TCRAP_Public/080515.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

             Thursday, May 15, 2008, Vol. 11, No. 96

                            Headlines

A U S T R A L I A

AUSTRALIAN TECHNICAL: Liquidator Presents Wind-up Report
BLUE LINE: Miskiewicz and Jessup Appointed as Liquidators
G.H. BENSON: Liquidator Gives Wind-up Report
GTA NOMINEES: Appoints Cauchi and Gountzos as Liquidators
LEVEL-TEC BUILDERS: Appoints Cauchi and Gountzos as Liquidators

MASSVENTURS: Appoints MacKinnon and Sutherland as Liquidators
MILLERVIEW: Supreme Court Enters Wind-Up Order
SHAUN & MOON: Appoints Stimpson and Rose as Liquidators
SMART HOME: Appoints Jonathan Paul McLeod as Liquidator
SMR PROPERTIES: Liquidator Gives Wind-up Report

ST GEORGE: National Australia Bank Eyes Competing Offer
TRONOX WORLDWIDE: Fitch Cuts Senior Unsec. Notes to 'B/RR4'
VICTORIAN SCHOOLS: Liquidator Presents Wind-up Report
WARRABRI BAKERY: Risks Closure, Files for Income Management


C H I N A

CHINA EASTERN: Seeks US$2.1BB for New Aircrafts and Training
CHINA EASTERN: Validates Advanced Navigation Method
KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by $7.6MM
*CHINA: Regulators Suspend Trading in 29 Chinese Firms
* S&P: Sichuan's Earthquake May Affect Companies' Credit Profile


H O N G  K O N G

C-HK LIMITED:  Members' Final Meeting Set for May 20
FUJIKURA HOLDINGS:  Members' Final Meeting Set for May 16
GAINWIDE TRADING: Members' Final Meeting Set for June 3
HKS MACAU:  Members' Final Meeting Set for June 3
HOLY MOST: Members' Final Meeting Set for June 3

HUNDRED WEALTH: Liquidator Quits Post
MANAGEMENT INVESTMENT: Appoints New Liquidators
TOP SPEED: Members' Final Meeting Set for June 2


I N D I A

GENERAL MOTORS: May Use $7B Undrawn Loans Upon Industry Downturn
STATE BANK: Deutsche Bank Downgrades Firm's Shares to “Sell”
* Moody's Says India's Fundamentals Support Baa3/Ba2 Ratings


I N D O N E S I A

PERUSAAHAN LISTRIK: To Cut Energy Costs on Billboards by 50%


J A P A N

FORD MOTOR: Urges Investors to Take No Action on Tracinda Offer
KONICA MINOLTA: FY 2008 Net Income Decreases by 5.1%
PIONEER CORP: FY 2008 Net Loss Up by 0.62% to JPY17.9 Billion
PIONEER CORP: Approves Restructuring Plans on Two Segments
* JAPAN: Complaints Against Insurers Exceed 400,000 in 2007


K O R E A

CORECROSS INC: Adjusts Conversion Price of 5th Convertible Bonds


M A L A Y S I A

LIQUA HEALTH: Khoo and Yogananthan Quit as Directors
MALAYSIAN AIRLINE: In Talks with Ground Handlers to Reduce Fees
MANGIUM: Incurs MYR933,000 Loss in Quarter Ended March 31
PECD BERHAD: Court Grants Restraining Order
PROTON HOLDINGS: Subsidiary Inks MOU with Spyker


N E W  Z E A L A N D

123 METALS LTD: Wind-Up Petition Hearing Set for June 4
ALAN DUFF PRODUCTIONS: Faces FM Custodians' Wind-Up Petition
ALL 4 IT CONSTRUCTION: Court to Hear Wind-Up Petition on May 19
B & M M MORRIS: Appoints Grant and  Khov as Liquidators
BAY CIVIL: Names Parsons & Kenealy as Liquidators

BLIS TECHNOLOGY: Issues 5 Million New Ordinary Shares
BOOTH FAMILY AMUSEMENTS: Taps Parsons & Kenealy as Liquidators
GRIFFITH CONSTRUCTION: Court to Hear Wind-Up Petition Today
LANDMARK TRAVEL: Fixes May 30 as Last Day to File Claims
LNSB LTD: Fixes June 3 as Last Day to File Claims

MALIK BROTHERS: Court to Hear Wind-Up Petition on May 16
PLUS SMS: To Change Name to CRE8 as Part of Relisting Plan
ROCKY DAVIS BLASTING: Taps Neilson and Rodewald as Liquidators
SENSATION YACHTS: Court to Hear Wind-Up Petition on June 13
SOFTWARE FUTURES: Appoints Neilson and Rodewald as Liquidators

SPIERS GROUP: Adopts International Financial Reporting Standards
WINDFLOW TECH: Raises Forward Workload for Christchurch Plant
ZEDD LTD: Commences Liquidation Proceedings


P H I L I P P I N E S

JG SUMMIT: ING Tells Investors to Junk JG Summit Bonds
PHILIPPINE NATIONAL BANK: Moody's Ups LCD Rating to Ba1
UNIVERSAL ROBINA: S&P Puts BB Credit Rating on Watch Negative


S I N G A P O R E

KESCO PTE: Creditors' Proofs of Debt Due on June 9
TAN HOLDINGS: Pays First Interim Dividend
TECHNOLINK PTE: Proofs of Debt Due on June 9
VALEN OPTRONICS: Final Meeting Slated for June 10


T A I W A N

KGI SECURITIES: Fitch Holds Individual C Rating; Stable Outlook
NANO SUPERLATTICE: VB & T Expresses Going Concern Doubt


X X X X X X X X

* Moody's: Worsening 2nd Lien RMBS May Affect Guarantor Ratings


                         - - - - -


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

AUSTRALIAN TECHNICAL: Liquidator Presents Wind-up Report
--------------------------------------------------------
A. R. Yeo, Australian Technical Support Pty Ltd's estate
liquidator, met with the company's members and creditors on
May 5, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Pitcher Partners
          Level 19, 15 William Street
          Melbourne, Victoria 3000
          Australia


BLUE LINE: Miskiewicz and Jessup Appointed as Liquidators
---------------------------------------------------------
Blue Line Australia Pty Ltd's members agreed on March 16, 2008,
to voluntarily liquidate the company's business.  Anthony Jay
Edward Miskiewicz and Ian David Jessup were appointed to
facilitate the sale of its assets.

The liquidator can be reached at:

          Jessup & Partners
          Level 3, St James Place
          155-157 Denham Street
          Townsville, Queensland 4810
          Australia


G.H. BENSON: Liquidator Gives Wind-up Report
--------------------------------------------
Robyn Beverley Mckern, G.H. Benson & Co Pty Ltd's estate
liquidator, met with the company's members and creditors on
May 7, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Brian Kingston
          12 Victor Street
          Banyo, Queensland 4014
          Australia
          Telephone: (07) 3267 8066


GTA NOMINEES: Appoints Cauchi and Gountzos as Liquidators
---------------------------------------------------------
GTA Nominees Pty Ltd's members agreed on March 20, 2008, to
voluntarily liquidate the company's business.  Richard John
Cauchi and Peter Gountzos were appointed to facilitate the sale
of its assets.

The liquidator can be reached at:

          CJL Partners
          Level 3, 180 Flinders Lane
          Melbourne, Victoria 3000
          Australia
          Telephone: (03) 9639 4779
          Facsimile: (03) 9639 4773


LEVEL-TEC BUILDERS: Appoints Cauchi and Gountzos as Liquidators
---------------------------------------------------------------
Level-Tec Builders Pty Ltd's members agreed on March 20, 2008,
to voluntarily liquidate the company's business.  Richard John
Cauchi and Peter Gountzos were appointed to facilitate the sale
of its assets.

The liquidator can be reached at:

          CJL Partners
          Level 3, 180 Flinders Lane
          Melbourne, Victoria 3000
          Australia
          Telephone: (03) 9639 4779
          Facsimile: (03) 9639 4773


MASSVENTURS: Appoints MacKinnon and Sutherland as Liquidators
-------------------------------------------------------------
Massventurs Pty Ltd's members agreed on March 20, 2008, to
voluntarily liquidate the company's business.  Hamish Alan
MacKinnon and Keith Laurence Sutherland were appointed to
facilitate the sale of its assets.

The liquidator can be reached at:

          Bent & Cougle Pty Ltd
          Chartered Accountants
          Level 5, 332 St. Kilda Road
          Melbourne, Victoria 3004
          Australia


MILLERVIEW: Supreme Court Enters Wind-Up Order
----------------------------------------------
On March 12, 2008, the Supreme Court of Queensland entered
an order to have Millerview Constructions Pty Ltd's operations
wound up.  J. W. Cunningham and J. R. Park were appointed as
liquidators.

The liquidators can be reached at:

          Ramsay Clout
          Chartered Accountants
          Suite 2, 63 The Esplanade
          Maroochydore, Queensland 4558
          Australia


SHAUN & MOON: Appoints Stimpson and Rose as Liquidators
-------------------------------------------------------
Shaun & Moon Pty Ltd's members agreed on March 27, 2008, to
voluntarily liquidate the company's business.  David Michael
Stimpson and Terry John Rose were appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          SV Partners
          Insolvency Accountants and Business Solutions
          SV House, 138 Mary Street
          Brisbane, Queensland 4000
          Australia
          Website: www.svpartners.com.au


SMART HOME: Appoints Jonathan Paul McLeod as Liquidator
-------------------------------------------------------
Smart Home Solutions (Qld) Pty Ltd's members agreed on March 3,
2008, to voluntarily liquidate the company's business.  Jonathan
Paul McLeod was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          McLeod & Partners
          Ello Moda Building
          Level 1, 215 Elizabeth Street
          Brisbane, Queensland 4000


SMR PROPERTIES: Liquidator Gives Wind-up Report
-----------------------------------------------
Norman K. Jones, SMR Properties Pty Ltd's estate liquidator,
met with the company's members on May 9, 2008, and provided
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Courtney Jones & Associates
          Insolvency & Forensic Accountants
          Level 1, Suite 5
          443 Little Collins Street
          Melbourne, Victoria 3000
          Australia
          Telephone: (03) 9602 2133
          Facsimile: (03) 9600 1524


ST GEORGE: National Australia Bank Eyes Competing Offer
-------------------------------------------------------
Sky News Australia reports that National Australia Bank is
planning to “run the numbers” on St. George Bank Limited and
will not rule out a bid to rival Westpac Banking Corporation's
offer for the nation's fifth largest bank.

According to Sky News, NAB chief John Stewart says he is
watching the current developments 'with interest' as Westpac and
St. George began due dilligence on the offer.

As reported in the Troubled Company Reporter-Asia Pacific
on May 12, 2008, Westpac's merger proposal 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 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

St. George's Board of Directors has indicated their intention to
recommend shareholders' approval of the proposal.

St. George is being advised by UBS as financial adviser and
Allens Arthur Robinson as legal adviser.  Westpac has engaged
Caliburn Partnership as financial adviser and Gilbert + Tobin as
legal adviser.  

                     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.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on April 3, 2008, Fitch Ratings affirmed St. George Bank
Limited's Long-term Issuer Default Rating at 'A+' with a Stable
Outlook, Short-term IDR at 'F1', Individual at 'B', Support at
'3' and Support Rating Floor at 'BB+'.


TRONOX WORLDWIDE: Fitch Cuts Senior Unsec. Notes to 'B/RR4'
-----------------------------------------------------------
Fitch Ratings has downgraded Tronox Worldwide LLC's (Tronox)
$350 million senior unsecured notes due 2012 to 'B/RR4' from
'B+/RR3'. The Rating Outlook is revised to Negative from Stable.
In addition, Fitch has affirmed Tronox's Issuer Default Rating
(IDR) and its ratings on the senior secured bank facilities.
Fitch rates Tronox as:

   -- IDR at 'B';

   -- $250 million senior secured bank revolver at 'BB/RR1';

   -- $125 million (at March 31, 2008) senior secured term loan
      at 'BB'/RR1';

   -- $350 million senior unsecured at 'B'/RR4'.

The Rating Outlook is Negative.

Tronox Worldwide LLC and Tronox Finance Corp. are co-issuers of
the senior unsecured notes.

The downgrade of the senior unsecured notes reflects Fitch's
view that environmental claims would reduce the recovery for
senior unsecured creditors in a distressed scenario.

The ratings reflect Tronox's market position (12% of world
market, third largest producer), geographic reach, and strong
customer retention. Growth rate projections for titanium dioxide
(TiO2) are modest and tend to track gross domestic product, and
competition tends to be on price. In recent periods, margins
have been squeezed for TiO2 producers and relief is not expected
in the current year.

Tronox's availability under the $250 million revolver is
constrained by the leverage covenant at March 31, 2008, $92
million was available. The maximum leverage covenant level
increases on June 30 but availability will depend on inventory
conversion and latest 12 months (LTM) earnings. Debt-to-adjusted
EBITDA was 3.43 times (x) at Dec. 31, 2007 and the company has
obtained covenant relief from its lenders.  

First quarter 2008 figures show a decline in earnings from the
first quarter of 2007 and $43 million in borrowings under the
revolver resulting in Debt-to-LTM adjusted EBITDA of 3.78x.

Management has scaled back its capital budget from $65 million
to $51 million and intensified its cost cutting efforts.
Environmental spend budget has been reduced by an additional $10
million and SG&A costs are to be further reduced by $5 million.

Fitch expects Tronox to be marginally cash flow positive during
the next 12-18 months with the expectation of a continuation of
anemic growth and profitability.

Tronox is one of the leading global producers and marketers of
titanium dioxide. In addition, Tronox produces electrolytic
manganese dioxide, sodium chlorate and boron-based and other
specialty chemicals. The company generated Operating EBITDA of
$106.2 million on $1.4 billion in sales in 2007.

Tronox operates five titanium dioxide facilities in North
America, Europe and Australia:

   -- Hamilton, Mississippi, U.S.
   -- Savannah, Georgia, U.S.
   -- Botlek, Netherlands
   -- Uerdingen, Germany
   -- Kwinana, Australia


VICTORIAN SCHOOLS: Liquidator Presents Wind-up Report
-----------------------------------------------------
Robyn Beverley Mckern, Victorian Schools Innovation Commission's
estate liquidator, met with the company's members and creditors
on May 5, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone: (03) 9038 3100
          Website: www.mcgrathnicol.com


WARRABRI BAKERY: Risks Closure, Files for Income Management
-----------------------------------------------------------
Warrabri Bakery, a historical bakery at Ali Curung, could close
on thousands of dollars the business loses every week, ABC News
reports.

The owner of the bakery, Andrew Tsavaris, told ABC News that the
introduction of welfare quarantining last month has cut his
weekly takings from $5,000 to $650.

Mr. Tsavaris also told ABC News that he has been waiting for
months for the Federal Government to approve his bakery for
income management.

According to ABC News, government representatives said they
repeatedly tried to contact Mr. Tsavaris and are doing their
best to get him assessed to receive income management.



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

CHINA EASTERN: Seeks US$2.1BB for New Aircrafts and Training
------------------------------------------------------------
China Eastern Airlines Corp. aims to raise at least
US$2.1 billion for new planes and training to help it compete
with Air China Limited and Cathay Pacific Airways Limited,
Bloomberg News reports.

According to the report, China Eastern Chairman Li Fenghua said
he plans to reach his target by reviving the sale of a stake to
Singapore Airlines Ltd., by tapping capital markets and through
subsidies from the government, which owns part of the carrier.

As reported in the Troubled Company Reporter-Asia Pacific on  
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.  However, on Feb. 25, China Eastern rejected Air
China's proposal and pledged to instead continue seeking another
strategic investor.

Jack Xu, an analyst at Sinopac Securities Co., said "the
government won't sit and watch its own company go bankrupt.  The
airline will have an opportunity to resubmit the Singapore deal
this year," he was quoted by Bloomberg as saying.   Mr. Xu rated
the carrier "outperform.''

Bloomberg relates that China Eastern will spend 80% of the
US$2.1 billion on aircraft, with most of the rest going toward
staff training.  The fundraising will enable the carrier to cut
its debt-to-asset ratio to 80% from 94 percent as of 2007,
Bloomberg says.

                       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 EASTERN: Validates Advanced Navigation Method
---------------------------------------------------
A China Eastern Airlines Boeing Next-Generation 737-700
completed a flight into China's Lijiang Airport to validate the
capability and benefits of an advanced navigation method known
as Required Navigation Performance (RNP).

RNP uses global-positioning satellites and on board
flight-management systems to guide airplanes along precise
flight paths with pinpoint accuracy.  RNP flight procedures
provide operators a highly effective tool to enable safe and
efficient operations in challenging terrain and weather
conditions, such as those at Lijiang, in the foothills of the
Himalayan Mountains.

Advanced arrival procedures like RNP will allow airlines to
significantly save on fuel and reduce flight delays by enabling
airplanes to fly the most direct route to the runway.

Boeing, Jeppesen, the Civil Aviation Administration of China
(CAAC), the U.S. Federal Aviation Administration, and CEA have
been working together to expand new air traffic routes in China
using this sophisticated technology.  The RNP arrival and
departure procedures for Lijiang were designed by Jeppesen, a
wholly-owned Boeing subsidiary.

"RNP represents a larger effort to improve the efficiency,
capacity and environmental performance of the global air
transportation system," said Dan Mooney, vice president of
Regulatory Affairs for Boeing Commercial Airplanes.

"I'm proud that Boeing and China continue to build on their long
history of working together for the advancement of aviation in
the region,"  Mr. Mooney added.

                       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.


KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by $7.6MM
---------------------------------------------------------------
Koppers Holdings Inc. released the financial results for its
first fiscal 2008 quarter.

At March 31, 2008, the company's consolidated balance sheet
showed $700.0 million in total assets, $697.6 million in total
liabilities, and $10.0 million in minority interest, resulting
in a $7.6 million total stockholders' deficit.

Net income for the first quarter of 2008 increased to
$13.2 million as compared to $10.5 million in the prior year
quarter.  Net income for the quarter benefited from higher
volumes and prices for Carbon Materials & Chemicals, which more
than offset lower volumes for crossties and utility poles.

The company's sales for the quarter ended March 31, 2008,
increased 13.0%, or $39.0 million, to $348.0 million, as
compared to $30.09 million for the prior year quarter.  

This increase was a result of higher sales in the Carbon
Materials & Chemicals segment, which increased 28.0%, or $52.0
million.  The increase in this segment was due mainly to
increased pricing for most product lines as a result of higher
raw material costs, higher oil prices, higher foreign currency
exchange rates, and higher carbon materials volumes due to
strong product demand.

Sales for Railroad & Utility Products decreased 10.0%, or
$13.0 million, due primarily to lower volumes of railroad
crossties and utility poles.  Management believes the reduction
in railroad crossties is due partly to an effort by some of the
Class 1 railroads to reduce inventories, and expects demand to
improve in the third quarter.

EBITDA for the quarter ended March 31, 2008, was $39.2 million
compared to EBITDA of $35.6 million in the prior year.  T

Commenting on the quarter, president and chief executive officer
Walter W. Turner said, "The first quarter exceeded our
expectations, reflecting strong pricing and product demand for
the global carbon materials and chemicals business.  The lower
demand in our railroad business is expected to improve in the
third quarter.  

"Looking ahead, we are optimistic about 2009 as we anticipate
the completion of construction of our existing joint venture
expansion project and our new joint venture in China, both of
which we anticipate coming on-line by the end of 2008.  We
continue to benefit from strong demand within our key end
markets for aluminum, rubber and concrete, as well as our focus
on enhancing cash flow and our strict adherence to safety,
health and environmental regulations."

                             Guidance

Mr. Turner continued, "I am very pleased that our first
quarter's results exceeded expectations and fully expect that
strength to continue through 2008 and into 2009; however, based
on the seasonality of our business I would like to get further
into the second quarter before we modify our annual guidance to
more accurately reflect our expectations for 2008.  Therefore,
we are not adjusting our 2008 guidance for sales growth from
between 5.0% and 8.0%, an increase in adjusted EBITDA from 6.0%
to 9.0% and an improvement in earnings per share of between
10.0% and 13.0%."

                            Liquidity

As of March 31, 2008, the company had $82.9 million of unused
revolving credit availability under the company's senior secured
credit facility, which provides for a revolving credit facility
of up to $125.0 million and term loans of $28.6 million at
variable rates.

The company's estimated liquidity was $108.1 million at
March 31, 2008.  The company's estimated liquidity was $116.3
million at Dec. 31, 2007.  The decrease in estimated liquidity
from that date is primarily due to a reduction in cash and cash
equivalents.

On Feb. 6, 2008, the company's board of directors approved a
common stock repurchase program.  This program allows for the
repurchase of up to $75.0 million of common stock from time to
time in the open market. The program is scheduled to expire in
February 2010.  As of March 31, 2008, no repurchases have been
made under this program.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2bd1

                      About Koppers Holdings

Koppers Holdings Inc. (NYSE: KOP) -- http://www.koppers.com/--   
with corporate headquarters and a research center in Pittsburgh,
Pa., is a global integrated producer of carbon compounds and
treated wood products.  Including its joint ventures, Koppers
operates facilities in the United States, United Kingdom,
Denmark, Australia, and China.


*CHINA: Regulators Suspend Trading in 29 Chinese Firms
------------------------------------------------------
Shares of 29 companies based in China's Sichuan Province and
Chongqing municipality remained suspended from trading on
May 14, for an assessment of how May 12's earthquake affected
operations, Marketwire News reports.

According to the report, trading in 34 listed companies on the
Shenzhen and Shanghai exchanges resumed after they disclosed
information on their operational effectiveness.

Securities regulators in Shanghai and Shenzhen had suspended 66
listed companies with operations in the affected regions from
trading on May 13, the report relates.

Marketwire adds that three firms that had updated securities
regulators on their operational status remained suspended for
unspecified reasons.


* S&P: Sichuan's Earthquake May Affect Companies' Credit Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the mega earthquake
that hit China's Sichuan province on May 12, 2008, could put to  
test companies highly exposed to the area.

"While the full account of casualties and damages inflicted by
the 7.9-magnitude earthquake is still unknown, we do not
anticipate any significant impact to our ratings on Chinese and
Hong Kong companies as none has a substantial asset
concentration in the affected areas," said Standard & Poor's
credit analyst Ryan Tsang. Towngas China Co. Ltd. (BBB-
/Stable/--) operates 14 piped gas projects in Sichuan province,
some of which have been affected; however, the financial impact
on the company is unlikely to be material and its credit profile
is unlikely to be affected. "The exposure of Chinese insurance
companies to this event is unlikely to be large because the
hardest-hit areas are primarily rural, which tend to have
limited insurance coverage, albeit it will take months to have a
clear picture of quake-related insurance claims," added Standard
& Poor's credit analyst Connie Wong.

S&P is assessing the potential risks to these companies'
operations and businesses, including supply chain issues and
customer concentration.  

"Property developers with a high concentration of planned
presale in Chongqing, Chengdu, and other affected areas may face
liquidity pressure if their projects have suffered damages or
the property market in the affected areas does not recover
quickly," noted Mr. Tsang.

Although S&P believes the damage to the major centers in
southwest China, Chongqing and Chengdu, appears to be manageable
and is not likely to seriously cripple the regional economy, it
could take a year or two for Wenchuan County and other hard-hit
areas to fully recover and completely rebuild their
infrastructure. Depending on government relief measures and
individual insurance coverage, some companies could come under
extreme financial pressure if their key operations are disrupted
or their assets are badly damaged.



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

C-HK LIMITED:  Members' Final Meeting Set for May 20
----------------------------------------------------
Members of C-HK Limited will have their final general meeting on
May 20, 2008, at Kiu Fu Commercial Building, Room B, 4th Floor,
300 Lockhart Road, Wan Chai, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

No liquidator's information was disclosed.


FUJIKURA HOLDINGS:  Members' Final Meeting Set for May 16
---------------------------------------------------------
Members of Fujikura Holdings (China) Limited will have their
final general meeting on May 16,, 2008, at Unit D, 12th Floor,
Seabright Plaza, 9-23 Shell Street, North Point, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

No liquidator's information was disclosed.


GAINWIDE TRADING: Members' Final Meeting Set for June 3
-------------------------------------------------------
Members of Gainwide Trading Limited will have their final
general meeting on June 3, 2008, at K. Wah Centre, Rooms 1009-
1012, 10th Floor, North Point, 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 Sai Yee
         K. Wah Centre, Rooms 1009-1012
         10th Floor, North Point
         Hong Kong
         

HKS MACAU:  Members' Final Meeting Set for June 3
-------------------------------------------------
Members of HKS Macau Holdings Limited will have their final
general meeting on June 3, 2008, at Jalan Sultan Agung, No. 63
C-D, Jakarta Selatan, in Indonesia to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Gerhard Teasan BINTI
          Jalan Sultan Agung, No. 63 C-D,
          Jakarta Selatan, Indonesia


HOLY MOST: Members' Final Meeting Set for June 3
------------------------------------------------
Members of Holy Most Limited will have their final general
meeting on June 3, 2008, at Oriental Centre, Room 102, 1st
Floor, 67-71 Chatman 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:

          Chan Sun Kwong
          Oriental Centre, Room 102
          1st Floor, 67-71 Chatman Road
          Tsimshatsui, Kowloon
          Hong Kong


HUNDRED WEALTH: Liquidator Quits Post
-------------------------------------
On April 30, 2008, Cheung Simon stepped down as liquidator for
Hundred Wealth Limited.


MANAGEMENT INVESTMENT: Appoints New Liquidators
-----------------------------------------------
Members of Management Investments & Technology Compan  Limited
appointed Ruby Mun Yee Leung and Yuen TSZ Chun as the company's
liquidators.

The liquidators are:

          Ruby Mun Yee Leung
          Yuen TSZ Chun
          Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


TOP SPEED: Members' Final Meeting Set for June 2
------------------------------------------------
Members of Top Speed Holdings Limited will have their final
general meeting on June 2, 2008, at Greenwich Centre, 6th Floor,
260 King's Road, North Point, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Yuen Sik Ming, Patrick
         Greenwich Centre, 6th Floor
         260 King's Road, North Point
         Hong Kong



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

GENERAL MOTORS: May Use $7B Undrawn Loans Upon Industry Downturn
----------------------------------------------------------------
Although General Motors Corp. is confident of a liquidity
cushion that would sustain global automotive operations in 2008,
it intends to manage liquidity in a U.S. industry downturn by
accessing roughly $7 billion of undrawn U.S. committed credit
facilities, according to a Securities and Exchange Commission
filing.  If current adverse economic conditions persist or
deteriorate further, GM would consider a wide range of possible
actions to reduce its funding needs and to obtain additional
liquidity.

As reported in the Troubled Company Reporter on May 9, 2008,
the work stoppage at supplier American Axle & Manufacturing
Holdings Inc. has negatively impacted GM's liquidity by
$2.1 billion for the three months ended March 31, 2008.  
Approximately 30 of GM's plants in North America have been fully
or partially idled by the work stoppage.  GM, however, said the
work stoppage has not negatively impacted the company's ability
to meet customer demand due to the high levels of inventory at
its dealers.

GM North America's results were negatively impacted by
$800 million as a result of the loss of approximately 100,000
production units in the three months ended March 31, 2008.  The
automaker anticipates that this lost production will not be
fully recovered after this work stoppage is resolved, due to the
current economic environment in the United States and to the
market shift away from the types of vehicles that have been most
strongly affected by the action at American Axle.

At March 31, 2008, GM's balance sheet showed total assets of
$145,741,000,000 and total debts of $186,784,000,000, resulting
in a stockholders' deficit of $41,043,000,000.  Deficit, at
Dec. 31, 2007, and March 31, 2007, was $37,094,000,000 and
$4,558,000,000, respectively.

For three months ended March 31, 2008, GM reported a net loss of
$3,251,000,000 on $42,670,000,000 total net sales and revenue,
compared to a net income of $62,000,000 on $43,387,000,000 total
net sales and revenue for same period last year.

According to the regulatory filing, the company has long-term
plans to cut U.S. hourly people costs by $5 billion in 2010 or
2011.  GM's mid-term outlook includes pricing for stronger
brands, material cost reductions, improved GMAC LLC performance,
and further growth of emerging markets.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs   
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

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


STATE BANK: Deutsche Bank Downgrades Firm's Shares to “Sell”
------------------------------------------------------------
State Bank of India's stock was downgraded by Deutsche Bank to
"sell" from "hold" on expectations that the bank may report
slower growth in earnings, Blomberg News reports.

According to Bloomberg, analysts Dipankar Choudhury and Suresh
Ganapathy said in a research note that the bank's price estimate
was lowered to 1,500 rupees from its earlier estimate of 2,060
rupees.

State Bank of India's earnings and price estimates were cut from
the increase in its cost of equity, the recent rights offer,
rising operating expenses and a slowdown in insurance sales,
Bloomberg News relates referring to the research note.

Bloomberg says the bank could also face increases in employee
salaries and an increase in bad loans to farmers after a
government waiver plan for small and marginal farmers.    
Finance Minister Palaniappan Chidambaram told in his budget
speech on Feb. 29, that the banks should forgive 600 billion
rupees (US$14.25 billion) of debt.

Bharti Airtel has cut prices and expanded coverage in a wireless
services market as rivals including Reliance Communications Ltd.
and Vodafone Group Plc are competing to lure away customers, the
report says.

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.

                         *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


* Moody's Says India's Fundamentals Support Baa3/Ba2 Ratings
------------------------------------------------------------  
Moody's Investors Service says in a new report that the Indian
economy's external fundamentals are strong enough to withstand a
wide range of potential shocks, including sudden reversals in
short-term capital flows, a sharp slowdown in global growth, and
weak government finances, or a slowing in structural reforms on
account of a fractious political landscape.

The Moody's report says that the strong fundamentals, combined
with a private-sector induced upturn in savings and investment
and a rising rate of potential growth, support the Indian
government's foreign currency sovereign bond rating of Baa3 and
local currency bond rating of Ba2.

"The government's local currency bond rating of Ba2 balances a
high level of indebtedness with a favorable debt structure,"
says Aninda Mitra, a Moody's VP/Senior Analyst and author of the
report, the rating agency's latest annual update on India.

"At the same time, concerns about the size and servicing burden
of the government debt is somewhat mitigated by the latter's
high local currency content, long tenor, growing domestic
savings and a stable creditor base dominated by domestic
institutions," adds Mitra.

Meanwhile, the report notes that the Indian government's Baa3
rating further reflects the country's low external debt and
strong external payments capacity -- which compare favorably
with most Baa-rated countries.

"However, weak government finances, though improving, are still
a constraint on the country's physical, financial and social
infrastructure," says Mitra.

The stable outlook on the foreign and local currency government
ratings reflects Moody's view that along with a large and well-
diversified economy, reasonably adequate policy framework should
help to contain several near-term macroeconomic challenges.

Foremost among these challenges are:

   * Maintaining monetary stability amidst food and fuel price
     pressures, large capital inflows and various supply-side
     rigidities

   * Containing fiscal reversals in the run-up to scheduled (or
     possibly early) elections

   * Managing fiscal consequences after the implementation of a
     retroactive hike in civil servants' pay by as much as 40%

   * Ensuring more "inclusive growth" that raises incomes in the
     poorer and slower-growing farm sector in a sustainable,
     though prudent, fashion

Moody's: India Annual Report' can be found at
http://www.moodys.com/



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

PERUSAAHAN LISTRIK: To Cut Energy Costs on Billboards by 50%
------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara plans to switch
off lights illuminating advertisements to cut electricity
consumption, Ika Krismantari of The Jakarta Post reports.

According to the report, PLN's Jakarta and Tangerang units will
soon flip the switch on 50 percent of their billboards in the
areas.

The lights are scheduled to be switched off starting midnight,
the report says.

The policy was initiated under a plan to avoid over-consumption
for commercial purposes, PLN's general manager for Jakarta and
Tangerang distribution Purnomo Willy was cited by Jakarta Post
as saying.

The policy forms part of the company's energy conservation
program, which includes efficiency measures within the
organization such as requiring buildings belonging to PLN
offices and employees to cut electricity consumption by 20
percent, Mr. Purnomo added.

PLN targeted a quarterly fuel consumption of 2.25 million kl.  
However, the company consumed 2.38 million kl in the first
quarter, an increase of 6 percent.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity     
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.



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

FORD MOTOR: Urges Investors to Take No Action on Tracinda Offer
---------------------------------------------------------------
The Board of Directors of Ford Motor Company recommended that
its stockholders take no action at this time in response to the
announcement by Tracinda Corporation that it has commenced a
tender offer to acquire up to 20 million shares of Ford's common
stock at a price of $8.50 per share.

As reported in the Troubled Company Reporter on April 29, 2008,
Tracinda disclosed that it will make a cash tender offer for up
to 20 million shares of common stock of Ford at a price of $8.50
per share.  The offer price represents a 13.3% premium over
Ford's closing stock price of $7.50 on April 25, 2008 and a
38.7% premium over Ford's closing stock price on April 2, 2008,
the day upon which Tracinda began accumulating shares in the
company.

The shares to be purchased pursuant to the offer represent
approximately 1% of the outstanding shares of Ford common stock.
Tracinda Corporation, of which Kirk Kerkorian is the sole
shareholder, currently owns 100 million shares of Ford common
stock, which represents approximately 4.7% of the outstanding
shares.  Tracinda's average cost for such shares is
approximately $6.91 per share.  Upon completion of the offer,
Tracinda would beneficially own 120 million shares of Ford
common stock, or approximately 5.6% of the outstanding shares.

The company's Board said it will review and consider Tracinda's
offer and will advise stockholders of the Board's position
regarding the offer by May 22, 2008, as required under
applicable securities law.

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

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

                          *     *     *

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

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

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


KONICA MINOLTA: FY 2008 Net Income Decreases by 5.1%
----------------------------------------------------
Konica Minolta Holdings Inc. disclosed that its net sales for
the fiscal year ended March 31, 2008, increased by 4.3% to
JPY1,071,568 million from JPY1,027,630 million in fiscal year
ended March 31, 2007.

Net income for the current fiscal year decreased by 5.1% to
JPY68,829  million from JPY72,542 million in FY 2007.

The company's operating income for the fiscal year ended March
31, 2008, increased by 15.0% to JPY119,606 million from
JPY104,006 million in prior fiscal year.

At March 31, 2008, the company recorded JPY417,166 million in
shareholders' equity on total assets of JPY970,538 million
compared to shareholders' equity of  JPY367,467 million on total
assets of JPY951,052 million as of March 31, 2007.

For fiscal year ending March 31, 2009, the company expects net
sales of JPY49,000 million and a net income of JPY16,500
million.

An Agence France-Presse report cited by the Troubled Company
Reporter-Asia Pacific on May 12, 2008, said Konica Minolta was
ordered to pay a penalty for failing to declare income of about
JPY1.8 billion or  US$17.4 million in income for two years to
March 2007.

The company was ordered to pay some JPY1.2 billion in additional
taxes as a penalty, AFP said citing a company spokesman.

The spokesman told AFP that one of the company's subsidiaries,
Konica Minolta Healthcare Co., had lent digital X-ray equipment
for free to hospitals as part of a sales promotion, however, the
company reported costs for the equipment in its earnings instead
of writing it off as a depreciation of assets.

Headquartered in Tokyo, Japan, Konica Minolta Holdings Inc. --
http://konicaminolta.com/-- manufactures business and   
industrial imaging products.  Its business line includes office
copiers and laser printers.  Its industrial operations produce
optical lenses, textile printers, medical imaging equipment, and
high-precision measurement instruments.  A leader in consumer
photo imaging products for decades, Konica Minolta exited the
camera business in 2006.  The company is also phasing out its
color film and paper supply operations.

                         *     *     *

As of May 9, 2008, Konica Minolta Holdings Inc. carries “BB”
mortgage debt and senior debt ratings placed by Mikuni Credit
Ratings on October 15, 2005.


PIONEER CORP: FY 2008 Net Loss Up by 0.62% to JPY17.9 Billion
-------------------------------------------------------------
In 2008 fiscal year ended March 31, 2008, Pioneer Corporation
reported a 2.8% year on year decrease in its consolidated
operating revenue to JPY774,477 million (US$7,744.8 million).

The decrease, the company said, mainly reflected a drop in sales
of plasma displays and DVD recorders, despite higher sales of
DVD drives, Blu-ray Disc-related devices, car audio products and
car navigation systems.

Operating income decreased 12.7% year on year to JPY10,907
million (US$109.1 million), chiefly due to a larger loss in the
plasma display business, despite higher earnings in the Car
Electronics business.

The net loss was JPY17,992 million (US$179.9 million), compared
with a net loss of JPY6,761 million in the previous fiscal year,
due mainly to impairment losses of JPY23,293 million (US$232.9
million) primarily on plasma display production facilities, and
higher income taxes following an evaluation of deferred tax
assets, despite a gain on sale of all land and buildings at the
Tokorozawa Plant and some at the Omori Plant.

During fiscal 2008, the average value of the Japanese yen
appreciated 2.4% against the U.S. dollar and depreciated 7.1%
against the euro, compared with the previous fiscal year.

Car Electronics sales increased 4.5% year on year to JPY373,883
million (US$3,738.8 million) due to higher sales of both car
navigation systems and car audio products. In car navigation
systems, consumer-market sales were mostly the same as in the
previous fiscal year, while OEM sales increased in North
America.  In car audio products, consumer-market sales increased
in Central and South America, but decreased in North America due
to market contraction, while OEM sales rose in Japan, China and
North America.  Total OEM sales in this segment accounted for
approximately 39% of Car Electronics sales in fiscal 2008,
compared with approximately 36% in fiscal 2007.

In terms of geographic sales, sales in Japan were JPY126,362
million (US$1,263.6 million), largely unchanged from fiscal
2007, while overseas sales increased 6.9% year on year to
JPY247,521 million (US$2,475.2 million).

Operating income in this segment rose 18.3% to JPY26,154 million
(US$261.5 million).  This principally reflected lower selling
expenses for consumer-market products, such as advertising and
sales promotion expenses, despite higher development expenses in
the OEM business.

Home Electronics sales decreased 8.8% year on year to JPY329,530
million (US$3,295.3 million).  Plasma display sales declined due
to a drop in sales volume mainly in North America and Europe.  
Plasma display sales accounted for approximately 40% of Home
Electronics sales, compared with approximately 49% in the
previous fiscal year.  Sales of DVD drives and Blu-ray Disc-
related devices rose, while sales of DVD recorders fell.

In terms of geographic sales, sales in Japan declined 21.4% to
JPY46,285 million (US$462.9 million), and overseas sales
decreased 6.4% to JPY283,245 million (US$2,832.5 million).

According to the company, the operating loss in this segment was
JPY17,968 million (US$179.7 million), compared with an operating
loss of JPY15,814 million in the previous fiscal year. This was
mainly attributable to the larger loss in the plasma display
business due to falling sales, despite a smaller loss in DVD
recorders reflecting a reduction in development expenses.

In Patent Licensing, royalty revenue decreased 57.1% year on
year to JPY1,999 million (US$20.0 million).  The decrease was
attributable to the impact of the expiration of some patents
licensed to the optical disc industry.

Operating income in this segment declined 59.5% to JPY1,591
million (US$15.9 million), in line with the decrease in royalty
revenue.

In the Others segment, sales decreased 5.5% year on year to
JPY69,065 million (US$690.7 million). This mainly reflected
lower sales of factory automation (FA) systems and business-use
AV systems.

In terms of geographic sales, sales in Japan decreased 11.3% to
JPY42,996 million (US$430.0 million), while overseas sales
increased 5.8% to JPY26,069 million (US$260.7 million).

Operating income in this segment was JPY161 million (US$1.6
million), down 93.4% year on year. This was mainly attributable
to lower profitability in FA systems and business-use AV systems
due to lower sales.

The company notes that the operating income (loss) in each
business segment represents operating income (loss) before
elimination of intersegment transactions.

                           Cash Flows

During fiscal 2008, operating activities provided net cash of
JPY22,032 million (US$220.3 million), due mainly to adjustments
for non-cash expenses, such as depreciation and amortization of
JPY33,309 million (US$333.1 million), impairment losses of
JPY23,293 million (US$232.9 million) on property, plant and
equipment, and deferred taxes of JPY13,277 million (US$132.8
million).  These outweighed the following factors reducing cash:
a net loss of JPY17,992 million (US$179.9 million), a decrease
in other accrued liabilities of JPY12,337 million (US$123.4
million) and a gain on sale and disposal of fixed assets of
JPY11,742 million (US$117.4 million), for which the company
received most of the cash proceeds in fiscal 2007. Investing
activities used net cash of JPY72,373 million (US$723.7
million).

This reflected capital expenditures of JPY41,989 million
(US$419.9 million), mainly related to the Car Electronics
business and the newly established Kawasaki Plant, as well as
JPY19,750 million (US$197.5 million) for the purchase of Sharp
Corporation shares as part of a business and capital alliance
with Sharp.

Additionally, cash of JPY14,732 million (US$147.3 million) was
used for the purchase of shares of consolidated subsidiaries,
mainly for making Tohoku Pioneer Corporation a wholly owned
subsidiary.

Financing activities provided net cash of JPY35,932 million
(US$359.3 million), mainly through proceeds of JPY41,358 million
(US$413.6 million) from a third-party allotment of newly issued
Pioneer shares to Sharp.

Consequently, cash and cash equivalents at March 31, 2008 were
JPY81,180 million (US$811.8 million), a decrease of JPY20,640
million from March 31, 2007.

The alliance with Sharp provided net cash of JPY21,608 million
(US$216.1 million), after offsetting the aforementioned purchase
of Sharp shares against the above proceeds from the third-party
allotment of newly issued Pioneer shares to Sharp.

                        Balance Sheet Data

As of March 31, 2008, the company recorded total shareholders’
equity of
JPY247,395 million on total assets of JPY576,116 million.

                             Dividends

Pioneer has decided to pay a year-end dividend of JPY2.5
(US$0.03) per share of common stock for fiscal 2008, a decrease
of JPY2.5 from that for the previous fiscal year.  The decision
to reduce the year-end dividend mainly reflects the Company’s
large losses for fiscal 2008 on both non-consolidated and
consolidated bases.  This year-end dividend is subject to
approval by the ordinary general meeting of shareholders to be
held in June 2008.  The total annual dividend for fiscal 2008,
including the interim dividend, will be JPY7.5 per share.

                      Fiscal 2009 Forecasts

For fiscal 2009, Pioneer is forecasting operating revenue of
JPY780,000 million on a full-year basis, largely on a par with
fiscal 2008.  This mainly reflects projected sales increases in
the Car Electronics business, particularly for car navigation
systems in the Japanese consumer market and car audio products
primarily in Central and South America, as well as projected
sales decreases in the Home Electronics business, chiefly for
plasma displays.

For the full year, the company is forecasting a 35.8% year-on-
year decrease in operating income to JPY7,000 million.  This
forecast mainly reflects projected higher development expenses
in the Car Electronics business.  

Pioneer expects to see profitability in the display business of
the Home Electronics business improve from the second half as a
result of restructuring measures.

Furthermore, business restructuring expenses of JPY15,000
million are planned for the second half.  Consequently, Pioneer
is forecasting a loss before income taxes of JPY7,500 million
and a net loss of JPY19,000 million.

Pioneer is assuming average yen-U.S. dollar and yen-euro
exchange rates of JPY105 and JPY155, respectively.

                    About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer- and  
business-use electronics products such as audio, video and car
electronics.  Its shares are listed on the Tokyo Stock Exchange

                          *     *     *

The Troubled Company Reporter-Asia Pacific stated on May 2,
2006, that Pioneer posted a tenfold increase in its net loss for
2005 to JPY84.9 billion, from a JPY8.8 billion net loss in 2004,
due to an increase in restructuring efforts to combat price
falls of its digital appliances.  However, the company turned
around with a JPY5.66-billion net profit for the first quarter
of 2006, on lower costs and increased sales of its plasma
display panels, audio products and car navigation products, as
well as a weaker currency.


PIONEER CORP: Approves Restructuring Plans on Two Segments
----------------------------------------------------------
Pioneer Corporation's Board of Directors has approved concrete
measures for restructuring the display business and improving
profitability in Home Electronics, as well as medium-term
management targets.

1. Measures for Restructuring the Display Business

Pioneer said it will successively terminate in-house plasma
display panel production at its subsidiaries Pioneer Display
Products Corporation (DPC) and Pioneer Plasma Display
Corporation (PPD) by March 2009, after completing panel
production for models scheduled for release in 2008.

With regard to plasma display panel procurement after
terminating in-house production, as announced on April 24, 2008,
Pioneer has reached a basic agreement with Matsushita Electric
Industrial Co., Ltd. on procuring plasma display panels from
Matsushita from the summer of 2009.

Pioneer’s proprietary technologies will be adopted by Matsushita
as part of the process of supplying plasma display panels to
Pioneer.  The two companies plan to cooperate on developing
panels befitting Pioneer’s commitment to high picture quality
and premiumgrade products.

Regarding Pioneer’s production facilities after termination of
plasma display panel production, the DPC Shizuoka Plant will
continue producing display products as an assembly center and
will become a product distribution and inspection facility for
the Japanese market.

Meanwhile, the DPC Yamanashi Plant and PPD Kagoshima Plant will
be closed after plasma display panel production is terminated.  
Pioneer is currently considering ways to utilize these two
facilities, including selling them.

As it closes plants and downsizes operations, Pioneer plans to
redeploy plasma display panel production personnel to ongoing
display assembly operations at the DPC Shizuoka Plant, the Car
Electronics business, where growth is expected, or other
businesses in the Pioneer Group. However, Pioneer will also
discuss an incentive-based early retirement program with labor
unions.  This is because some employees may be unable to
relocate or otherwise be redeployed, and it may be difficult for
the Pioneer Group to absorb affected employees.

Regarding LCD TVs, Pioneer plans to successively roll out Sharp
Corporation-supplied LCD TVs starting in Europe in August 2008.  
Going forward, Pioneer plans to develop LCD TVs that combine its
proprietary technologies with LCD panels supplied by Sharp, for
an expanding number of regions.  The two companies are also
discussing joint development aimed at boosting development
efficiency and combining Sharp’s outstanding liquid crystal
technology with Pioneer’s technologies for realizing high
picture quality.

By carrying out these measures, Pioneer aims to reduce operating
expenses in the display business by JPY15 billion in fiscal year
2010, ending March 31, 2010, compared with fiscal 2008.

2. Measures for Improving Profitability in the Home Electronics
   Business

In the Home Electronics business, Pioneer will overhaul its
development and production structure in displays in step with
the termination of plasma display panel production and reassign
personnel to growth businesses in other fields.

Specifically, the Company plans to redeploy approximately 200 of
its product design engineers in the display and audio/video
product businesses to the Car Electronics business and
professional sound & visual (Pro SV) business, which involves DJ
equipment.

In addition, the Company plans to implement measures to reduce
fixed costs, including its overseas sales structure.

Also, to reduce selling, general and administrative expenses and
other operating expenses in order to ensure improved
profitability in the Home Electronics business, the Company will
enter into discussions with labor unions over a planned
readjustment of employment levels by around 300 individuals in
administrative and sales divisions in Japan.

At the same time, the Company will cut remuneration for
corporate officers and make efforts to reduce spending on
external resources by reviewing the use of temporary staff and
other outsourced operations.

Those measures, combined with display business restructuring,
are expected to lower costs in the Home Electronics business by
JPY23 billion.  These measures are expected to have a
significant beneficial impact on profitability from fiscal 2010,
following implementation in fiscal 2009.

Pioneer expects to book business restructuring expenses of
JPY15 billion in fiscal 2009.

3. Medium-term Management Targets

Pioneer has established medium-term management targets of
operating revenue of JPY900 billion and operating income of
JPY37 billion, on a consolidated basis, in fiscal 2011, ending
March 31, 2011.  To achieve these targets, the Company will work
to improve its operating results by implementing measures to
enhance corporate value, which were announced on March 7, 2008,
while steadily executing the measures for restructuring the
display business and improving profitability in the Home
Electronics business.

In the Car Electronics business, the Company is targeting
operating revenue of JPY450 billion and operating income of
JPY26 billion in fiscal 2011.  Also, the Company aims to
maintain an operating margin of around 6%.

In the Home Electronics business, the Company is targeting
operating revenue of JPY370 billion and operating income of JPY8
billion in fiscal 2011, while aiming to restore profitability in
fiscal 2010.

In addition, Pioneer will work to enhance its corporate value by
improving cash flows through such means as reducing inventories
and accounts receivable, and curbing capital expenditures.

                    About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer- and  
business-use electronics products such as audio, video and car
electronics.  Its shares are listed on the Tokyo Stock Exchange

                          *     *     *

The Troubled Company Reporter-Asia Pacific stated on May 2,
2006, that Pioneer posted a tenfold increase in its net loss for
2005 to JPY84.9 billion, from a JPY8.8 billion net loss in 2004,
due to an increase in restructuring efforts to combat price
falls of its digital appliances.  However, the company turned
around with a JPY5.66-billion net profit for the first quarter
of 2006, on lower costs and increased sales of its plasma
display panels, audio products and car navigation products, as
well as a weaker currency.


* JAPAN: Complaints Against Insurers Exceed 400,000 in 2007
-----------------------------------------------------------
A survey conducted by the Asahi Shimbun disclosed that the
number of grievances filed with nine leading insurance companies
in Japan exceeded 400,000 in fiscal 2007, double the figure of
two years before.

Of the total complaints, 0.625% or about 250,000 were against
life insurance companies while 0.375% or 150,000 were against
nonlife insurance companies.

The Asahi Shimbun covered four leading life insurance companies
and five nonlife insurers for the survey.

According to the survey, the sharp rise reflects growing
distrust of insurance companies following the Financial Services
Agency's disciplinary action taken in fiscal 2005 and 2006
against insurers that had failed to pay proper benefits to
policyholders.

In addition, the Asahi Shimbun said, the number of complaints
was pushed up by the companies' new approach toward handling
grievances from policyholders.



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

CORECROSS INC: Adjusts Conversion Price of 5th Convertible Bonds
----------------------------------------------------------------
CoreCross, Inc. has adjusted the conversion price of its fifth
convertible bonds from KRW1,992 per share to KRW1,915 per share,
effective May 14, 2008, Reuters reports.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the  
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.



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

LIQUA HEALTH: Khoo and Yogananthan Quit as Directors
----------------------------------------------------
Khoo Boo Wui and Yogananthan A/L A. Paramasivam quit as
Executive Director and Non-Executive Director, respectively, of
Liqua Health Corporation Berhad.

Ahmad Feisal Bin Ahmad Tajuddin Ahmad Fuad Bin Abdul Wahab and
Goh Song Leong were appointed as new company directors.

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

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


MALAYSIAN AIRLINE: In Talks with Ground Handlers to Reduce Fees
---------------------------------------------------------------
Malaysian Airline System Bhd is in talks with ground-handling
services providers to reduce their fee charges in order for the
airline to partly cope with the high crude oil prices and help
to cut cost to the tune of MYR1 billion this year, Doreen Leong
writes for the EdgeDaily.

Datuk Tajuden Abu Bakar, MAS' director of operations, told the  
EdgeDaily that the company has been making a lot of reviews with
service providers and if the company is not satisfied, they will
look for others.

"When fuel prices go up, we would like to reduce our cost.  This
is where we are asking the ground handlers to review their
rates.  This is also where innovation comes to play.  If ground-
handling companies can reduce their cost, they can pass the
savings down to the airlines,” the Edge Daily cited Mr. Tajuden
as saying.

Mr. Tajuden also told the EdgeDaily that the ground-handling
cost, which formed a huge portion of the airlines’ cost, had
been reduced over time.  Currently, MAS’ ground-handling cost
forms about seven percent of the airlines’ total operation cost.

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

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


MANGIUM: Incurs MYR933,000 Loss in Quarter Ended March 31
---------------------------------------------------------
For the quarter ended MArch 31, 2008, Mangium Industries Berhad
incurred a net loss of MYR933,000 on MYR3.01 million of revenues
as compared to MYR664,000 net loss on MYR3.78 million of
revenues recorded in the same of quarter of the preceding year.

As of March 31, 2008, the company's consolidated balance sheet
showed strained liquidity with MYR40.49 million of current
assets available to pay current liabilities MYR110.86 million
coming due within the next twelve months.

The company's balance sheet as of March 31, 2008, also showed
(MYR64.41) million of total assets represented by MYR32 million
of share capital, 584,000 of share premium, MYR2.49 million of
revaluation reserve and MYR100.35 million of accumulated losses.

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

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


PECD BERHAD: Court Grants Restraining Order
-------------------------------------------
The High Court of Kuala Lumpur has issued a restraining order in
favour of PECD Bhd and its wholly owned subsidiary, PECD
Construction Sdn Bhd, which stated that all further proceedings
against the companies are restrained and stayed for a period of
60 days from May 9, 2008.

On February 29, 2008, PECD announced that it is an Affected
Listed Issuer pursuant to PN 17/2005 of the Listing Requirements
as a result of the company having a deficit in its unaudited
adjusted shareholders’ equity on a consolidated basis of
MYR914.9 million as at December 31, 2007.

Under PN17/2005, PECD is required to submit a Regularization
Plan to the relevant authorities for approval for implementation
by October 31, 2008.  As such, PECD and PCSB are currently
negotiating a Scheme of Arrangement with their creditors which
is an important component to the required Regularisation Plan.

PECD and PCSB have a very large number of creditors comprising
largely financial institutions and trade creditors who quite
often have differing and at times conflicting approach in
meeting their objectives.  The company anticipates for a
sufficient time in order to formulate and agree on a Scheme of
Arrangement with their creditors.  Thus, PECD believes that the
Order will provide a more stable environment and orderly
approach to the formulation of the Scheme of Arrangement, which
will serve to benefit all creditors.

                     About PECD Berhad

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.

Malaysian Rating Corp. Bhd has 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 Troubled Company Reporter-Asia Pacific 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.


PROTON HOLDINGS: Subsidiary Inks MOU with Spyker
------------------------------------------------
Proton Holdings Berhad's wholly owned subsidiary, Lotus Cars
Limited, has signed a Memorandum of Understanding with Spyker --
a Dutch car manufacturer, which designs, engineers and produces
sports cars -- to provide engineering services and to negotiate
the supply of certain parts and components by Lotus Cars to
Spyker.

The Memorandum of Understanding is not intended to operate as a
partnership, nor a joint venture and neither party shall have
the authority to bind the other.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,   
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.



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

123 METALS LTD: Wind-Up Petition Hearing Set for June 4
-------------------------------------------------------
The High Court of Auckland will hear on June 4, 2008, at
10:45 a.m., a petition to have 123 Metals Limited's operations
wound up.

UDC Finance Limited filed the petition on March 5, 2008.

UDC Finance's solicitor is:

          M. V. Robinson
          c/o Simpson Grierson Solicitors
          88 Shortland Street, Level 27
          Auckland
          New Zealand


ALAN DUFF PRODUCTIONS: Faces FM Custodians' Wind-Up Petition
------------------------------------------------------------
On 19 March 2008, FM Custodians Limited filed a petition to have
Alan Duff Productions Limited's operations wound up.

The petition will be heard before the High Court of Napier on
May 29, 2008, at 10:00 a.m.

FM Custodians' solicitor is:

          D. P. Robinson
          c/o Gallaway Cook Allan
          c/o Princes and High Streets
          PO Box 143 of DX YP 80023, Dunedin
          New Zealand


ALL 4 IT CONSTRUCTION: Court to Hear Wind-Up Petition on May 19
---------------------------------------------------------------
A petition to have All 4 It Construction Limited's operations
wound up will be heard before the High Court of Rotorua on
May 19, 2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
April 1,  2008.

The CIR's solicitor is:

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


B & M M MORRIS: Appoints Grant and  Khov as Liquidators
-------------------------------------------------------
On April 18, 2008, Damien Grant and Steven Khov were appointed
liquidators of B & M M Morris Limited.

Only creditors who will be able to file their proofs of debt by
May 23, 2008, will be included in the company's dividend
distribution.

The liquidators can be reached at:

          Damien Grant
          Steven Khov
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


BAY CIVIL: Names Parsons & Kenealy as Liquidators
-------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Bay Civil Construction Limited on
April 24, 2008.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


BLIS TECHNOLOGY: Issues 5 Million New Ordinary Shares
-----------------------------------------------------
BLIS Technologies Limited, in a statement to the New Zealand
Exchange, said it has issued 5,000,000 new ordinary shares,
constituting 3.65% of the existing stock of the company.

The company sold the shares at 7.2 cents per ordinary share paid
in cash in full on issue.  The ordinary shares were issued
pursuant to a private placement

The number of ordinary shares issued by the company now totals
136,829,042.

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 for 2005.  For the full year to
March 31, 2007, the company reported a NZ$964,000 loss.


BOOTH FAMILY AMUSEMENTS: Taps Parsons & Kenealy as Liquidators
--------------------------------------------------------------
On April 24, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of Booth Family Amusements
Limited.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          c/o Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


GRIFFITH CONSTRUCTION: Court to Hear Wind-Up Petition Today
-----------------------------------------------------------
The High Court of Nelson will hear today, May 15, 2008, at
10:00 a.m., a petition to have Griffith Construction Limited's
operations wound up.

Biz Finance Limited filed the petition on March 27, 2008.

Biz Finance's solicitor is:

         Gerard J. Praat
         c/o Knapps Lawyers
         22 Oxford Street
         Richmond, Nelson
         New Zealand


LANDMARK TRAVEL: Fixes May 30 as Last Day to File Claims
--------------------------------------------------------
The creditors of Landmark Travel South Pacific Limited are
required to file their proofs of debt by May 30, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Arron Leslie Heath
          Michael Lamacraft
          c/o Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


LNSB LTD: Fixes June 3 as Last Day to File Claims
-------------------------------------------------
The creditors of LNSB Limited are required to file their proofs
of debt by June 3, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Boris van Delden
          John Trevor Whittfield
          c/o McDonald Vague, Chartered Accountants
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


MALIK BROTHERS: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------------
The High Court of Auckland will hear on May 16, 2008, at
10:00 a.m., a petition to have Malik Brothers Limited's
operations wound up.

The Commissioner of Inland Revenue filed the petition against
the company on December 19, 2007.

The CIR's solicitor is:

          Simon John Eisdell Moore
          Crown Solicitor
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556)


PLUS SMS: To Change Name to CRE8 as Part of Relisting Plan
----------------------------------------------------------
Plus SMS Holdings Limited's Board of Directors are pursuing a
company listing on the Australian Stock Exchange.

Advisors are being engaged to determine the most efficient way
to carry out the re-listing.  As part of the proposed re-
listing, the company will change its name to CRE8 and continue
to focus on its core service offerings.  The service was
successfully launched in Brazil in March, and further launches
are planned in the coming weeks and months.

CEO, Christopher Tiensch said, "An Australian listing will
enhance liquidity and increase value for our shareholders.  The
re-listing is seen as a natural and positive step in the growth
of the Company since approximately 40% of the existing Plus SMS
shareholder base is from Australia."

The Board intends to put a formal proposal to shareholders as
soon as feasible.

                      About Plus SMS

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the  
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered at least two years of consecutive
consolidated net losses: NZ$11,888,229 for the financial year
ended March 31, 2007, and NZ$4,488,542 for the year ended
March 31, 2006.


ROCKY DAVIS BLASTING: Taps Neilson and Rodewald as Liquidators
--------------------------------------------------------------
Robert James Neilson and Thomas Lee Rodewald were appointed
liquidators of Rocky Davis Blasting Limited on April 24, 2008.

The liquidators can be reached at:

          Robert James Neilson  
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SENSATION YACHTS: Court to Hear Wind-Up Petition on June 13
-----------------------------------------------------------
The High Court of Auckland will hear on June 13, 2008, at
10:00 a.m., a petition to have Sensation Yachts Limited's
operations wound up.

MacArthur Marine 2000 Limited filed the petition on February 8,
2008.

MacArthur Marine's solicitor is:

          Jarrod Wade True
          c/o MacArthur Marine 2000 Limited
          Harkness Henry & Co, Solicitors
          KPMG Centre, 8th Floor
          85 Alexandra Street
          Hamilton
          New Zealand


SOFTWARE FUTURES: Appoints Neilson and Rodewald as Liquidators
--------------------------------------------------------------
Robert James Neilson and Thomas Lee Rodewald were appointed
liquidators of Rocky Davis Blasting Limited on April 24, 2008.

The liquidators can be reached at:

          Robert James Neilson  
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SPIERS GROUP: Adopts International Financial Reporting Standards
----------------------------------------------------------------
Speirs Group Limited adopted International Financial Reporting
Standards ("IFRS") as at 1 April 2007.

Accordingly, the company's full year report for the year ended
March 31, 2008, will be the first set of annual financial
reports prepared using the new standards.

The company wishes to advise that it will take advantage of the
additional 15 day reporting period allowed to report to NZX for
first time adopters of IFRS.

An announcement of its full year results will take place on or
before June 13, 2008.

                        About Speirs Group

Speirs Group Limited -- http://www.speirs.co.nz/-- is a New  
Zealand-based investment company.  The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing.  Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on Dec. 18, 2007,
listed Speirs Group's 13.16% bond with a June 30, 2049 maturity
date as distressed at NZ$60.


WINDFLOW TECH: Raises Forward Workload for Christchurch Plant
-------------------------------------------------------------
Windflow Technology Limited has further increased forward
workload for its new Christchurch factory officially opened
today by the Prime Minister, Helen Clark.

It has established a strong platform for growth at the new
factory and offices located at Riccarton where over 200 guests,
including several energy sector leaders, were in attendance.
"The 2008 year will be a landmark one for Windflow now that we
have made the major transition from batch turbine production to
continuous production," said the chairman Mr Barrie Leay.

"We have reported one of the most rewarding six months in our
business history, in the half year ended 31 December 2007.
"We noted we had 44 Windflow 500 turbines either in production
or scheduled into our new factory at Riccarton, Christchurch.
However, since we sent the Interim Report to the printer, orders
for an additional 16 turbines have taken total orders to 60.  
The current and forward workload is now worth over
NZ$45 million."

Mr. Leay said the turbines will be installed at the Te Rere Hau
wind farm near Palmerston North where Windflow's five original
turbines show very satisfactory performance.

Windflow's successful capital raising in December 2007 raised
NZ$5.04 million from the fully subscribed first stage of a two-
stage offering.

"We have put the funding to good purpose, which is evident in
the new production line, and today we showcased outstanding New
Zealand mechanical engineering and world competitive
technology."

"That offer of new shares at NZ$3 per share was a huge success,
and carried a free tradeable option with every new share
subscribed," said Mr Leay.  "The options are exercisable at a
price of NZ$3.30 per additional share at any time up until
September 30, 2008.  While the exercise date is only some 5
months away, shareholders have the opportunity to now set their
financial plans in motion.

"We are very pleased with the favourable way in which Windflow
shares have retained strong market value in the face of the
recent market correction.  Our funding is intentionally staged
to spread the subscription costs for investors and to match the
company's requirements for working capital."

"Our nacelle assembly line is stepping up to a rate of 5
turbines per month and from here we don't expect growth to
flatten off."

"Our medium-term goal for expansion of 20 turbines per month is
well within the physical capacity of the Christchurch factory
and our suppliers.  At 120 megawatts annually, that goal
represents more than half the new generation capacity required
to "keep the lights on" in New Zealand by keeping up with demand
growth. "

"It is an important target for New Zealand's economy in the
context of power shortages looming for the 2008 winter."
"As Australasia's only wind turbine manufacturer, we are already
making an important contribution to local manufacturing and the
knowledge economy."

Total revenue in the December half year of NZ$3.40 million
(NZ$2.25 million in the prior corresponding period of 2006)
mostly related to operating revenue of NZ$2.91 million from
sales of wind turbines to the NZ Windfarms/NP Power/Babcock &
Brown joint venture wind farm at Te Rere Hau.

After total operating expenses of NZ$5.65 million, a net deficit
of NZ$2.28 million was recorded (prior corresponding deficit of
NZ$0.90 million).

The chief executive/Director Mr Geoff Henderson reports steady
progress on the International Electrotechnical Commission (IEC)
certification process which required NZ$816,914 in non-recurring
expense during the latest half year.

"Windflow Technology has been actively pursuing sales
opportunities in New Zealand and overseas markets and the
rigorous IEC certification process to Class 1A (required for the
windiest and most turbulent sites) is an invaluable investment
in the Company's future prospects," said Mr Henderson.  "Our
part of the IEC work should be completed by Spring."

"Now we are working up commercial manufacture we are recruiting
with 36 of 42 Christchurch staff positions appointed as at the
end of April.  Our now wholly owned Auckland-based subsidiary
Wind Blades Ltd employs another 10 staff full time."

"During our current rapid growth phase overheads are increasing
as we provide support for turbines on location, ramp up
production of the Windflow 500 and develop further variants for
new markets.

"While these overheads will be incurred ahead of the anticipated
revenue from scaled up production, patience is required.

"We expect our total overheads to reach NZ$5.5 million annually
during the next two years but this needs to be balanced against
expected revenue of NZ$40-50 million", said Mr Henderson.
Mr Leay said that the directors are expecting a small gross
profit for the full year to June 30, 2008 but a significant
accounting loss will be recorded during the present growth
phase.

"The company is very busy and we are confident about our ability
to grow and establish a competitive position in energy markets
in New Zealand and in other countries."

                         About Windflow

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power  
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

                          *     *     *

Windflow Technology incurred a net loss of NZ$3.28 million in
the financial year ended June 30, 2007, compared with the
INR2.22-million loss booked in the prior financial year.


ZEDD LTD: Commences Liquidation Proceedings
-------------------------------------------
Zedd Limited commenced liquidation proceedings on April 22,
2008.  

Creditors are required to file their proofs of debt by May 30,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Stephen John Tubbs
          Colin Anthony Gower
          BDO Spicers
          Spicer House, Level 6
          148 Victoria Street
          Christchurch
          New Zealand
          Telephone:(03) 943 6094
          Facsimile:(03) 353 5526
          e-mail: jim.barber@chc.bdospicers.com



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

JG SUMMIT: ING Tells Investors to Junk JG Summit Bonds
------------------------------------------------------
Business World, with Reuters, reports that investment bank ING
told investors to sell bonds from Philippines-based conglomerate
JG Summit Holdings Inc. in favor of bonds issued by Indonesian
coal producer Indika Energy.

According to the report, ING said investors should switch from
JG Summit dollar bonds due in 2013 to Indika’s 2012 bonds noting
that rising prices of coal and Indika’s planned initial public
offering were benefiting the company’s credit profile.

"The switch reduces exposure to JG Summit’s petrochemical sector
in exchange for the thermal coal sector in Indonesia," credit
analyst Warut Promboon was cited by Business World as saying.

Commenting on ING's statement, JG Summit Senior Vice-President
for corporate planning Bach Johann Sebastian told Business World
that he was unaware of the ING recommendation.  

                      S&P's Rating Action

As reported yesterday in the Troubled Company Reporter-Asia
Pacific, Standard & Poor's Ratings Services placed its 'B+'
corporate credit rating on 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.


PHILIPPINE NATIONAL BANK: Moody's Ups LCD Rating to Ba1
-------------------------------------------------------
Moody's Investors Service has upgraded Philippine National
Bank's ("PNB") E bank financial strength rating (BFSR) to E+. At
the same time, the bank's local-currency deposit and
subordinated debt ratings have been raised to Ba1/Not-Prime and
Ba2 respectively. Moody's has also affirmed the bank's foreign
currency deposit rating of B1/Not-Prime.

The outlook on PNB's BFSR and local currency deposit and debt
ratings is stable, while its long-term foreign currency deposit
rating continues to have a positive outlook.

This rating action is based on improvements in PNB's capital and
profitability, which have lessened the likelihood that it will
require future outside assistance.

The bank's E+ BFSR additionally reflects its past reliance on
external support, including its continued reliance on regulatory
forbearance on the recognition of previous period losses. Its
significant holdings of foreclosed assets serve as a substantial
weight on its economic solvency.

The stable outlook on PNB's BFSR and local currency deposit and
debt ratings reflect the potential impact of its pending merger
with similarly-rated Allied Banking Corporation (B1/Not-
Prime/E+). The boards of each bank on April 30, 2008 endorsed
the merger, and it will now be presented in late June for their
respective shareholders' approval.

As currently proposed, PNB will be the surviving entity. The
merger will further augment PNB's financial fundamentals and
provide it with a wider distribution network, though these
improvements are tempered by merger-related risks.

On January 25, 2008, Moody's raised the outlook on PNB's long-
term foreign currency deposit rating to positive from stable.
This action followed a revision in the outlook on the
Philippines' foreign currency deposit and debt ceilings.

Moody's believe the following factors could result in upward
pressure on PNB's BFSR: (i) substantial reduction in non-
performing assets without recourse to regulatory support and
allowances; (ii) accelerated recognition of deferred losses on
the sale of non-performing assets; and (iii) sustained
improvement in the utilization of its valuable franchise to
increase risk-adjusted returns.

Conversely, the rating agency would view any or all of the
following factors as possible reasons for a downgrade: (i)
erosion of market share, especially in remittances, to larger or
more nimble competitors; and/or (ii) increased exposure to
related-party risks.

Philippine National Bank, headquartered in Manila, is the fifth
largest bank in the Philippines with P240 billion in assets as
of end-2007.


UNIVERSAL ROBINA: S&P Puts BB Credit Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Philippines' Universal Robina Corp. (URC) on
CreditWatch with negative implications.  Standard & Poor's also
placed its 'BB' rating on the US$200 million senior unsecured
notes issued by URC's wholly owned subsidiary, URC Philippines
Ltd., on CreditWatch with negative implications.  This action
follows the CreditWatch placement on the 'B+' ratings of JG
Summit Holdings Inc., the majority shareholder of the company.

"While the ratings on URC have been based primarily on its
standalone profile and have been higher than that of its parent
entity, the increased leverage and capital requirements at the
parent level may cause URC to provide higher dividend payouts or
financial support to the parent, thereby weakening its own
rating support," said Standard & Poor's credit analyst Lay Peng
Tan.

Although inter-company loans have been low recently, they have
been substantial historically. "In addition to direct support,
we will need to reassess the parent-subsidiary linkages between
URC and JG Summit and analyze the relative differential in these
ratings," Ms. Tan said.

URC is one of the largest food companies in the Philippines,
with a growing presence in Asian countries.  About 75% of its
revenue comes from sales of branded consumer food products, with
the rest from agro-industrial products (such as animal feed,
hog, and poultry farming) and commodity foods (such as sugar and
flour). About 80% of URC's operating income is from the branded
consumer food and commodity food businesses, with fairly even
contribution from each of these segments.

Domestic operations remain core for URC, accounting for about
80% of its revenue; the remaining 20% of overseas revenues comes
mainly from ASEAN and China. For the first quarter of fiscal
2008 (ended Dec. 31, 2007), URC's debt to annualized EBITDA
improved to about 3x, from nearly 5x in 2006, due to debt
repayment, while its funds from operations to debt declined to
about 20%, compared with 22% in 2006, due to lower income from
financial investments.



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

KESCO PTE: Creditors' Proofs of Debt Due on June 9
--------------------------------------------------
The creditors of Kesco 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:

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


TAN HOLDINGS: Pays First Interim Dividend
-----------------------------------------
Tan Holdings Pte Ltd, which is in voluntary liquidation, paid
its first interim dividend on May 9, 2008.

The company paid 35% to all received claims.

The company's liquidator is:

          Bob Yap Cheng Ghee
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TECHNOLINK PTE: Proofs of Debt Due on June 9
--------------------------------------------
Technolink Pte. Ltd. requires its creditors to file their proofs
of debt by June 9, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 9, 2008.

The company's liquidator is:

          Mdm. Chia Lay Beng
          1 Scotts Road
          #21-07/08/09 Shaw Centre
          Singapore 228208


VALEN OPTRONICS: Final Meeting Slated for June 10
-------------------------------------------------
Valen Optronics Pte. Ltd. will hold its final meeting at
9:30 a.m. on June 10, 2008, at 10 Jalan Besar, #11-05 Sim Lim
Tower, Singapore 208787,  for the purposes set out in sections
308 and 320(3) of the Companies Act, Cap. 50.

Akber Ali S/O Thajudeen, CPA is the company's liquidator.



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

KGI SECURITIES: Fitch Holds Individual C Rating; Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of KGI Securities Co.
Ltd. (KGI) as follows: Long-term foreign currency Issuer Default
Rating at 'BBB', Short-term foreign currency IDR at 'F3',
National Long-term rating at 'A+(twn)', National Short-term
rating at 'F1(twn)', Individual at 'C', Support at '5', and
Support Rating Floor at 'NF'.  The Outlook on the ratings
remains Stable.  At the same time, the ratings of KGI's senior
unsecured bonds have been affirmed at 'A+(twn)'.  The ratings
primarily reflect KGI's notably improved profitability, prudent
risk management, good liquidity and limited leverage.  The
ratings also consider KGI's relatively small franchise and
volatile profitability among international investment-grade
rated securities firms.

KGI aims to become a leading regional investment bank with a
focus on Greater China and selected South-east Asian markets.   
Taiwan remains important for KGI as it contributes to the bulk
of the group's profits and serves as the centre for product
engineering and risk management.  Nevertheless, KGI's overseas
subsidiaries became more profitable in 2006-2007, and the
company continues to expand its offshore operations (mainly Hong
Kong) to capture international transactions, particularly those
coming from mainland China.

The securities company reported good profitability in 2007,
driven by buoyant daily turnover in the Taiwanese and Hong Kong
stock markets, as well as the recognition of disposal gains from
selling its Korean asset management company.  The agency views
KGI's earning prospects in 2008 as favourable as the company
benefits from the high productivity of its sales agents,
economies of scale, the market's strong trading flow, as well as
the recognition of a disposal gain (USD71.4 million) from
selling its non-core subsidiary in Korea.  KGI's liquidity is
also good, and its current assets can comfortably cover its
current liabilities.  Strongly capitalised and with a low
financial leverage, KGI's equity/assets ratio stood at a high
49% at end-2007, substantially above the local and international
industry average.

KGI, established in 1988, is one of the largest and most
diversified (both in terms of geography and product mix)
securities firms in Taiwan.  Through several acquisitions
locally and overseas in 1996-2004, KGI notably raised its
operating scope and scale, as well as improved its revenue
diversity. At end-2007, KGI had a 4.07% brokerage market share
(ranked eighth among around 80 domestic securities firms) and
operated through 35 branches in Taiwan.  It also has securities-
related operations in Hong Kong and Thailand.


NANO SUPERLATTICE: VB & T Expresses Going Concern Doubt
-------------------------------------------------------
New York-based VB&T Certified Public Accountants, PLLC, raised
substantial doubt about the ability of Nano Superlattice
Technology, Inc. to continue as a going concern after it audited
the company's financial statements for the year ended Dec. 31,
2007.  

The auditor pointed to the company’s recurring losses in the
current and prior years, which are mainly due to the costs of
developing and perfecting the proprietary new nano-coating
technology.

“As of December 31, 2007, the company's current assets exceeded
its current liabilities by about $957,297.  The company has been
incurring losses since it began business in 2004.  These losses
and the fact that the company has received financing from its
President, which could be discontinued at any time, leaves doubt
about its ability to continue as a going concern,” the
management stated.

The management added that the company has positive cash flow
from the sale of computer peripheral and consumer electronics,
but this has been offset by the equipment purchases and direct
costs related to the nano coating technology.  The company may
raise additional funding through borrowings from financial
institutions and defer the amounts due under the credit line.

The company posted a net loss of $120,822 on net sales of
$9,429,345 for the year ended Dec. 31, 2007, as compared with a
net loss of $193,280 on net sales of $9,469,590in the prior
year.

At Dec. 31, 2007, the company's balance sheet showed $13,779,679    
in total assets, $9,017,723 in total liabilities, and $4,761,956
in total stockholders' equity.  

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

                   About Nano Superlattice

Headquartered in Taiwan, Nano Superlattice Technology Inc. (OTC
BB: NSLT) -- formerly Wigwam Development Inc., was incorporated
on July 20, 1998, under the laws of the State of Delaware.  The
company owns 100% of the capital stock of Superlattice
Technology Inc. - BVI, a British Virgin Islands company.  
Superlattice Technology Inc. - BVI owns 98.1% of the capital
stock of Nano Superlattice Technology Inc. - Taiwan.  The
company is in the business of developing and producing nano-
scale coating technology to be applied to various mechanical
tools and metal surfaces for sales to manufacturers in the
computer, mechanical and molding industries.  Nanotechnology, or
molecular manufacturing, is a technological process designed to
allow products to be manufactured lighter, stronger, smarter,
cheaper, cleaner and more precisely than they would otherwise
be.



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

* Moody's: Worsening 2nd Lien RMBS May Affect Guarantor Ratings
---------------------------------------------------------------
Moody's Investors Service published a special comment on Tuesday
entitled "U.S. Subprime Second Lien RMBS Rating Actions Update",
which highlights the persistent poor performance and continued
downward rating migration among 2005-2007 vintage second lien
mortgage securities. Moody's notes that financial guarantors
have significant exposure to second lien RMBS, primarily through
guaranties on direct RMBS transactions, and to a lesser extent,
through exposure to ABS CDOs, where second lien RMBS securities
typically constitute less than 5% of collateral within such
CDOs.

Moody's loss expectations for this asset class are higher than
previously anticipated, owing to worse-than-expected performance
trends. This could have material implications for the estimated
capital adequacy of financial guarantors most exposed to this
risk. In recent announcements of first-quarter 2008 earnings,
MBIA and Ambac both reported material credit impairment losses
on ABS CDOs and loss reserve charges on direct RMBS exposures,
including second lien securitizations. Moody's said that
incurred losses within both firms' direct RMBS and ABS CDO
portfolios are now meaningfully higher than the rating agency's
prior expected-case loss estimates, elevating existing concerns
about capitalization levels relative to the Aaa benchmark.
Moody's intends, in the short term, to assess whether worsening
performance in this sector is likely to be material for exposed
financial guarantors, and will update the market as appropriate.

Moody's notes that based on losses to date, the level of serious
delinquency, and the remaining unpaid pool balances on rated
second lien transactions, the rating agency has increased its
loss projections on loan pools backing subprime second lien
RMBS. Moody's now expects 2005 vintage subprime second lien
pools to lose 17% on average, 2006 vintage pools to lose 42% on
average, and 2007 pools to lose 45% on average. However, Moody's
expectations on individual transactions can vary significantly
around these average loss estimates, based on the quarter of
origination and deal- and issuer specific characteristics, with
the worst performing deals issued in 2006/2007 now expected to
lose more than 60% of their original pool balance.

                         *********

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.
   
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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
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                 *** End of Transmission ***