TCRAP_Public/080522.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 22, 2008, Vol. 11, No. 101

                            Headlines


A U S T R A L I A

ANGAS HOLDINGS: Placed Under Voluntary Liquidation
D P INTERIORS: Appoints Mitchell Ball as Liquidator
E.E.C. ENVELOPE: To Declare Dividend on May 27
FTC AUSTRALIA: Declares Dividend for Creditors
GREGMAL CORPORATION: Commences Liquidation Proceedings

INVESTMENT DATA: Declares Dividend for Creditors
NARROGIN ABORIGINAL: To Declare Dividend on June 6
NATIONWIDE PTY: To Declare Dividend on May 30
PROMINENT PTY: Declares Dividend for Creditors
RAK BATHWARE: To Declare Dividend on June 5

SHALIMAR ELEVEN: Joint Meetings Slated for May 23
SOUTHERN BILLIARDS: Members and Creditors to Meet on May 23
TROJAN TYRES (NSW): Names Hurst and Wily as Liquidators
V & M TRANSPORT: To Declare Dividend on May 29
VEIN PTY: Liquidator Presents Wind-Up Report

VULCAP COLD: Appoints Hurst and Wily as Liquidators
* AUSTRALIA: April 2008 New Motor Vehicle Sales Down by 0.4%


C H I N A

BODISEN BIOTECH: Auditor Raises Going Concern Doubt
CHINA EASTERN: Plans Raising Fuel Hedging to 40%
MINJIANG HYDROPOWER: Operations Severely Affected by Quake
* CHINA: Moody's Says Quake Impact on Banks, Insurers Manageable


H O N G  K O N G

ADEXI (H.K.): Creditors' Proofs of Debt Due on June 23
ASIAN GAMES: Creditors' Proofs of Debt Due on June 16
CHAPARRAL LIMITED: Taps Corkhill and Bruce as Liquidators
CHINA PROVIDENT: Shareholders Opt to Liquidate Business
FOUNDATION OF ZHONGSHAN: Leong Huon Kit Quits as Liquidator

SOUTHWOOD LIMITED: Members to Hold Final Meeting on June 20
SUNWELL METALS: Creditors' Meeting Set for May 27
WU YI PROPERTIES: Members' Final Meeting Set for June 16
YECWIN LIMITED: Placed Under Voluntary Liquidation
YIELDHOST INVESTMENT: Commences Liquidation Proceedings


I N D I A

BHARTI AIRTEL: To Tie Up with Cisco for Network Services
DCM SHRIRAM: Acquires 81.41% Shares in Shri Ganpati Fertilizers
DCM SHRIRAM: Plans to Enter Hybrid Seed Business
* INDIA: Defaults Rise on Farm Debt Waiver Plan


I N D O N E S I A

* INDONESIA: Bank Joins East Java in Inflation Control Program


J A P A N

DELPHI CORP: WTC Balks at $750 Mil. Intercompany Loan Transfer
FORD MOTOR: To Cut Truck Production in Michigan & Louisville
FUJIYA CO: FY 2007 Operating Loss Increases to JPY10,600 Mil.


K O R E A

ABITIBIBOWATER INC: Posts $248 Million Net Loss in 1st Qtr. 2008


M A L A Y S I A

SUNWAY INFRA: Wants Regularization Plan Deadline Extended
SELOGA HOLDINGS: Appoints Anuar and Aldillan as Directors
TECHVENTURE: March 31 Balance Sheet Upside-Down by MYR41.31 Mil.
TECHVENTURE BERHAD: Plans to Adopt New Articles of Association


N E W  Z E A L A N D

ABSOLUTE SECURITY: Appoints Bennett and Hoyle as Liquidators
BUTTERCUP HOLDINGS: Commences Liquidation Proceedings
CAPRICE ACQUISITIONS: Fixes June 30 as Last Day to File Claims
CARNATION INVESTMENTS: Taps Buchanan & Macdonald as Liquidators
GLASS EARTH: Appoints Simon Henderson as President and CEO

NETIZEN LTD: Wind-Up Petition Hearing Set Today
PHOENIX CONSTRUCTION: Creditors' Proofs of Debt Due on June 2
SB CENTRAL: Subject to B & D Doors' Wind-Up Petition
SPRIG INVESTMENTS: Commences Liquidation Proceedings
TULIP HOLDINGS: Fixes June 4 as Last Day to File Claims

WHITE WATER: Wind-Up Petition Hearing Set for May 23
* NEW ZEALAND: Trend in Retail Electronic Card Spending Flat


P H I L I P P I N E S

SWIFT FOODS: 1st Qtr Net Loss Down 10% to Php23 Million


S I N G A P O R E

DIVISION OF JOHNS: Creditors' Proofs of Debt Due on June 13
FISHERMAN'S VILLAGE: Court Enters Wind-Up Order
KENWA PLASTICS: To Pay Dividend on May 28
MASSA MOTOR: Wind-Up Petition Hearing Set for May 30
WEE HENG: Court Enters Wind-Up Order

* Moody's Sees Negative Outlook for Singapore REITs



                         - - - - -


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

ANGAS HOLDINGS: Placed Under Voluntary Liquidation
--------------------------------------------------
Angas Holdings Pty Limited's members agreed on April 2, 2008, to
voluntarily liquidate the company's business.  George Duff
Downie Raffan was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          G. D. D. Raffan
          Level 6, 8 West Street
          North Sydney NSW 2060
          Australia


D P INTERIORS: Appoints Mitchell Ball as Liquidator
---------------------------------------------------
D P Interiors Pty Limited's members agreed on April 2, 2008, to
voluntarily liquidate the company's business.  Mitchell Ball was
appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Mitchell Ball
          Paladin Partners
          Level 3, 120 Sussex St
          Sydney NSW 2000
          Australia
          Telephone: (02) 9290 5300
          Facsimile: (02) 9290 5399


E.E.C. ENVELOPE: To Declare Dividend on May 27
----------------------------------------------
E.E.C. Envelope Express Courier Pty Limited will declare
dividend on May 27, 2008.

Only creditors who were able to file their proofs of debt by
May 6, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Atle Crowe-Maxwell
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9251 4100
          Facsimile: (02) 9240 9821
          Website: www.pkf.com.au


FTC AUSTRALIA: Declares Dividend for Creditors
-----------------------------------------------
FTC Australia Pty Limited, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          R. J. Porter
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


GREGMAL CORPORATION: Commences Liquidation Proceedings
------------------------------------------------------
At the general meeting of the members of Gregmal Corporation Pty
Limited held May 6, 2008, Jamieson Louttit, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Jamieson Louttit
          Jamieson Louttit & Associates
          Level 15, 88 Pitt Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9231 0505
          Facsimile: (02) 9231 0303


INVESTMENT DATA: Declares Dividend for Creditors
------------------------------------------------
Investment Data Technologies Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
April 25, 2008, were included in the company's dividend
distribution.

The company's liquidators are:

          Terry Grant Van Der Veldev
          Paul Desmond Sweeney
          Joint and Several Liquidators
          SV Partners
          SV House
          138 Mary Street
          Brisbane QLD 4000
          Australia


NARROGIN ABORIGINAL: To Declare Dividend on June 6
--------------------------------------------------
Narrogin Aboriginal Corporation will declare dividend on June 6,
2008.

Only creditors who were able to file their proofs of debt by
May 31, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          D. J. Coates
          Deloitte
          Level 14, 256 St Georges Terrace
          Perth WA 6000
          Australia


NATIONWIDE PTY: To Declare Dividend on May 30
---------------------------------------------
Nationwide Pty Ltd will declare dividend on May 30, 2008.

Only creditors who were able to file their proofs of debt by
May 7, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          I. C. Francis
          Taylor Woodings Chartered Accountants
          Level 6, 30 The Esplanade
          Perth WA 6000
          Australia


PROMINENT PTY: Declares Dividend for Creditors
----------------------------------------------
Prominent Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

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

The company's liquidator is:

          M. G. McCann
          Grant Thornton
          Ground Floor, Grant Thornton House
          102 Adelaide Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3222 0200
          Facsimile: (07) 3222 0446


RAK BATHWARE: To Declare Dividend on June 5
-------------------------------------------
RAK Bathware Pty Limited will declare dividend on June 5, 2008.

Only creditors who were able to file their proofs of debt by
May 6, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          R. M. Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Australia
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334


SHALIMAR ELEVEN: Joint Meetings Slated for May 23
-------------------------------------------------
Shalimar Eleven Pty Ltd will hold a joint meeting of its members
and creditors on May 23, 2008, at 10:30 a.m., at the offices of
Scott Partners Consulting, Level 1, 173 Burke Road, in Glen
Iris, Victoria.

During the meeting, the company's liquidator, Gary S. Fettes,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          Gary S. Fettes
          Shalimar Eleven Pty Ltd (In Liquidation)
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Australia


SOUTHERN BILLIARDS: Members and Creditors to Meet on May 23
-----------------------------------------------------------
Southern Billiards Australia Pty Ltd, formerly trading as
Northwestern Billiards, will hold a joint annual meeting of its
members and creditors on May 23, 2008, at 9:30 a.m., at the
offices of Scott Partners Consulting, Level 1, 173 Burke Road,
in Glen Iris, Victoria.

During the meeting, the company's liquidator, David H. Scott,
will provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146
          Australia
          Telephone: (03) 9500 0511


TROJAN TYRES (NSW): Names Hurst and Wily as Liquidators
-------------------------------------------------------
Trojan Tyres (NSW) Pty Limited's members agreed on March 31,
2008, to voluntarily liquidate the company's business.  David
Anthony Hurst and Andrew Hugh Jenner Wily were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          D. A. Hurst
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


V & M TRANSPORT: To Declare Dividend on May 29
----------------------------------------------
V & M Transport Pty Limited will declare dividend on May 29,
2008.

Only creditors who were able to file their proofs of debt by
April 29, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          John Frederick Lord
          PKF Chartered Accountants
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9251 4100
          Facsimile: (02) 9240 9821
          Website: www.pkf.com.au


VEIN PTY: Liquidator Presents Wind-Up Report
--------------------------------------------
Adam Shepard, Vein Pty Limited's estate liquidator, met with the
company's members on May 16, 2008,and provided them with
property disposal and winding-up reports.


VULCAP COLD: Appoints Hurst and Wily as Liquidators
---------------------------------------------------
Vulcap Cold Tread Pty Limited's members agreed on March 31,
2008, to voluntarily liquidate the company's business.  David
Anthony Hurst and Andrew Hugh Jenner Wily were appointed to
facilitate the sale of its assets.

The liquidators can be reached at:

          D. A. Hurst
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


* AUSTRALIA: April 2008 New Motor Vehicle Sales Down by 0.4%
------------------------------------------------------------
April 2008 estimate for new motor vehicle sales in Australia (89
775) decreased 0.4% when compared with March 2008, data from the
Australian Bureau of Statistics says.  The trend estimate has
been decreasing from January 2008.  When compared with April
2007, the trend estimate increased by 3.5%.  Seasonally
adjusted, the April 2008 estimate for total sales of new motor
vehicles (89 255) decreased by 0.8% compared with March 2008.

When comparing April 2008 with March 2008, trend estimates
decreased for passenger vehicles, 0.8%, and sports utility
vehicles, 0.4%, and increased for other vehicles, 0.8%.  When
compared with the same period 12 months ago, passenger vehicles
fell by 2.7% while other vehicles and sports utility vehicles
rose 13.7% and 13.4% respectively.  Seasonally adjusted,
passenger vehicles and sports utility vehicles decreased by 1.9%
and 1.7% respectively, while other vehicles increased by 3.0%,
in April 2008 than in March 2008.

As to sales by state, half of the states and territories showed
decreases in the trend estimate of total sales of new motor
vehicles in April 2008 than in March 2008.  The largest
decreases were in New South Wales, 1.1%, followed by Queensland,
0.6%, and the Australian Capital Territory, 0.4%. The Northern
Territory, Tasmania and Western Australia increased by 2.0%,
1.1% and 0.3% respectively.  Seasonally adjusted, five of the
states and territories showed decreases in total sales in
April 2008 than in March 2008.  The largest decreases were
observed in the Northern Territory, 7.3%, followed by the
Australian Capital Territory, 5.7%, and New South Wales, 4.2%.
Tasmania, Queensland and Western Australia showed increases of
6.4%, 3.5% and 2.0% respectively.



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

BODISEN BIOTECH: Auditor Raises Going Concern Doubt
---------------------------------------------------
Morgenstern, Svoboda, & Baer, P.C., of New York raised
substantial doubt about Bodisen Biotech, Inc.'s ability to
continue as a going concern about auditing its consolidated
financial statements for the year ended December 31, 2007.

"There are certain law suits filed by investors against the
Company and the Company is subject to potential claims.  These
conditions raise substantial doubt about the Company's ability
to continue as a going concern," the auditor noted in its letter
to the Board of Directors and Stockholders on March 14, 2008.

                            Lawsuits

In regulatory filings with the U.S. Securities and Exchange
Commission, the Company disclosed that it is involved in a
variety of claims, suits, investigations and proceedings that
arise from time to time in the ordinary course of its business,
including actions with respect to contracts, intellectual
property (IP), product liability, employment, benefits,
securities, and other matters.  These actions may be commenced
by a number of different constituents, including competitors,
partners, clients, current or former employees, government and
regulatory agencies, stockholders, and representatives of the
locations in which it does business. The following is a
discussion of some of the more significant legal matters
involving the Company.

In late 2006, various shareholders of the Company filed eight
purported class actions in the U.S. District Court for the
Southern District of New York against the Company and certain of
its officers and directors (among others), asserting claims
under the federal securities laws.  The complaints contain
allegations about prior financial disclosures and its internal
controls and a prior, now-terminated relationship with a
financial advisor.

The eight actions are Stephanie Tabor vs. Bodisen, Inc., et al.,
Case No. 06-13220 (filed November 2006), Fraser Laschinger vs.
Bodisen, Inc., et al., Case No. 06-13254 (filed November 2006),
Anthony DeSantis vs. Bodisen, Inc., et. al., Case No. 06-13454
(filed November 2006), Yuchen Zhou vs. Bodisen, Inc., et. al.,
Case No. 06-13567 (filed November 2006), William E. Cowley vs.
Bodisen, Inc., et. al., Case No. 06-13739 (filed December 2006),
Ronald Stubblefield vs. Bodisen, Inc., et. al., Case No. 06-
14449 (filed December 2006), Adam Cohen vs. Bodisen, Inc., et.
al., Case No. 06-15179 (filed December 2006) and Lawrence M.
Cohen vs. Bodisen, Inc., et. al., Case No. 06-15399 (filed
December 2006). Plaintiffs have not specified an amount of
damages they seek. Last year, the Court consolidated each of the
actions into a single proceeding.

In 2008, defendants in the action, including the Company, filed
motions to dismiss the proceeding and to strike certain
allegations in the complaint. The Court has not scheduled a
hearing on these motions.

Because these consolidated actions are in an early stage, the
Company cannot comment on whether an adverse outcome is probable
or otherwise.  While the Company believes it has meritorious
defenses to each of these actions and intends to defend them
vigorously, an adverse outcome in one or more of these matters
could have a material adverse effect on its business, financial
condition, results of operations or liquidity.

In 2007, Ji Xiang, a shareholder of China Natural Gas (and son
of its Chairman and CEO) instituted litigation in the Chinese
court system in Shaanxi province challenging the validity of the
Company's ownership of 2,063,768 shares of China Natural Gas
common stock. The Company obtained these shares in September
2005 in a share transfer agreement and asserts that it has fully
performed its obligations under the agreement and is entitled to
own the shares. The parties in the Chinese litigation have
submitted their evidence and now await a decision from the
Chinese court.  Also, in January 2008, the same shareholder
instituted litigation in a Utah state court against Yangling
Bodisen Biotech Development Co. Ltd. and Interwest Transfer Co.
(China Natural Gas's transfer agent) seeking to prevent the
Company from selling its shares in China Natural Gas. Plaintiff
has obtained an order from the Utah court provisionally
preventing the Company from selling the China Natural Gas shares
pending a decision on the merits of the underlying dispute. The
Company intends to vigorously and thoroughly defend itself
against this claim. While the Company believes it will prevail
in these litigation matters and establish its right of ownership
to the China Natural Gas shares, an adverse outcome could have a
material adverse effect on its business, financial condition,
results of operations or liquidity.

                First Quarter Financial Results

For the three months ended March 31, 2008, the company reported
a net income of US$1,767,935, compared with a net loss of
US$1,509,546 for the same period in 2007.  As of March 31, 2008,
the company had US$55.2 million in total assets and US$1.3
million in total debts, resulting in total shareholders' equity
of US$53.9 million.

                     About Bodisen Biotech

Headquartered in Shaanxi province, China, Bodisen Biotech Inc.
(Other OTC: BBCZ.PK) -- http://www.bodisen.com/-- is a Delaware
corporation which manufactures liquid and organic compound
fertilizers, pesticides, insecticides and agricultural raw
materials certified by the Petroleum Chemical Industry
Administrative office of China, Shaanxi provincial government
and Chinese government.


CHINA EASTERN: Plans Raising Fuel Hedging to 40%
------------------------------------------------
China Eastern Airlines Corp. aims to hedge 40 percent of its
fuel needs this year, compared with about 30 percent in 2007,
Irene Shen of Bloomberg News reports citing Board Secretary Luo
Zhuping.

Grant Smith of Bloomberg News relates that oil rose above US$130
a barrel for the first time after at least five banks raised
price forecasts in the past week on expectations supply
constraints will persist.

According to Mr. Smith's report, futures prices show oil prices
are likely to carry on rising.  Crude for delivery in December
2016 surged US$17.08, or 14 percent, in the three trading days
after Goldman Sachs Group Inc. raised its forecast to US$141 a
barrel for the second half of the year, the same report says.

Analysts told Edmund Conway, economics editor at Britain's
Telegraph, that the rise in the oil price was down to a cocktail
of factors, including strong demand from emerging economies and
poor production performance by oil cartel Opec.  However, in an
unusual statement, the Bank of England dismissed claims that the
recent spike in crude prices was due to speculation, the
Telegraph says.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, China Eastern's first-quarter net profit
attributable to shareholders increased by 142% to CNY210 million
compared with the same period in 2007.  Basic earnings per share
rose 134% to CNY0.0433.

Thomson Financial notes, as cited by TCRAP, that the company had
booked a loss of CNY490.86 million in 2007, but has reported
profits in the first quarter of 2008 due to higher traffic and a
stronger yuan.  The company's operating revenue in the first
quarter increased 14.25% year-on-year to CNY10.61 billion, while
operating costs improved 12.53% at CNY9.66 billion due to higher
jet fuel costs.  During the same period, the company booked a
gain of CNY642.74 million due to the local currency's
appreciation, against a loss of CNY154.82 million a year
earlier.

The company, in a stock exchange filing, acknowledged that net
financial costs decreased by 515.14% during the first quarter
compared with the same period in 2007 due to the the exchange
gains as a result of the continued appreciation of the yuan.
Non-operating income decreased 35.14% due to a reduction in
subsidy income.

The company also said total assets rose 2% to CNY68.5 billion as
of March 31 from CNY67.1 billion as of the end of last year,
while owner's equity of the company increased 3.17% to
CNY3 billion from CNY2.9 billion at the end of 2007.  The net
earnings per share attributable to the shareholders of the
company is CNY0.6060 for the first quarter, up 3.17% from
CNY0.5882 at the end of 2007, the company noted.

The company did not disclose the amount of cash it had at the
end of the reporting period.  It had reported holding CNY1.66
billion in cash and cash equivalents at the end of 2007.
However, the company said that during the first quarter:

  -- net cash flow generated from operating activities decreased
     by 55.92% compared to same period in 2007 due to increase
     in cash payment to and for employees;

  -- net cash flow generated from investment activities
     increased by 137.82% attributable to the increase in cash
     received from disposal of fixed assets, intangible assets
     and other long term assets; and

  -- net cash flow generated from fund raising activities
     increased by 140.77% due to the increase in cash received
     from borrowing.

                       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.

On November 16, 2005, Xinhua Far East China Ratings gave the
company a BB+ issuer credit rating with a stable outlook.

All ratings still hold as of May 17, 2008.


MINJIANG HYDROPOWER: Operations Severely Affected by Quake
----------------------------------------------------------
Sichuan Minjiang Hydropower Co. Ltd., with four power stations
in Wenchuan county, suffered the most in terms of personnel and
finance from the May 12 earthquake, ANTARA News and Asia Pulse
report citing the China Securities Journal.

According to the report, the company had confirmed four deaths
by May 17 and lost contact with 130 persons.

Meanwhile, the report says, the company's Caopo station and
Shapai station, respectively, with installed capacity of 46,000
kw and 36,000 kw, were badly damaged and its Futangdi station
also sustained damage.

The company's transformer stations were destroyed by the
earthquake, the report adds.

Headquartered in Dujiangyan, Sichuan Province, China,
Sichuan Minjiang Hydropower Co. Ltd. -- http://www.mjsdgs.com/
-- is principally engaged in the generation, transmission and
supply of hydroelectric power within Sichuan Province, China, as
well as the manufacture and sale of aluminum ingots and formed
foil.  During the year ended December 31, 2007, the company
generated approximately 787 million kilowatt-hours of
electricity.  As of December 31, 2007, the company had nine
major subsidiaries and associates.


* CHINA: Moody's Says Quake Impact on Banks, Insurers Manageable
----------------------------------------------------------------
Moody's Investors Service says that the immediate impact of the
massive earthquake which struck China's Sichuan Province last
week on the country's insurers and banks will be manageable.

The quake has claimed, according to the latest reports, more
than 30,000 lives.  The Chinese government has mounted a huge
rescue operation, while the international community has pledged
assistance to cope with the tragedy.

From the insurance perspective, losses for China's property &
casualty (P&C) and life insurers -- as a result of the
earthquake -- should be manageable.

"Early estimates of total property losses from the Sichuan
earthquake range from RMB70 billion (US$10 billion) to RMB140
billion (US$20 billion)," says Sally Yim, a Moody's Assistant
Vice President/Analyst in a new report.

"However, insured losses are estimated to amount to only a
fraction of this cost as insurance penetration in China remains
low, and most Chinese P&C policies do not cover earthquakes,"
says Yim.  "This is particularly the case in the areas worst
affected by this terrible event."

Most of China's top 10 life and P&C insurers derive less than 5%
of their premiums from Sichuan, and while those with more than
5% may experience more negative pressure on profitability in
2008, their overall losses should be manageable.

Moody's believes that insurer profitability will almost
certainly deteriorate from the record highs set in 2007, in
light of high cumulative catastrophe losses -- China suffered
severe snowstorms in January -- and likely weaker investment
income. However, since the industry began 2008 with stronger
balance sheets than those at the start of 2007, overall insurer
capitalization will not likely be affected.

At the same time, from a banking perspective, Moody's believes
that any resulting credit losses at Chinese banks will be
minimal.

"Commercial bank credit exposure to Sichuan is fairly low.  We
estimate it was around RMB 600 billion ($85 billion) or 3% of
total commercial bank loans as of end-2007," says Richard Lung,
a Moody's Vice President/Senior Analyst.

"None of Moody's rated commercial banks have significant loan
concentrations in the areas affected by the tragedy, and should
only incur minor credit losses from this event," adds Lung.

Meanwhile, the People's Bank of China, China Insurance
Regulatory Commission, China Banking Regulatory Commission and
other financial regulators have taken steps to ensure the smooth
and efficient functioning of the financial system, which should
help to aid recovery efforts.

China has now begun three days of mourning for the victims of
the earthquake and strenuous efforts to rescue survivors
continue.

The report, entitled "Sichuan Earthquake: A Deadly Catastrophe
but Losses for Chinese P&C and Life Insurers are Manageable",
can be found at www.moodys.com.



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

ADEXI (H.K.): Creditors' Proofs of Debt Due on June 23
------------------------------------------------------
Adexi (H.K.) Limited requires its creditors to file their proofs
of debt by June 23, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 8, 2008.

The company's liquidator is:

          Chan King Shu
          Hyde Centre, Unit C, 7th Floor,
          221-226 Gloucester Road
          Hong Kong


ASIAN GAMES: Creditors' Proofs of Debt Due on June 16
-----------------------------------------------------
The creditors of Asian Games Marketiing Limited are required to
file their proofs of debt by June 16, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

          Ho Mo Han Miranda
          Hang Seng Mongkok Building, 15th Floor
          677 Nathan Road
          Kowloon, Hong Kong


CHAPARRAL LIMITED: Taps Corkhill and Bruce as Liquidators
---------------------------------------------------------
Thomas Andrew Corkhill and Iain Ferguson Bruce were appointed
liquidators of Chaparral Limited on May 5, 2008.

Messrs. Corkhill and Bruce are accepting creditors' proofs of
debt until June 16, 2008.

The Liquidators can be reached at:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor, The Landmark
          15 Queen's Road Central
          Hong Kong


CHINA PROVIDENT: Shareholders Opt to Liquidate Business
-------------------------------------------------------
The shareholders of China Provident Company Limited met on
May 7, 2008, and resolved to voluntarily wind up the company's
operations.

Ying Hing Chiu and Chung Miu Yin, Diana were appointed as
liquidators.

The Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


FOUNDATION OF ZHONGSHAN: Leong Huon Kit Quits as Liquidator
-----------------------------------------------------------
Leong Huon Kit quit as the liquidator of Foundation of Zhongshan
University Advanced Research Centre Company Limited on May 8,
2008.

The former Liquidator can be reached at:

          Leong Huon Kit
          Flat Q, 2nd Floor, Block 1
          422-484 Kwun Tong Road
          Kowloon


SOUTHWOOD LIMITED: Members to Hold Final Meeting on June 20
-----------------------------------------------------------
The members of Southwood Limited will hold their final meeting
on June 20, 2008, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidators are:

          Gerard Dubois
          Richard Alan Wallis
          302 Corporation Square
          No. 8 Lam Lok Street
          Kowloon Bay
          Kowloon, Hong Kong


SUNWELL METALS: Creditors' Meeting Set for May 27
-------------------------------------------------
The creditors of Sunwell Metals Limited will hold a meeting on
May 27, 2008, at 2:30 p.m., at the 29th Floor of Caroline
Centre, Lee Gardens Two, in 28 Yun Ping Road, Hong Kong.

The purpose of the meeting is set out in Sections 241, 242, 243,
244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.


WU YI PROPERTIES: Members' Final Meeting Set for June 16
--------------------------------------------------------
Wu Yi Properties Company Limited will hold a final meeting for
its members on June 16, 2008, at 10:00 a.m., at the 20th Floor
of Island Beverley, 1-5 Great George Street, in Causeway Bay,
Hong Kong.

At the meeting, Lian Mingshun, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YECWIN LIMITED: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on April 30, 2008, a
special resolution was passed to voluntarily liquidate the
company's business.

Lau Shak Wah was appointed as liquidator.

The Liquidator can be reached at:

          Lau Shak Wah
          World Trust Tower, 18th Floor
          50 Stanley Street
          Central, Hong Kong


YIELDHOST INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
Yieldhost Investment Limited commenced liquidation proceedings
on May 16, 2008.  Poon Wai Hung Richard was appointed as
liquidator.

The Liquidator can be reached at:

          Poon Wai Hung Richard
          Harbour Centre
          Room 1401, 14th Floor
          Hong Kong



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

BHARTI AIRTEL: To Tie Up with Cisco for Network Services
--------------------------------------------------------
BhartiI Airtel will partner with Cisco to launch managed Multi
Protocol Label Switching services, The Economic Times reports.

"With Cisco's Tier I certification for the CISCO Managed
Serviced Channel Partnership programme, Airtel will now be able
to offer Indian enterprises end to end Managed VPN Services
including last mile and customer premise equipment management,
network design, installation, configuration, and 24X7 monitoring
and maintenance support.  Bharti Airtel will launch a series of
managed services on an OPEX model", Economic Times quotes Bharti
Airtel's president for enterprise service, David Nishball, as
saying.

Mr. Nishball also told the Economic Times that the Bharti-Cisco
combination would look at partnering other service providers and
IT players from time-to-time depending on the specific
requirements of their customers.

The Economic Times notes that Bharti Airtel expects to grow
their MPLS business by 50-60 % in this financial year.  The
company, which has more than 400 customers on its MPLS network,
intends to increase its customer base by at least 30% in the
next one year, the report says.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited -- 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.


DCM SHRIRAM: Acquires 81.41% Shares in Shri Ganpati Fertilizers
---------------------------------------------------------------
DCM Shriram Consolidated Ltd. has inked an agreement to acquire
Ganpati Fertilizers Ltd's 81.41% total equity shares, making
Ganpati Fertilizers a subsidiary of the company, Topnews
reports.

DCM Shriram has not disclosed any financial details regarding
the deal, the report added.

Ganpati Fertilizers manufactures Single Super Phosphate through
its manufacturing unit in District Chittorgarh, Rajasthan.  The
plant has manufacturing capacity of Phosphate Powder over
1,98,000 tonnes per annum and Super Phosphate Granules at 60,000
tonnes per annum.

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group.  The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals.  DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan.  Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.

                          *     *      *

In November 2007, CRISIL revised its ratings on DCM Shriram
Industries Ltd's debenture programmes to 'BB+/Negative' from
'BBB-/Negative'.


DCM SHRIRAM: Plans to Enter Hybrid Seed Business
------------------------------------------------
DCM Shriram plans to enter the hybrid seed business in India and
position itself as a key international player, The Economic
Times reports.

The company is working closely with Manila-based International
Rice Research Institute to develop new varieties, DCM Shriram's
Chairman Ajay Shriram told the Economic Times.

According to the Economic Times, a statement released by the
industry chamber states that DCM Shriram will bring about 50
lakh hectares land under its flagship rural retail chain
Hariyali Kisan Bazar.

DCM Shriram Industries Ltd is the flagship company of the DCM
Shriram Industrial Group based predominantly in Northern India,
and was established in 1990, following the restructuring of the
former DCM group.  The group's product portfolio includes sugar,
alcohol, industrial fibres, and organic chemicals.  DCM Shriram
has sugar and chemical plants at Daurala in Meerut district in
Uttar Pradesh, and an industrial fibre unit at Kota in
Rajasthan.  Other DSIG companies are Daurala Food and Beverages
Pvt Ltd, DCM Hyundai Ltd, and DCM Shriram and Leasing Finance
Ltd.

                          *     *      *

In November 2007, CRISIL revised its ratings on DCM Shriram
Industries Ltd's debenture programmes to 'BB+/Negative' from
'BBB-/Negative'.


* INDIA: Defaults Rise on Farm Debt Waiver Plan
-----------------------------------------------
India's state-owned banks reported a sharp rise in defaults by
rural
lenders since the government implemented its plan to waive US$15
billion (EUR9.59 billion, GBP7.62 billion) in loans to farmers,
Joe Leahy of the Financial Times reports.

According to the report, the State Bank of India has been forced
to suspend loans for tractors and other machinery after many
farmers stopped paying their debts on news of the waiver.

In the year ended March, the Financial Times relates that bad
loans at India's biggest bank rose by about INR29 billion, of
which about INR9 billion came in the final quarter largely from
farmers.

The report says the increase in non-performing assets from
agriculture is not an immediate threat to the health of most
banks, however, the trend could worsen until the government
releases details of the new scheme.

"The scheme was meant to be limited to the very small and
marginal farmers,"  Mangesh Kulkarni, banking analyst with
Almondz Global Securities told the Financial Times.  "But the
farmers have taken it wrongly.  Everybody thinks everybody will
get the benefit and they have stopped repayments."



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

* INDONESIA: Bank Joins East Java in Inflation Control Program
--------------------------------------------------------------
The Deputy Governor of Bank Indonesia, Hartadi A. Sarwono and
the Governor of East Java, H. Imam Utomo S., signed a Memorandum
of Understanding in Surabaya with the aim at developing the
regional economy in the Province.  Price monitoring and control
in East Java region, coordination of real sector development and
MSMEs, exchanges in data, information and study/research
concerning East Java economy as well other aspects enhancing
economic growth and competitiveness are elements prioritized in
this collaboration.

The implementation of collaboration in price monitoring and
control in East Java can be realized among other, by
establishing Regional Inflation Control Team (TPID).  The duties
of TPID are price monitoring and problem mapping, price
controlling and providing information and or recommendation
including alternative solutions.  "Bank Indonesia perceives the
important role of regional contribution in forming national
inflation representing quite a large portion that reaches
approximately 73%", explained Hartadi A. Sarwono.

The Regional Inflation Control Team is the collaboration of six
institutions, namely Bank Indonesia Surabaya; Regional office of
Industry and Trade of East Java Province, Regional office of
Cooperatives and SME; Regional Office of Agriculture, Regional
Office of Traffic and Public Transportation, Regional
Coordinating Board of Investment of East Java, Bulog of East
Java, Provincial Bureau of East Java Economy and Finance as well
as BPMD of East Java Province.

"This collaboration is also aimed at optimizing real sector
empowerment as well as realizing qualified and sustainable
regional economic development.  One of the efforts is to enhance
the coordination and collaboration with regional government
especially in the implementation of economic development program
particularly through MSME sector.  The concrete example of this
collaboration could be through the establishment of
communication/coordination forum, task force, technical team as
well as other potential forms", added Hartadi.

East Java is the third province to be in this type of
collaboration following the previous cooperation with Central
Java Province and D.I. Yogyakarta with the same objective of
controlling inflation and developing regional economy.



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

DELPHI CORP: WTC Balks at $750 Mil. Intercompany Loan Transfer
--------------------------------------------------------------
Wilmington Trust Company objects to the request of Delphi Corp.
and its debtor-affiliates to authorize Delphi Automotive Systems
Holdings, Inc., to grant Delphi Automotive Systems, LLC,
additional intercompany loans of up to $750 million and to
provide adequate protection to the Pension Benefit Guarantee
Corporation in connection the transfers.

WTC is the indenture trustee for the senior notes and debentures
in the aggregate principal amount of $2 billion issued by the
Debtors.

WTC notes that, under the proposed transactions, DASHI -- a
solvent debtor entity, 87% of which is indirectly owned by
Delphi -- will make an additional loan of up to $750,000,000 to
DAS and would adequate protection to the PBGC in connection
therewith.

According to Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, WTC wants to take
discovery from the Debtors to determine why DASHI and the Delphi
believe the proposed transactions are in the best interest of
their creditors and equity holders.

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

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

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

(Delphi Bankruptcy News, Issue No. 129; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: To Cut Truck Production in Michigan & Louisville
------------------------------------------------------------
Ford Motor Co.'s Michigan and Louisville truck facilities will
close and cease producing vehicles in June and July, The
Associated Press, citing people familiar with the matter,
reports.

AP relates that automakers usually shutter their car factories
in the U.S. for two weeks in July to retool for the next model
year.  These tentative shutdowns will extend the normal
retooling closures.

According spokeswoman Angie Kozleski, Ford intends to reduce
production of big pickup trucks and sport utility vehicles due
to low demand and high gas prices, AP relates.

As reported in the Troubled Company Reporter on May 2, 2008,
higher gas prices are accelerating the industry-wide shift from
trucks and traditional sport utility vehicles to cars and
crossovers.  At Ford, April sales for sport utility vehicles
were 36% lower than a year ago and trucks were 19% lower.

In March 2008, Ford disclosed plans to further align its
capacity with demand at four U.S. manufacturing facilities as it
works to return its North American operations to profitability
by 2009.  In January 2008, Ford planned to implement its cost
reduction plan, including plant closures and job cuts.  The car
company, intended to close 16 plants and cut nearly 45,000 jobs
in a bid to return its North American automotive operations to
profits.

The plan, which spans a five-year time frame, proposed to reduce
the number of vehicle platforms the company uses around the
world and increase the number of shared parts.  Ford was set to
spend $17 billion cash over the next three years in
restructuring and its automotive operations.

AP discloses that Ford is intent in creating a smaller, more
fuel-efficient version of its best-selling F-150 pickup that is
expected to be launched in 2011, according unnamed sources.

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.


FUJIYA CO: FY 2007 Operating Loss Increases to JPY10,600 Mil.
-------------------------------------------------------------
Due to a food safety scandal and increases in material prices,
Fujiya Co. Ltd.'s consolidated operating loss in fiscal 2007
expanded to JPY10,600 million from JPY6,659 million in the
previous year on 8.0 pct smaller sales of JPY58,784 million,
Jiji Press reports citing a company statement.

According to the report, the sales plunge can be attributed to a
fall in the number of the firm's confectionary stores by 145
against initially estimated 100 in the wake of a scandal that
came to light last year over the company's use of out-of-date
ingredients in its products.

Furthermore, the report relates that JPY500 million in charges
stemming from higher material procurement costs and the same
amount of financial assistance to affiliated shops pushed down
the operating balance.

Headquartered in Tokyo, Japan, Fujiya Co. Ltd. --
http://www.fujiya-peko.co.jp/-- is a manufacturer and marketer
of confectioneries and beverages.  The company's products
include chocolates, candies, baked goods, drinks and dairy
products. Additionally, it is engaged in real estate leasing
business.  The company employs 1,267 people.



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

ABITIBIBOWATER INC: Posts $248 Million Net Loss in 1st Qtr. 2008
----------------------------------------------------------------
AbitibiBowater Inc. reported a net loss of $248.0 million, on
sales of $1.7 billion, for the first quarter ended March 31,
2008. These results compare with a net loss of $35.0 million, on
sales of $772.0 million, for the first quarter of 2007, which
consisted of only Bowater Incorporated results.

The company's 2008 first quarter results reflect the full
quarter results for Abitibi-Consolidated Inc. and Bowater
Incorporated as a combined company following their combination
on Oct. 29, 2007.

First quarter 2008 special items, net of tax, consisted of: a
$44.0 million gain relating to foreign currency changes, a
$16.0 million gain on asset sales, a $17.00 million loss related
to asset closures and severance and a $76.0 million charge
related to tax adjustments.  Excluding these special items, the
net loss for the quarter would have been $215.0 million.

"Important progress was achieved during the first full quarter
of AbitibiBowater," stated president and chief executive officer
David J. Paterson.  "We set out with a disciplined approach and
a commitment to deliver sustainable long-term value.  Our EBITDA
improvement, this quarter over the fourth quarter of last year,
is an important step in positioning the company as the
industry's great turnaround story."

AbitibiBowater said that during the first quarter it
successfully completed a series of financing transactions,
totaling $1.4 billion, designed to address near-term debt
maturities and general liquidity needs for its Abitibi-
Consolidated subsidiary.

                         Strategic Review

In November 2007, AbitibiBowater announced the results of a
Phase 1 comprehensive strategic review, which resulted in the
removal of approximately 1 million metric tons of unprofitable
newsprint and commercial printing paper capacity and 500 million
board feet of wood products from the marketplace.

The Phase 1 announcement also: increased the company's annual
synergy target to $375.0 million from the $250.0 million target
announced at the time of the company's merger; identified
$500.0 million in asset sales through the sale of the Snowflake
(Arizona) newsprint mill as well as non-core assets; suspended
the dividend; and committed to a further review of all aspects
of the business in Eastern Canada in light of inherent
competitive disadvantages.  AbitibiBowater also that the
announced closures were completed early in the first quarter of
2008 and other commitments are on track to be met or exceeded.

"When the merger closed, we began a strategic review of all
aspects of the new company and committed to take decisive action
to be a stronger, more sustainable organization," said John W.
Weaver, executive chairman.  "We are making good progress and
are beginning to benefit from improving business conditions.
AbitibiBowater remains focused on continued cost reductions,
improvement of our manufacturing platform and better positioning
the company in the global marketplace."

                          Phase 2 Update

Since November, the company has engaged in discussions with
governments, employees, communities and other stakeholders to
reduce operating costs, enhance the viability of several
operations and improve overall competitiveness.  The company
said that these actions, in addition to increased market prices
for company products, are improving financial results.
AbitibiBowater expects improved quarter-over-quarter
profitability based on stronger business fundamentals, announced
price increases, operating efficiencies and synergies.
Significant progress has been made; however, at this time, no
paper mill closures or idlings are being announced beyond the
continued indefinite idling of the Mackenzie (British Columbia)
and Donnacona (Quebec) paper mills.

The company said that cooperative efforts with stakeholders have
enhanced the competitiveness of various company facilities such
as the woodland and sawmill operations in the Lac-Saint-Jean
(Quebec) region.  Collaborative outreach will continue in all of
Eastern Canada in light of market conditions as well as high
labor, energy and fiber costs, further exacerbated by the strong
Canadian dollar.  AbitibiBowater will maintain a flexible
approach and may take further restructuring actions, if
required.

"We will continue our collaborative approach with various
stakeholders in an effort to find long-term, sustainable
solutions," stated Mr. Paterson.  "We are confident
AbitibiBowater is taking the right steps to manage our business
and set the stage for meaningful improvement in earnings,
efficiencies and overall growth."

Recognizing the challenges facing the North American newsprint
market, AbitibiBowater says it continues to realize success in
diversifying its sales to international markets, in the more
than 90 countries where its products are already sold.  The
company said it is committed to expanding sales in growing
markets.  To further the expansion of the global sales effort,
the company will work with North American governments and other
stakeholders to ensure needed infrastructure improvements at
ports supporting operations.

The company said it will raise the bar in continued cost
reduction efforts and look to increase profitability on some of
its paper machine assets by considering the conversion of
newsprint capacity to coated and other value-added papers over
the next several years. Such conversions would be expected to
generate higher returns.

Management said it expects to complete the first stage of this
review by the third quarter of 2008 and is considering the
possibility of manufacturing a light-weight coated product,
containing recycled content.  The company is confident in its
ability to successfully convert a newsprint machine to a high-
margin product, based in part on the Catawba (South Carolina)
mill success story.

AbitibiBowater also formally announced two new product
offerings, EcoLaser(TM) and Ecopaque(TM).  These uncoated
freesheet substitutes represent innovative solutions for the
printing industry, providing environmental benefits while also
reducing costs for end-users.  "We will continue to support
growth and diversification of our product mix while positioning
the company as the wise choice for environmentally sensitive
customers, offering sustainable solutions to them and their
clients," stated Mr. Weaver.

In addition to removing 500 million board feet of lumber
capacity through Phase I actions, the company said it has
further lowered its high-cost lumber capacity through
consolidations, idlings and various temporary shutdowns at
sawmills.  The cumulative effect of these measures has reduced
AbitibiBowater's lumber capacity to nearly 50% of pre-merger
levels, resulting in an avoided cost of $45 per fbm.
Furthermore, production costs at operating sawmills have been
reduced by 7% in the first quarter of 2008.

The company confirms that it expects to meet the asset sales
target of $500.0 million by the end of 2008, having achieved
sales of approximately $220.0 million to date.  AbitibiBowater
is targeting an additional $250.0 million in asset sales by the
end of 2009.  The company has launched a process for the sale of
its Mokpo, South Korea paper mill, and is moving forward with
additional sales including forest lands, sawmills, hydroelectric
sites and other assets.

In addition, AbitibiBowater reiterates its synergy target of
$375.0 million by the end of 2009.  At the end of the first
quarter, the company had achieved an annual run rate of
approximately $180.0 million in captured synergies.

                 Liquidity and Capital Resources

As of March 31, 2008, the company's total liquidity was
comprised of liquidity from its Abitibi and Bowater
subsidiaries.

As disclosed in the company's audited consolidated financial
statements included in its Annual Report on Form 10-K/A for the
year ended Dec. 31, 2007, the company's Abitibi subsidiary was
experiencing a liquidity shortfall and facing significant near-
term liquidity challenges.

As a result of these liquidity issues, the company had concluded
at Dec. 31, 2007, that there was substantial doubt about
Abitibi's ability to continue as a going concern.  As of
March 31, 2008, Abitibi had a total of $346.0 million of long-
term debt maturing in 2008: $196.0 million principal amount of
its 6.95% Senior Notes due April 1, 2008, and $150.0 million
principal amount of its 5.25% Senior Notes due June 20, 2008.
Additionally, Abitibi had revolving bank credit facilities with
commitments totalling $692.0 million maturing in the fourth
quarter of 2008.  These amounts were successfully refinanced on
April 1, 2008.

The company said that while its April 1 refinancing has
alleviated the substantial doubt about Abitibi's ability to
continue as a going concern, significant financial uncertainties
remain for Abitibi to overcome including, but not limited to,
Abitibi's ability to repay or to refinance the $350.0 million
364-day term facility due on March 30, 2009, to service the
considerable debt resulting from the April 1 refinancings and to
overcome their expected ongoing net losses and negative cash
flows.  This senior secured term loan is guaranteed by Abitibi
and secured by substantially all of Abitibi's assets.  In order
to address the upcoming March 30, 2009 maturity, Abitibi and
AbitibiBowater will be pursuing refinancing alternatives to
renew or replace the existing 364-day senior secured term loan
or entering into a new bank credit agreement.

The company has also announced an asset sales program of
approximately $750.0 million for AbitibiBowater, and any sales
of Abitibi's assets would be expected to be used for debt
reduction.  Management said it continues to believe that the
liquidity constraints at Abitibi will not affect the financial
condition of Bowater or AbitibiBowater.

As of April 1, 2008, upon completion of the company's
refinancings, Abitibi had liquidity of $185.0 million,
represented by cash on hand.  As of April 15, 2008, after the
sale of the company's Snowflake, Arizona newsprint facility and
the repayment of certain debt, the company's Abitibi subsidiary
had cash on hand of $277.0 million.

At March 31, 2008, and Dec. 31, 2007, AbitibiBowater Inc. and
its consolidated subsidiaries had $4.7 billion of fixed rate
long-term debt and $1.2 billion and $1.0 billion, respectively,
of short and long-term variable rate debt.

                          Balance Sheet

At March 31, 2008, the company's consolidated balance sheet
showed $10.3 billion in total assets, $8.7 billion in total
liabilities, and $1.6 billion in total stockholders' equity.

The company's consolidated balance sheet at March 31, 2008, also
showed strained liquidity with $2.3 billion in total current
assets available to pay $2.5 billion in total current
liabilities.

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?2c1b

                       About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/ -- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  AbitibiBowater owns or operates 27 pulp and paper
facilities and 34 wood products facilities located in the United
States, Canada, the United Kingdom and South Korea.

AbitibiBowater is also among the world's largest recyclers of
newspapers and magazines.  AbitibiBowater's shares trade under
the stock symbol ABH on both the New York Stock Exchange and the
Toronto Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on April 16, 2008,
Standard & Poor's Ratings Services assigned recovery ratings to
the senior unsecured debt issues of AbitibiBowater Inc.,
Abitibi-Consolidated Inc., and Bowater Inc.  At the same time,
S&P lowered the issue-level rating on these debts to 'CCC+' from
'B-'.



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

SUNWAY INFRA: Wants Regularization Plan Deadline Extended
---------------------------------------------------------
Sunway Infrastructure Berhad has submitted an application for
another time extension to submit its Regularization plan to the
relevant authorities for approval in compliance with the
requirement of  Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad.

The company was previously granted a May 27, 2008 time extension
to submit its regularization plan.

Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                         *     *      *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that the company's shareholders'
equity on a consolidated basis based on the unaudited results
for the quarter ended Dec. 31, 2006, of MYR7.173 million, is
less than 25% of the company's issued and paid-up capital of
MYR90 million and such shareholders' equity is less than the
minimum issued and paid-up capital as required under Paragraph
8.16A(1) of the Listing Requirements of MYR60 million,
triggering another listing criteria under Amended PN17 listing
requirements.


SELOGA HOLDINGS: Appoints Anuar and Aldillan as Directors
---------------------------------------------------------
Anuar Bin Adam and Aldillan Bin Anuar were appointed as new
directors of Seloga Holdings Berhad.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


TECHVENTURE: March 31 Balance Sheet Upside-Down by MYR41.31 Mil.
---------------------------------------------------------------
Techventure Berhad's March 31, 2008 balance sheet went upside-
down by MYR41.31 million on MYR122.48 million of total assets
and MYR163.79 million of total liabilities.

For the first quarter ended March 31, 2008, the company incurred
MYR3.91 million net loss on MYR2.91 million of revenues as
compared to MYR4.14 million net loss on MYR3.57 million of
revenues in the same quarter of 2007.

Techventure Berhad is based in Selangor, Malaysia. Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks. It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
   emphasis on Techven's going concern status in the latest
   audited accounts for the financial year ended Dec. 31, 2005,
   and

-- there are defaults in payment by Techven and its major
   subsidiaries as announced pursuant to Practice Note
   No. 1 and Techven is unable to provide a solvency
   declaration to Bursa Malaysia Securities Berhad.


TECHVENTURE BERHAD: Plans to Adopt New Articles of Association
--------------------------------------------------------------
Techventure Berhad, in a regulatory filing, disclosed that it
proposes to adopt a new set of Articles of Association to comply
with the amendments to the Listing Requirements of Bursa
Malaysia Securities Berhad and to be consistent with the
Securities Industry (Central Depositories Act) 1991 and the
Rules of the Bursa Malaysia Depository Sdn. Bhd.

The Proposed Adoption is subject to the approval from
Techventure's shareholders at the forthcoming 15th Annual
General Meeting.

The Board of Directors of Techventure, having considered all
aspects of the Proposed Adoption, believes that the Proposed
Adoption is required to be adopted in substitution for and to
the exclusion of all existing Articles of Association in order
to comply with the Listing Requirements of Bursa Securities.

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported. In
addition, the Group also manufactures ice cream.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
May 10, 2006, that Bursa Malaysia Securities Berhad has
identified Techventure Berhad as an affected listed issuer
having triggered two of the criteria of the Amended Practice
Note 17 category.

The company fell under the category because:

-- the auditors have expressed a modified opinion with
   emphasis on Techven's going concern status in the latest
   audited accounts for the financial year ended Dec. 31, 2005,
   and

-- there are defaults in payment by Techven and its major
   subsidiaries as announced pursuant to Practice Note
   No. 1 and Techven is unable to provide a solvency
   declaration to Bursa Malaysia Securities Berhad.



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

ABSOLUTE SECURITY: Appoints Bennett and Hoyle as Liquidators
------------------------------------------------------------
Stephen Kim Bennett and Timothy John Hoyle were appointed
liquidators of Absolute Security Services 2002 Ltd. on May 1,
2008.

The company commenced liquidation proceedings on that day.

The Liquidators can be reached at:

          Stephen Kim Bennett
          Timothy John Hoyle
          c/o Steve Bennett Associates
          PO Box 627, Whangarei
          New Zealand
          Telephone:(09) 438 2312
          Facsimile:(09) 438 2912
          e-mail: info@sba.net.nz


BUTTERCUP HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------------
Buttercup Holdings Ltd. commenced liquidation proceedings on
April 28, 2008.

Creditors are required to file their proofs of debt by June 4,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          c/o Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


CAPRICE ACQUISITIONS: Fixes June 30 as Last Day to File Claims
--------------------------------------------------------------
Caprice Acquisitions Ltd. requires its creditors to file their
proofs of debt by June 30, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7000
          Facsimile:(04) 462 7492


CARNATION INVESTMENTS: Taps Buchanan & Macdonald as Liquidators
---------------------------------------------------------------
John Robert Buchanan and Callum James Macdonald were appointed
liquidators of Carnation Investments Ltd. on April 28, 2008.

Creditors are required to file their proofs of debt by June 4,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

          John Robert Buchanan
          Callum James Macdonald
          c/o Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


GLASS EARTH: Appoints Simon Henderson as President and CEO
----------------------------------------------------------
Glass Earth Gold Limited disclosed in a press statement that
Simon Henderson was appointed as the company's President and CEO
in place of Glenn Laing who has tendered his resignation.

Mr. Henderson has occupied the roles of COO and VP Exploration
since the listing of the company as a New Zealand based gold
explorer in March 2005.  He is a founding shareholder of Glass
Earth (New Zealand) Limited and holds an MSc from the University
of Tasmania, a BSc (Hons) from Victoria University and is a
member of the AusIMM.  Mr. Henderson is a geologist with over 30
years experience in the gold mining and exploration industry.
He resides in Wellington, New Zealand.

On the other hand, John Dow was appointed as the company's non-
executive Chairman.

He has been a Non-Executive Director of the company since
March 2006.  Mr. Dow is a geologist with 40 years international
experience.  After joining Newmont Australia in 1978, he held
senior executive positions in Newmont culminating in him being
appointed as Chairman and Managing Director of Newmont Australia
in April 2002.  Subsequent to his retirement in 2005, he has
accepted several independent directorships.

"We are pleased that Simon Henderson has agreed to combine his
operational role with that of the CEO and President.  These
changes, together with the excellent mix of skills within the
Board of directors, will assist Simon to shape the future of our
business", Mr. Dow said.

                        About Glass Earth

Glass Earth Ltd, now known as Glass Earth Gold Ltd --
http://www.glassearthlimited.com/-- and its subsidiaries'
principal activity is the exploration for and mining of gold
deposits in New Zealand.  Glass Earth has established a large
portfolio of gold prospecting and exploration permits in New
Zealand, including advanced gold prospects in the Hauraki-Waihi
area; advanced and greenfields gold prospects at the
Mamaku-Muirs Reef area between Rotorua and Tauranga; Greenfield
gold prospects in the Central Volcanic Region between Rotorua
and Taupo, and advanced and greenfields gold prospects in the
Otago mesothermal gold fields, including priority over a
20,550km2 prospecting permit area which it believes is
prospective for Macraesstyle gold mineralisation.

All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

                           *     *     *

As of June 30, 2007, the company booked a deficit of
CND3,422,000, compared with a CND1,953,000 deficit as of
May 31, 2006.


NETIZEN LTD: Wind-Up Petition Hearing Set Today
-----------------------------------------------
The High Court of Dunedin will hear today, May 22, 2008, at
10:00 a.m., a petition to have Netizen Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition on
April 8, 2008.

The CIR's solicitor is:

          Julie Newton
          c/o Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception, 224 Cashel Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0807
          Facsimile:(03) 977 9853


PHOENIX CONSTRUCTION: Creditors' Proofs of Debt Due on June 2
-------------------------------------------------------------
The creditors of Phoenix Construction (2006) Ltd. are required
to file their proofs of debt by June 2, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Vivien Judith Madsen-Ries
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street
          Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


SB CENTRAL: Subject to B & D Doors' Wind-Up Petition
----------------------------------------------------
On April 14, 2008, B & D Doors (NZ) Limited filed a petition to
have SB Central Otago Ltd.'s operations wound up.

The petition will be heard before the High Court of Dunedin
today, May 22, 2008, at 10:00 a.m.

B & D Doors' solicitor is:

          Adam Stephen Ross
          c/o Chapman Tripp Sheffield Young
          ANZ Centre, Level 35
          23-29 Albert Street
          Auckland
          New Zealand


SPRIG INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
Sprig Investments Ltd. entered liquidation proceedings on
April 28, 2008.

Creditors are required to file their proofs of debt by June 4,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          c/o Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


TULIP HOLDINGS: Fixes June 4 as Last Day to File Claims
-------------------------------------------------------
The creditors of Tulip Holdings Ltd. are required to file their
proofs of debt by June 4, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 2008.

The company's liquidators are:

          John Robert Buchanan
          Callum James Macdonald
          c/o Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          North Shore City 0745
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


WHITE WATER: Wind-Up Petition Hearing Set for May 23
----------------------------------------------------
A petition to have White Water Services Ltd.'s operations wound
up will be heard before the High Court of Auckland on May 23,
2008, to be included in the company's dividend distribution.

The Commissioner of Inland Revenue filed the petition on
Jan. 25, 2008.

The CIR's solicitor is:

           Simon John Eisdell Moore
           c/o Meredith Connell
           Forsyth Barr Tower, Level 17
           55-65 Shortland Street
           PO Box 2213, Auckland
           New Zealand


* NEW ZEALAND: Trend in Retail Electronic Card Spending Flat
------------------------------------------------------------
The trend in the Retail Electronic Card Transaction (ECT) series
has flattened since December 2007, Statistics New Zealand says.

The seasonally adjusted value of the retail ECT series was down
0.3 percent in April 2008.  The motor vehicle-related industry
increased in April, due to higher fuel prices, but was offset by
falls in the consumables, durables and hospitality industries.
The seasonally adjusted value of the core retail ECT series,
which excludes the motor vehicle related industry, was down 0.9
percent in April 2008.

The seasonally adjusted value of the total ECT series was 1.4
percent higher in April 2008 following a 1.0 decrease in March.
The trend in total ECT has slowed since December 2007.

Easter generally falls in April but occasionally occurs in
March, as it did this year.  The timing of Easter may have
contributed to the movements in the total ECT series in March
and April.  This impact was most likely in the non-retail
component of electronic card transactions.

In April 2008, there were 83 million electronic transactions
totalling NZ$4.5 billion.

The Electronic Card Transaction series measures the number and
value of debit, credit and charge card transactions with New
Zealand-based merchants.  It is a census of all card
transactions processed within New Zealand.  Transactions by
overseas card-holders in New Zealand are included; transactions
by New Zealand card-holders overseas are excluded.



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

SWIFT FOODS: 1st Qtr Net Loss Down 10% to Php23 Million
-------------------------------------------------------
Swift Foods Inc. disclosed in a regulatory filing that for the
first quarter of 2008 the company registered revenues of
Php550 million, 78% of 2007's first  quarter revenues of
Php703 million.

According to the company, lower revenues is due to the shifting
of volume to high margin products particularly live chickens and
dayold chicks which resulted to lower sales of dressed chickens.

Cost of sales for the period as a percentage of sales decreased
by 1% from 97% last year to 96% this year due to higher
production yield of live broilers by 3.5% and better feed
conversion by 2%.  Gross profit rate improved by 1% this year.
Operating expenses decreased by 7% compared to 1st quarter of
2007.

The company incurred a first quarter net loss of Php23 million,
10% lower than last year's first quarter net loss of
Php25 million.

                        Financial Position

The company's assets as of March 31, 2008 amounted to
Php1.64 billion as compared to Php1.62 billion as of December
31, 2007.  Current ratio for the first quarter 2008 is at 0.44
same as that of December 31, 2007.  Accounts Receivable
decreased by about 15% due to better collection efforts and
lower sales.  Inventories increased by about 18% and Biological
assets also increased by 12% due to increase in volume of
growing stocks.  Liabilities increased by 4% against Dec. 31,
2007.

                        About Swift Foods

Based in Mandaluyong City, Philippines,  Swift Foods Inc.
-- http://rfm.com.ph/swift/swift_foods/--  was incorporated on
June 6, 1994 to assume RFM's business of manufacturing,
marketing and distributing processed and canned meat products,
poultry products, and commercial feeds.  SFI was primarily
organized into two business divisions, namely, agribusiness
(poultry and feeds) and meat (meat processing and sales &
distribution) divisions.  In November 2001, employees of the
meat division went on a strike, which effectively caused the
closure of the Cabuyao plant. As a result, the Board of SFI
decided to transfer the marketing, selling and distribution
activities of the meat division to RFM Corporation to join the
latter's branded food group business effective October 1, 2002.

SFI's agribusiness division produces and sells poultry products,
namely, live and dressed/processed chicken.  About 70-80% of the
company's products are sold to its distributors which sell
mainly to downline accounts or wet markets.  The balance of 20-
30% are sold to both key and secondary accounts groups
representing mainly the supermarkets, groceries, hotels, and
restaurants, including the food service/fast food segment.  SFI
also produces feeds for the internal requirements of its poultry
business.  The company uses feeds in its farms and supplies
feeds to its contact growers nationwide.

                           *     *     *

Based on Swift Foods Inc.'s financial statements for the
years ended December 31, 2007 and 2006, indipendent auditor
Martin C. Guantes at Sycip Gorres Velayo & Co. noted that the
company has been able to reduce the excess of its current
liabilities over its current assets by PHP36.78 million from
PHP634.24 million in 2006 to PHP597.46 million in 2007.
However,  the auditor stated, which opinion the management
of the company shares, that the excess position of current
liabilities over current assets may have an effect on the
company's ability to continue operating in the normal
course of business.



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

DIVISION OF JOHNS: Creditors' Proofs of Debt Due on June 13
-----------------------------------------------------------
The creditors of Division of Johns Hopkins in Singapore Limited
are required to file their proofs of debt by June 13, 2008, to
be included in the company's dividend distribution.

The company's liquidator is:

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


FISHERMAN'S VILLAGE: Court Enters Wind-Up Order
-----------------------------------------------
On May 2, 2008, the High Court of Singapore entered an order to
have Fisherman's Village Pte Ltd's operations wound up.

The petition against the company was filed by Singapore Food
Industries Limited.

Fisherman's liquidator is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


KENWA PLASTICS: To Pay Dividend on May 28
-----------------------------------------
Kenwa Plastics Industries Pte Ltd, which is in voluntary
liquidation, will pay dividend to its creditors on May 28, 2008.

The company will pay 89% to all preferential creditors.

The company's liquidator is:

          Yeap Lam Kheng
          KPMG
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


MASSA MOTOR: Wind-Up Petition Hearing Set for May 30
----------------------------------------------------
The High Court of  Singapore will hear on May 30, 2008, at 10:00
a.m., a petition to have Massa Motor (S) Pte Ltd's operations
wound up.

Standard Chartered Bank filed the petition against the company.

Standard Chartered Bank's solicitor is:

          Drew & Napier LLC
          20 Raffles Place, #17-00 Ocean Towers
          Singapore 048620


WEE HENG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore, on May 2, 2008, entered an order to
have Wee Heng Hup Kee Pte Ltd's operations wound up.

The petition was filed by Singapore Food Industries Limited.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road #06-11
          The URA Centre (East Wing)
          Singapore 069118


* Moody's Sees Negative Outlook for Singapore REITs
---------------------------------------------------
Moody's Investors Service has a negative rating outlook for
Singapore's real estate investment trusts (S-REITs) over the
next 12-18 months.

Despite overall sound fundamentals, negative market sentiment
and tighter market liquidity have impaired the access of some
issuers to the capital markets, Moody's says in a new report.

The report is entitled "Singapore Real Estate Investment Trusts
(S-REITs): Short-Term Refinancing Risks and Uncertain Capital
Markets Weigh on Sector," and is authored by Kathleen Lee, a
Moody's Vice President/Senior Analyst, and Kaven Tsang, an
Assistant Vice President/Analyst.

"Materially tighter credit conditions are adversely affecting
both the availability and price of debt at a time when a number
of S-REITs face imminent refinancing needs," says Lee, who is
the lead author.

"At the same time, depressed unit prices of many trusts have
reduced the attractiveness of equity funding and boosted
leverage at some entities as they fund already committed
acquisitions," Lee adds.

As a result of these challenges, Moody's in recent months has
downgraded or put on review for downgrade three S-REITs and set
outlooks for two others to negative.

"As we look ahead, difficult market conditions have increased
the likelihood of event risk affecting credit profiles through
merger or divestiture activity", Lee says, "Better-off S-REITs
may take advantage of the attractive valuations of those peers
that face liquidity problems or trade at high discounts to net
asset value." She adds, "Likewise, some entities may reconsider
their strategic profiles to realize greater value for their unit
holders."

Tsang says, "At the same time, the fundamentals of Singapore's
property market remain firm as high occupancy rates support
yields and cash flows." He adds, "Most S-REITs retain good
quality assets that will allow them to benefit from this trend."

In addition, the report notes that Singapore's economy is
slowing but still solid and an easing in benchmark interest
rates following the U.S. lead and the continued strong inflow of
foreign funds should provide ongoing support to the sector's
fundamentals.

The report is available at http://www.moodys.com/

                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Rousel Elaine C. Tumanda, Valerie C. Udtuhan,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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