TCRAP_Public/080514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, May 14, 2008, Vol. 11, No. 95

                            Headlines

A U S T R A L I A

ST GEORGE: Bank Workers' Union Opposes Westpac Merger Deal


C H I N A

CHINA EASTERN: Cancels Flights to Southwestern Sichuan
DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support
SHENYANG JINBEI: Not Paying Dividend for Fiscal-Year 2007
ZTE CORP: 1Q 2008 GSM Product Volume Shipment Increases by 100%


H O N G  K O N G

BEST UNITED: Appoints New Liquidator
CITIC PACIFIC: Aims to Double Production of Special Steel
FRANCO-ASIATIC: Creditors' Proofs of Debt Due June 6
GOH HONG: Members' Final Meeting Set for June 3
HENDERSON INVESTMENT: Commences Liquidation Proceedings

NEW TERRITORIES: Members' Final Meeting Set for June 2
ORIENTAL MERCHANT: Appoints New Liquidator
SOUTH CHINA BINDING: Appoints New Liquidator
SOUTH CHINA PRINTING: Appoints New Liquidator
VALIANT PRINTING: Appoints New Liquidator

WORLDWIDE TECHNOLOGY: Creditors' Proofs of Debt Due June 3


I N D I A

SPICEJET: Launches Cargo Operations in India
STATE BANK: Karvy Rates Firm's Shares as "Outperformer"
STATE BANK: To Add 1,000 Branches in Year Ending March 31
STATE BANK: Inks MOU with Insurance Australia Group
TATA POWER: To Invest US$500 Mil. for Acquisition of Nine Ships


I N D O N E S I A

ASIA PULP: 3 Units Ordered to Settle Ex-Im Loan Defaults


J A P A N

* JAPAN: Corporate Bankruptcies Increased 8.4% in April


K O R E A

DIGITAL DEVICE: Korea Ratings Rates Unsecured Bond at 'B-'
GENEXEL-SEIN: Sets KRW955 Per Share Price on Right Issue


N E W  Z E A L A N D

SEALEGS CORPORATION: Confirms Right Issue Details


P H I L I P P I N E S

JG SUMMIT: Naphtha Cracker Project Cues S&P's Negative Watch
PLDT: Repurchases 28,070 Common Shares


S I N G A P O R E

ASAHI TV-GLASS: Creditors' Proofs of Debt Due on June 9
RINOL SINGAPORE: Creditors' Proofs of Debt Due on May 24
RUDCO PTE: Creditors' Proofs of Debt Due on June 9
SPECTRUM INTERNATIONAL: To Pay First Dividend on May 21
TAKASHIMA SINGAPORE: Creditors' Proofs of Debt Due on June 9


T A I W A N

TACHAN SECURITIES: Fitch Holds 'BB' Foreign Currency ID Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ST GEORGE: Bank Workers' Union Opposes Westpac Merger Deal
----------------------------------------------------------
The union representing Australia's bank workers has vowed to
stop the merger deal between Westpac Banking Corporation and St.
George Bank Limited, saying 5,000 jobs are at risk, AdelaideNow
reports.

According to the report, workers of Westpac and one its bank
segement, BankSA, will likely lose their jobs if Westpac and St
George will merge.

Currently, BankSA and Westpac represents Port Lincoln, Port
Augusta, Port Pirie, Whyalla, Murray Bridge, Mt Barker and
Naracoorte in the state's South East.  These regions will be the
first target for closure if the merger will happen, relates the
AdelaideNow.

Finance Sector Union national secretary, Leon Carter told the
AdelaideNow that the union is confident it would be able to stop
the planned merger through a national campaign.

"We will take the campaign directly to the banks, we will take
it to their shareholders, we will take it to every level of
government until it is heard that this takeover is bad for
consumers, it is bad for competition and it is disastrous for
the people that work for Westpac and St George," AdelaideNow
cited Mr. Carter as saying.

Almost half of the 30,000 people employed by the two banks are
members of the Finance Sector Union.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2008, Westpac's proposed merger stated 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 also 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.

                     About St. George Bank

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

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

                           *     *     *

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



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

CHINA EASTERN: Cancels Flights to Southwestern Sichuan
------------------------------------------------------
China Eastern Airlines canceled all flights to southwestern
Sichuan provincial capital of Chengdu after a major earthquake
hit the region, Xinhua News reports.

According to the report, a company spokesman said that the
airline will operate back-up flights to help move disaster
relief supplies and workers.  All subsidiaries of the airliner
will prioritize transportation of relief goods and staff, the
spokesman added.

The State Seismological bureau said an earthquake measuring 7.8
on the Richter scale jolted the Wenchuan County in Sichuan
Province at 2.28 p.m. on May 12, the report notes.

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.


DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to:

   (a) increase the size of the Tranche C term loan by
       approximately US$254 million,

   (b) complete any necessary related documentation and   
       transactions, and

   (c) pay fees in connection therewith.

The Hon. Robert Drain on, April 30, 2008, authorized the Debtors
to enter into an amendment and restatement of the First Amended
and Restated DIP Credit Agreement.  Among other things, the
amendment extended the maturity of the DIP Facility to Dec. 31,
2008 and reconfigured the size of the first priority revolving
loan and the first priority term loan.

At the time of the April 30 hearing, the Debtors anticipated
that:

    -- the Tranche A of the DIP Facility would consist of a
       first priority revolving credit facility of up to
       US$1 billion;

    -- Tranche B would consist of a first priority term loan of
       up to US$600 million, and

    -- The principal amount of the second priority term loan of
       approximately US$2.5 billion under Tranche C would remain
       unchanged.

As the syndication effort proceeded, investor interest in
participating in the Debtors' DIP Facility proved to be
significantly stronger than previously expected, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, tells the Court.  "Indeed, interest in the
Debtors' DIP Facility was so high that it resulted in an
oversubscription for the Tranche A, Tranche B, and Tranche C
amounts that the Debtors anticipated borrowing."

As a result, the Debtors and the DIP Lenders, according to
Mr. Butler, were able to make use of the opportunity afforded by
the market support to make several improvements to the structure
of the Second DIP Extension:

   (i) The Debtors increased the amount of availability under
       the Tranche A revolving credit facility to US$1.1 billion
       and decreased the amount of the Tranche B term loan to
       US$500 million.  The Debtors anticipate the shift between
       the Tranche A and Tranche B borrowings will save several
       hundred thousand dollars in interest expense per month.  
       The amendments to Tranche A and Tranche B are
       substantially consistent with the terms of the form of
       Second Amended and Restated DIP Credit Agreement.  

  (ii) As a result of greater market interest, the Debtors were
       able to increase the principal amount of the Tranche C
       Loan by approximately US$254 million.

The Second Amended and Restated Credit Agreement, including the
revisions to Tranche A and Tranche B as well as the existing
Tranche C, became effective on May 9, 2008.  The increase in the
principal amount of the Tranche C Term Loan of approximately
US$254 million remains subject to the Court's approval and
therefore has not yet become effective.

Mr. Butler explains that upsizing the Tranche C term loan will
supply additional liquidity for the Debtors without negatively
affecting the pricing terms or other benefits of the financing
for which the Debtors sought approval from this Court in April
2008.  Although the upsizing will result in incrementally higher
interest expense (related solely to the contemplated additional
principal amount under the Tranche C term loan), the Debtors
believe that during this period of unprecedented financial
market volatility and uncertainty in the economy and the
automotive industry, the additional liquidity requested is of
substantial value to them.

As of May 9, 2008,the Debtors have borrowed US$2,496,000,000
under the Tranche C term loan.  Pending the Court's approval of
the loan increase, the Debtors anticipate borrowing an
additional amount equal to approximately US$254 million under
the Tranche C term loan on June 9, 2008.

The Debtors will be obligated to pay certain fees with respect
to the increase of the Tranche C loan.  Specifically, the
Debtors will be required to pay the lenders an upfront fee of 2%
of the additional US$254 million.  In addition, the US$254
million will also accrue a "ticking fee" equal to 262.5 basis
points from the May 9, 2008, effective date of the DIP Facility
through the funding date, on a daily basis.

                        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)  


SHENYANG JINBEI: Not Paying Dividend for Fiscal-Year 2007
---------------------------------------------------------
Shenyang Jinbei Automotive Co. Limited will not be paying  
dividends to its shareholders for fiscal year 2007, according to
a report by Reuters.

Headquartered in Shenyang, Liaoning Province, China, Shenyang
Jinbei Automotive Co., Ltd. is principally engaged in the
development, manufacture and sale of light trucks, light
passenger vehicles, multi-functional commercial automobiles and
spare parts, as well as the provision of after-sale services.  
The company distributes its automobiles and spare parts, under
the brand name of Jinbei, in the domestic and overseas markets,
such as the Middle East and Africa.

Xinhua Far East China Ratings gave the company a 'C' issuer
credit rating on March 23, 2006.


ZTE CORP: 1Q 2008 GSM Product Volume Shipment Increases by 100%
---------------------------------------------------------------
ZTE Corporation's volume shipment of its GSM products for first
quarter 2008 soared by 100% compared to the corresponding period
previous year.

The company attributed the expanding international GSM market
for its spectacular growth record.  ZTE launched several
campaigns in Asia Pacific exploiting the ample market
opportunities.

"It is indeed another significant record for us to register 100%
shipment for our GSM products in Q1 this year, which is in line
with our aggressive campaign to get a solid foothold of the
global GSM market," stated Mr. He Zhaogang, General Manager of
ZTE GSM products on the company's impressive growth record.

ZTE's GSM products are currently deployed by over 60 operators
across 50 countries around the globe, leading to installation of
mobile capacity surpassing 150 million lines.

                        About ZTE Corp

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

                         *    *     *

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

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



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

BEST UNITED: Appoints New Liquidator
------------------------------------
Members of Best United Limited appointed Wong Tak Man Stephen as
the company's liquidators.

The liquidator is:

          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


CITIC PACIFIC: Aims to Double Production of Special Steel
---------------------------------------------------------
CITIC Pacific Limited aims to double its production capacity of
steel through acquisitions and refined technologies, and
maintain its position as the mainland's largest special steel
manufacturer, Steel Guru News reports.

According to the report, to bolster the capacity of its existing
special steel projects, CITIC Pacific has set up a separate
company to consolidate the management of the three special steel
factories currently under the group.  Mr Larry Yung Chi-kin,
chairman of CITIC said, "The new organization will oversee the
management of our special steel factories in Jiangyin, Huangshi
and Shijiazhuang," he was quoted by the news agency as saying.

Mr. Peter Lee Chunghing, deputy MD of CITIC Pacific, told the
news agency that the current combined capacity of the three
special steel factories is 7 million tonnes a year. "In the long
term, we hope to increase that number to 15 million tonnes a
year, he added.

Mr. Chunghing said the group will increase its output by
utilizing better technologies, however, to further expand its
market share, the company might consider acquisitions, the
report adds.

                       About CITIC Pacific

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of        
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.
As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concludes the review initiated by the rating
agency in April 2006.


FRANCO-ASIATIC: Creditors' Proofs of Debt Due June 6
----------------------------------------------------
Creditors of Franco-Asiatic Company Limited are required to file
their proofs of debt by June 6, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2008.

The company's liquidators are:

         Lee Sik Wai Benjamin
         Chan Cheung Wah Linus
         Bank Centre, Rooms 2005-7
         636 Nathan Road, KOwloon


GOH HONG: Members' Final Meeting Set for June 3
-----------------------------------------------
Members of Goh Hong Kong Limited will have their final general
meeting on June 3, 2008, at Prince's Building, 20th Floor,
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:

         Rainer Hok Chung Lam
         Prince's Building, 20th Floor
         Central, Hong Kong


HENDERSON INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Henderson Investment Finance (2000) Limited's members agreed on
April 28, 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:

          Lee King Yue
          Two International Finance Centre
          8 Finance Street, Central, Hong Kong


NEW TERRITORIES: Members' Final Meeting Set for June 2
------------------------------------------------------
Members of New Territories Lorry Transportation Chambers
Association (H.K.) Limited will have their final general meeting
on June 2, 2008, at Surson Commercial Building, 9th Floor, 140-
142 Austin Road, Tsimshatsui, Kowloon, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Luk Wing Hay
         Surson Commercial Building
         9th Floor, 140-142 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


ORIENTAL MERCHANT: Appoints New Liquidator
------------------------------------------
Members of Oriental Merchant Limited appointed Wong Tak Man
Stephen as the company's liquidators.

The liquidator is:

          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


SOUTH CHINA BINDING: Appoints New Liquidator
--------------------------------------------
Members of South China Binding Limited appointed Wong Tak Man
Stephen as the company's liquidators.

The liquidator is:

          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


SOUTH CHINA PRINTING: Appoints New Liquidator
---------------------------------------------
Members of South China Printing Company (1988) Limited appointed
Wong Tak Man Stephen as the company's liquidators.

The liquidator is:

          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


VALIANT PRINTING: Appoints New Liquidator
-----------------------------------------
Members of Valiant Printing (Far East) Limited appointed Wong
Tak Man Stephen as the company's liquidators.

The liquidator is:

          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


WORLDWIDE TECHNOLOGY: Creditors' Proofs of Debt Due June 3
----------------------------------------------------------
Creditors of Worldwide Technology Partners (H.K.) Limited are
required to file their proofs of debt by June 3, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2008.

The company's liquidators are:

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



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

SPICEJET: Launches Cargo Operations in India
--------------------------------------------
In line with SpiceJet's strategy to increase its ancillary
revenues to seven percent by the end of the current financial
year, the airline has launched its cargo operations in India,
The Economic Times reports.

Initially, the service would cover eight major cities and would
be expanded to all 18 destinations of the airline in the second
quarter of the current fiscal, the report relates.

The Economic Times added that the airline can carry 2-3.5 tons
of cargo on each of its flight using its Boeing 737 800/ 900ER
fleet.  The airline operates 118 flights every day to 18
destinations and can offer a capacity of about 350 tons per day.

SpiceJet's Chief Commercial Officer Samyukth Sridharan said that
the strategy to grow the ancillary services is ably supported by
their modern fleet of aircraft, which offers substantial belly
space that can be effectively used for cargo services.

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

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


STATE BANK: Karvy Rates Firm's Shares as "Outperformer"
-------------------------------------------------------
Karvy Stock Broking recommended an "outperformer" rating on
State Bank of India with a target price of INR2134 in its May 6,
2008 research report, moneycontrol says.

According to moneycontrol, Karvy's research report relates that
in 4QFY08, State Bank of India's net interest income grew by 6%
to INR48 billion compared to thier expectation of INR50.8
billion.  Deviation from their expectation was mainly due to
higher interest expenses on deposits and borrowings.  State Bank
of India reported operating profit of INR43.7 billion as against
their estimated number of INR39.3 billion due to higher growth
in fee-income and contained operating expenses

"Reported bottomline of INR18.8 billion was higher than our
expectation of INR16.5 billion; healthy NII, higher fee-income
and lesser bad debt provisions than required led to 26% (Y-o-Y)
jump in bottomline to INR18.8 billion.  We rate the stock as an
Outperformer with a target price of Rs 2134 at 1.96x ABV
FY2010," moneycontrol states, citing Karvy.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                            *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK: To Add 1,000 Branches in Year Ending March 31
---------------------------------------------------------
State Bank of India will add 1,000 branches in the country's
villages and semi-urban areas in the year ending March 31,
writes Subramaniam Sharma of Bloomberg citing a Hindu Business
Line report.

The Bank's business outside India's urban districts contributed
33% of its total deposits and a fourth of its total advances,
Bloomberg News relates.

According to Bloomberg, the bank has about 7,000 branches in
villages and semi-urban areas nationwide.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK: Inks MOU with Insurance Australia Group
---------------------------------------------------
State Bank of India has signed a memorandum of understanding
with Insurance Australia Group for general insurance, Reuters
reports.

In a joint statement, both companies stated that they will
finalize an agreement and approach regulators for approval, the
report says.

Under the MOU, SBI will hold 74% in the venture, while IAG will
hold the remaining 26%, which is the maximum allowed under
Indian law, Reuters relates.

According to the report, the joint venture is part of SBI's
stategy to pursue an emerging, high growth opportunities.  SBI
hopes to commence business in the current financial year and
aspires to be amongst the top three players in the general
insurance space in a period of about ten years.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                            *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA POWER: To Invest US$500 Mil. for Acquisition of Nine Ships
----------------------------------------------------------------
Tata Power will invest US$500 million through its Singapore-
based special purpose vehicle, TPC Energy Asia, to prepare a
fleet of nine vessels to transport coal from Indonesia to its
plants located in the western coast of India, Business Standard
reports.

According to the report, Tata Power's Executive Director, S
Ramakrishnan, said the company plans to buy nine ships, worth up
to US$100 million each, and has already signed charter
agreements for three ships.

Business Standard relates that according to analysts, the
company may use its shipping fleet to provide services to its
arm importing coal or ore and exporting finished goods, though
the company may consider commercial use of spare ship capacity
later.

"At the moment, we are focusing on our own requirements.  There
may be some months where we have excess capacity...at that time,
we will see how to synergise with other companies, including
group companies", Business Standard cited Mr. Ramakrishnan as
saying.

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

                        *     *     *

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

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



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

ASIA PULP: 3 Units Ordered to Settle Ex-Im Loan Defaults
--------------------------------------------------------
Antara News reports that a federal court in New York City
ordered Asia Pulp & Paper Company's three Indonesian units -- PT
Indah Kiat Pulp & Paper, PT Pabrik Kertas Tjiwi Kimia and PT
Pindo Deli Pulp & Paper Mills -- to pay Export-Import Bank of
the United States more than US$104 million dollars in defaulted
loans.

According to the report, Ex-Im Bank was among a minority of
APP's creditors who chose to bring the debtors to the court
rather than sign a debt restructuring agreement in 2003.

Ex-Im's lawsuit, Antara News says, alleged that the three APP
units defaulted on 13 loan agreements into which they had
entered with Ex-Im Bank and that APP had unconditionally
guaranteed repayment of three of those loans.

Antara News relates that an APP spokesman told Thomson Financial
that the company will appeal the ruling, arguing that the debt
restructuring, which was approved by 93 percent of creditors,
was also applied to those that oppose it.

The spokesman added that under the MRA terms, the group's debts
amounting to US$6.4 billion have been restructured to be repaid
in 20 years.

                         About Ex-Im Bank

Export-Import Bank of the United States -- http://www.exim.gov/
-- is the official export-credit agency of the United States.  
The agency helps create and maintain U.S. jobs by financing the
sale of U.S. exports, primarily to emerging markets throughout
the world, by providing loan guarantees, export-credit insurance
and direct loans.  In fiscal year 2007, Ex-Im Bank authorized
US$12.6 billion in financing to support an estimated US$16
billion of U.S. exports worldwide.  The Bank authorized US$3.4
billion in direct support of small businesses for the year. The
2,390 transactions in support of small business during 2007
represented 85.6 percent of all Ex-Im Bank transactions.

                            About APP

APP is a pulp and paper company.  Its combined pulp, paper and
packaging capacities in Indonesia amount to over 7 million
tonnes, using fiber from plantations and wood residues of
plantation development.  APP currently has its principal
operations located in Indonesia, and markets its products to
more than 65 countries on six  continents.



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

* JAPAN: Corporate Bankruptcies Increased 8.4% in April
-------------------------------------------------------
The number of corporate failures in Japan increased by 8.4
percent in April from the previous year to 1,215, the first time
in four years that April's bankruptcy number rose above the
1,200 line, Kyodo News reports, citing a report by Tokyo Shoko
Research.
  
According to the research report cited by Kyodo News, debts left
by the failed companies totaled JPY718.09 billion, up 16.5
percent and the second-highest figure in the past 12 months.

The agency's report, Kyodo News relates, traced the upsurge in
total debts to the large-scale failure of KR Real Estate, a
Tokyo-based real estate developer that went under with JPY167.7
billion in debts, which alone accounted for a quarter of the
April total.

The total eclipsed JPY500 billion for the first time in three
months, the data said.

The cited data also noted that among the heavily indebted
bankrupt firms were consumer loan companies faced with lawsuits
by borrowers demanding that they return excessive interest
charges.



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

DIGITAL DEVICE: Korea Ratings Rates Unsecured Bond at 'B-'
----------------------------------------------------------
Korea Ratings Corporation assigned a 'B-' rating to Digital
Device Inc.,'s unsecured bond with warrant.  The Rating Outlook
is 'Negative'.

The rating reflects Digital Device's access to the capital
markets, including a right issue, weak profitability and cash-
generating capacity, and rising business and financial
uncertainties from new businesses requiring large investment.

The company had continued good growth in size until 2005, since
its launched in 1999, thanks to strong growth in the digital TV
market, driven by the favorable environment including the
introduction and spread of digital broadcasting and the World
Cup in Germany.  However, the operating environment was
deteriorating consistently due to intensified competition in the
industry triggered by a number of competitors and product price
cuts following a drop in panel price.  Furthermore, Digital
Device's operating base shrank considerably.  It was primarily
due to lack of internal management during the change of the
managerial control over the company.  

Consequently, its revenues decreased substantially after 2006,
leading to higher inventory burden. Therefore, Digital Device
posted large operating losses.  Recently, stabilizing panel
price signals likely improvement in the operating environment
for the company. Given fierce competition in the industry and
inherent limitations of a SME, KR sees a low likelihood that it
will be able to recover operating results to the previous level.

In response, the Company reduced the existing businesses while
seeking the reorganization of the overall business structure to
focus on new businesses including resource exploration, and
manufacture of lightening protection systems and light guide
plate(LGP).

As for the resource exploration business, it acquired managerial
ownership in ZAO West Oil, an oil and gas exploration and
production company owning a right to explore and develop
Sosnogorsk fields in the Komi Republic.  As for the lightening
protection system business, it began the business in earnest in
2007 as it entered into product supply agreement with Denken in
Japan.  And it plans to expand the LGP business base on the back
of a product development capability of Topaz, its affiliate.
The resource exploration business is likely to contribute to
expanding the company's revenue base in the mid and long run.
Nevertheless, the most of fields are at the exploration stage.
Given that, it would take a considerable time for the company to
generate revenues from them. In the meantime, it generated
revenues from the lightening protection system business up to
the targeted level in 2007.  

However, this business contributes not much to income,
considering the revenue structure of the business.  Since the
Company has not built smooth cooperative relationship with
Denken, the main client in Japan, import of some products are
suspended at the customs office.  That said, the base for the
lightening protection system business is not yet stabilized.
When it comes to the LGP business which will be the Company's
main business in the future, Korean Rating recognizes Topaz's
product development capability.  However, Topaz is yet to build
mass production system and secure clients.  Given that, the
Company is exposed to high business uncertainty.

With steadily poor operating cash flows caused by worsened
performance, the company faced larger operating fund shortfalls
due to a rise in capital needs following aggressive investment
activities.  However, a total of approximately KRW95 billion has
flowed into the company through several rights issues(including
exercise of warrants) since 2006.  Its financial indicators
suggest that the financial structure is controlled to a certain
level.

However, the company plans to make very excessive investment
relative to its size with respect to the resource exploration
business and factory construction for the LGP business.  Thus,
KR expects the Company to see substantial growth in the
financial burden in the mid and long run.

The Rating Outlook is 'Negative', which reflects the high
uncertainty of the company's business arising from the new
businesses, and expected deterioration in its financial
stability caused by large-scale investment.  Therefore, Korean
Rating expects that a rating downgrade will be inevitable when
the company experiences a delay in stabilizing the new
businesses or fails to control a dramatic increase in its
financial burden by asset sales or funding via a right issue.

                  About Digital Device

Founded in 1996 under the name, "DY Corporation", it is a
KOSDAQ-listed SME primarily producing and selling PDP TVs and
LCD TVs.


GENEXEL-SEIN: Sets KRW955 Per Share Price on Right Issue
--------------------------------------------------------
Genexel-Sein Inc. has set the price for the rights issue of its
10 million common shares at KRW955 per share, according to a
report by Reuters.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.



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

SEALEGS CORPORATION: Confirms Right Issue Details
-------------------------------------------------
Sealegs Corporation Limited has confirmed further details of the
rights issue initially announced at its 2007 Annual General
Meeting.

Sealegs intends to proceed with the proposed rights issue on the
these basis:

  -- 1 new ordinary share in Sealegs will be offered under the
     rights issue for every 5 fully paid existing shares held on
     the applicable record date

  -- The rights will be renounceable.

  --  The price of new shares issued under the rights issue will
      be 25 cents per share.

  -- If fully subscribed the rights issue will raise up to   
     US$3.296 million.

  -- The company is aiming to register a prospectus and
     circulate an investment statement for the rights issue by 2
     June 2008.

The company's board has, at this stage, yet to determine whether
the rights issue will be underwritten.

The board intends to invest capital raised in the rights issue
in:

   -- building in-house manufacturing resource;
   -- margin improving design initiatives;
   -- product development; and
   -- expansion into new international markets.

               About Sealegs Corporation

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the  
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.



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

JG SUMMIT: Naphtha Cracker Project Cues S&P's Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' corporate
credit rating on Philippines-based conglomerate JG Summit
Holdings Inc. on CreditWatch with negative implications.  
Standard & Poor's also placed its 'B+' rating on the US$300
million senior unsecured notes issued by JG Summit's wholly
owned subsidiary, JGSH Philippines Ltd., on CreditWatch with
negative implications.

The CreditWatch placement comes after the recent announcement by
JG Summit on the construction of a 350,000-ton naphtha cracker
for about US$840 million, which will be largely debt financed.  
Separately, JG Summit expressed an interest to acquire from the
government of Philippines a 40% stake in Petron Corp. for about
Philippine pesos (PHP) 25 billion.  The offer is said to
be still preliminary.

"Although the construction of the naphtha cracker would likely
be funded via a project finance loan on a nonrecourse basis, the
incremental debt, when consolidated to the company's financials,
would likely place pressure on the ratings on JG Summit," said
Standard & Poor's credit analyst Lay Peng Tan.  "In our view,
these ambitious plans are being pursued when the prospects for
the company's business are more dampened."

JG Summit's core businesses--branded consumer foods, low-cost
aviation, property development, telecommunications, and
petrochemicals--all face near-term challenges of rising input
costs, weakening demand in inflationary economic conditions,
resulting in pressure on margins.

"The ratings continue to derive support from the group's
prominent market position in a diversified portfolio of
businesses, ranging from branded foods, low-cost aviation, and
real estate developments," Ms. Tan said.

For 2007, the group's estimated debt to EBITDA was 5.4x, with
funds from operations to debt of about 20%.

                     About JG Summit Holdings

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is one  
of the leading companies in the Philippines with business
interests in: Air Transportation, Banking, Food Manufacturing,
Hotels, Petrochemicals, Power Generation, Publishing, Real
Estate and Property Development, Telecommunications, Textiles.


PLDT: Repurchases 28,070 Common Shares
--------------------------------------
Philippine Long Distance Telephone Company has acquired PLDT
common shares pursuant to a share buyback program approved by
its Board of Directors on January 29, 2008, the company said in
a regulatory filing with the Philippine Stock Exchange.

PLDT repurchased 8,070 common shares at Php2,635.00 per share
and 20,000 common shares at Php2,640.00 per share.

The company's treasury shares as of May 13, 2008, totaled
431,070.

On May 8, 2008, the Troubled Company Reporter-Asia Pacific
reported that PLDT's
consolidated net profit for the first quarter of 2008 increased
by 21% to Php10.4 billion, from the Php8.6 billion net profit
reported last year.

According to the company, this yearís results benefited from
significant mark-to-market foreign exchange and derivative gains
plus a one-time gain of approximately Php0.7 billion arising
from the designation as non-hedges of certain derivatives
related to the companyís 2009, 2012 and 2017 bonds which had
previously been designated as hedges.  Core net income, net of
these exceptional items, rose to Php9.3 billion in the first
three months of 2008, 11% over the core net income of Php8.4
billion in the same period in 2007.  Consolidated service
revenues increased by 6% to Php34.9 billion, notwithstanding the
16% appreciation of the peso which negatively impacted the
dollar-linked revenues of the Group, which could account for as
much as 36% of consolidated revenues.  Consolidated EBITDA
improved by 7% to Php21.8 billion while EBITDA margin improved
slightly to 63%.

The Groupís consolidated balance sheet continued to strengthen,
with consolidated debt balances down to US$1.6 billion.  Net
debt as at March 31, 2008 stood at approximately US$406 million
(equivalent to US$ 967 million if the P23.4 billion representing
the common dividend payment due in April 2008 were deducted from
outstanding cash balances).  Effecting the same adjustment, net
debt to EBITDA and net debt to equity ratios stood at 0.48 times
and 0.41 times, respectively.

PLDT's March 31 balance sheet also showed strained liquidity
with Php68,115 million in total current assets available to pay
Php75,249 million in total current liabilities.

Consolidated free cash flow stood at Php17.3 billion in the
first quarter of 2008.  Consolidated capital expenditures were
at Php3.1 billion, with spending expected to accelerate as the
Company continues to build out capacity and coverage of its
wireless and broadband networks aggressively.  Capital
expenditures for the Group in 2008 are expected to approximate
the Php25 billion spent in 2007.

                        About PLDT

Headquartered in Manila, Philippine Long Distance Telephone
Company is a telecommunications service provider in the
Philippines.  Through its three principal business groups -
wireless, fixed line, and information and communications
technology - PLDT offers a wide range of telecommunications
services to its subscribers in the Philippines.  PLDT's
subsidiaries and affiliates include Smart Communications, Inc.
and Pilipino Telephone Corporation, both cellular service
providers, and ePLDT, an integrated information and
communications technology provider.

PLDT was incorporated on November 28, 1928, following the merger
of four telephone companies under US ownership, namely,
Philippine Telephone and Telegraph Company, Cebu Telephone and
Telegraph Company, Panay Telephone and Telegraph Company, and
Negros Telephone and Telegraph Company.  In 1967, effective
control of PLDT was sold by General Telephone and Electronics
Corporation to a group of Filipino businessmen.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on March 24, 2008, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2/positive
foreign currency bond rating.



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

ASAHI TV-GLASS: Creditors' Proofs of Debt Due on June 9
-------------------------------------------------------
Asahi TV-Glass Private Limited, which is in voluntary
liquidation, is accepting creditors' proofs of debt until
June 9, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


RINOL SINGAPORE: Creditors' Proofs of Debt Due on May 24
--------------------------------------------------------
Rinol Singapore Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by May 24,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

          Timothy James Reid
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


RUDCO PTE: Creditors' Proofs of Debt Due on June 9
--------------------------------------------------
The creditors of Rudco Pte Ltd are required to file their proofs
of debt by June 9, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


SPECTRUM INTERNATIONAL: To Pay First Dividend on May 21
-------------------------------------------------------
Spectrum International (S) Pte. Ltd., which is in voluntary
liquidation, will pay first and final dividend to its creditors
on May 21, 2008.

The company will pay 13.6044% to all received claims.

The company's liquidator is:

          Lim Yeong Seng
          13A Mackenzie Road
          Singapore 228676


TAKASHIMA SINGAPORE: Creditors' Proofs of Debt Due on June 9
------------------------------------------------------------
The creditors of Takashima Singapore (Pte) Ltd are required to
file their proofs of debt by June 9, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581



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

TACHAN SECURITIES: Fitch Holds 'BB' Foreign Currency ID 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
===============

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

October 15-16, 2008
Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
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October 22-23, 2008
Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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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