TCRAP_Public/080513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, May 13, 2008, Vol. 11, No. 94

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Richard Kirby Files Class Action Claim
CENTRO NP: Moody's Keeps B3 Rating on Review
ST GEORGE: Moody's Comments on Westpac's Proposed Merger
ST GEORGE: Fitch Places BB+ Support Rating Floor on Pos. Watch
ST GEORGE: Moody's  Reviews “B” BFSR With “Direction Uncertain”

ZINITEX LIMITED: Sees Lower Earnings in Second Half of 2008
ZINITEX LIMITED: Inks Accord to Dissolve Century Mining Alliance


C H I N A

AMERICAN AXLE: UAW Chief Balks at GM's US$200 Million Aid
CHINA EASTERN: Still Flys Kunming-Xishuanbanna Route Despite Ban
CHINA SOUTHERN: First Capital Keeps "Prudent Buy" Rating
DANA CORP: Ad Hoc Panel Wants Court Nod on US$3.5 Mil. Legal Fee  
DANA CORP: Appaloosa Wants Court Nod on US$2.5MM Legal Fees

DELPHI CORP: March 31 Balance Sheet Upside-Down by US$14 Billion
HAINAN AIRLINES: To Offer Beijing-Berlin Flight in September


H O N G  K O N G

CHINASAILS DEV'T: Members' Final Meeting Set for June 6
DARRACOTT LIMITED: Members' Final Meeting Set for June 6
HIP YICK: Creditors' Proofs of Debt Due June 4
HONG KONG STEEL: Commences Liquidation Proceedings
KAI WING: Creditors' Proofs of Debt Due June 4

LANDWIDE DEV'T: Liquidators Quit Post
MOLD-TECH: Liquidators Quit Post
OCEANIC PROPERTY: Members' Final Meeting Set for June 6
SKYNET LIMITED: Commences Liquidation Proceedings


I N D I A

BHARTI AIRTEL: Discussion With MTN Group Cues Fitch Rating Watch


J A P A N

ATARI INC: Asks Nasdaq to Review Move to Delist Securities
ATARI INC: Gets US$20 Million Loan from Infogrames Entertainment
JVC CORP: To Integrate Operations With Kenwood on Oct. 1
NIS GROUP: JCR Holds BB Rating, Revises Outlook to Negative
NISSIN SERVICER: JCR Holds BB Rating, Revises Outlook to Neg.


M A L A Y S I A

KOSMO TECHNOLOGY: Unable to Provide Solvency Declaration
LIQUA HEALTH: Appoints Ahmad Fuad and Goh Song as Directors
OCI BERHAD: Bursa to De-List Securities on May 22
PECD BERHAD: Oh Teik Tatt Quits as Non-Executive Director
SATANG HOLDINGS: Overstates Revenue by MYR35.43MM, Auditor Says


N E W  Z E A L A N D

A C MASON (1997): Creditors Must File Claims by May 23
AOTEA ENGINEERING: Joint Liquidators Appointed
A&R WHITCOULLS: Posts AU$9.48MM Net Profit for First Half 2008
BRUCE HILL TRANSPORT: Court to Hear Wind-Up Petition on May 26
CONDOR FREIGHT: Creditors Must File Claims by May 20

COOL CUTZ HAIR & BEAUTY: Shareholders Appoint Liquidator
ELEGANT DECORS: Joint Liquidators Appointed
FLETCHER BUILDING: Buys Morinda Australia & All Steel's Assets
GANBATTE NE LTD: Claims Filing Deadline is June 20
KAI TIME LTD: Court to Hear Wind-Up Petition on May 19

KARTINI EXPORT: Court to Hear Wind-Up Petition on June 6
LANDFORM NEW ZEALAND: Faces CIR's Wind-Up Petition
LBD CIVIL: Creditors Must File Claims by May 23
OVAL AIR: Faces Fujitsu General's Wind-Up Petition
PERRY WINDOWS & DOORS: Creditors Must File Claims by May 30

PRIME TV SERVICE: Court to Hear Wind-Up Petition on May 16
TRADITIONAL GOLF DESIGN: Joint Liquidators Appointed
TT WOOD PRODUCTS: Court to Hear Wind-Up Petition on May 29


S I N G A P O R E

FUNNEX INTERNATIONAL: Creditors' Proofs of Debt Due June 6
LAM GUAN: Creditors' Meeting Set for May 26
LEAD MACHINERY: To Pay First Dividend to Creditors on May 16
WELLNESS MEDIA: Court Enters Wind-Up Order


T A I W A N

TACHAN SECURITIES: Fitch Affirms 'BB' Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week May 12 to May 16, 2008


                         - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: Richard Kirby Files Class Action Claim
---------------------------------------------------------
Maurice Blackburn Pty Ltd, representing Richard Kirby, has filed
before the Federal Court in Melbourne, a class action claim
against Centro Properties Group and CPT Manager Limited
(responsible Entity for Centro Property Trust).

Centro said it will vigorously defend the proceeding in the
interests of its securityholders.

                    About Centro Properties

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

                         *     *     *

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


CENTRO NP: Moody's Keeps B3 Rating on Review
--------------------------------------------
Moody's Investors Service stated that it will maintain Centro NP
LLC's (formerly New Plan Excel Realty Trust, Inc.) B3 senior
unsecured debt ratings under review direction uncertain
reflecting the company's announcement that its parent, Centro
Properties Group (not rated), was granted an extension until
Dec. 15, 2008 on its Australian debt previously scheduled to
expire May 7, 2008.  This extension is subject to certain
conditions being met by May 30 for finalizing an additional
liquidity facility totaling US$155 million and covers Centro's
interests in certain managed funds. Centro's U.S. debt is still
subject to a Sept. 30, 2008 deadline.

The review continues to reflect the financial difficulties and
uncertainty regarding the final capital structure and strategic
profile of the company in light of Centro NP's and Centro
Properties Group's short-term pressure to refinance debt.  
Moody's will continue to monitor Centro NP's compliance with its
bond covenants and the quality and composition of its portfolio
as it works though these financings.

Moody's stated that upwards rating movement would be contingent
upon implementing a viable plan to refinance/restructure Centro
Property Group's debt, in addition to Centro NP refinancing the
bridge facility and line of credit on or before its Sept. 30,
2008 extension date without materially pressuring their
leverage, secured debt, the value of their portfolio, and other
credit metrics, while complying with bond covenants.  A
confirmation of the B3 rating would result from Centro NP
reaching a financing plan to which the debt holders agree, with
a strategic plan in place to restructure Centro Properties
Group's debt.  A downgrade to the Caa range or lower would most
likely reflect Centro NP's continued issues refinancing its line
and/or Centro Properties Group's inability to refinance its debt
by the extension dates, noncompliance with bond covenants at the
Centro NP level, acceleration of bond payments, a firesale of
assets or a bankruptcy filing.

These ratings are at B3, with review direction uncertain:

  * Centro NP LLC -- Senior unsecured debt at B3; medium-term
    notes at B3.

Centro NP LLC, headquartered in New York City, owns and operates
496 community and neighborhood shopping centers in 39 states.  
The company had assets of US$5.7 billion and equity of US$3.2
billion at Dec. 31, 2007.

Centro Properties Group (AXP: CNP), headquartered in Melbourne,
Victoria, Australia, is an Australian Listed Property Trust that
specializes in the ownership, management and development of
retail shopping centers in Australia, New Zealand and the USA
with AU$26.6 billion in assets under management.


ST GEORGE: Moody's Comments on Westpac's Proposed Merger
--------------------------------------------------------
Moody's Investors Service commented that it will not be taking
action on Westpac Banking Corporation's ratings, following the
announcement that it was in merger talks with St. George Bank
Limited, until more was known about the terms and conditions of
the proposed transaction.

Westpac is rated Aa1 / Prime-1 for deposits and senior debt, and
carries a bank financial strength rating (BFSR) of B. St. George
is rated Aa2 / Prime-1 / B.

"In-market mergers for shares, such as proposed by Westpac and
St. George, are generally ratings-neutral to positive",
commented Patrick Winsbury, Moody's Senior Vice President in
Sydney.

The merger would enhance both banks' franchises, improving
pricing power and systemic importance.

However, in-market mergers are not without their risks, and
these too would have to be incorporated in a rating decision.

"Even all-script transactions create goodwill," commented
Winsbury, going on to note that Moody's would asses the exact
impact of goodwill, costs and benefits on Westpac's financial
fundamentals once a price range for share swap had been agreed.

"We will also consider the impact of St. George's strong loan
growth on the combined banks' funding needs and capital
adequacy."

That said, in view of Westpac's pro-active management of its
funding and liquidity needs during the recent dislocations in
wholesale markets, Moody's fully expects that Westpac will
propose a conservatively financed merger transaction.

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, Westpac Banking Corporation said in a media release
that, together, Westpac and St.George would have a strong AA
credit-rating, a larger balance sheet and greater access to
funding.  This would lower risk and costs for St.George, and
position the combined business to withstand challenging funding
markets and take advantage of opportunities created by the
dislocation in capital markets.

According to the TCR-AP, the proposed combination states that:

   * All Westpac and St.George brands, including Bank SA, and
     branch/ATM networks would be retained.  The intention is
     that there will be no net reduction in branch or ATM
     numbers. The focus will be on investing more in front-line
     services;

   * The combined 10 million customers would benefit from an
     enhanced offering in terms of product range, expanded
     distribution and financial strength while preserving their
     relationships with employees, products, customer
     touchpoints and branding; and

   * Shareholders would own the premier AA rated financial
     institution in Australia, with leading market positions
     across key lines of business, and share in the benefits of
     substantial revenue synergies going forward.

Westpac outlined that the combined business would be a market
leader in Australia.  Specifically, St.George and Westpac would
be:

    * Australia's leading provider of home lending, with a
      market share of 25%

    * Australia's largest wealth platform provider with funds
      under administration of $108 billion

                          About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation  
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

Westpac reported assets of AU$401.7 billion at March 31, 2008.

                     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.

St. George Bank reported assets of AU$136.3 billion at March 31,
2008.

                           *     *     *

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'.


ST GEORGE: Fitch Places BB+ Support Rating Floor on Pos. Watch
--------------------------------------------------------------
Fitch Ratings has placed the ratings of Australia's St.George
Bank Limited and Westpac Banking Corporation on Rating Watch
Positive, following the announcement that Westpac is considering
an offer to acquire SGB using Westpac shares as consideration.

The ratings are:

   * SGB: Long-term IDR at 'A+' on Rating Watch Positive;
     Short-term IDR at 'F1'; Individual Rating at 'B', Support
     at '3' and Support Rating Floor at 'BB+'; and

   * Westpac: Long-term Issuer Default Rating (IDR) at 'AA-'
     (AA minus) on Rating Watch Positive; Short-term IDR at
     'F1+'; Individual Rating at 'B'; Support at '2' and Support
     Rating Floor at 'BBB+'.

"A combined entity would command a strong presence in
Australia's retail banking and fund management markets.  At the
same time, there appears to be reasonable scope for savings in
the back-office, particularly where duplication exists," noted
John Miles, Senior Director in Fitch's financial institutions
group.  Integration issues are likely to be mitigated by the
fact that Gail Kelly, Westpac's newly appointed CEO, was
previously CEO of SGB.

According to Fitch, while the credit crunch has increased the
costs of wholesale funding for all Australian banks, the impact
has been disproportionate, with the higher-rated major banks
generally faring better than the rest.  From this perspective,
SGB could potentially derive savings on its wholesale funding
costs as a result of a merger.  Westpac has continued to access
global debt markets, and while it is issuing shorter-dated paper
the proportion of short-term debt in the bank's wholesale
funding mix has not changed significantly since July 2007.

Credit crunch issues aside, Fitch stated that both banks enter
into the negotiations in good shape.  Impaired assets, though
rising, are still very low and material deterioration appears
unlikely - as at 31 March 2008, the ratio of impaired assets to
gross loans for Westpac and SGB, respectively, was 0.32% and
0.06%. Financial performance for the six months to 31 March 2008
was also solid, with both banks reporting returns on average
equity in excess of 20%.

Resolution of the Rating Watch will require additional
information on the terms of the offer and any likely impact on
capitalisation for the combined group.  However, Fitch said
initial indications are that the acquisition would be funded by
Westpac shares, and as a result Fitch expects that the merged
entity would preserve prudent capital ratios.  Should SGB
shareholders agree to a proposal, regulatory approvals would be
the final hurdle.

                          About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

Westpac reported assets of AU$401.7 billion at March 31, 2008.

                     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.

St. George Bank reported assets of AU$136.3 billion at March 31,
2008.


ST GEORGE: Moody's  Reviews “B” BFSR With “Direction Uncertain”
---------------------------------------------------------------
Moody's Investors Service has reviewed, with direction
uncertain, the ratings of St.George Bank.  It is rated Aa2 for
deposits and senior debt, Prime-1 for short-term obligations and
carries a bank financial strength rating (BFSR) of B.

The rating action follows an announcement that it is in merger
discussions with Westpac Banking Corporation.  

"St.George's ratings have been placed on review with direction
uncertain, because no exact details have been disclosed about
the merger's proposed pricing, or about the post-merger
structure of the bank. The review with direction uncertain also
addresses the potential for rival bids," said Patrick Winsbury,
a Senior Vice President with Moody's Sydney office.

"If St.George merges with Westpac, then there would likely be
positive implications for St.George's deposit and debt ratings,
due to the combined entity's systemic importance as Australia's
second-largest bank by asset size."

"However, if St.George merges with a lower-rated entity, there
could be some potential for downward pressure."

Moody's said St.George's deposit and debt ratings will also
depend on its BFSR, which measures the bank's stand-alone credit
profile.  The impact of any merger on its BFSR will be
determined by its pricing; the post-merger organisation
structure; as well as the strategic direction set by the merged
entity.

Common ownership with Westpac, even absent a full legal
integration, would likely boost St.George's access to wholesale
debt markets and reduce its funding cost.

This would support St.George's BFSR: the bank has grown assets
rapidly in recent months off the back of a successful regional
expansion strategy and strong customer satisfaction metrics, but
this has brought its own challenges at a time of dislocations in
global funding markets.

As noted in previous research, Moody's said St.George's BFSR
will depend on how well its management --- whether on its own,
or in combination with that of another bank ---- deals with the
challenges of funding and capitalising its asset growth against
a backdrop of volatile funding conditions and weaker credit
conditions.

These ratings were placed on review with direction uncertain:

   St.George Bank Limited

      - Bank Financial Strength at B
      - Long-Term Deposits at Aa2
      - Long-Term Issuer Ratings at Aa2
      - Senior Unsecured at Aa2
      - Subordinated Debt at Aa3
      - Preferred Stock at A1
      - Short-Term Deposits at Prime-1
      - Short-Term Issuer Ratings at Prime-1
      - Commercial Paper at Prime-1

   St.George Insurance Australia Pty Ltd

      - Insurance Financial Strength at Aa3

                          About Westpac

Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.

Westpac reported assets of AU$401.7 billion at March 31, 2008.

                      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.

St. George Bank reported assets of AU$136.3 billion at March 31,
2008.


ZINITEX LIMITED: Sees Lower Earnings in Second Half of 2008
-----------------------------------------------------------
Zinifex Limited said that its second half earnings may be lower
than expected because of a decline in zinc prices and rising
costs, Jesse Riseborough of Bloomberg writes.

According to the report, citing a statement to the Australian
Stock Exchange, the substantially lower average zinc prices and
gains in treatment charges for zinc and lead concentrate output
will offset increased production in the six months ending
June 30.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in    
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.


ZINITEX LIMITED: Inks Accord to Dissolve Century Mining Alliance
----------------------------------------------------------------
Zinifex Century Mine's management and Downer EDI Mining had
mutually agreed to dissolve the successful Century Mining
Alliance.  To ensure a smooth transition, both Downer EDI Mining
and Zinifex have agreed to stage the transition between July 1,
2008 and June 30, 2009.

Formed in 2004, the Century Mining Alliance was intended to
build the capacity necessary to allow Zinifex to become an
owner-operator of the mine.  Downer EDI Mining and Zinifex
Century Mine are proud of the capacity built by their people
during the four years of their Alliance.

In that time, Zinifex Century Mine has grown to produce around 1
million tonnes of zinc and lead concentrates annually.  It is
Australia's largest zinc mine, and one of the world's largest
zinc mines.  Zinifex Century Mine generated revenues of
approximately U$1.4 billion in FY07, and employs nearly 1,000
people.

Downer EDI Mining will continue to support operations during
this business as usual transition phase, and has agreed that its
employees on site may become employees of Zinifex Century Mine.

General Manager of Zinifex Century Mine, John Lamb, said,
"Zinifex Century Mine values the contribution made by Downer EDI
employees to the success of the mine.  For that reason, Zinifex
intends to offer jobs to all current Downer EDI Mining
employees.  They will be transferred across to Zinifex over this
12-month period and will become Zinifex employees.  It is
expected that some will choose to continue with Downer. "

Job losses are not expected, and very few roles will be
duplicated in the transition process.  Transmission of business
laws commit Zinifex to offer jobs to all Downer EDI Mining
employees currently working at Zinifex Century Mine.

                  About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in    
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch's Web site as of April 21, 2008,
says the rating outlook is positive.



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AMERICAN AXLE: UAW Chief Balks at GM's US$200 Million Aid
---------------------------------------------------------
United Auto Workers union president Ron Gettelfinger criticized
General Motors Corp.'s US$200 million aid to American Axle &
Manufacturing Holdings Inc., saying that instead of resolving
the labor dispute, GM's action will make the talks more
difficult, John D. Stoll of The Wall Street Journal, citing a
radio interview, reports.

As reported in the Troubled Company Reporter on May 9, 2008,
GM agreed to provide Axle with upfront financial support capped
at US$200 million to help fund employee buyouts, early
retirements and buydowns to facilitate a settlement of the work
stoppage.

WSJ relates that the UAW chief predicts that Axle will make firm
demands following GM's move.  The auto supplier now intends to
close a factory in Cheektowaga, New York.

Axle believes that the labor protest will be settled either if
the UAW eases off or GM intervenes, WSJ quotes people familiar
with the matter.

The TCR disclosed on April 24, 2008, that approximately 3,650
associates are represented by the UAW at five facilities in
Michigan and New York affected by the strike.  AAM and the UAW
are working to reach a new collective bargaining agreement for
the original U.S. locations.

Although AAM has made several economic proposals to the UAW with
"all-in" hourly wage and benefit packages that were considerably
higher than the market rate of AAM's UAW-represented competitors
in the U.S., the UAW has repeatedly rejected these economic
proposals.

                             About GM

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

                         About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.  The company has a 15,794-square meter
manufacturing facility in the Changshu Economic Development Zone
near Shanghai.  The city of Changshu features one of the 10
largest ports in China, providing excellent geographic access to
all vehicle manufacturers throughout Asia

                            *     *     *

As reported in the Troubled Company Reporter on April 4, 2008,
Moody's Investors Service placed American Axle & Manufacturing
Holdings, Inc.'s Ba3 Corporate Family Rating under review for
downgrade.


CHINA EASTERN: Still Flys Kunming-Xishuanbanna Route Despite Ban
----------------------------------------------------------------
China Eastern Airlines Corp. Limited did not stop flying the
Kunming-Xishuanbanna flight, which was banned as a punishment
for its fault on pilot management, Sinocast News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2008, the Southwest Management Bureau of the Civil
Aviation Administration of China (CAAC) suspended flights
between Kunming and Xishuangbanna, and to Dali as punishment for
the March 31 incident when some pilots of China Eastern
Airlines' flights refused to land at their destinations and
instead returned to their departure points.  The pilots were
reportedly seeking higher wages and freedom to work for another
airline.  About 1,000 passengers were stranded at Kunming
Airport in the southern China.  A total of 21 flights from
southeastern Yunnan province were affected.  Some pilots and the
general manager of China Eastern's Yunnan unit were suspended.  
China Eastern was also fined CNY1.5 million or US$215,000 for
the pilots' strike.

However, Sinocast News relates, the airline continues to operate
the fights and accept ticket orders based on information from
ctrip.com, an online travel service provider in China.

According to the report, He Jinri, deputy director of the
Department of Air Transportation of General Administration of
Civil Aviation, said that if China Eastern is not allowed to fly
the Kunming-Xishuangbanna route, there will be no other flights
for two most popular tourist destinations in the province.

                    About China Eastern

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

                         *     *     *

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

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


CHINA SOUTHERN: First Capital Keeps "Prudent Buy" Rating
--------------------------------------------------------
Chinese broker First Capital has kept the rating for China
Southern Airlines Co. Limited at "prudent buy" with a target A-
share price of CNY17.6, Xinhua News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
April 22, 2008, China Southern Airlines's net profit for the
first quarter ended March 31, 2008, reached to RMB796 million
or earnings of RMB0.18 per share, against the RMB188 million net
loss in the same period last year.

According to Xinhua, First Capital attributed the exchange gain
from constant appreciation of the Chinese currency as the  
reason for the airline's profit making in the first quarter.
Meanwhile, the airline posted stable rise in transport volume
and load factor boosted by the increased demand of aviation
transport for the snow-disaster in China earlier this year,
Xinhua relates.

The broker, Xinhua says, deemed that constant high domestic jet
fuel price is the largest risk for China Southern, however, it
pointed out that considering the big inflation pressure in
China, it is unlikely that the country's economic planner will
raise jet fuel price in short term.

First Capital predicted that the EPS of China Southern will stay
at CNY0.88, and P/E ratio at 20 in 2008, Xinhua adds.

                    About China Southern

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

                          *    *    *

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


DANA CORP: Ad Hoc Panel Wants Court Nod on US$3.5 Mil. Legal Fee  
----------------------------------------------------------------
The Ad Hoc Committee of Dana Corp. noteholders asks the U.S.
Bankruptcy Court for the Southern District of New York to allow
as administrative expenses the US$3,568,768 in professional fees
and expenses of its counsel, Stroock & Stroock & Lavan LLP, for
services rendered from March 3, 2006, through Feb. 29, 2008,
pursuant to Section 503(b) of the Bankruptcy Code.

The Ad Hoc Committee has been a guiding presence from start to
finish, acting as the voice for creditors holding in excess of
US$1.4 billion of claims, representing more than two-thirds of
the
total allowed claims in the general unsecured class, Kristopher
M. Hansen, Esq., at Stroock & Stroock & Lavan LLP, in New York,
says.

Additionally, Mr. Hansen says, the Ad Hoc Committee played an
integral role in:

     * the consensual negotiation and approval of, the Interim
       and Final Orders Establishing Notice and Hearing
       Procedures for Trading in Claims and Equity Securities;

     * the consensual negotiation and resolution of the
       Debtors' executive compensation program;

     * negotiating and brokering significant aspects of the
       Global Settlement that served as the cornerstone of the
       Debtors' Plan of Reorganization;

     * the negotiation of the Disclosure Statement and Plan
       itself, as well as the Plan structure;

     * negotiating the B-2 Backstop Commitment Letter in
       connection with the Debtors' issuance of New Series B
       Preferred Stock; and

     * providing a substantial amount of the financing required
       to implement the Plan in the form of the subscription to
       and purchases by members of the Ad Hoc Committee of New
       Series B Preferred Stock.  

Absent the Ad Hoc Committee's efforts to build consensus and
facilitate the progress of the Debtors' Chapter 11 Cases, the
Debtors' reorganization would have faced significant delays and
might have been jeopardized altogether, Mr. Hansen avers.

                Reorganized Debtors Support Request

The Reorganized Debtors support the application of the Ad Hoc
Committee for payment of US$3,568,768 in fees and expenses to
Stroock & Stroock, comprising:

   -- US$3,431,673 in fees incurred,

   -- US$112,094 in expenses incurred, and

   -- US$25,000 in fees and expenses to be incurred in
connection
      with the preparation and prosecution of the Application.

Corinne Ball, Esq., at Jones Day, in New York, says the Ad Hoc
Committee has made substantial contributions to the Debtors'
estate and should be reimbursed of fees and costs, citing that:

   * Certain of the Ad Hoc Committee members made an actual and
     substantial cash contribution of a significant portion of
     the US$540,000,000 invested for the purchase of New Series
     B Preferred Stock, without which the Debtors would have
     been unable to emerge from Chapter 11.

   * The Ad Hoc Committee served as a potential additional
     source of financing for the Debtors:

       -- The Ad Hoc Committee played a valuable role in
          helping to negotiate the Global Settlement with the
          Debtors' unions and other significant parties-in-
          interest, which helped pave the Debtors' path out of
          bankruptcy by allowing the Debtors to achieve savings
          with their unions while avoiding certain costs in
          claims and litigation.  

       -- After the Global Settlement was approved by the Court,
          a subset of the Ad Hoc Committee agreed, on terms that
          were reasonably favorable to the Debtors, to commit to
          serve as the backstop for US$250,000,000 in financing
          needed by the Debtors.  The execution of the B-2
          Backstop Commitment Letter gave the Debtors increased
          certainty that they would obtain the funding they
          needed to emerge from bankruptcy.

   * The Ad Hoc Committee took an active role in facilitating
     and negotiating the Plan by being actively involved in
     negotiations with the Debtors, the Official Committee of
     Unsecured Creditors and Centerbridge Capital Partners L.P.
     regarding the contents of the Disclosure Statement and the
     Plan; and participated in the drafting of the Disclosure
     Statement and Plan.

Ms. Ball points out the contributions made by the Ad Hoc
Committee were unique and were generally not duplicative of the
efforts of any other Court-appointed official committee,
including the Creditors Committee.

Centerbridge also supports the Application.  

The Debtors ask the Court to cap all fees and expenses related
to the application and its prosecution at US$25,000.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/        
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or         
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.
           
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


DANA CORP: Appaloosa Wants Court Nod on US$2.5MM Legal Fees
-----------------------------------------------------------
Dana Corp. equity holder Appaloosa Management, L.P., seeks
allowance of an administrative expense claim aggregating
US$2,507,657, for professional fees and expenses incurred by its
counsel, White & Case LLP, and US$454,017 in expert fees and
expenses incurred by Blackstone Advisory Services, L.P., its
financial advisor.

J. Christopher Shore, Esq., at White & Case, LLP, in New York,
says the application seeks recovery of the actual reasonable
fees and expenses incurred by Appaloosa in making a substantial
contribution in Dana Corp. and its debtor-affiliates' Chapter 11
cases.  

Mr. Shore says payment of the fees and expenses will compensate
Appaloosa for its critical role in bringing about what were
unquestionably material enhancements to the plan investment
agreement, which ultimately became the cornerstone of the
Debtors' now-confirmed Plan of Reorganization.  He contends that
without Appaloosa's willingness to incur the material costs of
retaining attorneys and financial advisors who challenged the
material shortcomings of the sequential proposals made by
Centerbridge Capital Partners L.P., the creditors of the Debtors
would have received significantly less in the Chapter 11 cases.  

Mr. Shore says that several judges in the U.S. Bankruptcy Court
for the Southern District of New York noted that the success of
large multi-faceted bankruptcy cases -- cases in which one set
of management, attorneys and committees are representing
divergent interests -- often depends on the willingness of
individual stakeholders to step forward, thoroughly examine the
issues, and, if warranted, press for relief, even when those
contributions cause the incurrence of material fees and
expenses.  For that reason, Appaloosa should be reimbursed, he
asserts.

                            Objections

(1) U.S. Trustee
                
Diana G. Adams, the United States Trustee for Region 2, says
Appaloosa has not met its burden of proof or persuasion for
receipt of a "substantial contribution" award.  "Appaloosa is,
in essence, a losing bidder in an equity investment of the
Debtors who stands in sharp contrast to Centerbridge," she says.  
After an openly protracted involvement, Appaloosa did not end up
entering into an investment agreement with the Debtors, which
the Debtors eventually entered into with Centerbridge.

The U.S. Trustee adds that Appaloosa, which pursued membership
on the Official Committee of Equity Security Holders only to
resign six months later and then unsuccessfully pursue an
investment opportunity in the Reorganized Debtors, has not
overcome the presumption that it acted for its own interest.

Furthermore, even if the Court were to find that Appaloosa has
made a substantial contribution, Appaloosa cannot be reimbursed
for the financial advisory fees and expenses incurred by
Blackstone Advisory Services, L.P., its financial advisors, as
there is no statutory basis under Sections 503(b)(3)(D) and
(b)(4) of the Bankruptcy Code, which expressly limit their
benefits to only "attorneys and accountants," Ms. Adams avers.  

(2) Ad Hoc Committee

The Ad Hoc Committee of Noteholders opposes assertions by
Appaloosa that it has made a substantial contribution to the
Debtors' bankruptcy cases because:

     * Appaloosa's actions did not result in a direct monetary
       benefit to the Debtors' estate;

     * Appaloosa's actions did not cause the significant
       improvements to the Centerbridge Investment, which it
       claims to have been a response to its proposals; and

     * Appaloosa's actions did not result in an increased
       recovery for unsecured creditors.

The Ad Hoc Committee further asserts that Appaloosa is not
entitled to a substantial contribution award for acting in its
own interest as an unsuccessful bidder.  Courts have
consistently held that a prospective bidder, by definition, acts
in its own economic interest and any incidental benefit to the
estate resulting from its bids does not rise to the level of a
"substantial contribution" within the meaning of Section 503(b),
the Ad Hoc Committee notes.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/        
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or         
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.
           
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


DELPHI CORP: March 31 Balance Sheet Upside-Down by US$14 Billion
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates reported first quarter
2008 financial results ended March 31, 2008.  At March 31, 2008,
the company's balance sheet showed total assets of US$14.2
billion, and total liabilities of US$28.1 billion, resulting in
a US$14.0 billion stockholders' deficit.  The company reported
revenues of US$5.3 billion, and a net loss of US$589 million.

               First Quarter Financial Results

   * Global Revenue: Revenue of US$5.3 billion, down from
     US$5.7 billion in Q1 2007.

   * Non-GM Revenue: Non-GM revenue for the quarter was
     US$3.6 billion, up from US$3.5 billion in Q1 2007,
     primarily attributable to the favorable impact of foreign
     currency exchange rates.  Excluding the impact of foreign
     currency exchange rates, non-GM revenue decreased 4%.  Non-
     GM business represented 69 percent of Q1 revenues, compared
     to year-ago levels of 62 percent, primarily due to
     decreases in GM North America volume of 18 percent, which
     includes the impact related to a work stoppage at a Tier 1
     supplier to GM, and contractual price reductions.

   * Cash Flow: Cash flow used in operating activities was
     US$290 million, as compared to US$414 million used in
     operating activities for Q1 2007.  Cash used in operations
     was improved in Q1 2008 compared to Q1 2007 due to a net
     reduction in U.S. employee workforce transition program
     payments of US$146 million.

   * Net Loss: Net loss of US$589 million, or US$1.04 per share
     compared to Q1 2007 net loss of US$533 million.  
     Included in the Q1 2008 net loss is US$79 million of
     reorganization expenses for previously capitalized Equity
     Purchase and Commitment Agreement fees expensed as a
     result of the EPCA termination.  Additionally, Delphi's
     financial results were further impacted by increased
     workforce transition program charges of approximately US$42
     million.

   * Liquidity: With the extension and refinancing of the DIP
     Credit Facility and availability of advances from GM,
     Delphi believes it will continue to have adequate access
     to liquidity throughout 2008.  As of March 31, 2008,
     Delphi had liquidity of US$1.8 billion, comprised of cash,
     cash equivalents and available liquidity under the prior
     DIP credit facility.

                    Pension Funding Matters

Delphi reaffirmed its commitment to funding and freezing at
emergence its U.S. Hourly and Salaried Pension Plans.  Delphi
expects to be able to meet its pension funding strategy through
a combination of cash contributions and transfers of certain
unfunded pension liabilities to a plan sponsored by GM, without
the benefit of the previously issued pension funding waivers.  
Accordingly, Delphi has not applied to the IRS or PBGC to extend
such waivers.  "The relatively favorable funded position of the
Delphi plans as of the Oct. 1, 2007 valuation date triggered a
technical ERISA contribution limit that determines the required
emergence contribution for the current plan year," John Sheehan,
Delphi vice president and chief restructuring officer, said.  
"Achieving this limit means we no longer need the waivers to
efficiently effect the transfer of certain liabilities to GM,"
he said.  "We appreciate the constructive support of the IRS and
PBGC that we have received throughout our Chapter 11 proceedings
and look forward to the continued support of these agencies as
Delphi seeks to meet its commitment to fund its pension plans at
emergence," added Mr. Sheehan.

             DIP Facility Refinancing and Extension

Delphi also disclosed the refinancing and extension of the terms
of its Debtor-In-Possession Credit Facility to Dec. 31, 2008.
Based on positive DIP lender participation and subject to
approval by the U.S. Bankruptcy Court for the Southern District
of New York, Delphi will increase the requested capacity of its
DIP Credit Facility from the previously announced US$4.1 billion
to US$4.35 billion, providing the company with US$250 million in
additional liquidity.  In addition, Delphi stated that GM has
agreed to advance amounts anticipated to be paid to Delphi upon
the effectiveness of the GM settlement and restructuring
agreements.  These actions provide the company with sufficient
liquidity to support the ongoing implementation of Delphi's
transformation plan.

                     Delphi Corporation, et al.
                Unaudited Consolidated Balance Sheet
                        As of March 31, 2008
                           (In Millions)

ASSETS
Current assets:
   Cash and cash equivalents                           US$1,310
   Restricted cash                                          175
   Accounts receivable, net:
      General Motors and affiliates                       1,226
      Other third parties                                 2,991
   Inventories, net:
      Productive material                                 1,341
      Finished goods                                        503
   Other current assets                                     592
   Assets held for sale                                     655
                                                       --------
Total current assets                                      8,793
Long-term assets:
   Property, net                                          3,820
   Investments in affiliates                                387
   Goodwill                                                 406
   Other                                                    798
                                                       --------
Total long-term assets                                    5,411
                                                       --------
Total assets                                          US$14,204
                                                       ========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
   Current portion of long-term debt                   US$4,212
   Accounts payable                                       2,960
   Accrued liabilities                                    2,401
   Liabilities held for sale                                426
                                                       --------
Total current liabilities not subject to compromise       9,999
                                                       --------
Long-term liabilities not subject to compromise:
   Other long-term debt                                      62
   Employee benefit plan obligations and other              475
   Other                                                  1,201
Liabilities subject to compromise                        16,363
                                                       --------
Total liabilities                                        28,100
                                                       --------
Commitments and comtingencies                               164
Stockholders' deficit:
Total stockholders' deficit                             (14,060)
                                                       --------
Total liabilities and stockholders' deficit           US$14,204
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                Three Months Ended March 31, 2008
                          (In Millions)

Net sales:
   General Motors and affiliates                       US$1,641
   Other customers                                        3,611
                                                       --------
Total net sales                                           5,252
Operating expenses:
   Cost of sales                                          4,897
   U.S. employee workforce transition program
      charges                                                36
   Depreciation and amortization                            222
   Selling, general and administrative                      364
                                                       --------
Total operating expenses                                  5,519
                                                       --------
Operating loss                                             (267)
   Interest expense (contractual interest
      expense was US$129 million and US$124 million,
      respectively)                                        (110)
   Other income, net                                         19
   Reorganization items, net                               (109)
   Income tax expense                                       (63)
   Minority interest, net of tax                            (11)
   Equity income, net of tax                                 11
                                                       --------
Loss from continuing operations before
discontinued operations, net of tax                        (530)
                                                       --------
Loss from discontinued operations, net of tax               (59)
                                                       --------
Net loss                                                (US$589)
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                Three Months Ended March 31, 2008
                          (In Millions)


Cash flows from operating activities:
   Net cash used in operating activities                (US$290)
Cash flows from investing activities:
   Capital expenditures                                    (255)
   Proceeds from sale of property                            21
   Proceeds from sale of non-U.S. trade bank notes           62
   Proceeds from divestitures, net                           87
   Increse in restricted cash                                (2)
   Other, net                                                 3
   Discontinued operations                                  (70)
                                                       --------
Net cash used in investing activities                      (154)
                                                       --------
Cash flows from financing activities:
   Net borrowings under refinanced DIP facility             452
   Net borrowings under other debt arrangements             210
   Divident payments of consolidated affiliates              (7)
   Discontinued operations                                   11
                                                       --------
Net cash provided by financing activities                   666
                                                       --------
Effect of exchange rate fluctuations                         52
Decrease in cash and cash equivalents                       274
Cash and cash equivalents at beginning of period          1,036
                                                       --------
Cash and cash equivalents at end of period             US$1,310
                                                       ========


A full-text copy of Delphi's first quarter results is available
for free at http://ResearchArchives.com/t/s?2bc1

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


HAINAN AIRLINES: To Offer Beijing-Berlin Flight in September
------------------------------------------------------------
Hainan Airlines Co. Limited will offer direct flights between
Beijing and Berlin starting on September 5, Xinhua News reports,
citing Hainan and Berlin airport authorities.

According to the report, Hainan Airlines will offer four nonstop
flights a week between the two capital cities using Airbus A330-
200 aircraft.

Berlin will then become the fourth German city to have direct
flights to China, after Frankfurt, Munich and Dusseldorf.

The report relates that Zhao Bin, the Chinese minister counselor
to Germany, said the launch of the new route will help expand
economic, cultural and tourism cooperation between China and
Germany, and will contribute to the friendly cooperation between
their capital cities.

                    About Hainan Airlines

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

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



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

CHINASAILS DEV'T: Members' Final Meeting Set for June 6
-------------------------------------------------------
Members of Chinasails Development Company Limited will have
their final general meeting on June 6, 2008, at  Yardley
Commercial Building, Room A, 8th Floor, 3 Connaught Road West,
Sheung Wan, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Fan Wai Yuen
         Yardley Commercial Building
         Room A, 8th Floor, 3 Connaught Road West
         Sheung Wan, Hong Kong


DARRACOTT LIMITED: Members' Final Meeting Set for June 6
-------------------------------------------------------
Members of Daracott Limited will have their final general
meeting on June 6, 2008, at China Insurance Group Building, Room
1101, 11th Floor, 141 Des Voeux Road Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Chan Wai Chun, Heather
         China Insurance Group Building, Room 1101, 11th Floor
         141 Des Voeux Road Central
         Hong Kong


HIP YICK: Creditors' Proofs of Debt Due June 4
----------------------------------------------
Creditors of Hip Yick Company Limited are required to file their
proofs of debt by June 4, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 2008.

The company's liquidator is:

         Au Yan, Alfred
         Hang Wai Commercial Building, 24th Floor
         231-233 Queen's Road East, Wanchai
         Hong Kong


HONG KONG STEEL: Commences Liquidation Proceedings
--------------------------------------------------
Hong Kong Steel Traders Association Limited's members agreed on
April 21, 2008, to voluntarily liquidate the company's business.  
The company has appointed Au Chun Keung to facilitate the sale
of its assets.

The liquidator can be reached at:

          Au Chun Keung
          Village Gardens, Flat B, 14th Floor
          17 Fa Po Street, Yau Yat Chuen
          KOwloon, Hong Kong


KAI WING: Creditors' Proofs of Debt Due June 4
----------------------------------------------
Creditors of Kai Wing Estates Limited are required to file their
proofs of debt by June 4, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 21, 2008.

The company's liquidators are:

         Lai Ching
         Wong Yu Lau
         Chow San Building, 1st Floor
         229 Nathan Road, Kowloon
         Hong Kong


LANDWIDE DEV'T: Liquidators Quit Post
-------------------------------------
On April 18, 2008, Tam Chun Wan and Tse Chiang Kwok, Nassar  
stepped down as liquidator for Landwide Development Company
Limited.


MOLD-TECH: Liquidators Quit Post
--------------------------------
On May 2, 2008, Natjalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidator for Mold-Tech Limited.


OCEANIC PROPERTY: Members' Final Meeting Set for June 6
-------------------------------------------------------
Members of Ocenaic Property and Investments Limited will have
their final general meeting on June 6, 2008, at 1403 Dominion
Centre, 43 Queen's Road East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Charles Fearn
         403 Dominion Centre
         43 Queen's Road East
         Hong Kong


SKYNET LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
Skynet Limited's members agreed on April 21, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Au Chun Keung to facilitate the sale of its assets.

The liquidator can be reached at:

          Ho Wau IP
          World Wide House, 19th Floor
          19 Des Voeux Road Central
          Hong Kong



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

BHARTI AIRTEL: Discussion With MTN Group Cues Fitch Rating Watch
----------------------------------------------------------------
Fitch Ratings has commented that it will monitor closely the
disclosure by Bharti Airtel Limited (Bharti, 'BB+'/Stable) that
it is in discussion with the shareholders of South Africa-based
telecommunications company, MTN Group Limited (MTN, National
Long-term rating 'A+(zaf)'/Stable), regarding the potential
acquisition of a stake in the latter.  Fitch understands that
the discussions are at a preliminary stage and that Bharti has
not yet made any commitment to purchase a stake in MTN.  
However, in the event that Bharti does end up successfully
acquiring a major stake in MTN, then depending on the extent of
debt financing used to fund the acquisition, Fitch cautions that
its ratings could come under downward pressure.

Given the early stages of the discussions, the likelihood of
other competitive bids being placed, and the associated
uncertainties surrounding any investment in MTN or its terms,
Fitch has refrained from taking any formal rating action at this
stage.  The agency is monitoring this situation and would take
rating action as warranted by any developments.  Should the
discussions currently underway lead to Bharti acquiring a stake
in MTN, Fitch would consider the investment involved, the
financing structure and the level of cash flows from MTN that
would support any incremental debt assumed by Bharti for the
transaction prior to reviewing its ratings.

South Africa-based MTN is one of the largest global system for
mobile communications operators in Africa and the Middle East by
number of subscribers.  At end-December 2007, it had 61 million
subscribers across 16 African countries, 5 countries in the
Middle East and operations in Cyprus.  MTN is also listed on the
JSE Limited.  Currently, 63.7% of MTN's shareholding structure
is free float, with the largest individual shareholders being
Public Investment Corporation (13.5%), Newshelf 664
Limited(13.0%), and M1 Limited (9.8%).

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services  
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.



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

ATARI INC: Asks Nasdaq to Review Move to Delist Securities
----------------------------------------------------------
Atari Inc. plans to request a review from the Nasdaq Listing and
Hearing Review Council, which could alter or dismiss the Nasdaq
Listing Qualifications Panel's determination to delist Atari
Inc.'s securities from the Nasdaq Global Market and to suspend
trading of Atari Inc.'s shares effective May 9, 2008.

On May 7, 2008, Atari Inc. received a letter from The Nasdaq
Stock Market stating the Panel's action on Atari Inc.'s
securities.

The request for review will not delay the suspension of trading.  
Atari Inc. expects to be quoted on the Pink Sheets, an
electronic quotation service maintained by Pink Sheets LLC.  

The Pink Sheets allow continued trading of securities of
delisted companies.  Atari Inc. expects its common stock to be
traded on the Pink Sheets under the symbol "ATAR" or "ATAR.PK".  
Atari
Inc.'s common stock may also be quoted on the OTC Bulletin
Board(R), a regulated quotation service for over-the-counter
securities, provided one or more market makers apply to quote
Atari Inc.'s securities.

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 maintained an aggregate market value of US$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.

The value of Atari Inc.'s publicly held shares did not reach
that level within the required period, and on March 24, 2008,
the Nasdaq Listing notified Atari Inc. that the Nasdaq Staff had
determined that Atari Inc.'s securities were subject to
delisting unless Atari Inc. requested a hearing before a Nasdaq
Listing Qualifications Panel.

Atari Inc. requested a hearing on March 27, 2008, which stayed
the delisting process until the hearing was held and the
hearings panel delivered a decision.  The hearing was held on
May 1, 2008.

The Nasdaq hearings panel thereafter ruled to proceed with the
delisting process and, effective May 9, 2008, Atari Inc.'s
common stock will no longer trade on The Nasdaq Global Market.

Atari Inc. plans to request that the Nasdaq Listing and Hearing
Review Council review the Nasdaq hearings panel decision.

Atari Inc. relates that its delisting from The Nasdaq Stock
Market will not affect the pending merger transaction with its
majority shareholder Infogrames Entertainment S.A.  Infogrames
holds approximately 51.4% of Atari Inc.'s common shares.

                         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.

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 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.

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


ATARI INC: Gets US$20 Million Loan from Infogrames Entertainment
----------------------------------------------------------------
Atari Inc. and Infogrames Entertainment, S.A. entered into a
credit agreement, under which IESA committed to provide up to
US$20 million in loan availability at an interest rate equal to
the applicable LIBOR rate plus 7% per year, subject to the terms
and conditions of the IESA Credit Agreement, in connection with
both parties' proposed US$11 billion merger agreement reported
in the Troubled Company Reporter on May 6, 2008.

Atari will use borrowings under the New Financing Facility to
fund its operational cash requirements during the period between
the date of the Merger Agreement and the closing of the merger.  
The obligations under the New Financing Facility are secured by
liens on substantially all of our present and future assets,
including accounts receivable, inventory, general intangibles,
fixtures, and equipment.

Atari has agreed that it will make monthly prepayments on
amounts borrowed under the New Financing Facility of its excess
cash.  Atari will not be able to reborrow any loan amounts paid
back under the New Financing Facility other than loan amounts
prepaid from excess cash.  Also, the Company is required to
deliver to IESA a budget, which is subject to approval by IESA
in its commercially reasonable discretion, and which shall be
supplemented from time to time.

A full-text copy of the IESA Credit Agreement is available for
free at http://ResearchArchives.com/t/s?2bb6

                     Intercreditor Agreement

Under an intercreditor agreement among IESA, BlueBay High Yield
Investments (Luxembourg) S.A.R.L. and Atari, IESA has agreed
that for so long as obligations under the Existing Credit
Facility are not discharged, it will:

  i) not seek to exercise any rights or remedies with respect to
     the shared collateral for a period of 270 days (provided
     that, in any event, IESA may not exercise such rights or
     remedies while BlueBay is exercising its rights and
     remedies as to the collateral),

ii) not take action to hinder the exercise of remedies under
     the BlueBay Credit Facility, and

iii) waive any rights as a junior lien creditor to object to the
     manner in which BlueBay may enforce or collect obligations
     under the BlueBay Credit Facility.

A full-text copy of the Intercreditor Agreement is available for
free at http://ResearchArchives.com/t/s?2bb7

               Waiver, Consent and Fourth Amendment

The company is party to a credit agreement, dated as of Nov. 3,
2006, and amended on Oct. 23, 2007, further amended on Nov. 6,
2007, and further amended on Dec. 4, 2007, with its lenders,
relating to an asset-based secured credit facility consisting of
a revolving line of credit in an amount up to US$14 million.

In order to permit the signing of the merger agreement and the
establishment of the new financing facility with IESA, the
company entered into a waiver, consent and fourth amendment to
the existing credit facility under which, among other things:

  i) BlueBay agreed to waive the company's non-compliance with
     certain representations and covenants under the credit
     agreement,

ii) BlueBay agreed to consent to the company's entering into
     the new credit facility with IESA,

iii) BlueBay agreed to consent to the Company's entering into
     the Merger Agreement with IESA, and

iv) BlueBay and the company agreed to certain amendments to the
     existing credit facility with respect to the intercreditor
     agreement referenced above regarding the parties'
     respective security interests in the company's assets, the
     company's operational covenants and events of default.

A full-text copy of the Waiver, Consent and Fourth Amendment to
credit Agreement is available for free at
http://ResearchArchives.com/t/s?2bb8

                         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.

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 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.

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

                          *     *     *

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 US$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.


JVC CORP: To Integrate Operations With Kenwood on Oct. 1
--------------------------------------------------------
Victor Co. of Japan  aka JVC Corp. agreed to integrate its
operations with Kenwood Corp. through a joint holding company,
Jiji Press reports.

According to the report, the transaction, which is set to occur
on Oct. 1, 2008, will be capitalized at JPY10 billion.  Each JVC
share will be exchanged for two shares in the holding company,
while each Kenwood share will be swapped for one share in the
holding firm.

Jiji Press relates that the holding firm aims to achieve group
sales of JPY830 billion in the year ending in March 2011,
against combined sales of JPY823.7 billion at JVC and Kenwood
for the year that ended in March.  Operating profit is targeted
at JPY39 billion, compared with JPY9.6 billion.

The holding firm will be known as JVC Kenwood Holdings Inc. and
Kenwood Chairman Haruo Kawahara will become its chairman while
JVC President Kunihiko Sato will be its president.

                         About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is   
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

                          *   *    *

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


NIS GROUP: JCR Holds BB Rating, Revises Outlook to Negative
-----------------------------------------------------------
Japan Credit Rating Agency Ltd. has affirmed its BB and
preliminary BB rating on senior debts and shelf registration of
NIS Group Co., Ltd. while revising rating outlook from Stable to
Negative. Similarly, JCR has affirmed its BB rating on senior
debts of Nissin Servicer Co. Ltd., revising the rating outlook
from Stable to Negative.

   NIS Group
   Shelf Registration:
   Maximum: JPY100 billion
   Valid: two years effective from Dec. 3, 2007

JCR stated that NIS Group revised downwards the forecasts for
operating performance for FY2007 ended March 31, 2008.  Although
NIS Group's net assets will lower than originally forecasted due
to the expanded net loss, NIS Group is estimated to have secured
net assets amounting about JPY58 billion (as of the end of March
2008 (20% capital to total assets ratio).

According to the rating agency, the write-downs on inventory and
additional loan loss provisions made the Company's financial
risk derived from weakened real estate and stock markets
smaller.  JCR gave the Company high marks for the increased
capital through issue of common stock for JPY20 billion in
February this year, the undertakings towards business selection
and concentration and also enhancement of governance based on
the "management reform program", lowered proportion of consumer
finance business to the entire business portfolio and the fact
that loss on consumers' claims for refunds of excess interest
payments has been limited to the assumptions as supporting
factors for the rating for the Company.

On the other hand, JCR said changes in lending postures of
financial institutions and realization of the growth strategy
over the medium term will depend on external environment to a
large degree.  There are constraints on the rating with respect
to these factors.  Although risk of deterioration in asset
quality was reduced, downward pressures are being put on medium-
term business plan and profitability of the real estate related
business, which is one of the core businesses for the Company.  

JCR revised rating outlook for the Company from Stable to
Negative, based on the fact that JCR will have to pay more
attention to the above.  Similarly, JCR revised rating outlook
for Nissin Servicer, which has strong unity with the Company in
human affairs and fundraising.


NISSIN SERVICER: JCR Holds BB Rating, Revises Outlook to Neg.
-------------------------------------------------------------
Japan Credit Rating Agency Ltd. has affirmed its BB and
preliminary BB rating on senior debts and shelf registration of
NIS Group Co., Ltd. while revising rating outlook from Stable to
Negative. Similarly, JCR has affirmed its BB rating on senior
debts of Nissin Servicer Co. Ltd., revising the rating outlook
from Stable to Negative.

   NIS Group
   Shelf Registration:
   Maximum: JPY100 billion
   Valid: two years effective from Dec. 3, 2007

JCR stated that NIS Group revised downwards the forecasts for
operating performance for FY2007 ended March 31, 2008.  Although
NIS Group's net assets will lower than originally forecasted due
to the expanded net loss, NIS Group is estimated to have secured
net assets amounting about JPY58 billion (as of the end of March
2008 (20% capital to total assets ratio).

According to the rating agency, the write-downs on inventory and
additional loan loss provisions made the Company's financial
risk derived from weakened real estate and stock markets
smaller.  JCR gave the Company high marks for the increased
capital through issue of common stock for JPY20 billion in
February this year, the undertakings towards business selection
and concentration and also enhancement of governance based on
the "management reform program", lowered proportion of consumer
finance business to the entire business portfolio and the fact
that loss on consumers' claims for refunds of excess interest
payments has been limited to the assumptions as supporting
factors for the rating for the Company.

On the other hand, JCR said changes in lending postures of
financial institutions and realization of the growth strategy
over the medium term will depend on external environment to a
large degree.  There are constraints on the rating with respect
to these factors.  Although risk of deterioration in asset
quality was reduced, downward pressures are being put on medium-
term business plan and profitability of the real estate related
business, which is one of the core businesses for the Company.  

JCR revised rating outlook for the Company from Stable to
Negative, based on the fact that JCR will have to pay more
attention to the above.  Similarly, JCR revised rating outlook
for Nissin Servicer, which has strong unity with the Company in
human affairs and fundraising.



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

KOSMO TECHNOLOGY: Unable to Provide Solvency Declaration
--------------------------------------------------------
Kosmo Technology Industrial Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the  
Bursa Malaysia Securities Berhad as the company was unable to  
provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.

Morover, Kosmo was unable to service the interest payment due
and payable resulting in a situation of default under the
Facility Agreement dated September 9, 2005.  The default also
gave rise to a possible recall of the loan facility amounting to
MYR30 million granted by RHB Investment Bank Berhad pursuant to
their Facility Agreement dated Jan 8, 2007.  Both the loan
facilities are unsecured term loan facilities.

Kosmo is planning to embark on a debt restructuring exercise to
address the claims of their lenders as well as creditors and has
initiated discussions with parties involved in their claims and
discussions are expected to take approximately two-three months
before any concrete restructuring plans can be formalized.

Kosmo's obligations as an Affected Listed Issuer are to:

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

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

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

   -- implement the Regularization Plan within the timeframe
      stipulated by the relevant authorities; and

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

                      About Kosmo Technology

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.


LIQUA HEALTH: Appoints Ahmad Fuad and Goh Song as Directors
-----------------------------------------------------------
Ahmad Fuad Bin Abdul Wahab and Goh Song Leong were appointed as
directors of Liqua Health Corporation Berhad.

Mr. Abdul Wahab holds 12,635,300 direct and 480,000 indirect
ordinary shares in the company while Mr. Song Leong holds  
5,941,400 indirect ordinary shares in the company.

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

The company was classified as an Affected Listed Issuer as it
triggered Paragraph 2.1 of the Amended PN17 when the
consolidated shareholders' fund dropped to approximately
MYR5.9 million, which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.


OCI BERHAD: Bursa to De-List Securities on May 22
-------------------------------------------------
OCI Berhad's securities will be de-listed from the official list
of Bursa Securities on May 22, 2008, as the company failed to
submit its regularization plans to the Approving Authorities for
approval by April 30, 2008.

   * Effect of De-listing from the Official List of Bursa
     Securities

With respect to the securities of the company which are
currently deposited with Bursa Malaysia Depository Sdn Bhd, the
securities may remain deposited with Bursa Depository
notwithstanding the de-listing of the securities from the
Official List of Bursa Securities.  It is not mandatory for the
securities of a company which has been de-listed to be withdrawn
from Bursa Depository.

Alternatively, company's shareholders who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of the company have been de-listed from the Official List of
Bursa Securities.  This can be effected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository.  

Upon the de-listing, the company will continue to exist but as
an unlisted entity.  The company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
company’s performance.  However, the shareholders will be
holding shares which are no longer quoted and traded on Bursa
Securities.

                        About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building and construction,
automotive, furniture and packaging industries.  OCI
manufactures and markets a range of sealants and adhesives for
various consumer and industrial purposes in 70 countries around
the world.  On January 24, 2006, the Company disposed off its
entire 51% equity interest in Tongyong Resin Chemical Industry
Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


PECD BERHAD: Oh Teik Tatt Quits as Non-Executive Director
---------------------------------------------------------
Oh Teik Tatt quit as PECD Berhad's non-executive director and as  
a member of the Audit Committee.  With his resignation, the
company's Audit Committee now comprises of:

   * Tai Keat Chai – Chairman;
   * Shakir Jamil Fisal – Member; and
   * Dato' Yam Kong Choy, Michael – Member

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 8, 2007, that Malaysian Rating Corp. Bhd downgraded PECD
Berhad's MYR200-million serial fixed rate bonds to BB+ from
BBB-.  The rating outlook remains negative.  The downgrade
reflects the major operational and strategic challenges
currently faced by PECD as well as continued deterioration in
its credit metrics, and recognizes the increased execution
challenges confronting management as it pursues its turnaround
strategy.

The TCR-AP reported on March 7, 2008, that the company was
classified as an Affected Listed Issuer under Practice Note No.
17/2005 of the Listing Requirements of Bursa Malaysia Securities
Berhad, since the company's shareholders' equity deficit reached
MYR914.9 million as at December 31, 2007.


SATANG HOLDINGS: Overstates Revenue by MYR35.43MM, Auditor Says
---------------------------------------------------------------
Satang Holdings Berhad's independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.

The overstated sales of MYR35.43 million consist of:

   1) An amount of MYR24.80 million represents invalid sales
      generated from work order without any other supporting
      documents;

   2) An amount of MYR7.15 million, which represents sales
      generated for the financial year ending September 30,
      2008, but was recognized as sales revenue of Satang's
      Group in the financial year ended September 30, 2007;

   3) An amount of MYR1.61 million, which represents a sales
      transaction with Express Engineering Sdn Bhd cancelled
      during the current financial year review but was
      overlooked and not reversed out from the books of Satang
      Group by the accounting officers; and

   4) An amount of MYR1.87 million, which represents sales of
      the Group generated in the current financial year under
      review but without any support documents.

  Variance between the Company's Audited and Unaudited Results

                           Audited Results   Unaudited Results
                           ---------------   -----------------              
  Profit/(Loss) before Tax  (MYR25,870,000)      MYR9,555,000
  Taxation                        (843,000)         3,684,000
  Profit/(Loss) after Tax      (26,713,000)         5,028,000

Thus, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005.  As an affected Listed Issuer, the
company is required to:

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

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

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

   -- implement the Regularization Plan within the timeframe
      stipulated by the relevant authorities; and

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

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.



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

A C MASON (1997): Creditors Must File Claims by May 23
------------------------------------------------------
Creditors of A C Mason (1997) Limited appointed on March 27,
2008, Gerald Stanley Rea and Paul Graham Sargison, chartered
accountants of Auckland, as liquidators.

The claim filing deadline is May 23, 2008.

The liquidators can be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


AOTEA ENGINEERING: Joint Liquidators Appointed
----------------------------------------------
On April 21, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed joint and several liquidators of Aotea
Engineering Limited.

The liquidators can be reached at:

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


A&R WHITCOULLS: Posts AU$9.48MM Net Profit for First Half 2008
--------------------------------------------------------------
A&R Whitcoulls Group Holdings Pty Limited posted a net profit
after tax (NPAT) of AU$6.47 million for the first half of the
2008 financial year.  The report didn't indicate the specific
financial period.

"The company's underlying HY2008 NPAT was AU$9.48 million.  The
reported result was impacted by a one-off transaction cost of
AU$4.29 million relating to the proposed acquisition of the
Borders Australian and New Zealand assets which didn't
eventuate.  These costs relate principally to due diligence and
legal fees.  As of March 12, 2008, negotiations between the two
parties ceased and as such the costs have been expensed."

"The underlying NPAT for the period of AU$9.48 million
represents an increase of 3.7% on HY2007."

A&R Whitcoulls Managing Director Ian Draper said that the result
was in line with expectations.

"The market for book retailing in the first half of the year has
been challenging in terms of sales growth," said Mr Draper.  "In
both Australia and New Zealand consumer confidence is down due
to economic conditions and the impact of higher interest rates."

"The business remains committed to its strategy of developing
and rolling out new store formats and investing in our new
internet platform."

                   About A&R Whitcoulls Group

A&R Whitcoulls -- http://www.arw.co.nz/-- operates book  
retailers Angus & Robertson in Australia and Whitcoulls in New
Zealand, along with the Supanews newsagency chain and a seasonal
pop-up retailer called Calendar Club.  The company comprises a
number of brands, which sell a range of products, including
books, magazines, stationery, calendars, gifts, greeting cards
and digital versatile discs (DVDs). Some of the Company's
subsidiaries include A&R Australia Holdings Pty Limited, Angus &
Robertson Pty Ltd, Angus & Robertson Bookworld Calendar Club Pty
Ltd, Supanews Angus & Robertson Pty Limited, Whitcoulls Finance
Trust, Whitcoulls Limited, Whitcoulls Group Limited and WHSmith
Hong Kong Limited. On October 18, 2005, A&R Whitcoulls Group
Holdings Pty Limited disposed of the travel retail businesses in
Hong Kong and Australian airports.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
Distressed Bonds column listed A&R Whitcoulls Group's bond with
a 9.500% coupon and December 15, 2010 maturity date as trading
at NZ$10.80.


BRUCE HILL TRANSPORT: Court to Hear Wind-Up Petition on May 26
--------------------------------------------------------------
On April 2, 2008, an application to put Bruce Hill Transport
Limited into liquidation was filed in the High Court at
Palmerston North.

The application is to be heard before the High Court at
Palmerston North on May 26, 2008, at 10:00 a.m.

The plaintiff is Transport Wholesale Limited and its solicitor
is:

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


CONDOR FREIGHT: Creditors Must File Claims by May 20
----------------------------------------------------
The High Court at Auckland on April 9, 2008, appointed John
Trevor Whittfield and Boris van Delden, insolvency practitioners
of Auckland, jointly and severally as liquidators of Condor
Freight Limited.

Creditors are required to file their proofs of claim by May 20,
2008.

The liquidators can be reached at:

          McDonald Vague
          PO Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz/
          Inquiries to: Mathew Wood
          Telephone: (09) 306 3338


COOL CUTZ HAIR & BEAUTY: Shareholders Appoint Liquidator
--------------------------------------------------------
On April 21, 2008, it was resolved by special resolution of
shareholders that Cool Cutz Hair & Beauty Limited be liquidated
and that Grant Bruce Reynolds, insolvency practitioner of
Auckland, be appointed liquidator for the purpose.

The liquidator can be reached at:

          Grant Reynolds, Insolvency Practitioners
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


ELEGANT DECORS: Joint Liquidators Appointed
-------------------------------------------
On April 21, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed joint and several liquidators of Elegant
Decors Limited.

The liquidators can be reached at:

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


FLETCHER BUILDING: Buys Morinda Australia & All Steel's Assets
--------------------------------------------------------------
Fletcher Building entered into an agreement, effective May 1,
2008, for the purchase of Morinda Australia Pty Limited and the
assets of All Steel Products Ltd, based in Cairns, Australia.
These businesses are franchise operations better known under
their trading names of Garage World and Shed Boss and will
report into Stramit Building Products, headquartered in Sydney
and be part of the Fletcher Building Steel Division.

Garage World and Shed Boss have unique intellectual property for
the design and construction of steel sheds and steel structures
which is licensed to its franchisees.

This purchase complements Stramit’s growth strategy and
successful investment in the distribution of sheds.  In August
2007, Stramit acquired Fair Dinkum Homes and Sheds.  These
businesses will continue to operate independently from one
another, although both will be encouraged to further develop the
market for steel buildings.  This market currently totals over
70,000 units constructed throughout Australasia each year.

Stramit has had a long trading relationship with Garage World
and Shed Boss, representing revenues in excess of AU$25 million
per annum.  The current management team will continue to lead
the business going forward.

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of  
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                        *     *     *

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08         NZ$10.00
           7.800%          03/15/09          NZ$9.15
           7.550%          03/15/11          NZ$9.00


GANBATTE NE LTD: Claims Filing Deadline is June 20
--------------------------------------------------
On April 20, 2008, it was resolved by special resolution of
shareholders that Ganbatte NE Limited be liquidated and that
Bruce Frederick McCullough, business consultant of Wellington,
be appointed liquidator for the purpose.

Mr. McCullough fixed June 20, 2008, as the last day for
creditors to file their proofs of claim.

The liquidator can be reached at:

          B. F. MCCULLOUGH, Liquidator
          86 Victoria Street, 8th Floor
          Wellington (PO Box 32023)
          Mobile: 027 448 0417
          Facsimile: (04) 916 0659


KAI TIME LTD: Court to Hear Wind-Up Petition on May 19
------------------------------------------------------
On March 31, 2008, an application to put Kai Time Limited into
liquidation was filed in the High Court at Rotorua.

The application is to be heard before the High Court at Rotorua
on Monday, May 19, 2008, at 10:45 a.m.

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

          Rachel L. Scott
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0416
          Facsimile: (07) 959 7614


KARTINI EXPORT: Court to Hear Wind-Up Petition on June 6
--------------------------------------------------------
On March 10, 2008, an application to put Kartini Export Limited
into liquidation was filed in the High Court at Auckland.

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

The plaintiff is Ponsonby’s Shopping Village Limited and its
solicitor is:

          Kevin Francis Gould.
          Denys F. B. Landers, Solicitor
          34A Brookwood Drive (PO Box 21075)
          Henderson, Waitakere 0612
          Telephone: (09) 838 0573
          Facsimile: (09) 838 0563


LANDFORM NEW ZEALAND: Faces CIR's Wind-Up Petition
--------------------------------------------------
On February 8, 2008, an application to put Landform New Zealand
Limited into liquidation was filed in the High Court at
Christchurch.

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

           JULIE NEWTON
           Inland Revenue Department
           Legal and Technical Services
           1st Floor Reception
           224 Cashel Street (PO Box 1782)
           Christchurch 8140
           Telephone: (03) 968 0807
           Facsimile: (03) 977 9853


LBD CIVIL: Creditors Must File Claims by May 23
-----------------------------------------------
Damien Grant and Steven Khov, insolvency practitioners, were
appointed joint and several liquidators of LBD Civil Limited on
April 17, 2008.

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

The liquidators can be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


OVAL AIR: Faces Fujitsu General's Wind-Up Petition
--------------------------------------------------
On March 31, 2008, an application to put Oval Air Limited into
liquidation was filed in the High Court at Christchurch.

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

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


PERRY WINDOWS & DOORS: Creditors Must File Claims by May 30
-----------------------------------------------------------
On April 18, 2008, it was resolved by special resolution of the
shareholder that Perry Windows & Doors Limited be liquidated and
that John Albert Price, insolvency practitioner, and Christopher
Robert Ross Horton, chartered accountant, be appointed
liquidators jointly and severally for that purpose.

Creditors are required to file their proofs of claim by May 30,
2008.

The liquidators can be reached at:

          c/o Horton Price Limited
          PO Box 9125
          Newmarket, Auckland
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          e-mail: jprice@hortonprice.co.nz



PRIME TV SERVICE: Court to Hear Wind-Up Petition on May 16
----------------------------------------------------------
On January 22, 2008, an application to put Prime TV Service
Limited into liquidation was filed in the High Court at
Auckland.

The application is to be heard before the High Court at Auckland
on Friday, May 22, 2008, at 10:45 a.m.

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

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


TRADITIONAL GOLF DESIGN: Joint Liquidators Appointed
----------------------------------------------------
On April 21, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed joint and several liquidators of
Traditional Golf Design Limited.

The liquidators can be reached at:

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


TT WOOD PRODUCTS: Court to Hear Wind-Up Petition on May 29
----------------------------------------------------------
On April 1, 2008, an application to put TT Wood Products Limited
into liquidation was filed in the High Court at Napier.

The application is to be heard before the High Court at
Napier on Thursday, May 29, 2008, at 10:00 a.m.

The plaintiff is Winstone Pulp International Limited and its
solicitor is:

          JAMES ALEXANDER MACGILLIVRAY
          Tompkins Wake, Lawyers
          Westpac House
          430 Victoria Street (PO Box 258 or DX GP 20031)
          Hamilton



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

FUNNEX INTERNATIONAL: Creditors' Proofs of Debt Due June 6
----------------------------------------------------------
Creditors of Funnex International Pte. Ltd. are required to file
their proofs of debt by June 6, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


LAM GUAN: Creditors' Meeting Set for May 26
-------------------------------------------
Lam Guan Chan Pte Ltd will hold a meeting for its creditors on
May 26, 2008, at 10:00 a.m., at 8 Cross Street #17-00, in PWC
Building, Singapore 048424.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up   
      proceedings and property disposal;

   -- approve the payment of a second interim dividend to
      creditors;

   -- approve the remuneration of the liquidators and
      disbursements; and

   -- discuss other matters.

The company's liquidator's is:

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


LEAD MACHINERY: To Pay First Dividend to Creditors on May 16
------------------------------------------------------------
Lead Machinery Pte Ltd will pay its first and final dividend to
its creditors on May 16, 2008.

The company will pay 51% to all admitted preferential claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


WELLNESS MEDIA: Court Enters Wind-Up Order
------------------------------------------
On April 21, 2008, the High Court of Singapore entered an order
to have Wellness Media Pte Ltd's operations wound up.

KHL Printing Co. Pte Ltd filed the petition against the company.

The company's liquidators are:

          Gui Kim Young and
          Lim Siong Sheng
          Shangyew Public Accounting Corporation
          415B Jalan Besar
          Singapore 209016



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

TACHAN SECURITIES: Fitch Affirms 'BB' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Tachan Securities Co., Ltd's ratings
as: Long-term foreign currency Issuer Default Rating at 'BB',
National Long-term Rating at 'BBB+(twn)', Short-term foreign
currency IDR at 'B', National Short-term rating at 'F2(twn)',
Individual rating at 'D', Support rating at '5' and Support
Rating Floor at 'NF'.  The Outlook is Stable.

Tachan's ratings reflect its relatively small brokerage
franchise and less diversified revenue sources.  Nevertheless,
the ratings also incorporate its consistent profitability, sound
capitalisation, low leverage and liquid balance sheet.

Tachan continues to identify proprietary trading as its core
competence, which is well supported by its 20 consecutive profit
making years.  To increase its fee revenue sources, Tachan aims
to raise its warrant issuance volume, promote its online trading
programmes, strengthen its position as a market maker and
increase product offerings.

Fitch considers Tachan's risk control measures to be adequate
and effective, albeit simple, considering its relatively
uncomplicated operations.  The securities company controls its
risk exposures conservatively through the employment of position
limits and performance stop-outs on various business lines.

Tachan, established in 1988, is one of the smaller securities
firms in Taiwan.  It currently operates three branches, with a
0.22% share of Taiwan's securities brokerage market at end-2007.  
Marlon Chu, the founder, together with associated investment
companies, own roughly 80% of the company.



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

* BOND PRICING: For the Week May 12 to May 16, 2008
---------------------------------------------------


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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD    12.75
Allco Hit Ltd                  9.000%  08/17/09     AUD    22.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.53
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    16.00
Becton Property Group          9.500%  06/30/10     AUD     0.59
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    12.00
China Century                 12.000%  09/30/10     AUD     0.82
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.35
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.85
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.40
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.97
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.90
Jem Warehouse                  3.000%  08/01/14     AUD    72.17
LongReach Group Limited       10.000%  10/31/08     AUD     0.31
Nylex Ltd.                    10.000%  12/08/09     AUD     1.75
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                 10.500%  09/30/08     AUD     0.86
Record Funds Man              11.000%  09/01/10     AUD    45.90
Salomon SB Aust                4.250%  02/01/19     USD     7.13
South Canterbury              10.430%  12/15/12     NZD     0.99
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
TrustPower Ltd                 8.300%  12/15/08     NZD    11.20
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     9.55

CHINA
-----
Cosco Shipping                 0.800%  01/28/14    CNY     74.29
Tsingtao Brewery               0.800%  04/02/14    CNY     73.63


JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.25
NIS Group                      2.730%  02/25/10     JPY    71.98
Suruga Corp                    2.890%  10/20/09     JPY    47.93

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    49.45
Korea Dev. Bank                7.450%  10/31/21     KRW    49.41
Korea Dev. Bank                7.400%  11/02/21     KRW    49.39
Korea Dev. Bank                7.310%  11/08/21     KRW    49.34
Korea Dev. Bank                8.450%  12/15/26     KRW    72.34
Korea Elec Pwr                 7.950%  04/01/96     USD    67.79

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.91
Bank Muamalat                  6.250%  09/05/16     MYR    70.81
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.00
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.30
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.35
Greatpac Holdings              2.000%  12/11/08     MYR     0.14
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.27
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.35
Insas Berhad                   8.000%  04/19/09     MYR     0.60
Jimah Energy Ventures Sdn Bhd  8.200%  11/11/16     MYR    15.00
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.26
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/19     MYR    62.27
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.44
Malaysian Gov't                6.450%  11/30/08     MYR    62.00   
Malaysian Gov't                4.053%  12/04/12     MYR    61.00
Malaysian Gov't                8.000%  10/30/13     MYR    62.00
Malaysian Gov't                7.300%  10/01/14     MYR    46.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.13
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.32
Pelikan International          3.000%  04/08/10     MYR     1.90
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.78
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.65
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     2.89
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.00
Tradewinds Corp.               2.000%  02/08/12     MYR     0.48
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.31
Wah Seong Corp.                3.000%  05/21/12     MYR     5.20
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.49
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.70


SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     73.74
Sri Lanka Govt                6.850%  10/15/12     LKR     71.94
Sri Lanka Govt                8.500%  07/15/13     LKR     72.06
Sri Lanka Govt                7.500%  08/01/13     LKR     71.60
Sri Lanka Govt                7.500%  11/01/13     LKR     69.15
Sri Lanka Govt                8.500%  02/01/18     LKR     72.43
Sri Lanka Govt                8.500%  07/15/18     LKR     67.09
Sri Lanka Govt                7.500%  07/15/18     LKR     60.25



                         *********

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.

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





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