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

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


L & S MEDIA: Faces Graphic Press' Wind-Up Petition
--------------------------------------------------
On March 26, 2008, an application to put L & S Media Limited
into liquidation by the High Court was filed in the High Court
at Wellington.

The application will be heard before the High Court at
Wellington on Monday, May 12, 2008, at 10:00 a.m.

The plaintiff is Graphic Press & Packaging Limited and its
solicitor is:

          MALCOLM WHITLOCK
          Debt Recovery Group NZ Limited
          2/166 Henderson Valley Road
          Henderson, Auckland


LUSH LOUNGE: Court to Hear Wind-Up Petition on May 12
-----------------------------------------------------
On March 26, 2008, an application to put Lush Lounge Bar Limited
into liquidation was filed in the High Court at Christchurch.

The application will be heard before the High Court at
Christchurch on Monday, May 12, 2008, at 10:00 a.m.

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

          Julie Newton
          Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

          Facsimile: (09) 377 7794


MARSDEN VILLAS: Claims Filing Deadline Is May 12
------------------------------------------------
The High Court of New Zealand on April 18, 2008, appointed Bryan
Edward Williams, insolvency practitioner, as liquidator of
Marsden Villas Limited.

The liquidator fixed May 12, 2008, as the last day for creditors
to make their claims and to establish any priority their claims
may have, or be excluded from the benefit of any distribution.

The liquidator can be reached at:

          Bryan Williams & Associates
          Insolvency Practitioners
          131 Taupaki Road
          RD 2, Henderson 0782
          Telephone: (09) 412 9762
          Facsimile: (09) 412 9763


MONMAC LIMITED: Court to Hear Wind-Up Petition on May 9
-------------------------------------------------------
On December 13, 2007, an application to put Monmac Limited into
liquidation was filed in the High Court at Auckland.

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

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

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


S & S LOGGING: Creditors Must File Claims by May 15
---------------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered
accountants of Crichton Horne & Associates Limited, were
appointed liquidators of S & S Logging Limited by the High Court
on April 15, 2008.

The liquidators fixed May 15, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace (PO Box 3978)
          Christchurch
          Telephone: (03) 379 7929


SURE ALLIANCE: Faces Sure Contruction's Petition
------------------------------------------------
On March 26, 2008, an application to put Sure Alliance Limited
into liquidation was filed in the High Court at Christchurch.

The application will be be heard before the High Court at
Christchurch on May 12, 2008, at 10:00 a.m.

The plaintiff is Sure Construction Limited and its solicitor is:

          L. P. MULINDER
          Clark Boyce
          104 Victoria Street, Level 1
          (PO Box 13259)
          Christchurch


TANK HAIR: Creditors Have Until May 15 to File Claims
-----------------------------------------------------
Michael Lamacraft and Rachel Karen Mason, both insolvency
practitioners, were appointed joint and several liquidators of
Tank Hair Limited by the High Court on April 14, 2008.

The liquidators fixed May 15, 2008, as the last day for
creditors to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution.

The liquidators can be reached at:

          Meltzer Mason Heath, Chartered Accountants
          Wellesley Street, PO Box 6302
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


THE INTERNATIONAL BREAD: Court to Hear Petition on May 12
---------------------------------------------------------
On April 2, 2008, an application to put The International Bread
Company Limited into liquidation was filed in the High Court at
Christchurch.

The application will be heard before the High Court at
Christchurch on Monday, May 12, 2008, at 10:00 a.m.

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

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


WHERO LIMITED: Claims Filing Deadline is May 9
----------------------------------------------
Grant Robert Graham and Brendon James Gibson were appointed
joint and several liquidators of Whero Limited by its creditors
on April 11, 2008.

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

The liquidators can be reached at:

          Jos Donaghy
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street (PO Box 982)
          Auckland
          Telephone: (09) 307 7865
          Facsimile: (09) 377 7794


ZONDA HOLDINGS: Creditors Must File Claims by May 9
---------------------------------------------------
On April 11, 2008, creditors of Zonda Holdings Limited appointed
Grant Robert Graham and Brendon James Gibson as joint and
several liquidators.

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

The liquidators can be reached at:

          Jos Donaghy
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street (PO Box 982)
          Auckland
          Telephone: (09) 307 7865



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

FAIRCHILD SEMICONDUCTOR: Moody's Holds Ba3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Fairchild Semiconductor
Corporation's Ba3 corporate family rating and SGL-1 speculative
grade liquidity rating.  The rating continues to reflect the
company's moderate pro forma leverage, its favorable business
profile as the largest global supplier of power semiconductors,
and significant historical improvements in operating margins,
but also considers the highly competitive nature of the
company's markets, ongoing acquisition risk, and its exposure to
softening consumer end-markets.

Fairchild Semiconductor Corporation is a wholly owned subsidiary
of Fairchild Semiconductor International, Inc.

As such, Moody's will continue to monitor the company's business
strategy, the pricing environment, and its cost control efforts.  
In Moody's opinion, Fairchild's pro forma liquidity position is
very good due to its large cash and investments balance,
favorable debt maturity profile, and expectations for modest
positive cash flow, though offset by its lack of alternative
liquidity as it plans to fully draw the revolving credit
facility.  The ratings outlook remains positive.

Moody's affirmed the Ba2 rating on Fairchild's senior secured
credit facilities, under which the company plans to issue a
$100 million incremental term loan as permitted by the existing
credit agreement.  This prospective issuance would upsize the
term loan to $469 million from the current $369 million
outstanding.  Fairchild intends to use proceeds from the
incremental term loan, revolving credit facility borrowings, and
cash to redeem the $200 million convertible subordinated notes
due November 2008 (not rated).  The incremental term loan has
the same maturity date as the existing term loan.  Given the
proposed change to an all bank debt capital structure, Moody's
revised the probability-of-default rating to B1 from Ba3,
consistent with Moody's published Loss Given Default
Methodology.

The positive outlook reflects improvements in Fairchild's credit
metrics and operating margins, largely reflecting the benefit of
its initiatives to focus on higher margin products and reduce
earnings volatility.  The outlook also reflects Moody's
expectation that the company will reverse recent earnings
declines, sustain business volume, and continue to execute on
its strategy to increase the penetration of higher margin
proprietary products.

Despite the positive momentum in Fairchild's credit profile, an
uncertain economic environment precludes a ratings upgrade at
this time, particularly given the company's exposure to
consumer-oriented markets.  Additionally, Moody's is cognizant
of potential acquisition risk given modest organic growth rates
and a weak economic environment (implying potentially lower
valuations).

These ratings were affirmed:

-- Corporate family rating at Ba3;
-- $100 million senior secured revolving credit facility due
    2012 at Ba2 (LGD2, 27%). Point estimate revised from
    (LGD2, 29%);

-- $469 million (upsized from $369 million) senior secured term
    loan due 2013 at Ba2 (LGD2, 27%). Point estimate revised
    from (LGD2, 29%).

These rating was revised:

-- Probability-of-default rating, to B1 from Ba3.

Fairchild Semiconductor Corporation, based in South Portland,
Maine, is the world's largest global supplier of power
semiconductors.  The company reported sales of approximately
$1.7 billion through the twelve months ended March 30, 2008.

Fairchild Semiconductor -- http://www.fairchildsemi.com/--  
supplies power products critical to leading electronic
applications in the computing, communications, consumer,
industrial and automotive segments.  Fairchild's 9,000 employees
design, manufacture and market power, analog & mixed signal,
interface, logic, and optoelectronics products.  The company has
locations in Korea, Malaysia, and the Philippines.


NIHAO MINERAL: Zambales Gov. Denies Mining Permit Applications
--------------------------------------------------------------
NiHAO Mineral Resources International Inc. said in a regulatory
filing with the Philippine Stock Exchange that the Office of the
Governor of Zambales issued Executive Order No. 02 (S. 2008)
against the company due to multiple overlapping of mining rights
resulting from the acceptance and processing of mining
applications not in accordance with law as well as the
cancellation of mining and quarry applications without due
process.

The Executive Order stated that all of the company's pending and
existing mining/quarry permit applications which have not been
filed, registered and processed in the Provincial Mining
Regulatory Board of Zambales be rejected or denied.

According to the company, all existing and pending non-exclusive
special permits issued in relation to the mining/quarry permit
applications prior to the Executive Order were likewise canceled
and denied.

The areas covered by the applications were however open to new
applications, the company said.

Pursuant to the  Executive Order, the Office of the Governor
issued temporary mineral land occupation permits, which are
valid for 30 days and are renewable.

NiHAO disclosed that temporary mineral land occupation permits
have been issued in favor of Companhia Nube Minerale Inc. and
Companhia Minera Tierra Inc. in lieu of their cancelled
small scale mining permits applications.

NiHAO said it is still in the process of securing the temporary
mineral land occupation permit of Minedomain Inc.

Nube Minerale, Minedomain and Minera Tierra are wholly owned
subsidiaries of Mina Tierra Gracia Inc., a wholly owned
subsidiary of NiHAO.

                          About NiHAO Mineral

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

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


*PHILIPPINES: Central Bank Closes Two Rural Banks in April
----------------------------------------------------------
The Central Bank of the Philippines closed two small banks in
April due to insolvency and placed them under the receivership
of Philippine Deposit Insurance Corp, Finance Times News
reports.

According to the report, the Monetary Board, the policy-making
body of the central bank, ordered the closure of the Rural Bank
of Silang (Cavite) on April 3 and the People's Rural Bank of
Binmaley (Pangasinan) on April 17, bringing the number of banks
it had closed this year to five.

Earlier, the report relates, the central bank Bankwise Inc.,
formerly controlled by former presidential publicist Dante Ang.
Philippine Veterans Bank took control of Bankwise for a short
period of time and eventually withdrew its support after
authorities did not grant its conditions for a takeover.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 18, 2008, improvements in the Philippine economy have
lessened the downward pressure on the country's banks' financial
fundamentals, according to a new report from Moody's Investors
Service.  However, the report also notes that bank credit risk
is likely to remain moderately high.

The Times notes that in its outlook on the Philippine banking
system, Moody's identified four trends that had been beneficial
to the banking system, namely infusion of fresh management
talent in banks, clearing of banks' bad assets, capital-raising
activities and the broadening of ownership as well as their
stable liquidity positions.

Moody's said, the Times relates, the non-performing assets
accumulated by banks in the last down cycle continued to burden
the banks' financial fundamentals and warned that several
structural factors capped the upside potential of the bank
ratings.

According to Moody's, the fragmented banking sector constrained
both profitability and efficiency and overburdened supervisory
functions, the Times adds.

Moody's added that the efficacy of the new risk management
systems and governance structures introduced over the past few
years has yet to be fully tested, while fiscal resource
constraints will continue to limit the degree and type of
assistance available to troubled institutions.



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

LEAR CORP: Annual Stockholders Meeting to be Held Tomorrow
----------------------------------------------------------
Lear Corp. Chief Executive Officer Robert E. Rossiter said that
the company will hold its 2008 Annual Meeting of Stockholders
tomorrow, May 8, 2008, at 10:00 a.m. (Eastern Time).  The
meeting will be held at Lear Corporation’s Corporate
Headquarters at 21557 Telegraph Road in Southfield, Michigan.

At the annual meetings, stockholders will be asked to:

      1. elect three directors;

      2. ratify the appointment of Ernst & Young LLP as the
         company’s independent registered public accounting firm
         for 2008;

      3. consider one stockholder proposal, if presented at the
         meeting; and

      4. conduct any other business properly brought before the
         meeting or any adjournments or postponements thereof.

Only stockholders of record at the close of business on
March 14, 2008 will be allowed to vote.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,  
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Standard & Poor's Ratings Services placed the
ratings on Lear Corp. on CreditWatch with negative implications.  
The company carries B+ Long-Term Foreign and Local Issuer Credit
ratings from S&P.

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.


LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
-------------------------------------------------------------
Lear Corp. posted US$78.2 million in consolidated net profit on
US$3.86 billion in consolidated net revenues for the first
quarter ended March 29, 2008, compared with US$49.9 million in
consolidated net profit on US$4.41 billion in consolidated net
revenues for the first quarter ended March 29, 2008.

The decline in net sales for the quarter reflects the
divestiture of the Interior business and lower industry
production in North America, due in part to the impact of a
strike at a major supplier, offset in part by favorable foreign
exchange and new business.

In the seating segment, net sales increased slightly driven by
favorable foreign exchange and the benefit of new business,
offset by lower industry production in North America.  Operating
margins improved slightly, reflecting favorable cost performance
and increased savings from restructuring actions, as well as the
timing of commercial settlements, largely offset by lower
industry production in North America.

In the electrical and electronic segment, net sales increased
slightly driven by favorable foreign exchange, partially offset
by lower industry production in North America.  Operating
margins improved, reflecting favorable operating performance,
including savings from restructuring actions and the net impact
of legal and commercial claims, partially offset by lower
industry production in North America.

In the first quarter of 2008, free cash flow was negative
US$31.4 million, compared with negative US$32.1 million in the
first quarter of 2007.

During the quarter, the Company implemented a global operating
structure for its two business units, naming Lou Salvatore,
President - Global Seating Systems, and Ray Scott, President -
Global Electrical and Electronic Systems.  This new structure is
consistent with the global strategies of the Company's major
customers, allows Lear to take full advantage of its global
scale, leverages Lear's worldwide engineering and product
development resources and enables Lear to access the lowest cost
manufacturing and sourcing available.

Lear continued to grow its sales outside of North America and
expand its low-cost footprint in Asia, including a new foam
plant in Wuhu, China and a new seat trim facility in Hai Phong,
Vietnam.  

"Although we are facing significant challenges in North America,
Lear's underlying operating fundamentals remain strong," said
Bob Rossiter, Lear Chairman, Chief Executive Officer and
President. "The Lear team remains very focused on delivering
outstanding quality and customer service to our customers.  At
the same time, we are putting in place a global operating
structure for our business units and taking aggressive actions
to improve our longer-term competitiveness."

                     Full-Year 2008 Outlook

Lear expects 2008 net sales of approximately US$15.5 billion,
compared with prior guidance of US$15.0 billion.  The increase
reflects the positive impact of foreign exchange, mainly the
strong Euro, partially offset by lower industry production in
North America.  Lear's 2008 earnings outlook remains unchanged,
reflecting favorable operating performance and foreign exchange,
offset by lower industry production in North America and
increasing commodity costs.

Lear anticipates 2008 income before interest, other expense,
income taxes, restructuring costs and other special items of
US$660 to US$700 million.  Restructuring costs in 2008 are
estimated to be about US$100 million.

Interest expense for 2008 is estimated between US$185 million
and US$195 million.  Pretax income before restructuring costs
and other special items is estimated in the range of US$430
million to US$470 million.  Tax expense is expected to be
approximately US$135 million, depending on the mix of earnings
by country.  

Capital spending in 2008 is estimated between US$255 million to
US$275 million.  Depreciation and amortization expense is
estimated at about US$300 million. Free cash flow is expected to
be solidly positive, at about US$250 million, for the year.

Key assumptions underlying Lear's financial outlook include
expectations for industry vehicle production of approximately
14.1 million units in North America compared with a prior
forecast of 14.4 million units.  In Europe, our forecast for
industry production is 20.2 million units.  Lear expects
production for the Domestic Three to be down about 10% in North
America, compared with a prior forecast of a 9% decline.  In
addition, we are assuming an exchange rate of US$1.52/Euro,
compared with a prior forecast of US$1.45/Euro.

As of Mach 29, 2008, Lear's unaudited consolidated balance sheet
showed US$8.28 billion in total assets and US$7.03 billion in
total liabilities, resulting in US$1.25 billion in shareholders'
equity.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,  
electrical distribution systems and related electronic products.  
The company has around 91,000 employees at 215 facilities in 35
countries.  Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Standard & Poor's Ratings Services placed the
ratings on Lear Corp. on CreditWatch with negative implications.  
The company carries B+ Long-Term Foreign and Local Issuer Credit
ratings from S&P.

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.


SEA CONTAINERS: Inks Settlement Deal with General Electric
----------------------------------------------------------
GE SeaCo SRL welcomes a settlement agreement signed by its two
parent companies, General Electric Capital Corporation and Sea
Containers Ltd. to resolve all of their disputes.

The agreement will simplify the GE SeaCo joint venture and end
all of the current claims and litigations involving the joint
venture and its parents.

Sea Containers Ltd. and two of its subsidiaries are currently
in Chapter 11 in the U.S. Bankruptcy Court in Delaware.  While
the Chapter 11 case does not involve GE SeaCo or its own assets,
one of SCL's principal assets is its 50 percent holding in the
joint venture.  Since 2006, GE has designated a majority of
members of GE SeaCo's Board of Managers, while SCL continues to
designate a minority of the members.

The settlement will provide SCL with additional flexibility
under the JV structure, which SCL believes will expedite its
financial reorganization and consequent emergence from Chapter
11.

The entire settlement is subject, among other things, to
approval by the U.S. Bankruptcy Court in Delaware.

"Simplifying the JV structure will enable us to be even more
responsive to our customers needs," David Amble, chairman and
acting chief executive officer of GE SeaCo, said.

"Despite the differences between GE and SCL, we have built a
strong, disciplined business over the last 10 years," Mr. Amble
said.  "Taking the on-going litigation off the table will enable
senior management to continue to build the business."

"We are pleased that this agreement and the pending settlement
with the SCL pension trustees, which is currently awaiting Court
approval, will together enable us to expedite the early filing
of a Plan of Reorganization to the Bankruptcy Court and to
emerge from Chapter 11," Bob MacKenzie, the chief executive
officer of SCL, added.

                          About GE SeaCo

GE SeaCo SRL is one of the world's leading container leasing
companies, operating a fleet of approximately one million TEU
for customers in over 80 countries.  The company is driven to
achieve its ambition -- to be the most valued leasing company in
the world -- valued by its customers, its people, its suppliers
and its investors.

Formed in 1998 by Sea Containers Ltd. and the General Electric
Capital Corporation, GE SeaCo SRL operates as a stand alone
business, with headquarters in Barbados, and 13 sales and
support offices worldwide.  Its UK subsidiary, GE SeaCo Services
Ltd., provides administrative and other services to the GE SeaCo
SRL group.

                     About Sea Containers

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

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

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

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

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

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



===========
T A I W A N
===========

BENQ CORP: Q1 2008 LCD Monitor Unit Shipments Up 41.6%
------------------------------------------------------
BenQ Asia Pacific reported first-quarter results for its LCD
monitor business.  

The company disclosed that its unit shipments of LCD monitors
increased by 41.6% in Q1 2008 compared to Q1 2007, significantly
outperforming the overall market, which grew by 15.6%.  Just
since the previous quarter, Q4 2007, shipments increased by
24.8%, in contrast to the broader market, which saw an increase
of just 2.2% according to the "Quarterly Desktop Monitor
Shipment and Forecast Report" released by the NPD Group's
DisplaySearch.

BenQ's strong performance in Q1 was driven by booming demand for
the company's 19" widescreen and 20" widescreen LCD displays,
which BenQ has successfully targeted at mainstream market
segments in ASEAN countries.  Meanwhile, BenQ's 15" widescreen
LCD display has also sold well, drawing on demand created as CRT
displays are phased out in emerging markets.  Moreover, BenQ's
22" widescreen and 24" widescreen LCD displays are catering to
customer needs in more mature markets.

"By taking advantage of our core strengths in product
innovation, versatile marketing strategies and solid local
partnerships, BenQ has had a record quarter for LCD monitor
sales," said Danny Yao, director of BenQ Asia Pacific Corp.

The newly launched BenQ V2400W exemplifies BenQ's innovation
capabilities.  It not only features HDMI support, 1080p full HD
support, a 2ms gray-to-gray response time, and 4000:1 dynamic
contrast ratio, but also BenQ's new Kinergy design language,
which evokes a sense of motion through static forms—also helping
the BenQ V2400W win design awards such as the 2008 iF and red
dot.  The off-center base stand and curved back plate are
unexpected yet appealing visual accents that help transform a
utilitarian high-tech device into an aesthetically pleasing
object.

"The commitment to advancing display technology and design is
what drives the collaboration between two BenQ Group companies—
BenQ and AU Optronics, which is one of the top three TFT-LCD
panel manufacturers worldwide.  This close partnership is able
to provide the most demanding customers with high-performance
LCD monitors offering the fastest response time and distinctive
looks," Chang added.  "As the proliferation of multimedia
content accelerates, customers are looking to BenQ for solutions
that enable a more enjoyable lifestyle experience.  We are
confident that we are on track with fulfilling market needs and
reaffirm our fiscal year business targets."

                 About BenQ Corporation

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in  
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.



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

* ADB Provides US$500 Mil. Aid for Food Crisis in Asia-Pacific
--------------------------------------------------------------
Asian Development Bank President Haruhiko Kuroda announced
$500 million in immediate budgetary support to tackle rising
food costs in Asia-Pacific region and pledged to double lending
to $2 billion for agriculture in 2009.

“The situation demands early responses by governments with
targeted programs that provide direct assistance to the poorest
and most vulnerable, as well as policy measures that support
open trade and distribution of basic commodities across the
region,” Mr. Kuroda said at the closing news conference of the
41st Annual Meeting in Madrid, Spain.

In 2008, ADB is already planning to lend US$1 billion to the
agricultural and natural sector and will double its lending to
the sector to over US$2 billion in 2009.

In addition, ADB will provide up to $500 million as immediate
budgetary support to the hardest-hit countries in Asia-Pacific
for safety nets to protect the poor and vulnerable in the face
of rising food prices.

“This will help governments alleviate the fiscal burden so that
they can bring food to the table of the vulnerable, poor and
needy. These resources could also be used to import food grains
and agricultural inputs such as fertilizers,” Mr. Kuroda said.

More than 1 billion people in the region are seriously impacted
by the food price surge as food expenditure accounts for 60% of
total expenditure in the region. Food and energy together
account for more than 75% of total spending of the poor in the
region.

ADB said that in the long term its assistance to the
agricultural and natural resource sector would seek to enhance
productivity, improve market access and deepen reforms.

Another outcome of this year’s Annual Meeting was the
endorsement of ADB’s Strategy 2020, a new long-term strategy for
the organization. With this in place, ADB will begin
consultations with member countries on the organization’s future
resource availability.

“We thank our donor countries for agreeing on a major increase
to replenish our concessional Asian Development Fund by an
unprecedented amount totaling US$11.3 billion,” Mr. Kuroda said.

ADB’s next Annual Meeting will be held in Bali, Indonesia in May
2009.

                           About ADB

ADB, based in Manila, is dedicated to reducing poverty in the
Asia and Pacific region through inclusive economic growth,
environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members – 48 from the
region.  In 2007, it approved US$10.1 billion of loans,
US$673 million of grant projects, and technical assistance
amounting to US$243 million.


* IATA Notes Slowdown in Asia-Pacific Carrier Traffic
-----------------------------------------------------
The International Air Transport Association (IATA) released
global scheduled international traffic data for March.  Compared
to the same month in the previous year, passenger demand
increased 5.8% with load factors at 77.7%. Freight traffic grew
3.2%.

March passenger growth is positively skewed by the Easter
holiday period which was in April of the previous year.
Adjusting for this distortion, real traffic growth in March was
4%. The slowdown in the demand growth continues the sharp
downward trend which began in December 2007 as the impact of the
US credit crunch began to be felt in the airline industry.

International passenger load factors were equally skewed. When
adjusted to take into account artificially high utilisation over
the Easter period, the March load factor was 76.1%. While still
high, this is 1.7 percentage points lower than the 77.8%
recorded for the same month in 2007. This fall indicated that
the slowing of demand occurred faster than airlines could cut
capacity.

International freight growth of 3.2% remains sluggish and well
below the 4.3% growth recorded in 2007.

“Traffic only tells a part of the story. Astronomical oil prices
are hitting hard. And the buffer of an expanding economy has
disappeared. The fortunes of the industry have taken a major
turn for the worse,” said Giovanni Bisignani, IATA’s Director
General and CEO.

Regional differences in passenger traffic growth are
significant:

   * As North American carriers shift traffic from low-yielding
     domestic markets, their international traffic grew by 6.3%
     in March. The impact of high valued Euro saw U.S. carriers
     capitalise on the North Atlantic with a 10% growth in
     traffic while European carriers’ operations in the same
     area contracted by 2%. Overall European carrier passenger
     traffic grew by 3.7%.

   * The slowdown in Asia-Pacific carrier traffic to 4.3% is
     significant in that the region’s booming economies were
     expected to immunise them from the US slowdown.

   * African carrier traffic contracted 4.3% as a result of a
     failed expansion push into Middle East and Asia markets in
     the first part of the previous year.

   * Middle East carriers saw a double-digit increase of 15.4%
     reflecting the expanding economies in the region. But even
     this is a significant downward step from the 20.4% recorded
     in 2007.

   * Latin American carrier traffic continues to recover from
     the restructuring in 2007, boosted by strong demand for
     commodities produced in the region. The 19.7% growth
     experienced is well above the 0.5% recorded for the same
     time period last year.

“In the face of such dramatic shifts in the global economy,
consolidation is critical. The proposed consolidation in the
U.S. is good news. But it makes no sense that consolidation is
limited to domestic partners. This is a global industry that
needs to be run like a global business. The U.S.-EU Open Sky
Agreement second stage talks that open in May must deliver a
modern approach to ownership rules,” said Bisignani.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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