TCRAP_Public/080526.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

             Monday, May 26, 2008, Vol. 11, No. 103

                            Headlines

A U S T R A L I A

ACN 001 245 441: Liquidator Presents Wind-Up Report
AUSTRALASIAN ADMINISTRATIVE: Placed Under Voluntary Liquidation
AVB PTY: Supreme Court Enters Wind-Up Order
AWB LIMITED: Sets Aside AU$26.4 Million for U.S. Unit Dispute
BABCOCK & BROWN POWER: Says Banks Support Debt Refinancing

BEECHWOOD HOMES: No Receivers Present at 1st Creditors' Meeting
BENS CLEANING: Placed Under Voluntary Liquidation
BLUE BELLE: Appoints Andrew Johnson as Liquidator
CHARTWELL ENTERPRISES: Founders Face Suit Over AU$3MM Loans
GREENVALE CONSTRUCTIONS: Members Opt to Liquidate Business

IPTR PTY: Supreme Court Enters Wind-Up Order
K C PARK: To Declare Dividend on June 4
NANGILOC PTY: Undergoes Voluntary Liquidation
NORMAK PTY: Appoints Grahame Hill as Liquidator
NOUGAT LIMAR: Appoints S. Naidenov as Liquidator

QUESTAR SECURITIES: Liquidator Presents Wind-Up Report
RAWYA CONSTRUCTIONS: Members Opt to Liquidate Business
SPARKLES CARWASH: Members Opt to Liquidate Business
SEDGTRANS PTY: Liquidator Gives Wind-Up Report
SPEEDLINK TRAVEL: Liquidator Presents Wind-Up Report

TILDEN GATES: Undergoes Voluntary Liquidation
* Fitch Says Australian Credit Health Sector In Good Condition


C H I N A

CHINA SOUTHERN: Moves Operations to Beijing Capital Airport
CITIC RESOURCES: Mulls Selling Macarthur Coal Stake
CITIC RESOURCES: Discovers Oil Reservoirs at Neif Utara-A1 Well


H O N G  K O N G

BEST GLORY: Court to Hear Wind-Up Proceedings on July 2
CHINA TOURS: Court to Hear Wind-Up Proceedings on June 25
HANG LEE: Court to Hear Wind-Up Proceedings on June 18
HANGSON SIGN: Court to Hear Wind-Up Proceedings on June 25
LUEN SHING: Commences Liquidation Proceedings

NOBLE GROUP: Moody's Rates Proposed 5-Year Senior Notes Ba1
OASIS HONG KONG: Court to Hear Wind-Up Proceedings on June 11
PARKSON RETAIL: HK Unit to Issue New Shares
SOUTH BAY: Court to Hear Wind-Up Proceedings on June 18
TOM GROUP: S&P Keeps BB+ Ratings on Negative CreditWatch


I N D I A

RAIN CALCINING: S&P Withdraws B Corporate Credit Rating
STATE BANK OF INDIA: To Resume Tractor and Farm Equipment Loans
TATA STEEL: Goldman Sachs Rates Firm's Shares as "Buy"
TATA STEEL: Secures Permit to Find Iron Ore in
TATA STEEL: To Seek People Mandate Before Starting Construction


I N D O N E S I A

TAME INVESTMENTS: S&P Withdraws B Rating on Planned Sr. Notes


J A P A N

SANYO ELECTRIC: Returns to Profit in Fiscal Year 2007
UNY CO: Fitch Cuts Foreign and Local IDRs on Weak Performance
* JAPAN: Economy Remained Resilient to U.S. Slowdown, IMF Says


K O R E A

BHK INC: Posts KRW2.6 Billion Pretax Loss for First Quarter 2008
HYUNDAI: Inks Infotainment Systems Dev't Deal With Microsoft


N E W  Z E A L A N D

FAR NORTH ENGINEERING: Subject to CIR's Wind-Up Petition
FORTE INTERNATIONAL: Fixes June 13 as Last Day to File Claims
IAMBE PROPERTIES: Fixes May 30 as Last Day to File Claims
LONE ARROW: Fixes June 2 as Last Day to File Claims
LUMBERJACK SAWMILLS: Wind-Up Petition Hearing Set for Today

NUGGET POINT: Wind-Up Petition Hearing Set for June 3
NVITING KITCHENS: Commences Liquidation Proceedings
PLYMOUTH 22: Appoints Terence Charles Webb Bastion as Liquidator
SKY BLUE: Fixes May 30 as Last Day to File Claims
TT WOOD PRODUCTS: Faces Allied Pine's Wind-Up Petition


P H I L I P P I N E S

LIBERTY TELECOMS: Wants Rehabilitation to Continue


T A I W A N

ASE TEST: Intends to Delist From NASDAQ Market on ASE Buyout


                         - - - - -


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

ACN 001 245 441: Liquidator Presents Wind-Up Report
------------------------------------------------------
A.C.N. 001 245 441 held a final meeting for its members on
May 19, 2008.  At the meeting, the company's liquidator, Anna
Uliana at Griffin Associates, provided the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Anna Uliana
          Griffin Associates
          Shop 7, Albion Street
          Mittagong NSW 2575
          Australia


AUSTRALASIAN ADMINISTRATIVE: Placed Under Voluntary Liquidation
---------------------------------------------------------------
Australasian Administrative Commercial Fund (2005) Pty. Ltd.'s
members agreed on March 27,2008, to voluntarily liquidate the
company's business.  S. Naidenov was appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          S. Naidenov
          Naidenov Insolvency & Business Advisors
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia


AVB PTY: Supreme Court Enters Wind-Up Order
-------------------------------------------
On April 3, 2008, the Supreme Court of New South Wales entered
an order to have AVB Pty. Limited's operations wound up.
Christopher J. Palmer was appointed as liquidator.

The liquidator can be reached at:

          Christopher J. Palmer
          O'Brien Palmer
          Level 4, 23 Hunter Street
          Sydney NSW 2000
          Australia


AWB LIMITED: Sets Aside AU$26.4 Million for U.S. Unit Dispute
-------------------------------------------------------------
For its six months ended March 31, 2008, AWB Limited's Board of
Directors has decided to take a one-off provision of
AU$26.4 million for a possible liability arising from the
litigation brought by Standard Chartered Bank plc against AWB
(USA) Limited.

In February 2005, Standard Chartered Bank brought an action
against AWB (USA) in the U.S. District Court for the Southern
District of New York in respect of a promissory note dispute.
The amount claimed was approximately US$35 million.  On
January 14, 2008, Judge Hellerstein issued his opinion directing
the entry of judgment against AWB (USA) in the amount of
approximately US$24.2 million.  On January 23, 2008, AWB (USA)
filed an appeal against the judgment and the appeal is pending.

                    Covenant Breach and Waiver

Due to AWB Limited's decision to raise a provision for the
Standard Chartered Bank litigation, the company was considered
in technical breach of a lending covenant relating to its
leverage ratio as of March 31, 2008.

A letter of waiver for the covenant breach has been obtained
from the participating banks.  The company's management is
confident that the technical breach will be rectified in the
normal course of operations by June 30, 2008.

The waiver was provided over AWB Commercial Funding Ltd.'s
AU$400 million syndicated credit facility.  At March 31, 2008,
the facility was drawn to AU$30 million.

                       S&P Takes No Action

Standard & Poor's Ratings Services said that its 'BBB-' long-
term corporate credit rating on AWB Ltd. is unaffected by the
announcement that AWB had breached a lending covenant relating
to its leverage ratio.  The outlook remains negative.

The rating agency believes that the underlying operations of AWB
remain sound, despite ongoing uncertainty surrounding AWB's
future role in export-wheat marketing and the scope of AWB's
long-term ability to earn finance and risk-management fees for
marketing export wheat.  In addition, S&P said AWB's recent
earnings results have been adversely affected by significant
charges taken for costs associated with the Cole inquiry,
redundancies and restructuring, and other one-off items.

                       1st Half 2008 Results

AWB Limited recorded a net profit after tax for the first half
ended March 31, 2008, of AU$22.3 million, an 89 percent increase
from AU$11.8 million in the previous corresponding period.  The
company's revenue increased 35.4 percent to AU$3,199.3 million
from AU$2,363.0 million.

AWB Limited's net profit after tax before significant items
increased by AU$23.8 million, or 96 percent, to AU$48.7 million
for the six months ended March 31, 2008, compared to AU$24.9
million in the same period last year.

As of March 31, 2008, the company's balance sheet showed total
assets of AU$6,160,311,000, total liabilities of
AU$5,060,732,000 and total equity of AU$1,099,579,000.

                         About AWB Limited

Australia-based AWB Limited is enganged in agribusiness and
wheat marketing.  The company employs more than 2,200 people
across more than 500 points of presence in Australia, India,
Brazil, Switzerland and Singapore to the People’s Republic of
China and Japan.  Its client base extends to 110,000 customers,
serviced by three core business streams: Landmark Rural
Services, Financial Services and Commodity Management.  The
geographic spread of its activities sees 40% of earnings from
outside of Australia.


BABCOCK & BROWN POWER: Says Banks Support Debt Refinancing
----------------------------------------------------------
Babcock & Brown Power disclosed in a regulatory filing that it
has received strong support from banks for its proposed debt
refinancing program.

The company said its total capital requirements comprised of
refinancing of existing AU$3.1 billion of Alinta acquisition and
project finance debt and equity capital funding for new
development projects being undertaken through to mid 2009.

Babcock & Brown said it has restructured the financing to a
AU$2.7 billion level to ensure an investment credit rating will
be achieved.

The next step in the program, the company said, is the
completion of a Corporate Debt Facility (BBPH Holdings level) of
up to AU$0.36 billion providing total bank debt of approximately
AU$3.06 billion.

The company has aggregate capital requirements of approximately
AU$0.3 billion in relation to the Tamar Project and Newman
Expansion, AU$0.065 billion of which has already been funded
from cash reserves.

Earlier, Babcock & Brown confirmed that it is on track to
finalize its debt refinancing.

Accordingly, the company said it is considering its overall
capital structure and appropriate gearing level.

The company said there are a number of options available to fund
the additional capital commitments including debt, asset sales,
asset joint ventures or various forms of equity.

Babcock & Brown intends to reach a decision on the optimal
capital structure around the time of the close of the core
refinancing with funding expected to occur in early June 2008.

Mr. Paul Simshauser, CEO said " As stated previously we have
been very pleased with the strong support we have received from
a wide range of banks which in the current difficult credit
environment is a strong endorsement of the quality of the BBP
assets.  We are all looking forward to the time when the focus
will move away from our financing requirements to the strong
industry dynamics in which BBP’s assets operate and the related
long term growth prospects for BBP securityholders.”

                     About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

                            *     *     *

For the half-year ended December 31, 2007, Babcock & Brown Power
returned to profit after two consecutive losses in the prior
comparable periods.  The company posted a  net profit of
AU$90,806,000 for the current half year compared to net losses
of AU$50,803,000 and AU$19,863,000 in the half years ended
June 30, 2007 and December 31, 2006, respectively.

The company's balance sheet as of December 31, 2007, showed
strained liquidity with  total current assets of AU$756,707,000
available to pay AU$2,630,670,000 in total current liabilities.


BEECHWOOD HOMES: No Receivers Present at 1st Creditors' Meeting
---------------------------------------------------------------
The Australian reports that the receivers appointed to oversee
the assets of troubled Beechwood Homes failed to attend the
company's first creditors' meeting held May 24, 2008.

About 150 home buyers present at the meeting were "very pissed
off," the report says, citing Beechwood administrator Andrew
Wily of Armstrong Wily.

On May 14, 2008, following the appointment of voluntary
administrators by the Directors of Beechwood Homes, David Lombe
and Chris Campbell from the Deloitte Corporate Reorganization
Group were appointed by a secured creditor as receivers and
managers of Beechwood Homes, being made up of L.E.D. Builders
Pty Limited, L.E.D. (North Coast) Pty Limited, L.E.D. (South
Coast) Pty Limited (All Receivers and Managers Appointed) (In
Administration).

According to The Australian, Deloitte spokeswoman Karina Randall
denied the receivers were required to attend the meeting.  "It's
standard.  It was a voluntary meeting held by the
administrators," Ms. Randall was cited in the report as saying.

The report says creditors were told Deloitte had decided against
attending because it had yet to gather enough information about
Beechwood since its collapse last week.

The Australian relates that about 400 building subcontractors
are owed about AU$10million by Beechwood and the property
group's biggest creditor, BankWest, is owed a further
AU$10 million.

Meanwhile, Deloitte said in a press statement released on the
day of their appointment that Beechwood's Directors appointed a
voluntary administrator without the consent or knowledge of the
secured creditor.   As a consequence the secured creditor took
steps to appoint receivers and managers.

Deloitte stated that prior to its appointment, the company had
preliminary discussions with a number of parties interested in
buying the business.

Deloitte said it is endeavouring to speak with those and other
interested parties who may wish to purchase the assets of the
company and will also be contacting the respective home buyers
to inform them of the position of the company and its ability to
complete their homes.

Beechwood Homes is an Australian owned family company that was
started in the early 1980s, and is currently building
approximately 350 homes.


BENS CLEANING: Placed Under Voluntary Liquidation
---------------------------------------------------
Bens Cleaning Co. Pty. Ltd.'s members agreed on March 17,2008,
to voluntarily liquidate the company's business.  S. Naidenov
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          S. Naidenov
          Naidenov Insolvency & Business Advisors
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia


BLUE BELLE: Appoints Andrew Johnson as Liquidator
-------------------------------------------------
Blue Belle Pty. Ltd.'s members agreed on April 2,2008, to
voluntarily liquidate the company's business.  Andrew Johnson
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Andrew Johnson
          Johnsons Business Recovery & Insolvency
          Suite 3.05, Level 3
          65 York Street
          Sydney NSW 2000
          Australia


CHARTWELL ENTERPRISES: Founders Face Suit Over AU$3MM Loans
-----------------------------------------------------------
Chartwell Enterprises' administrators are hoping to retrieve,
through a legal action, money loaned to the company's directors
for personal expenses, ABC News reports.

The report says Directors Graeme Hoy and Ian Rau allegedly
borrowed more than AU$3 million to fund costs such as home
renovations.

Both directors also face the possibility of criminal charges of
trading while insolvent, the report relates.

Meanwhile, Aleks Devic of Geelong Advertiser says only 72 cents
remained in Chartwell Enterprises' trading account of the
AU$13.3 million investors poured in the last 10 months before
its collapse.

The figure owed to investors had climbed from AU$52.4 million to
AU$80 million, Geelong Advertiser said citing Bruno Secatore,
one of the administrators of Chartwell Enterprises.

On May 7, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Australian Associated Press, reported that Mr.
Secatore said he will recommend the liquidation of the company
because he does not expect to retrieve any money.

About 125 creditors, who invested between AU$10,000 to AU$5
million, attended a two-hour meeting in the Geelong West Town
Hall on May 5, 2007, and many of them left very upset by what
they learned, the AAP said.  "There were a lot of disappointed
people and many were holding back from crying," the AAP quoted a
creditor who did not want to be named.

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

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

                   About Chartwell Enterprises

Based in Geelong, Australia, Chartwell Enterprises was founded
by Ian Rau and Graeme Hoy.  Mr. Hoy also owns a hospitality
company which has recently been placed in receivership.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2008, that administrators have been appointed to look into the
collapse of Chartwell Enterprises.  The Australian Securities
and Investments Commission is also investigating Chartwell
Enterprises, which owes about 100 staff and investors millions
of dollars.  Bruno Secatore from Cor Cordis Chartered
Accountants was appointed as one of the administrators.


GREENVALE CONSTRUCTIONS: Members Opt to Liquidate Business
----------------------------------------------------------
Greenvale Constructions Pty. Ltd.'s members agreed on April 4,
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 liquidator can be reached at:

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


IPTR PTY: Supreme Court Enters Wind-Up Order
--------------------------------------------
On March 17, 2008, the Supreme Court of New South Wales entered
an order to have IPTR Pty. Limited's operations wound up.
Ashton Brailey was appointed as liquidator.

The liquidator can be reached at:

          Ashton Brailey
          Ashton Brailey & Co Accountants
          Suite 8, 14 Frenchs Forest Road
          Frenchs Forest NSW 2086
          Australia
          Telephone: (02) 9453 5733
          Facsimile: (02) 9453 2055


K C PARK: To Declare Dividend on June 4
---------------------------------------
K C Park Safe Group Pty. Ltd. will declare dividend on June 4,
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:

          A. R.Yeo
          Pitcher Partners
          Level 19, 15 William Street
          Melbourne VIC 3000
          Australia


NANGILOC PTY: Undergoes Voluntary Liquidation
---------------------------------------------
Nangiloc Pty. Ltd.'s members agreed on April 2,2008, to
voluntarily liquidate the company's business.  Douglas Arthur
Trood was appointed to facilitate the sale of its assets.


NORMAK PTY: Appoints Grahame Hill as Liquidator
-----------------------------------------------
Normak Pty. Ltd.'s members agreed on April 3,2008, to
voluntarily liquidate the company's business.  Grahame Hill was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Grahame Hill
          Hills Insolvency Services Pty Ltd
          PO Box 915
          Rockdale NSW 2216
          Australia
          Telephone: (02) 9599 7945
          Facsimile: (02) 9599 7946


NOUGAT LIMAR: Appoints S. Naidenov as Liquidator
------------------------------------------------
Nougat Limar Pty. Ltd.'s members agreed on March 27,2008, to
voluntarily liquidate the company's business.  S. Naidenov was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          S. Naidenov
          Naidenov Insolvency & Business Advisors
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia


QUESTAR SECURITIES: Liquidator Presents Wind-Up Report
------------ -----------------------------------------
Questar Securities Pty Ltd. held a final meeting for its members
on May 19, 2008. At the meeting, the company's liquidator,
Donald Dunlop at Cutcher & Neale, provided the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Donald Dunlop
          Cutcher & Neale
          PO Box 694
          Newcastle NSW 2300
          Australia


RAWYA CONSTRUCTIONS: Members Opt to Liquidate Business
------------------------------------------------------
Rawya Constructions Pty. Ltd.'s members agreed on March 17,2008,
to voluntarily liquidate the company's business.  S. Naidenov
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          S. Naidenov
          Naidenov Insolvency & Business Advisors
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia


SPARKLES CARWASH: Members Opt to Liquidate Business
---------------------------------------------------
Sparkles Carwash Coffee Lounge Pty. Ltd.'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 liquidator 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


SEDGTRANS PTY: Liquidator Gives Wind-Up Report
----------------------------------------------
Sedgtrans Pty Ltd. held a joint meeting for its members and
creditors on May 15, 2008. At the meeting, the company's
liquidator, D. I. Mansfield at Moore Stephens, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


SPEEDLINK TRAVEL: Liquidator Presents Wind-Up Report
----------------------------------------------------
Speedlink Travel Pty Ltd. held a joint meeting for its members
and creditors on May 15, 2008. At the meeting, the company's
liquidator, R. J. Porter at Moore Stephens, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


TILDEN GATES: Undergoes Voluntary Liquidation
---------------------------------------------
Tilden Gates Pty. Ltd.'s members agreed on April 1,2008, to
voluntarily liquidate the company's business.  Tim Bryan was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Tim Bryan
          BCP Accounting and Business Advisors
          PO Box 417
          Campbelltown NSW 2560


* Fitch Says Australian Credit Health Sector In Good Condition
--------------------------------------------------------------
Fitch Ratings said, based on a new report of the credit health
of Australian corporates entitled "A Tale of Three Sectors",
that the sector is in generally good condition, with broad key
credit ratios showing no material deterioration over the past
few years.

However, closer examination shows some material disparities
between sectors.  Three broad themes emerge. Firstly, the
survey's findings, which the report is based on, confirm the
strength of the materials sector, which includes miners BHP
Billiton and Rio Tinto.  Credit ratios for the sector have gone
from strength to strength since the mid-2000s.  Secondly and
conversely, credit ratios for the financial sector, have
deteriorated.  It is perhaps not surprising that this sector,
which includes Allco Finance Group and Centro Properties Group,
has given rise to most of the corporate credit issues since the
shake-up in the local debt market began in July 2007.  The
utilities sector has also become more highly geared over the
past five years.

Thirdly, credit ratios for the other sectors covered by the
survey, which include Consumer Discretionary, Consumer Staples,
Energy, Health Care, Industrials, IT and Telecommunications, are
generally satisfactory and do not indicate any systemic credit
concerns.  On the key ratio of Net Debt/EBITDA, many of these
sectors have trended down over the past five years or more, with
none much above a comfortable 2x.

One measure which has shown a gradual deterioration is Cash Flow
from Operations to Net Interest Expense, which takes into
account the effect of rising interest rates; this ratio has
trended down since 2005, thanks predominantly to rising interest
rates, but still remains at a reasonable 4x or more, for all
sectors other than financials and utilities.

While it is possible that we will continue to see sporadic
examples of corporates getting into financial difficulties, the
survey suggests that, to date, there is little to indicate a
general malaise, particularly given the on-going strength of the
materials sector.

The survey covers over 2,600 listed Australian corporates and
covers the period 1992 - 2007, with information sourced from
company financial statements collated by Morningstar Research
Pty Ltd.



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

CHINA SOUTHERN: Moves Operations to Beijing Capital Airport
-----------------------------------------------------------
China Southern Airlines has moved its operations to Terminal-2
at the Beijing Capital Airport, Datamonitor News reports.

According to the report, the airline has been using the
Terminal-1 at the Beijing Capital Airport for almost four years
but it can no longer meet the carrier's steadily increasing
passenger numbers.

In 2009, China Southern Airlines will receive five Airbus A380s
and base all of them in Beijing, to service outbound
international flights from the Chinese capital, the report
relates.

China Southern's move to Terminal-2 is expected to offer
passengers an optimized departure and arrival process, offering
them seamless services and numerous customized ground services,
Datamonitor News adds.

                     About China Southern

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

                          *    *    *

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


CITIC RESOURCES: Mulls Selling Macarthur Coal Stake
---------------------------------------------------
Citic Resources Holdings Limited is considering selling its
17.66% stake in Australia's Macarthur Coal Ltd. "if the price is
right," various reports say.

Aries Poon of Dow Jones reports that an unnamed source said a
potential buyer has approached the company.  "The talks are
still going on.  If the price is right, Citic is willing to sell
it," the source told Dow Jones.

Chen Zeng, managing director of Citic Australia Pty Ltd., told
Bloomberg News that their stake in Macarthur is a strategic and
long-term investment.

Dow Jones' source relates that the company could also opt to its
Macarthur shares and raise its holding by buying the stakes of
existing shareholders.

Meanwhile, Dow Jones says ArcelorMittal has taken a 14.9% stake
in Macarthur.   "ArcelorMittal has approached Macarthur Coal in
respect of a potential transaction," Dow Jones cited Macarthur
as saying.

                   About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 19,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating on CITIC Resources Holdings Ltd, and the Ba2
rating of the US$1 billion seven-year unsecured senior notes
issued by CITIC Resources Finance (2007) Ltd and guaranteed by
CITIC Resources.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.


CITIC RESOURCES: Discovers Oil Reservoirs at Neif Utara-A1 Well
---------------------------------------------------------------
CITIC Resources Holdings Limited discovered the Lower Nief and
Manusela carbonate oil reservoirs at the Neif Utara-A1 drilling
well located at Seram Island in Indonesia.  Lower Nief oil
reservoir is the first discovery in the region.  The Original
Oil in Place (OOIP) of the Neif Utara-A1 drilling well is over
60 million barrels.  Thus, the current total Original
Oil in Place exceeds 123.6 million barrels.

The Nief Utara-A1 well's drilling prospect (Neif Utra A
prospect) covers an area of approximately 4 square kilometer;
Original Oil in Place is over 60 million barrels and the 3P
recoverable reserves exceed 18 million barrels (Recoverable
reserves of P1 + P2 are approximately 6 million barrels).

With more wells to be drilled, it is expected to see an increase
of the P1+P2 recoverable reserves.

According to Schlumberger, an internationally renowned logging
company, Lower Nief is an oil reservoir mainly composed of
substrates with an average porosity of 5% and the effective
thickness of the oil reservoir is close to 400 ft; as for
Manusela, which has substrate and cleft stores oil, has an
average porosity of 7% and the effective thickness of the oil
reservoir is above 200 ft.  Manusela made the initial test
production in early May, under the 250psi draw down pressure, it
got about 700 barrels per day (excluding water).

Nief Utra A prospect is the first prospect being explored in the
Seram Island Non-Bula Block with 5 other prospects remain
unexplored.  The Group plans to drill two more drilling wells
and 2 exploration wells this year.  The second Nief Utara –A2
well has been drilled on May 19 .  The group  will also execute
the latest 2D seismic data collection project, which is believed
to provide more and better exploration target.

Mr. Sun Xinguo, the Chief Executive Officer of the Group, said,
"The new discovery by the Nief Utara-A1 well is very
encouraging.  With the Group's own exploration techniques, the
successful rate of further exploration has been raised
substantially.  The oil reserves in Seram Island Non-Bula
Block will be increased significantly.  The discovery of the new
oil sheet Lower Nief has built a sound foundation for further
oil production.  We strongly believe that the whole Seram Island
Non-Bula Block to have a very positive prospect."

                  About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 19,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating on CITIC Resources Holdings Ltd, and the Ba2
rating of the US$1 billion seven-year unsecured senior notes
issued by CITIC Resources Finance (2007) Ltd and guaranteed by
CITIC Resources.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.



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

BEST GLORY: Court to Hear Wind-Up Proceedings on July 2
-------------------------------------------------------
On April 28, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Best Glory International Limited's operations
wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
July 2, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Arthur K.H. Chan & Co.
          34th Floor, Hopewell Centre
          Unit C, 15th Floor, United Centre
          No. 95 Queensway, Hong Kong


CHINA TOURS: Court to Hear Wind-Up Proceedings on June 25
---------------------------------------------------------
On April 23, 2008, Soares Carmen Maria Limited, filed a petition
to have its operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 25, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Louis Chan & Co.
          Haleson Building, No. 1 Jubille Street
          Central, Hong Kong


HANG LEE: Court to Hear Wind-Up Proceedings on June 18
------------------------------------------------------
On April 14, 2008, Leung Suui Keung, filed a petition to have
Hang Lee Development Holdings Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June18, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


HANGSON SIGN: Court to Hear Wind-Up Proceedings on June 25
----------------------------------------------------------
On April 22, 2008, Modern (International) Access & Scaffolding
Limited, filed a petition to have Hangson Sign Production
operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 11, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chris H. M. Yuen & Co.
          World Wide House
          19 Des Voeux Road Central
          Hong Kong


LUEN SHING: Commences Liquidation Proceedings
---------------------------------------------
Luen Shing Rice Company Limited's members agreed on
May 7, 2008, to voluntarily liquidate the company's business.
The company has appointed Tai Yuen Ling and Lu Chi Kit to
facilitate the sale of its assets.

The liquidators can be reached at:

          Tai Yuen Ling
          Lu Chi Kit
          JCG Building, 14th Floor
          16 Mongkok Road, Mongkok
          Hong Kong


NOBLE GROUP: Moody's Rates Proposed 5-Year Senior Notes Ba1
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the
proposed 5-year senior notes of Noble Group Ltd.  At the same
time, Moody's has affirmed Noble's Ba1 corporate family rating.
The outlook for the ratings is stable. Noble expects to apply
the proceeds from the notes for refinancing.

Noble is a global trader and supply chain manager and the
largest in Asia. It is involved in a diversified range of
commodity products. It is engaged in the sourcing, storage,
transportation and distribution of agricultural, energy and
industrial products. Noble is also one of Asia's largest bulk
charterers providing vessel chartering and other related
services for its own commodity product divisions as well as for
third party customers. Headquartered in Hong Kong, it is listed
on the Singapore Stock Exchange. It has over 100 offices in more
than 40 countries.


OASIS HONG KONG: Court to Hear Wind-Up Proceedings on June 11
-------------------------------------------------------------
On April 28, 2008, Oasis Hong Kong Airlines Limited, filed a
petition to have its operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 11, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Tanner De Witt
          1806, Tower Two, Lippo Centre
          89 Queensway, Hong Kong


PARKSON RETAIL: HK Unit to Issue New Shares
-------------------------------------------
Parkson Retail Group Limited is planning a new share issue, Soo
Ai Peng of Reuters reports, citing its Malaysian holding
company, Parkson Holdings Bhd.

As reported by the Troubled Company Reporter-Asia Pacific on
May 22, 2008, trading of Parkson Retail's shares on the Stock
Exchange of Hong Kong Limited has been suspended pending the
release of an announcement by the company in relation to a
discloseable and connected transaction which contains price
sensitive information of the company and involve issuance of new
shares by the company.

Parkson Holdings' stock fell 0.8% to INR6.60 (US$2.05) before
the suspension, Reuters relates.

                   About Parkson Retail Group

Headquartered in Hong Kong, Parkson Retail Group Limited
operates department stores including 37 "Parkson"branded
department stores and 2 "Xtra"branded supercentres situated in
26 cities in the People's Republic of China. Other activities
include provision of consultancy and management services,
research and development of computer software and investment
holding.

                         *     *     *

As of April 26, 2008, Parkson Retail Group Limited continues to
carry Moody's "Ba1"Senior Unsecured Debt, Senior Secured Debt,
and Long-Term Corporate Family Ratings with a Stable outlook.

In addition, Parkson Retail still carries Standard & Poor's "BB"
long-term local and foreign issuer credit ratings.


SOUTH BAY: Court to Hear Wind-Up Proceedings on June 18
------------------------------------------------------
On April 14, 2008, Leu Sau Chi, filed a petition to have  South
Bay Vietnamese Restaurant Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
June 18, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


TOM GROUP: S&P Keeps BB+ Ratings on Negative CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services said Friday that the ratings
on TOM Group Ltd. will remain on CreditWatch with negative
implications.

Standard & Poor's placed its 'BB+' long-term corporate credit
rating on TOM and the 'BB+' issue rating on US$150 million
convertible bonds due 2008 issued by the company's subsidiary
TOM Holdings Ltd. on CreditWatch with negative implications on
Oct. 22. 2007.

"We have still not received adequate information to resolve the
CreditWatch placement," said Standard & Poor's credit analyst
Ryan Tsang. "The ratings on the company are likely to be lowered
unless we are satisfied that TOM's new strategy can mitigate the
negative impact of several key issues on its operating
performance."

"The original CreditWatch placement reflected a weakening of
TOM's wireless Internet service, which has historically
accounted for more than 50% of its revenue. We are also awaiting
clarification on management's response to the strategic alliance
between China Mobile Ltd. (A/Positive/--) and several
other mobile phone producers that has negatively affected its
wireless Internet operations. Recent management restructuring at
TOM has added to the uncertainty over the company's future
business strategy," S&P said.

The CreditWatch status will be resolved after Standard & Poor's
can fully assess the implications of the recent structural
changes to TOMs' overall business, particularly its wireless
arm, and analyze the overall impact of its new strategy.



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

RAIN CALCINING: S&P Withdraws B Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said Friday it withdrew its
'B' corporate credit rating on India-based calcined petroleum
coke producer, Rain Calcining Ltd. (RCL). At the same time,
Standard & Poor's also withdrew its 'B' rating on the US$395
million senior secured debt of RCL.

This follows the completion of the corporate reorganization and
documentation by the Rain group. The management of Rain CII
Carbon (India) Ltd. (formerly called RCL) has confirmed that it
has been transferred all of RCL's assets and liabilities,
including the corporate guarantee provided to the creditors of
Rain CII Carbon LLC (Rain CII LLC, not rated), under this
reorganization.

"We have therefore assigned our 'B' corporate credit rating to
India-based Rain CII India. The outlook is stable. At the same
time, we assigned our 'B' issue rating to the US$395 million
senior secured debt co-borrowed by both Rain CII India and Rain
CII LLC, with a recovery rating of '3', indicating that lenders
can expect meaningful recovery (50%-70%) in the event of payment
default," S&P said.

Rain CII LLC (formerly called CII Carbon LLC) was acquired in
2007 and is now a wholly owned subsidiary of Rain CII India (see
previous reports titled "CII Carbon LLC Ratings Withdrawn On
Takeover By Rain Calcining, Repayment of Bank Facility"
published Sept. 11, 2007, and "Rain Calcining Ltd., Subsidiary
CII Carbon Rated 'B'; Notes Rated 'CCC+'" published Oct. 30,
2007, on RatingsDirect). The terms and conditions under the
US$395 million senior secured debt facility and the US$235
million senior subordinated notes remain unchanged. The business
activities of its ultimate parent, Rain Commodities Ltd., remain
ring-fenced from Rain CII India.

"We maintain our issue rating on Rain CII LLC's US$235 million
senior subordinated notes at 'CCC+', with a recovery rating of
'6', indicating the expectations of negligible (0%-10%) recovery
in the event of payment default," S&P said.

The ratings on Rain CII India incorporate a view of the
consolidated entity including Rain CII LLC. Overall, based on
current available information, the credit risk profile of the
new entity remains consistent with the current rating.


STATE BANK OF INDIA: To Resume Tractor and Farm Equipment Loans
---------------------------------------------------------------
State Bank of India said that it would resume tractor and farm
equipment loans with immediate effect, having earlier suspended
new loans because of rising defaults, Reuters reports.

"We regret that our circular dated May 16, concerning tractor
loans has been misunderstood and has given rise to concern.  The
circular is withdrawn with immediate effect", said a statement
from O.P Bhatt, the Bank's Chairman, as quoted by Reuters.

On May 23, 2008, the Troubled Company Reporter-Asia Pacific,
citing an article by Joe Leahy of the Financial Times, reported
that 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,

According to FT's 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 FT 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 FT report said 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 FT.  “But the farmers have
taken it wrongly.  Everybody thinks everybody will get the
benefit and they have stopped repayments.”

                   About State Bank of India

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

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2008, Fitch Ratings affirmed the State Bank of India's
'C' Individual rating and 'BB' USD400 million perpetual non-
cumulative Tier 1 bonds rating.


TATA STEEL: Goldman Sachs Rates Firm's Shares as "Buy"
------------------------------------------------------
Goldman Sachs Group Inc. raised Tata Steel Ltd.'s rating to
'buy' from 'neutral' with a positive outlook for prices in
Europe, raising the target price by 51% to 1,120 rupees from 742
rupees, Bloomberg News reports.

Tata Steel, the report says, sells more than two-thirds of its
output in Europe after the company bought Corus Group Plc in
January 2007 for US$13 billion.

"With a high degree of leverage to European spot steel prices
and roughly 70% of output sold in Europe, we believe this is a
good vehicle for exposure to the current steel cycle," Bloomberg
News quotes Goldman analysts Pritesh Vinay and Sandeep Pandya as
saying.

Bloomberg adds that Corus and ArcelorMittal have raised prices
this year after agreeing to a threefold increase in benchmark
annual coking coal prices and at least a 65% jump in the cost of
iron ore.

Corus is considering asking customers to pay a raw-material
surcharge after iron-ore and coal prices reached records,
London-based spokeswoman Annanya Sarin told Bloomberg in an
interview.  On July 1, prices for electric steel made by its
Cogent Power division were also raised because of raw-material
costs, the report says.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating was removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


TATA STEEL: Secures Permit to Find Iron Ore in
----------------------------------------------
Tata Steel has secured a permit to find Iron Ore in the eastern
Jharkhand state as it doubles production to 10 millon tons, the
India Infoline News Service reports.

According to Infoline News, a statement by the Ministry of Mines
states that the permit allows Tata Steel to prospect an 1808-
hectare (4,468 acres) area.

In April 2008, Tata was allowed by the nation's highest court to
seek the environment ministry's clearance to mine iron ore in a
forest area in the Chhattisgarh state, where  the company plans
to build a 5 million-ton plant, the report said.

                        About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating was removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.


TATA STEEL: To Seek People Mandate Before Starting Construction
---------------------------------------------------------------
TATA Steel will seek the people mandate before starting the
construction work for its proposed INR15,400 crore six million
tonne per annum integrated Greenfield steel plant in Kalinga
Nagar, Steelguru News said.

Earlier reports indicated that tribals from Kalinga Nagar are
opposing the company's project.

According to Steelguru, HM Nerurkar, COO of TATA Steel, said
that the company is in continuous discussion with the local
people and Visthapan Virodhi Manch, and is ready to talk to
anyone to solve the problem.

"I think there have been some mistakes let us say from our side,
in not understanding the people.  We will go for construction
after getting positive approval from the people, mandate from
the people in a peaceful manner, Steelguru cites HM Nerurkar as
saying.

                       About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating was removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.



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

TAME INVESTMENTS: S&P Withdraws B Rating on Planned Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said Friday it withdrew these
issue ratings:

     -- 'BB-' issue rating assigned to the proposed US$425
        million senior secured notes by Listrindo Capital B.V.,
        a fully owned subsidiary of PT Cikarang Listrindo
        incorporated in The Netherlands, established solely for
        issuing this debt instrument.

     -- 'B-' rating on the proposed US$300 million senior
        unsecured bond due in 2012 to be issued by S2P Power
        B.V., PT Sumber Segara Primadaya's (S2P) wholly owned
        subsidiary incorporated in The Netherlands, established
        solely for issuing this debt instrument.

     -- 'B' rating on Indonesia-based TAME Investments Pte.
        Ltd.'s planned senior guaranteed notes. The issue rating
        was assigned on April 25, with the proposed notes to be
        guaranteed by PT Truba Alam Manunggal Engineering Tbk
        and its operating subsidiaries.

     -- 'B-' rating and recovery rating of '6' on the proposed
        US$475 million second-lien notes due 2015 to be issued
        by Global A&T Electronics Ltd.

These issue ratings, which were subject to final documentation,
have been withdrawn after one of the following reasons: (1)
cancellation by the company, or (2) protracted delay on the
completion of their issuance and continuing uncertainties in the
near term.



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

SANYO ELECTRIC: Returns to Profit in Fiscal Year 2007
-----------------------------------------------------
SANYO Electric Co. Ltd.'s consolidated sales total rose for the
Fiscal Year 2007 ended March 31, 2008, by 7.2% to JPY2017.8
billion, compared to the last year.  For the Japanese market,
because of the unfavorable sales of home appliances products and
commercial-use equipment such as showcases and kitchen
instruments, there was an overall decrease of 5.0%, totaling
JPY742.5 billion compared to last year.  As for overseas
markets, there were favorable and increased sales in digital
cameras, rechargeable batteries and solar photovoltaic modules
as well as strong sales in commercial-use air conditioners,
showing a strong increase of 15.9% from the last year to total
JPY1275.3 billion.

As for operating profit, in spite of the escalating costs of raw
materials and the appreciation of the Japanese yen, FY 2007
ended with an operating profit of JPY76.1 billion, an increase
of 78.7% over the last year due to increased sales in digital
cameras and rechargeable batteries, and electronic devices.

Profit before tax for continuing operations, showed a strong
recovery of JPY73.3 billion, reaching JPY57.2 billion.  The net
profit for the year after taxes was JPY28.7 billion, a recovery
of JPY74.1 billion over the last fiscal year.

For the 2006 Fiscal Year ended March 31, 2007, SANYO incurred a
net loss of JPY45,362 million on net sales of JPY1,882,612
million.

The company's balance sheet as of March 31, 2008, showed total
assets of JPY 1,683,837 million, total liabilities of
JPY1,349,400 million and total stockholders’ equity of
JPY308,043 million.

SANYO also launched its new ‘Mid-term Management Plan’, a new
three-year (FY 2008 – FY 2010) plan based on the ‘Master Plan’
announced last November, making clear the path to profitability
and ensuring future sustainable growth.  Within the plan, more
specific target goals were outlined, all focusing on completing
the ‘Challenge 1000’, a challenge for the group to achieve an
operating profit of 100 billion JPY within 1000 days
(approximately three years).

Seiichiro Sano, Executive Director & President of SANYO,
commented, “The results of FY 2007 eclipsed the forecast in
terms of profit, surging as much as 78.7% compared to last year,
and have moved the balance sheet back into the black after four
fiscal years.“

Though the business environment in the FY2008 will be expected
to be difficult because of issues such as currency exchange
rates, the elevating cost of raw materials among other factors,
SANYO plans to position FY 2008 as a year for the prior
investment needed to reach the goal of achieving an operating
profit of JPY100 billion by the end of FY 2010, the last year of
the newly outlined Mid-term Management Plan.

President Sano added, “We will focus the majority of the
JPY122.5 billion planned investment in the Energy Business Area,
especially for products such as rechargeable batteries and solar
photovoltaic modules.  While we have forecast a reduction in
operating profit for FY2008 compared with the previous year, it
is an important year for investments to prepare for
accomplishing the challenge goals of FY 2010.”

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

In March 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.

Both ratings still apply as of May 23, 2008.


UNY CO: Fitch Cuts Foreign and Local IDRs on Weak Performance
-------------------------------------------------------------
Fitch Ratings downgraded Uny Co., Ltd's ratings and
simultaneously withdrawn them.  Fitch will no longer provide
ratings or analytical coverage on this issuer.  The ratings are:

  -- Long-term foreign and local currency Issuer Default
     Ratings: downgraded to 'BB+' from 'BBB-' and simultaneously
     withdrawn;

  -- Short term foreign and local currency IDRs: downgraded to
     'B' from 'F3' and simultaneously withdrawn; and,

  -- Senior unsecured debt rating: downgraded to 'BB+' from
     'BBB-' and simultaneously withdrawn.

The rating Outlook was changed to Negative in June 2007 due to
Uny's gradually weakening consolidated financial leverage and
operating performance in its convenience store operations, which
is weaker than its peers' amid the harsher business environment.

The rating downgrades are primarily driven by the continued
weakening of Uny's operating performance and financial profile,
especially its financial leverage.  In FYE08, lagging
performances of Circle K Sunkus convenience stores, Sagami
speciality store-s, and UCS, a finance company, resulted in weak
consolidated results for the company.  Its non-financial-service
leverage, as measured by adjusted net debt/EBITDAR (excluding
UCS), continued to weaken to 5.4x from 5.1x last year and 4.8x
two years earlier.

Fitch's concern that the deterioration in credit metrics may not
be temporary, given the uncertain outlook for the Japanese
retail sector, has resulted in the rating downgrade.  The agency
considers that a leverage ratio below 5x is more appropriate for
its previous rating of 'BBB-'.

Uny is one of Japan's largest retailers with a dominant position
in the Chukyo area.  Uny operates general merchandise stores,
supermarkets, convenience stores and specialty retail shops,
mainly in Japan.


* JAPAN: Economy Remained Resilient to U.S. Slowdown, IMF Says
--------------------------------------------------------------
The Japanese economy has remained resilient to the slowdown in
the United States and global market turmoil, the International
Monetary Fund said.  First quarter GDP growth was robust, led by
strong exports and steady household spending. Nevertheless, the
outlook is more mixed, with growth expected to moderate amid
uncertainties regarding the global economy and the deteriorating
terms of trade.  In these circumstances, the IMF agrees with the
authorities that policies should remain accommodative and with
continued efforts to strengthen financial stability.

                           Outlook

The IMF shares the authorities' view that Japan's growth is
likely to moderate in the near-term.

Baseline: IMF projects GDP growth to moderate to around 1-1/2
percent in 2008 and 2009, somewhat below potential.  Private
consumption and business investment should slow, offset in part
by a turnaround in construction and robust exports to non-U.S.
destinations.  Headline CPI inflation is expected to rise to
around 1 percent in 2008 and 2009, reflecting higher commodity
and fuel prices, but core inflation will likely remain low.

Risks: Compared to several months ago, the risks to the outlook
appear more evenly balanced, as concerns over a global credit
squeeze have eased and growth outside the United States has so
far held firm.  However, the outlook is still subject to
considerable uncertainty surrounding the depth of the U.S.
slowdown and future developments in commodity prices and
financial conditions.  Domestically, the weak SME sector is a
concern, while the deterioration in the terms of trade is
weighing on corporate profits and household incomes.  On the
other hand, growth in exports to emerging markets could continue
to surprise on the upside.

                        Macroeconomic and
                        Financial Policies

The current policy mix is broadly appropriate for the near-term.
Fiscal policy is governed by the already high debt burden and
the growing demands associated with an aging population.  Given
the uncertainties in the outlook, monetary policy should remain
accommodative and interest rates held steady until concerns over
domestic activity and the global environment have eased.
Financial policies should guard against spillovers from the
global market turmoil and risks from a slowing economy.

According to the IMF, Japan's fiscal policy is rightly focused
on reducing the high level of public debt.  Over the past
several years, the IMF says buoyant tax revenue and public
investment cuts have led to a large reduction in the general
government primary deficit (excluding social security)-to an
estimated 3/4 percent of GDP in FY2007.  This improvement is
welcome, but the revised medium-term fiscal plan fails to build
on the progress as it targets a broadly unchanged deficit for
FY2008 and no more than primary balance (excluding social
security) by FY2011.  This would imply that the net public debt
ratio would remain high and begin to rise thereafter in the
absence of a sharp fiscal adjustment.  For this reason, the IMF
recommends a faster pace of adjustment supported by
comprehensive tax reform.

Near-term fiscal stance: The FY2008 budget targets a broadly
neutral stance with a slight increase in total expenditures and
lower tax buoyancy.  Notwithstanding the uncertain growth
outlook, the IMF believes a somewhat more ambitious budget aimed
at reducing the primary deficit would have been desirable.  In
the event that revenues fall short of the budget target, it
would be prudent to constrain spending (and avoid a
supplementary budget) in order to prevent undermining fiscal
consolidation.

Pace of consolidation over the medium-term: Starting in FY2009,
the IMF recommends an adjustment of the primary balance
(excluding social security) of 3/4 percent of GDP per year, or
about 1/2 percent of GDP more than in the authorities' reference
path.  If maintained, the IMF says this is projected to lead to
a primary surplus of 1-1/2 percent of GDP in FY2011 and put the
public net debt ratio firmly on a downward path.  Faster
consolidation would take advantage of the current low interest
rates and help dispel concerns over the pension system that may
be weighing on consumption.

Fiscal reforms: With expenditure cuts nearing their limit, the
focus of fiscal consolidation should shift towards tax measures,
including raising the consumption tax and broadening the income
tax base.  These actions should be part of a comprehensive
reform of the tax system that aims to improve efficiency and
secure fiscal sustainability.  The proposal to discontinue the
earmarking of tax revenues to road construction beginning in
FY2009 may provide an opportunity to discuss broader tax reform
options.  Also, additional revenues are needed to finance the
government's plan to raise its funding share for the basic
national pension program from one-third to one-half starting in
FY2009.

Strengthening social security: The pension system review planned
next year should lead to reforms that support medium-term fiscal
sustainability.  At the same time, reforms will need to address
the challenges created by rapid aging and concerns over
increasing inequality in pension benefits between generations,
as well as between those covered and not covered by the system.

Given the uncertainties surrounding the outlook, the IMF agrees
with the BoJ on its flexible "wait and see" approach to the
conduct of policy.

Background: Monetary conditions remain accommodative with
headline inflation now above the policy rate.  Despite the
increase in commodity and fuel prices, wage pressures and core
inflation (excluding food and fuel) remain weak and inflation
expectations seem to be contained.

Conduct of monetary policy: Under IMF's baseline scenario,
growth is expected to moderate to somewhat below potential while
headline CPI inflation would stabilize at around 1 percent.  At
the same time, there are no indications of growing imbalances
under the "second perspective" and the risks that low interest
rates in Japan are fueling carry trades and complicating
monetary management elsewhere have diminished.  Given the
uncertain outlook, the IMF agrees that the policy rate should be
maintained at the current level until concerns over domestic
activity and the external environment have eased.

The IMF team has several observations relating to communications
under the monetary framework and ways to strengthen the BoJ's
role in helping to secure financial stability.

Communications under the monetary framework: With inflation now
moving towards the center of the "understanding of medium- to
long-term price stability" and pressures on global commodity
prices, there are new challenges to guiding inflation
expectations.  The greater discussion of the risks to the
outlook and of the views of the Policy Board Members on growth
and CPI inflation in the BoJ's April "Outlook for Economic
Activity and Prices," should be useful in enhancing public
understanding of the outlook and conduct of monetary policy.
Moreover, the greater emphasis on the 1 percent median of the
"understanding of price stability" could help firms and
households adjust to the new price environment and anchor
inflation expectations.

Securing financial stability: The BoJ's flexible approach to
liquidity operations has helped stabilize money market
conditions and ensure market stability. Nonetheless, it may be
useful to strengthen the BoJ's monitoring of the overall
financial system by expanding the sharing of information between
the BoJ and the FSA on activities of systemically important
financial institutions outside the banking system.

The market-determined exchange rate policy remains appropriate.
Notwithstanding the appreciation since mid-2007, the yen in real
effective terms remains below its level at the beginning of the
expansion in 2002.  The IMF said it continues to support the
official policy that the yen exchange rate should be market
determined with intervention only justified to counter
disruptive exchange rate movements.

A sharper-than-expected slowdown and rising global inflation are
also potential scenarios to consider, said the IMF.

A sharp slowdown: Under an alternative scenario where the
economy slows substantially, the scope for countercyclical
fiscal policy would be constrained by the need to bring down the
high debt ratio.  Moreover, the unsuccessful experience with the
1990s fiscal stimulus casts doubt on the effectiveness of
boosting public spending.  For monetary policy, in addition to
reducing interest rates, the BoJ has a wide arsenal to meet
exceptional liquidity needs and maintain market stability.

Global monetary tightening: Rising global inflation that
triggers a tightening international response could complicate
monetary policy in Japan.  In this case, the BoJ may need to
consider normalizing interest rates at a faster pace than might
be warranted by domestic conditions alone.

                       Financial Policies
                     to Safeguard Stability

The IMF relates that the impact of the global market turmoil on
Japan's financial system has so far been manageable, but risks
remain.  Japanese banks' reported subprime-related losses have
increased but remain well within their capital and operating
earnings.  However, the financial system still faces risks from
the global market turmoil and a slowing domestic economy.  The
reverberations through various markets in Japan from the
financial turbulence have highlighted how closely integrated
global financial markets have become.

Financial policies are appropriately focused on guarding against
spillovers from the global market turmoil.  The authorities have
taken a number of useful steps, including disclosing banks'
subprime holdings and providing exceptional liquidity, which
have helped support market confidence.  Looking ahead, the IMF
would highlight these policy priorities—consistent with those
recommended by the Financial Stability Forum—for further
strengthening the financial system.

   * Greater disclosure for structured holdings: Following
     subprime write-downs, attention has shifted to Japanese
     banks' holdings of other structured credits where losses so
     far have been more limited.  Greater disclosure of
     structured holdings, including on the underlying assets and
     hedging coverage, and of off-balance sheet vehicles would
     strengthen market confidence and discipline.
     Consideration could also be given to extending enhanced
     disclosure to nonbanks, such as insurers, with the
     understanding that the accounting and regulatory treatments
     may differ from banks.

   * Adequacy of capital cushions: Japanese major banks should
     be encouraged to continue efforts to improve the quality of
     their "core" capital as their Tier 1 capital ratios remain
     below those of other leading banks.  For regional banks, in
     light of their expansion into securities and overseas
     investments, consideration could be given to raising the
     minimum capital requirement for domestic banks above the
     current 4 percent level (compared to the 8 percent
     required for internationally active banks under the Basel
     framework).  This  would not only be more in line with
     current trends (most regional banks are already above 8
     percent), but also give the supervisor more flexibility in
     dealing with distressed banks at an earlier stage.
     Gradually raising the minimum capital requirement would
     give banks sufficient time to adjust.

   * Strengthening the market for securitization: Although
     securitization has grow steadily since the late 1990s, the
     market remains small with the volume of secondary trading
     limited.  Greater disclosure by the originator on the
     underlying assets, such as for SME-ABSs, and the creation
     of reliable market benchmarks (e.g., for commercial real
     estate) would improve price discovery and liquidity in the
     secondary market.

A slowing domestic economy also presents risks.  Widening credit
spreads for low-rated companies and rising corporate
bankruptcies, led by SMEs, suggest the need for vigilance
against credit risk, particularly for regional banks with their
greater domestic exposure and higher levels of nonperforming
loans (NPLs).

Strengthening risk management: Supervisors will need to ensure
that banks, particularly regional banks with exposure to weak
SMEs, have appropriately classified and provisioned against
problem loans.  At the same time, the subprime crisis has
created an opportunity for Japanese banks to expand into
overseas markets to fill in lending space created by European
and U.S. banks.  Having in place robust credit risk assessment
systems to manage overseas portfolios will help Japanese banks
to take advantage of new lending opportunities while guarding
against possible risks.

Reducing market risk: Japanese banks' large equity holdings
expose the banking system to considerable market risk and
exacerbate the procyclicality of capital ratios.  Banks should
be encouraged to continue efforts to reduce their stockholdings
as part of an overall strategy for improving their risk-return
profile.  This reduction will be promoted by the increase in
capital charge for existing equity holdings to the same level as
that for new equity purchases, which is set for 2014.

Over the longer-term, the IMF says further reforms are needed to
improve financial intermediation and promote stability.  These
would include: encouraging further bank consolidation to boost
core profitability; managing the privatization of Japan Post to
ensure a level playing field for all institutions, and promoting
a broader sharing of credit information to strengthen risk
pricing and financial stability. Further development of the
capital markets would also help enhance Tokyo's appeal as an
international financial center.

                      Structural Reforms to
                    Enhance Potential Growth

The IMF believes that it would be highly desirable to
reinvigorate structural reforms.  In the near-term, reforms
would support growth by providing a boost to investment and
confidence.  Over the longer-run, broader reforms would raise
potential growth and help address widening economic dualities
arising from globalization.  There has been some progress in
implementing initiatives under the IMF's Multilateral
Consultation, but more needs to be done.  The priorities remain
to enhance labor market flexibility and promote competition
through further deregulation and market opening.

Enhancing labor market flexibility: Labor utilization would
improve with more flexible work arrangements, easier rules for
dismissal, greater portability of pensions, and more balanced
employment conditions for regular and temporary workers.  A more
liberal and bolder approach to immigration policy would also
address special labor needs and shortages.  In this regard, the
IMF looks forward to the recommendations of the government panel
for accepting more skilled professionals into Japan.

Promoting competition: Further deregulation and market opening,
particularly in agriculture, retail, and services, would give a
boost to productivity and make Japan a more attractive
destination for foreign investment.  Applying successful reforms
in the Special Zones on a nationwide basis and opening further
"government-driven" markets to the private sector could build
support for deeper reforms.

Structural reforms would also support an orderly adjustment in
global imbalances and contribute to external stability.  Japan's
current account surplus is expected to narrow over the medium-
term, as population aging reduces household savings and pushes
firms to substitute capital for labor.  This adjustment would be
facilitated by far-reaching reforms that raise labor
participation rates, enhance productivity, and increase the
return on capital.  It would also likely be associated with a
strengthening of the yen over the medium-term and contribute to
an orderly reduction of global imbalances.

                          Conclusion

The IMF states that Japan faces significant economic policy
challenges over the medium-term.  Stabilizing the public
finances, managing the return to more normal monetary
conditions, strengthening the financial sector, and boosting
productivity through labor reforms and deregulation would lay
the foundation for a sustained expansion and allow Japan to
benefit more fully from its close integration with the global
economy.  The IMF encourages the government to spare no efforts
in helping to create a more resilient, competitive, and dynamic
economy whose benefits would be shared with the rest of the
world.



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

BHK INC: Posts KRW2.6 Billion Pretax Loss for First Quarter 2008
----------------------------------------------------------------
BHK Inc. posted a wider first quarter pretax loss with lower
sales, Thomson Financial reports.

According to the report, the company posted a pretax loss of
KRW2.6 billion for the three months to end-March compared with a
loss of KRW1.3 billion in the year-ago period.

Total sales declined to KRW1.2 billion from KRW2.4 billion last
year, the report notes.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


HYUNDAI: Inks Infotainment Systems Dev't Deal With Microsoft
------------------------------------------------------------
Hyundai-Kia Automotive Group and Microsoft Corp. entered into a
long-term agreement to co-develop the next generation of in-car
infotainment systems.  Bill Gates, chairman of Microsoft and
Euisun Chung, president of HKAG were present as Martin Thall,
general manager of Microsoft's Automotive Business Unit, and
Hyun Soon Lee, president and chief technology officer of HKAG,
signed the agreement in Seoul.

Together, Microsoft and HKAG will deliver new and innovative
solutions based on the Microsoft Auto software platform,
bringing the future of in-car technology to Hyundai-Kia drivers
worldwide.

"These new systems will redefine consumer experiences in the
car," Thall said.  "Since the spring of 2006, HKAG and Microsoft
have been sharing their vision for the future of in-car
technology.  We're now aligned to develop the next generation of
in-car infotainment systems."

"HKAG's strategic vision is to become a global leader in
automotive and information technology convergence" Chung said,
"the partnership with Microsoft will form the foundation for
achieving that vision."

The first product, a next-generation infotainment system that
provides voice-controlled connectivity between mobile devices,
will be introduced in the North American market in 2010.  It
will further apply to Asian and European markets, and expand
into multimedia and navigation devices.  These easy-to-use
infotainment systems will allow consumers to enjoy music in
various digital formats.

The next-generation infotainment systems are comparable to mini-
PCs.  Even after product launch, new functions can be added or
upgraded in the form of software program updates, an innovation
to existing in-car multimedia technology.

The Hyundai-Kia Automotive Group's adoption of the Microsoft
Auto software platform increases Microsoft's presence in the
Asian car market and enhances the global automotive business.
The engineering and marketing teams of Microsoft's Automotive
Business Unit in Redmond, Wash., will be working directly with
counterparts at HKAG in Seoul to support this goal.  Systems
powered by the current version of Microsoft Auto are available
in Fiat Auto Group vehicles in Europe and South America and Ford
Motor Co. vehicles in North America.

In a related announcement, Microsoft and Hyundai-Kia, along with
the Institute for Information Technology Advancement (IITA),
signed a memorandum of understanding (MOU) to co-establish an
automotive IT innovation center with the goal of promoting
innovation and opportunities for Korean software and device
vendors in the global market.  Hyundai-Kia will invest $166
million over the next five years to bring IT technology
advancements into the car and to develop new in-car services.

Hyundai-Kia will invest US$166 million over the next five years
to bring IT technology advancements into the car and to develop
new in-car services.

                Microsoft Automotive Business Unit

The Microsoft Automotive Business Unit partners with the auto
industry by providing innovative technologies and flexible
software platforms to help deliver simple, more reliable and
cost-effective in-car infotainment systems.  Developed closely
with automakers and automotive suppliers, the award-winning
Microsoft Auto and Windows Automotive software platforms connect
drivers with a wide range of devices, services and technology
while on the go, including hands-free communication, mobile
device integration, customized navigation and high-fidelity
digital entertainment.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.



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

FAR NORTH ENGINEERING: Subject to CIR's Wind-Up Petition
--------------------------------------------------------
On March 13, 2008, the Commissioner of Inland Revenue filed a
petition to have Far North Engineering Ltd.'s operations wound
up.

The petition will be heard before the High Court of Whangarei
today, May 26, 2008, at 10:00 a.m.

The CIR's solicitor is:

          M. B. Smith
          Marsden Woods Inskip & Smith
          122 Bank Street
          PO Box 146, Whangarei
          New Zealand


FORTE INTERNATIONAL: Fixes June 13 as Last Day to File Claims
-------------------------------------------------------------
Forte International Ltd. requires its creditors to file their
proofs of debt by June 13, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

         Peri Micaela Finnigan
         Victoria Toon
         McDonald Vague
         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


IAMBE PROPERTIES: Fixes May 30 as Last Day to File Claims
---------------------------------------------------------
The creditors of Iambe Properties Ltd. 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


LONE ARROW: Fixes June 2 as Last Day to File Claims
---------------------------------------------------
Lone Arrow Stud Ltd. requires its creditors to file their proofs
of debt by June 2, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Shamal Kumar
          Waterstone Insolvency
          PO Box 352, Auckland
          New Zealand
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI
          e-mail: enquiries@waterstone.co.nz


LUMBERJACK SAWMILLS: Wind-Up Petition Hearing Set for Today
-----------------------------------------------------------
A petition to have Lumberjack Sawmills Ltd.'s operations wound
up will be heard before the High Court of Whangarei today,
May 26, 2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
March 27, 2008.

The CIR's solicitor is:

          M. B. Smith
          Marsden Woods Inskip & Smith
          122 Bank Street
          PO Box 146, Whangarei
          New Zealand


NUGGET POINT: Wind-Up Petition Hearing Set for June 3
-----------------------------------------------------
A petition to have Nugget Point Ltd.'s operations wound up will
be heard before the High Court of Hamilton on June 3, 2008, at
10:45 a.m.

Choice Hotels Australasia Pty Limited filed the petition on
April 4, 2008.

Choice Hotels' solicitor is:

          P. D. Barrett
          c/o Luke, Cunningham & Clere, Solicitors
          89 The Terrace, Level 10
          Wellington
          New Zealand


NVITING KITCHENS: Commences Liquidation Proceedings
---------------------------------------------------
Nviting Kitchens and Joinery Ltd. commenced liquidation
proceedings on April 22, 2008.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


PLYMOUTH 22: Appoints Terence Charles Webb Bastion as Liquidator
----------------------------------------------------------------
The shareholders of Plymouth 22 West Ltd., on May 1, 2008,
appointed Terence Charles Webb Bastion the company's liquidator.

Only creditors who were able to file their proofs of debt by
May 19, 2008, will be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Terence Charles Webb Bastion
          KBC House
          272 Karori Road, Karori
          Wellington
          New Zealand
          Telephone:(04) 476 5775
          Facsimile:(04) 476 5778


SKY BLUE: Fixes May 30 as Last Day to File Claims
-------------------------------------------------
The creditors of Sky Blue Enterprises Ltd. are required to file
their proofs of debt by May 30, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Douglas Kim Fisher
          Private Bag MBE M215, Auckland
          New Zealand
          Telephone:(09) 630 0491
          Facsimile:(09) 638 6283


TT WOOD PRODUCTS: Faces Allied Pine's Wind-Up Petition
------------------------------------------------------
On April 8, 2008, Allied Pine Limited filed a petition to have
TT Wood Products Ltd.'s operations wound up.

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

Allied Pine's solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          c/o Baycorp House, Level 2
          15 Hopetoun Street
          Auckland
          New Zealand



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

LIBERTY TELECOMS: Wants Rehabilitation to Continue
--------------------------------------------------
Liberty Telecoms Holdings Inc. asked a Makati regional trial
court to reject a creditor’s motion to terminate its
rehabilitation and have it liquidated, saying it goes against
the purpose of corporate rehabilitation, Anna Barbara L. Lorenzo
of Business World reports.

According to the report, creditor Rizal Commercial Banking Corp.
filed the motion arguing that the company has lost the
opportunity to revive its operations.

In 2005, Business World says Liberty Telecoms promised the court
that it could resuscitate itself by operating a nationwide voice
and data network or with an assigned 700-Mhz frequency from the
National Telecommunications Commission.

RCBC said in the report that the frequency supposedly assigned
to Liberty Telecoms had been assigned to Smart Broadband Inc.
and asked the court to summon the NTC to clarify the issues
hounding the telco's case.

Regulators however asked the court to reset the hearing to June,
the report says.

Business World relates that Liberty Telecoms owes its creditors
Php1.7 billion while RCBC holds a Php33 million claim.

Meanwhile, the Business Mirror reported on May 22, 2008, that
Commissioner Ruel Canobas of the NTC and three other department
heads were subpoenaed by a Makati court in connection with
RCBC's motion.

In response to Business Mirror's report, the telco said in a May
22 regulatory filing with the Philippine Stock Exchange that it
“has yet to receive any notice.”

                     About Liberty Telecoms

Manila-based Liberty Telecoms Holdings Inc. (LIB) was
incorporated on January 14, 1994, and designed primarily to be
the holding company for Liberty Broadcasting Network Inc. (LBNI)
and Skyphone Logistics Inc.  LIB was listed as a public company
at the Philippine Stock Exchange on October 17, 1994.

In April 2005, the management of LIB decided to suspend its
business operations due to lack of capital required to operate
and grow the business.  In August 2005, the group of companies
filed with a Regional Trial Court in Makati City a petition for
corporate rehabilitation as part of LIB's plan to resolve and to
continue normal operations.  The Court issued a stay order of
all the outstanding liabilities of LIB and its affiliates and
prevented creditors from foreclosing its assets.

At present, the management of LIB is looking for a prospective
investor who will invest resources to bring back the company to
its normal operations and earn money with its planned services
of the affiliated company, LBNI.



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

ASE TEST: Intends to Delist From NASDAQ Market on ASE Buyout
------------------------------------------------------------
ASE Test Limited intends to delist its ordinary shares from The
NASDAQ Global Market in connection with the proposed ''going
private'' acquisition by Advanced Semiconductor Engineering,
Inc. ("ASE Inc.") of the outstanding ordinary shares of ASE Test
that ASE Inc. does not directly or indirectly own, by way of a
scheme of arrangement under the Companies Act, Chapter 50 of
Singapore.   The Scheme was approved by the requisite majority
of unaffiliated shareholders of ASE Test at the May 6, 2008,
shareholder meeting convened by an Order of the High Court of
the Republic of Singapore.  The Court has issued an order
sanctioning the Scheme.  The Scheme is expected to become
effective on May 30, and thereafter ASE Test will become an
indirect wholly owned subsidiary of ASE Inc.

In accordance with the rules of the Securities and Exchange
Commission (the "SEC") and NASDAQ, ASE Test has provided written
notice to NASDAQ of its intent to delist and expects to file a
Form 25 with the SEC to effect the delisting on or about June 2,
2008.  The delisting of ASE Test's ordinary shares will be
effective ten days after the filing of the Form 25. ASE Test has
not arranged for the listing or quotation of its ordinary shares
on another national securities exchange or for the quotation of
its ordinary shares in a quotation medium.

                About Advanced Semiconductor

Advanced Semiconductor Engineering Inc. --
http://www.asetwn.com.tw/-- is principally engaged in the
provision of packaging and testing services of semiconductors.
The Company's products and services include dual-in-line
packages; quad packages, such as plastic leaded chip carriers
(PLCCs) and quad flat packages (QFPs); ball-grid arrays (BGAs),
such as flip chip BGAs; chip scale packages (CSPs); wafer
bumping service, and green packaging. The Company distributes
its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas and Europe.

                      About ASE Test

ASE Test -- http://www.asetest.com-- is one of the world's
largest independent providers of semiconductor testing services.
It provides customers with a complete range of semiconductor
testing services, including front-end engineering test, wafer
probe, final test and other test-related services.

The ordinary shares of ASE Test are quoted for trading on The
NASDAQ Global Market under the symbol "ASTSF".  ASE Test's
Taiwan Depository Shares, which represent its ordinary shares,
are listed for trading on the Taiwan Stock Exchange under the
symbol "9101".

                         *********

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.

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