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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, May 27, 2008, Vol. 11, No. 104

                            Headlines

A U S T R A L I A

AUSTRALIAN PROJECT: Liquidator Presents Wind-Up Report
B & C HALE: Liquidator Presents Wind-Up Report
BCE PTY: Liquidator Presents Wind-Up Report
CENTRO PROPERTIES: Faces Second Class Action Claim
DND BRICKLAYING: Liquidator Presents Wind-Up Report

DOS SOMBREROS: Liquidator Gives Wind-Up Report
EDDOM ENTERPRISES: Liquidator Gives Wind-Up Report
GMAC-RFC AUSTRALIA: Fitch Rates AU$7MM Class F Trusts at 'B'
GMAC-RFC: S&P Puts Low-B Ratings on Classes E & F Securities
GRAITH (NO 2): Commences Liquidation Proceedings

HEISER BROS.: Liquidator Presents Wind-Up Report
J & A RAINBOW: Placed Under Voluntary Liquidation
LOCAL RENT: Supreme Court Enters Wind-Up Order
MOSAIC PUBLIC: Liquidator Presents Wind-Up Report
NEILSON MCCARTHY (VIC): Commences Liquidation Proceedings

NEILSON MCCARTHY: Liquidator Presents Wind-Up Report
NEOPHONE PTY: Supreme Court Enters Wind-Up Order
QUICK CASH (AUSTRALIA): Supreme Court Enters Wind-Up Order
THE ROWLAND: Commences Liquidation Proceedings


C H I N A

CHINA HUAREN: MS Group Expresses Going Concern Doubt
ZTE CORP: Shares Reach 3-Month High on Hopes of Local Spending


H O N G  K O N G

AON CLAIMS: Commences Liquidation Proceedings
AON (E-COMMERCE): Commences Liquidation Proceedings
CANWORTH LIMITED: Appoints New Liquidators
DEFOND SWITXH: Creditors' Proofs of Debt Due June 6
GOLDWAY INT'L: Creditors' Proofs of Debt Due June 24

HARADA INDUSTRIES: Appoints New Liquidators
LOGISTIC HOLDINGS: Commences Liquidation Proceedings
LU TUNG: Creditors' Proofs of Debt Due June 24
MORIRIN (ASIA): Commences Liquidation Proceedings
PARKSON RETAIL: To Buy Stakes in Two Companies for US$34.57 Mil.

SIAM MAJESTIC: Creditors' Proofs of Debt Due June 23
WAH TAT: Creditors Final Meeting Fixed for June 13


I N D I A

BHARTI AIRTEL: Ends Acquisition Talks With MTN


I N D O N E S I A

FREEPORT-MCMORAN: Indonesian Unit to Build Cement Plant
INDOSAT: To Issue IDR1.5 Tril. Bonds for Expansion Drive Support
PERUSAHAAN LISTRIK: To Build Coal-Fired Power Plant in Kotabaru
PT FAJAR: Fitch Holds 'B+' Ratings on US$100 Mil. Senior Notes
TELKOM INDONESIA: 1st Qtr. Net Profit Up 5% to IDR3.2 Trillion


J A P A N

AMERICAN AXLE: UAW Members Ratify Tentative Labor Agreements
FORD MOTOR: Is Neutral on Trancinda's $8.50/Share Tender Offer
FORD MOTOR: Heightened Industry Concerns Cue S&P Outlook Change


K O R E A

HYUNDAI MOTOR: Shareholders Take Chairman to Civil Court


M A L A Y S I A

CNLT (FAR EAST): Court Appoints Provisional Liquidators
HARVEST COURT: To Hold 13th Annual General Meeting on June 16
MANGIUM INDUSTRIES: Unit Defaults on MYR20.5 Mil. Alliance Loan
UBG BERHAD: SC Approves Proposed Regularization Scheme
UBG BERHAD: Acquires 51% Stake in Unity Capital


N E W  Z E A L A N D

3 N 5 WALLBOARDS: Faces Tribro's Wind-Up Petition
ARUPA LTD.: Court to Hear Wind-Up Petition on June 16
KIDS WORLD: Wind-Up Petition Hearing Set for May 30
LUMBER HAULAGE: Appoints Shephard and Dunphy as Liquidators
PAINTING MATRIX: Wind-Up Petition Hearing Set for May 30

PATUTAHI TRANSPORT: Taps Shephard and Dunphy as Liquidators
PEGREEN LTD: Subject to CIR's Wind-Up Petition
PRESTEK INSTALLATION: Wind-Up Petition Hearing Set for June 4
SARGENT'S PHARMACIES: Fixes June 6 as Last Day to File Claims
WILLIS STATIONERY: Appoints Brown and Rodewald as Liquidators


P H I L I P P I N E S

STEEL CORP: Appeals Court Rejects Rehabilitation Absent Hearing


S I N G A P O R E

FRANKEL LEASING: Court Enters Wind-Up Order
GLEXCHEM (S) PTE: Court Directs Wind-Up Order
LEONG SENG: Creditors' Proofs of Debt Due on June 7
SEATIDE SHIPPING: Wind-Up Petition Hearing Set for June 6
XIN HEFENG: Court to Hear Wind-Up Petition on June 6


X X X X X X X X

* BOND PRICING: For the Week May 26 to May 30, 2008


                         - - - - -


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

AUSTRALIAN PROJECT: Liquidator Presents Wind-Up Report
------------------------------------------------------
P. Ngan, Australian Project Security Pty. Ltd.'s estate
liquidator, met with the company's members on May 16, 2008,and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co.          
          Level 5, 49 Market Street,
          Sydney NSW 2000
          Australia


B & C HALE: Liquidator Presents Wind-Up Report
----------------------------------------------
B & C Hale & Sons Transport Pty. Ltd. held a joint meeting for
its members and creditors on May 16, 2008. At the meeting, the
company's liquidator, Daniel I. Cvitanovic, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Daniel I. Cvitanovic
          Shop 5, Old Potato Shed
          74-76 Hoddle Street
          (PO Box 55)
          Robertson NSW 2577
          Australia
          Telephone: (02) 4885 2500
          Facsimile: (02) 4885 2995


BCE PTY: Liquidator Presents Wind-Up Report
-------------------------------------------
P. Ngan, BCE Pty. Ltd.'s estate liquidator, met with the
company's members on May 16, 2008,and provided them with
property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co.          
          Level 5, 49 Market Street,
          Sydney NSW 2000
          Australia


CENTRO PROPERTIES: Faces Second Class Action Claim
--------------------------------------------------
Centro Properties Group is facing another class action claim
filed with the Federal Court in Melbourne by Nicholas Vlachos,
Monatex Pty Ltd and Ramon Franco.  They are represented by
Slater & Gordon.

Earlier, Richard Kirby, represented by Maurice Blackburn Pty
Ltd, filed before the same Court a class action claim against
Centro Properties.  

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

                    About Centro Properties

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

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

                         *     *     *

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


DND BRICKLAYING: Liquidator Presents Wind-Up Report
---------------------------------------------------
DND Bricklaying Pty. Ltd. held a final meeting for its members
and creditors on May 16, 2008.  At the meeting, the company's
liquidator, I. J. Purchas, provided the attendees with property
disposal and winding-up reports.


DOS SOMBREROS: Liquidator Gives Wind-Up Report
----------------------------------------------
Blair Pleash, Dos Sombreros Pty. Ltd.'s estate liquidator, met
with the company's members on May 16, 2008,and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Blair Pleash
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


EDDOM ENTERPRISES: Liquidator Gives Wind-Up Report
--------------------------------------------------
P. Ngan, Eddom Enterprises Pty. Ltd.'s estate liquidator, met
with the company's members on May 16, 2008,and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co.          
          Level 5, 49 Market Street,
          Sydney NSW 2000
          Australia


GMAC-RFC AUSTRALIA: Fitch Rates AU$7MM Class F Trusts at 'B'
------------------------------------------------------------
Fitch Ratings assigned final ratings to a pool of non-conforming
residential mortgages originated by GMAC-RFC Australia Pty
Limited known as "GPAC Series 2008-AN1 Trust", as:

  -- AU$150.0 million Class AA: 'AAA';
  -- AU$38.5m Class AB-S: 'AAA';
  -- AU$38.5m Class AB-L: 'AAA';
  -- AU$14.0m Class B: 'AA';
  -- AU$11.0m Class C: 'A';
  -- AU$10.0m Class D: 'BBB';
  -- AU$7.5m Class E: 'BB'; and
  -- AU$7.0m Class F: 'B'.

The transaction represents GMAC-RFC's first issue and is due
June 2039.  The notes will be issued by Perpetual Trustee
Company Limited in its capacity as trustee of GPAC Series 2008-
AN1 Trust.

The collateral pool at the cut-off date consists of 759 loans
with a total portfolio balance of AUD300.0m, a current weighted
average loan-to-valuation ratio of 81.4% and a weighted average
seasoning of 6.6 months.  Approximately 84.6% of the loans in
the pool are to borrowers who self- certify their income.

The final 'AAA' rating assigned to the Class AA, AB-S and AB-L
notes are based on:

  -- the quality of the mortgage loan collateral;
  -- the 25% credit enhancement provided by the subordination of
     the Class B, C, D, E, F and the unrated G and H notes;

  -- the excess income available within the transaction to
     support the 'AAA' rating;

  -- the liquidity facility representing 3.0% of the total
     outstanding principal balance of the Class AA to E notes,
     with a floor of AUD4.0m provided by Westpac Banking
     Corporation (Westpac, rated 'AA-' (AA minus)/'F1+');

  -- the interest rate hedge arrangements the trustee has
     entered into with Westpac;

  -- the underwriting criteria of GMAC-RFC; and

  -- a sound legal structure.

The final ratings assigned to other classes of notes is based on
all the strengths except their credit enhancement levels
supporting the Class A notes, but including the credit
enhancement provided by each class of notes' respective
subordinate notes.


GMAC-RFC: S&P Puts Low-B Ratings on Classes E & F Securities
------------------------------------------------------------
Standard & Poor's Ratings Services HAS assigned ratings to the
subprime and nonconforming residential mortgage-backed
securities (RMBS) to be issued by Perpetual Trustee Company
Ltd. as trustee for GPAC Series 2008-AN1 Trust.

"This is the first subprime and nonconforming RMBS issue for
2008," said Standard & Poor's credit analyst Sarah Samson. "It
is also the first securitization of assets originated by GMAC-
RFC in Australia. GMAC-RFC has only been originating subprime
and nonconforming loans in Australia since 2006. While this
means that this pool is not well seasoned, the most senior
tranche of notes has subordination levels well in excess of what
is required for a AAA rating."

A copy of Standard & Poor's complete rating report for GPAC
Series 2008-AN1 Trust is available on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com/ The report will also be  
available on Standard & Poor's Web site at
http://www.standardandpoors.com/

     RATINGS ASSIGNED

     GPAC Series 2008-AN1 Trust

     Class      Rating    Amount
     -----      ------    ------
     AA         AAA       AU$150.0 million
     AB-S       AAA       AU$38.5 million
     AB-L       AAA       AU$38.5 million
     B          AA        AU$14.0 million
     C          A         AU$11.0 million     
     D          BBB       AU$10.0 million
     E          BB        AU$7.5 million    
     F          B         AU$7.0 million
     G          NR        AU$4.0 million
     H          NR        AU$22.3 million


GRAITH (NO 2): Commences Liquidation Proceedings
------------------------------------------------
At the final meeting of the members of Graith (No 2) Pty Ltd
held May 16, 2008, Keiran Hutchison, the appointed liquidator,
presented an account showing the manner in which the winding up
has been conducted and the property of the company disposed.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991


HEISER BROS.: Liquidator Presents Wind-Up Report
-----------------------------------------------
Gregory Warwick Huggett, Heiser Bros. Pty. Ltd.'s estate
liquidator, met with the company's members on May 20, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Gregory Warwick Huggett
          137/119 Mulga Road
          Oatley West NSW 2223
          Australia

                        About Heiser Bros

Heiser Bros Pty Ltd is a distributor of packaging paper, coated,
laminated and plastics film.  The company is located at
Punchbowl, in New South Wales, Australia.


J & A RAINBOW: Placed Under Voluntary Liquidation
-------------------------------------------------
J & A Rainbow Pty. Ltd.'s members agreed on April 1, 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 Street
          Sydney NSW 2000
          Telephone: (02) 9290 5300
          Facsimile: (02) 9290 5300


LOCAL RENT: Supreme Court Enters Wind-Up Order
----------------------------------------------
On April 3, 2008, the Supreme Court of New South Wales entered
an order to have Local Rent A Car Pty. Limited's operations
wound up.  D. I. Mansfield was appointed as liquidator.

The liquidator can be reached at:

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


MOSAIC PUBLIC: Liquidator Presents Wind-Up Report
-------------------------------------------------
Mosaic Public Relations Pty. Ltd. held a final meeting for its
members on May 16, 2008. At the meeting, the company's
liquidator, Keiran Hutchison at Ernst & Young, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991


NEILSON MCCARTHY (VIC): Commences Liquidation Proceedings
---------------------------------------------------------
At the final meeting of the members of Neilson Mccarthy (Vic)
Pty Ltd held May 16, 2008, Keiran Hutchison, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991


NEILSON MCCARTHY: Liquidator Presents Wind-Up Report
----------------------------------------------------
Neilson Mccarthy Mackey Pty. Ltd. held a final meeting for its
members on May 16, 2008. At the meeting, the company's
liquidator, Keiran Hutchison at Ernst & Young, provided the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991


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

The liquidator can be reached at:

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


QUICK CASH (AUSTRALIA): Supreme Court Enters Wind-Up Order
----------------------------------------------------------
On April 3, 2008, the Supreme Court of New South Wales entered
an order to have Quick Cash (Australia) Pty. Limited's
operations wound up.  D. I. Mansfield was appointed as
liquidator.

The liquidator can be reached at:

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


THE ROWLAND: Commences Liquidation Proceedings
----------------------------------------------
At the final meeting of the members of The Rowland Company Pty
Ltd held May 16, 2008, Keiran Hutchison, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          Level 37, 680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9248 4991



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

CHINA HUAREN: MS Group Expresses Going Concern Doubt
----------------------------------------------------
In an annual report filed with the U.S. Securities and Exchange
Commission, Edison-based MS Group CPA LLC raised substantial
doubt on the ability of China Huaren Organic Products, Inc., to
continue as a going concern after it audited the company's
financial statements for the year ended Dec. 31, 2007.  The
auditor stated that the company's subsidiary incurred a
significant loss from operations in the fourth quarter of year
2007 and had no sales revenue in 2008.

In its annual report, the company disclosed that during the
fourth quarter of 2007, the sales revenue of its subsidiary,
Jilin Huaren Organic Product Co., Ltd., dropped down
significantly and incurred net loss.  The company added that
Jilin Huaren had no sales revenue in the first three months of
2008.

As of Dec. 31, 2007, the company had US$76,658 cash and
equivalents and US$4,521,106 of net trade receivables to fund
short-term working capital requirements, but these net trade
receivables are all owed by one debtor and had been outstanding
for more than nine months.

The company posted a net income of US$211,940 on total revenues
of US$7,449,370 for the year ended Dec. 31, 2007, as compared
with a net income of US$420,581 on total revenues of
US$2,188,146  in the prior year.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$10,656,418 in total assets, US$1,753,069 in total
liabilities, and US$8,903,349 in total stockholders' equity.  

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

                       About China Huaren

China Huaren Organic Products, Inc., through its indirect wholly
owned subsidiary, Jilin Huaren Organic Product Co., Ltd.,
develops, produces, and sells a wide array of organic foods and
healthcare and cosmetic products.

Jilin Huaren Organic Health Products Co., Ltd., is a corporation
organized under the laws of The People’s Republic of China.  
Jilin Huaren is engaged in the business of research,
development, production and sale of organic foods and healthcare
products.  All of Jilin Huaren’s business is currently in PRC.
Jilin Huaren is a domestic enterprise incorporated in Jilin
district of PRC in February 2000. Jilin Huaren was formerly
known as Jilin KangJian Technology Trade Center (Jilin KangJian)
and changed its name to Jilin Huaren Organic Health Products
Co., Ltd. in December 23, 2004.


ZTE CORP: Shares Reach 3-Month High on Hopes of Local Spending
--------------------------------------------------------------
ZTE Corp's shares rose to the highest in three months in
Shenzhen trading on expectations that domestic carriers will
boost spending after a government-led industry reorganization,
John Liu of Bloomberg reports.

The company's shares, the report notes, jumped 4.1% to CNY71.70
as of 10:06 a.m. May 25, on Shenzhen's stock exchange, headed
for the highest close since Feb. 22.

According to the report, the government-led plan will allow
China Telecom Corp. and China Netcom Group Corp. to enter the
mobile-phone market by adding networks from China Unicom Ltd.  
Regulators will also issue licenses for high-speed, or so-called
third-generation, mobile services after the industry revamp, the
report says.

The reorganization is going to benefit ZTE the most because the
carriers are going to buy more equipment to enlarge their
networks and to start building networks for 3G mobile services,
Steven Liu, an analyst at DBS Vickers Ltd. in Hong Kong, told
Bloomberg.  The brokerage firm rated ZTE's shares as “buy.”

                         About ZTE Corp.

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

                          *    *     *

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

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



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

AON CLAIMS: Commences Liquidation Proceedings
---------------------------------------------
AON Claims Service Hong Kong Limited's members agreed on May 15,
2008, to voluntarily liquidate the company's business.  The
company has appointed Ying Hing Chui and Chung Mui Yin, Diana to
facilitate the sale of its assets.

The liquidators can be reached at:

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


AON (E-COMMERCE): Commences Liquidation Proceedings
---------------------------------------------------
AON (E-Commerce) Insurance Agencies Limited's members agreed on
May 15, 2008, to voluntarily liquidate the company's business.  
The company has appointed Ying Hing Chui and Chung Mui Yin,
Diana to facilitate the sale of its assets.

The liquidators can be reached at:

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

CANWORTH LIMITED: Appoints New Liquidators
------------------------------------------
The members of Canworth Limited appointed Natalia K M Seng and
Susan Y H Lo as the company's liquidators.

The liquidators can be reached at:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


DEFOND SWITXH: Creditors' Proofs of Debt Due June 6
---------------------------------------------------
Creditors of Defond Switch company Limited are required to file
their proofs of debt by June 6, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 9, 2008.

The company's liquidator is:

         Tsang Ming Chit Stanely
         Chaiwan Industrial Centre
         20 Lee Chung Street, Cahi Wan
         Hong Kong


GOLDWAY INT'L: Creditors' Proofs of Debt Due June 24
----------------------------------------------------
Creditors of Goldway International Limited are required to file
their proofs of debt by June 24, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Darach E. Haughey
         Edmond Ching Wah Bon
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong


HARADA INDUSTRIES: Appoints New Liquidators
-------------------------------------------
The members of Harada Industries (Hong Kong) Limited appointed
Natalia K M Seng and Susan Y H Lo as the company's liquidators.

The liquidators can be reached at:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


LOGISTIC HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
Logistic (Holdings) Limited's members agreed on May 23, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Fok Hei Yu, and Desmond Chung Seng Chiong to
facilitate the sale of its assets.

The liquidators can be reached at:

          Fok Hei Yu
          Desmond Chung Seng Chiong
          Hong Kong Club Building, 14th Floor
          3A Charter Road
          Central, Hong Kong


LU TUNG: Creditors' Proofs of Debt Due June 24
----------------------------------------------
Creditors of Li Tung Book Co. Limited are required to file their
proofs of debt by June 24, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 19, 2008.

The company's liquidator is:

         So Kai Cheung
         Henan Building, 9th Floor
         90-92 Jaffe Road, Wanchai
         Hong Kong


MORIRIN (ASIA): Commences Liquidation Proceedings
-------------------------------------------------
Moririn (Asia) Company Limited's members agreed on May 6, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Pui Chui Wing to facilitate the sale of its
assets.

The liquidator can be reached at:

          Pui Chui Wing
          Lippo Centre, Tower 2
          24th Floor, Suite 2408
          89 Queensway, Hong Kong


PARKSON RETAIL: To Buy Stakes in Two Companies for US$34.57 Mil.
----------------------------------------------------------------
Parkson Retail Group Limited plans to acquire stakes in two
in two department store owners and operators for US$34.57
million to expand its presence in China, Donny Kwok of Reuters
reports.

The company targets 70% of Nanning Brilliant Parkson Commercial
Co Ltd and 100% of Tianjin Parkson Retail Development Co Ltd.

XFN-ASIA News relates that the stakes will be acquired from East
Crest International Ltd, an investment unit of Parkson Retail
Group's controlling shareholder, Parkson Holdings Berhad.

Nanning Brilliant Parkson operates a Parkson-brand department
store in Nanning city, Guanxi province, while Tianjin Parkson
operates a Parkson-brand department store in the eastern coastal
municipality of Tianjin.

Parkson Retail Group, XFN-ASIA says, will pay 50% of the
purchase price in cash and 50% in the form of 1.994 million new
shares at HK$67.45 per share, the last closing price of the
stock.

As reported by the Troubled Company Reporter-Asia Pacific on
May 23, 2008, trading of Parkson Retail Group Limited's shares
on The Stock Exchange of Hong Kong Limited has been suspended
with effect from 9:30 a.m. on May 22, 2008, pending for 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.

The company had resumed trading on May 25, 2008, according to
Reuters.

                 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.


SIAM MAJESTIC: Creditors' Proofs of Debt Due June 23
----------------------------------------------------
Creditors of Siam Majestic Gems Limited are required to file
their proofs of debt by June 23, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2008.

The company's liquidator is:

         Chan Wing Kit
         Flat A, 16th Floor
         United Centre, 95 Queensway
         Hong Kong


WAH TAT: Creditors Final Meeting Fixed for June 13
--------------------------------------------------
The creditors of Wah tat Pu Industrial (Hong Kong) Limited will
have their final meeting on June 13, 2008, at Shanghai
Industrial Investment Building, 8th Floor, Unit 8, 48-62
Hennessey Road, Wanchai, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Chan Kam Man
          Shanghai Industrial Investment Building
          8th Floor, Unit 8, 48-62 Hennessey Road
          Wanchai, Hong Kong



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

BHARTI AIRTEL: Ends Acquisition Talks With MTN
----------------------------------------------
Bharti Airtel Limited has decided to disengage from its ongoing
talks with MTN Group Limited saying that "MTN has. . . presented
a completely different structure, from what was agreed."

The company said the new structure envisages Bharti Airtel
becoming a subsidiary of MTN and exchange of majority shares of
Bharti Airtel held by the Bharti family and Singtel, in exchange
for a controlling stake in MTN.  

Bharti called the structure as a "convoluted way of getting an
indirect control of the combined entity [which] would have
compromised the minority shareholders of Bharti Airtel and also
would not capture the synergies of a combined entity."  

Bharti said it remains keen to expand in the international
arena.

Following the ended negotiations with Bharti,  MTN spokeswoman
Nozipho January-Bardill told Bloomberg News that Chief Executive
Phutuma Nhleko is open to talks with other companies and that
this remains the case.

                          Bharti Airtel

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

                          *     *      *

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



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

FREEPORT-MCMORAN: Indonesian Unit to Build Cement Plant
-------------------------------------------------------
PT Freeport Indonesia, a unit of Freeport-McMoRan Copper & Gold
Inc., is set to build a cement factory with Papua's provincial
government, using Freeport's waste as feedstock, The Jakarta
Post reports, citing PTFI spokesman Mindo Pangaribuan.

Mr. Pangaribuan told the news agency that the project would be
carried out based on a Memorandum of Understanding (MoU) signed
by Papua Governor Barnabas Suebu and PTFI President Director
Armando Mahler some time ago.   

"The aim of building the factory is to help process PTFI's
tailings into cement products.  Actually, some of PTFI's
tailings are already being used in various projects in Timika.
The waste can also be used in other places for infrastructure
development," The Post cited Mr. Pangaribuan as saying.

                     About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry   
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2008,
Fitch Ratings upgraded its ratings on Freeport-McMoRan Copper &
Gold Inc. including the company's Issuer Default Rating which
was upgraded to 'BBB-' from 'BB+' and Unsecured notes due 2015
and 2017 upgraded to 'BBB-' from 'BB+'.

On Feb. 21, 2008, Moody's Investors Service upgraded Freeport's
corporate family rating to Ba1 from Ba2.


INDOSAT: To Issue IDR1.5 Tril. Bonds for Expansion Drive Support
----------------------------------------------------------------
PT Indosat Tbk plans to issue a total of IDR1.5 trillion bonds
(around US$163 million) to support its expansion drive, The
Jakarta Posts reports.

According to the report, the company is also seeking another
US$400 million in external funding in the form of bank loans or
global bonds.  The company's expansion plan this year is
expected to cost up to US$1.2 billion, the report notes.

President Director Johnny Swandi Sjam told the news agency that
the planned bond would be offered in a conventional bond
amounting to IDR1trillion and in a sharia-based bond of IDR500
billion.

Both bonds will officially be listed on April 10, the report
says.

"We'll use the proceeds to finance our business expansion in
developing a base station subsystem and transmission for the
cellular networks," The Post cited Mr. Sjam as saying.

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2008, that Fitch Ratings assigned a stable outlook on PT Indosat
Tbk's BB- rating.  EBITDA margins are likely to be stable
overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.

On June 19, 2007, Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and changed the
outlook to stable.  At the same time, Moody's affirmed Indosat's
Ba3 senior unsecured foreign currency rating.  The rating
outlook on the bond remains positive, which is in line with the
outlook on Indonesia's foreign currency country ceiling.


PERUSAHAAN LISTRIK: To Build Coal-Fired Power Plant in Kotabaru
---------------------------------------------------------------
PT Perusahaan Listrik Negara plans to build a coal-fired power
plant in Kotabaru, South Kalimantan, with a capacity of 2X7 MW
in anticipation of power crisis in the future, Antara News
reports.

According to the report, Muhammad Munir, the company's branch
manager in Kotabaru, said that due to the rising number of
property companies, PLN could no longer depend on diesel
generators for power supply.   Operating diesel generators would
be costly due to the rise in fuel oil prices, he said.

"We can no longer depend on diesel generators for power supply
particularly after the price of non-subsidized diesel oil has
been raised.  PLN can save energy costs by taking advantage of
abundant coal in Kotabaru to build a power plant," Antara News
cited Mr. Munir as saying.

                     About Perusahaan Listrik

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

                          *     *     *

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


PT FAJAR: Fitch Holds 'B+' Ratings on US$100 Mil. Senior Notes
--------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based PT. Fajar Surya
Wisesa Tbk's National Long-term rating to 'A-(idn)' from
'BBB+(idn)'.  At the same time, the agency has affirmed Fajar's
Long-term foreign and local currency Issuer Default Ratings and
the issue rating of its US$100 million senior notes due in 2011
at 'B+' with a recovery rating of 'RR4'.  The Outlook on all the
ratings is Stable.

"The rating upgrade reflects Fajar's strengthening financial
profile as it has considerably reduced its financial leverage
over the past few years with adjusted net debt/EBITDAR declining
to 2.5x in Q108 from 3.0x in FYE07, and 6.3x in FYE06," said
Jessie Wahab, associate director with Fitch's Corporates team in
Jakarta.  "Over the past year alone, through additional
production capacity and much improved margins, Fajar has almost
doubled its revenue and EBITDAR," she added.


In line with the country's economic growth and reflective of the
high demand of consumer goods in the domestic market,
consumption of all of Fajar's products have improved,
particularly containerboards, which grew by approximately 10% to
2.2m tonnes per annum in 2007.  Although its latest production
line was initially intended for producing sack kraft products,
Fajar decided to capitalise on the higher margins and demand of
containerboards by producing almost entirely containerboards on
this line.  Moreover, the significant hike in pulp prices has
made it less attractive to produce sack kraft, which requires a
higher proportion of pulp as raw materials, as opposed to
producing containerboards with recycled paper.

In order to retain its current market share in the fast growing
market for containerboards, Fajar's management plans to expand
its capacity by an additional 300,000 tons per annum in mid
2008.  The total project cost is estimated to be around US$85m,
for which management is trying to secure funding.  Given that
this expansion will likely be debt funded, the company's de-
leveraging process will be slightly slower than Fitch initially
anticipated.  Nevertheless, in view of the continuous strong
EBTIDA generation, financial leverage will likely remain below
3.0x, which should support Fajar's current ratings.  Given the
risks associated with the new project, and the slower de-
leveraging, a positive rating action is not envisaged in next 18
to 24 months, but sustained leverage above 3.0x will likely
result in a negative action.

Established in 1988, Fajar is one of the largest non-integrated
producers of industrial paper in Indonesia with total installed
capacity of 700,000 tonnes per annum.  In the twelve months
ended in March 2008, Fajar posted revenues of IDR 2,941.1billion
(US$319m) and EBITDA of IDR625.8bn (US$68m).  Mr. Winarko
Sulistyo owns a 69.9% beneficial interest in the company.


TELKOM INDONESIA: 1st Qtr. Net Profit Up 5% to IDR3.2 Trillion
--------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk's first quarter 2008 net profit
increased 5% to IDR3.2 trillion (US$342 million), while its
revenues increased 8.5% to IDR15 trillion from IDR13.8 trillion
in the same period last year, The Jakarta Post reports.

“Telkom's cellular business, under flagship company PT
Telkomsel, contributed the largest revenue with Rp 6 trillion, a
7 percent increase from in the same period last year," The
Jakarta Post cited President Director Rinaldi Firmansyah as
saying.  It is followed by the company's Internet business with
IDR3.9 trillion in revenues, up 34% from 2006, and then its
fixed-line connection business, despite a decrease of 11.4% to
IDR2.5 trillion in revenue, in the first quarter 2008, the
report relates.

Meanwhile, The Post says, citing Mr. Firmansyah, that Telkom
planned to spend US$800 million this year, half of which would
be attained through financing.   "For Telkom, the combination of
Medium Term Notes and bonds would likely amount to US$100
million, while the remainder would come from bank loans," Mr.
Firmansyah said.

In 2007, Jakarta Post says Telkom's revenues increased 15.99% to
IDR59.4 trillion from IDR51.3 trillion in the previous year,
with IDR12.9 trillion earnings in net profits last year, up
16.8% from 2006.

This year, Director of Finance Sudiro Asno said Telkom expects
to increase revenues by 12%, the report adds.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed
wireless service, leased lines, and data transport through
affiliates.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.



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

AMERICAN AXLE: UAW Members Ratify Tentative Labor Agreements
------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc. disclosed that
the tentative agreements reached with the International UAW on
May 16, 2008, covering approximately 3,650 AAM associates at
five facilities in Michigan and New York, have been ratified.

As reported in the Troubled Company Reporter on May 19, 2008,
under the tentative agreement, the auto parts supplier is
offering workers a wage of US$18.50 per hour and a wage "buy
down" of US$105,000.  The wage "buy down" is compensation to aid
workers in the transition to lower pay.  Axle is offering
noncore workers, which are those that aren't involved in actual
manufacturing, US$14.55 per hour, and skilled trades workers
US$26 per hour.

"AAM is pleased to announce the ratification of a new collective
bargaining agreement with the International UAW," AAM Co-
Founder, Chairman & CEO Richard E. Dauch said.  "This new
contract provides AAM and its UAW-represented workforce the
opportunity to transition through a most difficult period of
structural change in the domestic automotive industry.  We look
forward to the prompt resumption of normal manufacturing
operations at our original U.S. locations."

AAM expects to have its plants running production during the
week of May 26, 2008.

                       About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                          *     *     *

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


FORD MOTOR: Is Neutral on Trancinda's $8.50/Share Tender Offer
--------------------------------------------------------------
The Board of Directors of Ford Motor Company has determined that
Ford will express no opinion and is neutral with respect to
Tracinda Corporation's tender offer to purchase up to 20 million
shares of Ford's common stock at a price of $8.50 per share, net
to the seller in cash.

As reported in the Troubled Company Reporter on May 14, 2008,
the Board recommended that its stockholders take no action at
this time in response to the announcement by Tracinda that it
has commenced a tender offer to acquire up to 20 million shares
of Ford's common stock at a price of $8.50 per share.

On April 2008, Tracinda disclosed that it will make a cash
tender offer for up to 20 million shares of common stock of Ford
at a price of $8.50 per share.  The offer price represents a
13.3% premium over Ford's closing stock price of $7.50 on April
25, 2008 and a 38.7% premium over Ford's closing stock price on
April 2, 2008, the day upon which Tracinda began accumulating
shares in the company.  The shares to be purchased pursuant to
the offer represent approximately 1% of the outstanding shares
of Ford common stock.  Tracinda Corporation, of which Kirk
Kerkorian is the sole shareholder, currently owns 100 million
shares of Ford common stock, which represents approximately 4.7%
of the outstanding shares.  Tracinda's average cost for such
shares is approximately $6.91 per share.  Upon completion of the
offer, Tracinda would beneficially own 120 million shares of
Ford common stock, or approximately 5.6% of the outstanding
shares.

The shares sought in the tender offer represent just less than
1% of Ford's outstanding common stock.  According to the
Schedule TO filed by Tracinda on May 9, 2008, Tracinda's tender
offer will expire on June 9, 2008 at 5 p.m., New York City time,
unless the offer is extended.

Additional information regarding the Board's determination on
the tender offer, including a copy of Ford's statement on
Schedule 14D-9, in which Ford responds to Tracinda's tender
offer, is available without charge at
http://ResearchArchives.com/t/s?2c87

The Board and management of Ford remain committed to enhancing
value for all of Ford's stockholders by continuing to execute
the four key priorities of its business plan: aggressively
restructure to operate profitably at the current demand and
changing model mix; accelerate the development of new products
that customers want and value; finance the plan and improve the
balance sheet; and work together effectively as one team to
leverage global resources.  Ford will continue to communicate
with stockholders regarding these matters.

                         About Ford Motor

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

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

                          *     *     *

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

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

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


FORD MOTOR: Heightened Industry Concerns Cue S&P Outlook Change
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Ford
Motor Co. and related entities, including Ford Motor Credit Co.
and FCE Bank PLC, to negative from stable.  At the same time,
S&P affirmed the 'B' long-term and 'B-3' short-term ratings on
Ford and Ford Credit, and the 'B+/B-3' ratings on FCE.
     
The outlook change reflects heightened concerns about industry
challenges in North America after Ford revised upward the amount
of cash it expects to use from its global automotive operations
over the next two years and said it no longer expects to return
the automotive business to profitability by 2009.
     
"The negative outlook should be understood to mean that we could
place our ratings on CreditWatch at any time and subsequently
lower them," said Standard & Poor's credit analyst Robert
Schulz, "given the possibility of further adverse developments
in the severely challenged North American auto sector."  
Reflecting the weaker prospective cash flows, Ford also said it
plans to take a fixed-asset impairment in the second quarter,
but did not disclose the size of the expected charge.
     
Ford expects a cumulative global automotive cash outflow of
between $14 billion and $16 billion, including the cost of
employee separations, from 2007 through 2009 compared to earlier
guidance of between $12 billion and $14 billion.  Ford had
previously reduced its cash use guidance from $15 billion to
$17 billion after making progress on its cost structure.  
However, sluggish U.S. light-vehicle demand and, in particular,
the shift away from the more profitable SUVs and pickups, which
accelerated in April, will result in greater cash use.  Sharply
higher costs for steel and other raw materials represent another
industry concern.

S&P previously estimated that Ford would use $8 billion to
$10 billion of cash in its global automotive operations,
including cash restructuring expenses, during 2008.  This
remains S&P's expectation, but S&P are now concerned that cash
use could improve only moderately in 2009.  S&P expect the
company to move to a net debt position in 2008.
     
S&P believe Ford's liquidity remains adequate despite the
prospective cash use and ongoing restructuring efforts.  But if
lower-than-expected U.S. light-vehicle sales persist through
2009 or higher fuel prices cause an even more dramatic shift
away from light trucks, Ford's liquidity could reach undesirable
levels by late 2009.  This could occur even if Ford continues to
make progress on its turnaround program in North America and
auto operations outside North America remain improved
contributors.
     
The ratings on Ford, including the 'B' corporate credit rating,
reflect the multiple challenges the company faces in stemming
cash losses from its North American automotive operations.  
These challenges include overcapacity, fierce competition,
adverse customer shifts away from more profitable vehicle
segments, and sliding demand because of the weak U.S. economy.  
S&P expect U.S. light-vehicle sales to be 14.8 million units in
2008, the lowest in a decade and down from 16.1 million units in
2007.  Ford also continues to lose market share in the U.S.,
although much of its share loss in the past year resulted from
deliberate reductions in sales to daily rental fleets.  More
recently, Ford's market share has been affected by the customer
shift toward car segments in which it has a smaller share.
     
Ford's response to these challenges is a multiyear restructuring
plan involving additional cost-cutting and capacity reductions.
Ford said it will pursue further capacity reductions at its
light-truck plants in response to eroding demand for SUVs and
pickups.  As with past restructuring efforts, the ultimate
success depends largely on whether the company can stabilize its
market share at a level consistent with its future capacity.  
Product mix shifts add another layer of complexity, as it
remains difficult and costly to convert light-truck capacity to
car or crossover utility vehicle capacity.

Separately, Ford also said that it is neutral on the tender
offer by Kirk Kerkorian's Tracinda Corp., which would increase
Tracinda's equity stake to about 5.6% from the current 4.7%.  
This is not currently a factor in S&P's ratings because they do
not believe it portends a major shift in Ford's turnaround
strategy.
     
Ford's outlook is negative.  S&P could place its ratings on
CreditWatch at any time and subsequently lower them, given the
possibility of further adverse developments in the severely
challenged North American auto sector.  For example, if lower-
than-expected U.S. light-vehicle sales persist through 2009 or
higher fuel prices cause an even more dramatic shift away from
light trucks, Ford's liquidity could reach undesirable levels by
late 2009.  This could occur even if Ford continues to make
progress on its turnaround program in North America and auto
operations outside North America remain improved contributors.
     
S&P do not expect to revise the outlook back to stable within
the next year, given the economic outlook, ongoing turnaround
plan execution risk, and potential pressure on liquidity.  
Longer term, S&P could consider a stable outlook if industry
conditions stabilize and Ford is able to significantly reduce
its cash burn heading into its 2010 retiree health care savings.



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

HYUNDAI MOTOR: Shareholders Take Chairman to Civil Court
--------------------------------------------------------
Hyundai Motor Co. Chairman Chung Mong-Koo is facing a civil case
filed by a group of the company's shareholders who want to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans, Yonhap News
reports.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap says.

In September last year, Yonhap relates that an appeals court
suspended Mr. Chung's three-year prison term and ordered him to
keep his pledge of donating KRW1 trillion to social welfare
institutions and undertaking other forms of community service
such as providing lectures and articles on legitimate
management.

Prosecutors appealed with the nation's top court, saying such
community services weren't appropriate, the report says.

Kwang-Tae Kim of the Associated Press relates that Mr. Chung's
lawyers asked for continued suspension of his three-year prison
term, citing the executive's contribution to South Korea's
economy and his importance to Hyundai's planned overseas
investments.

                       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.
    


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

CNLT (FAR EAST): Court Appoints Provisional Liquidators
-------------------------------------------------------
The High Court of Malaya entered an order appointing Ong Kong
Lai and Wong Cham Mew as the provisional liquidators of CNLT
(Far East) Berhad for the wind-up petition filed by  Vearrian
Tanzania Ltd against the company.

                Events Leading to Wind-up Petition

Vearrian Tanzania sold and delivered selling cotton lint bales
and other raw materials to the company, and no dispute arose
with the invoices and with the quality, quantity and the price
of the goods and payment terms of the bills issued by Vearrian.
By way of letters dated August 1, and November 26, 2005, the
company had made admissions in writing of the outstanding debt
with Vearrian.

The company had also agreed to pay an interest of 1% per month
on the outstanding sum due to Vearrian.

CNLT had failed, refused and neglected to settle the outstanding
debt and the last payment received by Vearrian on June 22, 2007.

As at October 11, 2007, the total balance due and outstanding by
the company to Vearrian is USD$844,144.77.

Upon the petitioner’s application to the High Court of Malaya at
Kuala Lumpur dated April 9, 2008, the Court granted an Order
appointing Ong Kong Lai and Wong Cham Mew as provisional
liquidators of the company pending the disposal of the petition
or until further order.

           Provisional Liquidators' Terms of Reference

The provisional liquidators will be given all the powers of a
liquidator as provided under the Companies Act 1965 and
Companies (Winding-up) Rules 1972 and/or all relevant laws and
statutes, including but not limited to all the powers under
Section 236 (1)(a) to (e) and 236 (2)(a) to (j) of the Companies
Act 1965 including inter alia, to:

   -- To enter upon or take possession of the company's
      property, without limitation, any premises of the company,
      or any site office where the provisional liquidators have
      reason to believe that there are assets, property or books
      and records or the company, and if necessary by force, to
      change lock and open safes and other strongboxes;

   -- To ascertain, take possession of, collect, give valid
      receipts for and protect the money, books, records,
      documents, properties, things in action, shares held in
      subsidiary companies and other assets of the company,
      including, but without prejudice to the generality of the
      foregoing powers, to demand and receive all debts due or
      which may fall due to the company, but not to distribute
      or part with them save for the exercise of the powers
      hereunder or until further order;

   -- To ascertain and conduct examinations and investigations
      into the company's affairs, including without prejudice to
      the generality of the foregoing, the power to seek,
      review, secure, take possession of and copy all books,
      records, and documents of the company, or relating to its
      accounts and audit of such accounts, located at the
      offices of the company, its accountants, auditors and
      other advisors or agents, or any other person whether in
      Malaysia or overseas;

   -- To preserve the company's assets and as may be necessary,
      to carry on the business, for the benefit of all the
      company's creditors until further order;

   -- To close or cease to operate all or any part of the
      company’s business operations, as the provisional
      liquidators shall think fit, but so far only as may be
      necessary for the purpose of protecting the assets of the
      company, and managing its affairs;

   -- To take control of and exercise all rights which the
      company may have in relation to any of its joint-ventures,
      subsidiary or associated companies or other entities in
      which the company holds an interest, or such shares of
      such subsidiary as are owned by the company, as may be
      necessary to obtain control or management of any such
      entities including, without prejudice to the generality of
      the foregoing, the power to appoint or remove all or any
      directors and other officers and agents of any such
      entities an to take all such steps as the provisional
      liquidators think fit to protect the interests of the
      company therein and for the purpose of protecting the
      assets and managing the company's affairs;

   -- To terminate, complete, or perfect any contracts or
      transactions relating to the company's business including,
      without prejudice to the generality of this power, to        
      assign any such contracts or transactions, but so far only
      as may be necessary for the purpose of protecting the
      company's assets and managing the company's affairs of;
      and

   -- Appoint an advocate to assist them in their duties.

The company through its director applied to the High Court of
Malaya at Kuala Lumpur to set aside the appointment of the
provisional liquidators and a stay of the winding up order.  The
application was heard on May 12, 2008, but the Court adjourned
the hearing to May 22, 2008, which was further adjourned to
June 10, 2008.

The powers of the board of directors are suspended save for some
residuary powers such as applying to set aside the appointment
of the provisional liquidators and to oppose the winding up
proceedings.

                   About CNLT (Far East) Berhad

CNLT (Far East) Berhad is engaged in the manufacture and sale of
yarn.  Its subsidiary includes Indosen S.A., which is engaged in
the manufacture and sale of textiles and apparel.  The company
operates in Malaysia and Senegal.  

                          *     *     *

The company was admitted into the Amended PN17 listing criteria
of the Bursa Malaysia Securities Bhd as it has triggered
Paragraph 2.1(e) of the bourse's listing requirements:

     (i) Based on the unaudited quarterly results of CNLT for
         the first quarter ended March 31, 2007, as announced
         to Bursa Securities, the shareholders' equity on a
         consolidated basis is less than 50% of the issued and
         paid up capital of the company ; and

    (ii) The auditors of CNLT have expressed a modified opinion
         with emphasis on the Company's going concern in its
         latest audited accounts for the financial year ended
         December 31, 2005.


HARVEST COURT: To Hold 13th Annual General Meeting on June 16
-------------------------------------------------------------
Harvest Court Industries  Berhad will hold its 13th Annual
General Meeting at the Crystal Room, Level 1, Crystal Crown
Hotel Harbour View, 217, Persiaran Raja Muda Musa, in 42000 Port
Klang, Selangor Darul Ehsan on June 16, 2008 at 10:00 a.m. to
transact these business:

   -- To receive the audited financial statements for the year         
      ended December 31, 2007, together with the Directors’ and
      Auditors’ Reports thereon;

   -- To re-elect these Directors retiring pursuant to the
      Company’s Articles of Association:

   * Ng Swee Kiat; and
   * Chua Eng Chin

   -- To re-appoint Messrs SJ Grant Thornton (formerly known as
      Shamsir Jasani Grant Thornton) as Auditors of the company
      and to authorize the Directors to fix their remuneration.

   -- To consider and, if thought fit, to pass this Resolution:

   * Authority to Issue shares by the company pursuant to
     section 132d of the companies act, 1965

                  About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln   
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                         *     *     *

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board continues talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million.


MANGIUM INDUSTRIES: Unit Defaults on MYR20.5 Mil. Alliance Loan
---------------------------------------------------------------
Mangium Industries Bhd.'s wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, received a copy of the Schedule H (Rule 14(1))
Notice (Notice by Chargee In Case of Default) from Alliance Bank
Malaysia Berhad.

The Notice stated that Mangium Sawmill, the chargor of the lands
held under CL235082925, CL235017713, PL236078069, CL235157196,
CL235157187, CL235310602, CL235310611 and CL235311172, all
situated in the District of Pitas, Sabah, where three charges
were created upon the said lands by Alliance who is now regarded
as the owner of the said Lands to secure the repayment of
Mangium Sawmill on the various loan facilities amounting to the
maximum aggregate sum of MYR20.5 million together with agreed
interest and further default interest.

Alliance also claims that Mangium Sawmill has defaulted by
failing to regularize the said accounts, by which defaulted the
total principal sums and interests amounting to MYR18.97 million
(Overdraft) and MYR2.15 million(Trade) both as at April 30,
2008, have become due.

Alliance gave notice to Mangium Sawmill that unless payment is
made of the sums now due under the aforesaid charges together
with accrued interest and further default interest thereon,
Alliance, at the expiration of one month from the date of the
service on Mangium Sawmill, will apply to the collector to order
the sale of the said Lands in accordance with the provisions of
the Land Ordinance, Cap.68.

The company is currently seeking legal advice and will announce
further development on this matter as and when necessary.

              About Mangium Industries Berhad

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

                          *     *     *

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


UBG BERHAD: SC Approves Proposed Regularization Scheme
------------------------------------------------------
The Securities Commission has approved UBG Berhad's Proposed
Regularization Scheme.

The approval of the Regularization Scheme is subject to these
terms and conditions:

     i. UBG to increase its Bumiputera equity by 3.44% (or
        21 million UBG Shares) of the new enlarged issued and
        paid-up share capital of UBG within two years from the
        date of implementation of the Proposed Regularization
        Scheme.  The shares to be offered to Bumiputera  
        investors for the purpose of complying with the
        condition should be approved by the Ministry of
        International Trade and Industry;

    ii. UBG to make appropriate disclosure as well as the
        mitigating factors on the issue of dependency on
        management and experienced personnel of Putrajaya
        Perdana Berhad and Loh & Loh Corporation Berhad in its
        circular to the shareholders;

   iii. UBG to seek the SC's prior approval for the utilization
        of the remaining proceeds, after the completion of the
        proposals including the Proposed Mandatory Offer.  The
        remaining proceeds should also include the proceeds from
        any sell down of Putrajaya Perdana and Loh & Loh shares
        by UBG for the purpose of complying with the public
        spread requirement.

As the shareholders had already approved the Proposed
Regularization Scheme on May 20, 2008, Aseambankers, on behalf
of the Board, will make the necessary appeal on item (ii) above.

The company's Proposed Regularization Scheme involves:

   -- Proposed acquisition of 100% equity interest in CMS Roads
      Sdn Bhd from PPES Works (Sarawak) Sdn Bhd and Sarawak
      Economic Development Board;

   -- Proposed acquisition of 100% equity interest in CMS
      Pavement Tech Sdn Bhd from PPES Works;

   -- Proposed acquisition of 49.21% equity interest in
      Putrajaya Perdana Berhad from Swan Symphony Sdn Bhd;

   -- Proposed acquisition of 37.56% equity interest in Loh &
      Loh from Binary Bestari;

   -- Proposed issuance of 182,640,800 new ordinary shares of
      MYR0.25 each in UBG to Majestic Masterpiece Sdn Bhd at the
      issue price of MYR2.50 per new UBG Share; and

   -- Mandatory offer by UBG for the remaining shares in
      Putrajaya Perdana and Loh & Loh not already held by UBG
      upon completion of the Proposed Putrajaya Perdana
      Acquisition and Proposed Loh & Loh Acquisition at the
      offer price of MYR4.85 per Putrajaya Perdana share and Loh
      & Loh share.

                    About Utama Banking Group

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
Operations.


UBG BERHAD: Acquires 51% Stake in Unity Capital
-----------------------------------------------
UBG Berhad, on May 23, 2008, subscribed for 51 new ordinary
shares at US$1.00 each in Unity Capital International
representing a 51% equity interest of the issued and paid-up
share capital of Unity Capital International (Cayman) Ltd, for a
total consideration of USD51.00.  The remaining 49% equity
interest in Unity Capital International is held by Unity
Partners (Cayman) Ltd, a company incorporated under the Laws of
the Cayman Islands.

Unity Capital International was incorporated on April 28, 2008,
as a private company limited by shares under the Laws of the
Cayman Islands.

Unity Capital International in turn holds a 100% equity interest
in Unity Capital Management (Singapore) Pte Ltd, which was
incorporated on May 5, 2008, as a private company limited by
shares under the Companies Act of Singapore.  The present issued
and paid-up share capital of Unity Singapore is SGD2 million
comprising 2 million ordinary shares of SGD1.00 each.

Unity Capital International and its subsidiary, Unity Singapore,
are currently dormant.  Unity Capital International group of
companies will focus on opportunities in the Middle East and
South East Asia region.

The subscription will not have any material effect on the
earnings or net tangible assets of UBG for the year ending
December 31, 2008.

None of the directors, major shareholders of UBG or persons
connected to them has any interest, direct or indirect, in the
subscription.

                    About Utama Banking Group

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.



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

3 N 5 WALLBOARDS: Faces Tribro's Wind-Up Petition
-------------------------------------------------
On April 11, 2008, Tribro Building Centre Limited filed a
petition to have 3 N 5 Wallboards 2006 Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
August 1, 2008, at 10:00 a.m.

Tribro's solicitor is:

         C. F. Foote
         c/o Kendall Sturm & Foote
         The Swanson Centre, Fourth Floor
         12-26 Swanson Street
         Auckland
         New Zealand
         Facsimile:(09) 377 1713


ARUPA LTD.: Court to Hear Wind-Up Petition on June 16
-----------------------------------------------------
A petition to have Arupa Ltd.'s operations wound up will be
heard before the High Court of Tauranga on June 16, 2008, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
April 8, 2008, at 10:45 a.m.

The CIR's solicitor is:

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


KIDS WORLD: Wind-Up Petition Hearing Set for May 30
---------------------------------------------------
The High Court of Auckland will hear on May 30, 2008, at
10:00 a.m., a petition to have Kids World Production (No.26)
Limited  and Kids World Production (No.67) Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
February 8, 2008.

The CIR's solicitor is:

         Michael Kinlim Yan
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1514
         Facsimile:(09) 984 3116


LUMBER HAULAGE: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------
On April 29, 2008, the shareholders of Lumber Haulage Ltd.
appointed Iain Bruce Shephard and Christine Margaret Dunphy as
the company's liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


PAINTING MATRIX: Wind-Up Petition Hearing Set for May 30
--------------------------------------------------------
A petition to have The Painting Matrix Ltd.'s operations wound
up will be heard before the High Court of Auckland on May 30,
2008, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Dec. 10, 2007.

The CIR's solicitor is:

         Michael Kinlim Yan
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1514
         Facsimile:(09) 984 3116


PATUTAHI TRANSPORT: Taps Shephard and Dunphy as Liquidators
-----------------------------------------------------------
On April 29, 2008, the shareholders of Patutahi Transport
Limited appointed Iain Bruce Shephard and Christine Margaret
Dunphy as the company's liquidators.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          c/o Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile:(04) 473 6748


PEGREEN LTD: Subject to CIR's Wind-Up Petition
----------------------------------------------
On December 17, 2008, the Commissioner of Inland Revenue filed a
petition to have Pegreen Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
May 30, 2008, at 10:45 a.m.

The CIR's solicitor is:

         Michael Kinlim Yan
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1514
         Facsimile:(09) 984 3116


PRESTEK INSTALLATION: Wind-Up Petition Hearing Set for June 4
-------------------------------------------------------------
The High Court of Auckland will hear on June 4, 2008, at
10:00 a.m., a petition to have Prestek Installation Ltd.'s
operations wound up.

The Commissioner of Inland Revenue filed the petition on
February 4, 2008.

The CIR's solicitor is:

         Michael Kinlim Yan
         Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1514
         Facsimile:(09) 984 3116


SARGENT'S PHARMACIES: Fixes June 6 as Last Day to File Claims
-------------------------------------------------------------
The creditors of Sargent's Pharmacies (2005) Ltd. are required
to file their proofs of debt by June 6, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         James Robert Abbott
         PO Box 4195, Kamo
         Whangarei
         New Zealand
         Telephone:(09) 435 1170
         Facsimile:(09) 435 1175


WILLIS STATIONERY: Appoints Brown and Rodewald as Liquidators
-------------------------------------------------------------
On April 29, 2008, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed liquidators of Willis Stationery Ltd.

The Liquidators can be reached at:

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



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

STEEL CORP: Appeals Court Rejects Rehabilitation Absent Hearing
---------------------------------------------------------------
Ira P. Pedrasa of Business World reports that the Court of
Appeals has set aside a trial court decision creating a
management committee that will oversee the rehabilitation of the
Steel Corp. of the Philippines.

According to the report, the appellate court said the trial
court had gravely abused its discretion when it allowed the
creation of the committee without first hearing the case.

On Dec. 3, 2007, the report says a Batangas City regional trial
court approved the company’s rehabilitation plan and immediately
ordered the creation of a management committee to be composed of
four nominees of the steel company, three from secured
creditors, one from unsecured creditors and a court-appointed
representative.

"We are amazed at how the respondent judge was able to arrive at
her findings that there was danger of dissipation of assets and
other properties of the petitioner, yet not imminent to warrant
the creation of a [committee] in the absence of a full-blown
hearing," the appeals court decision said as quoted by Business
World.

                          Unpaid Loans

Steel Corp.'s financial trouble started in 1996 when it obtained
Php3.1 billion in both foreign and local loans for the
construction of a plant in Balayan, Batangas.

Payment on the loan was stalled by several factors particularly
the Asian financial crisis.  In 2001, the company asked
creditors for an extension.

Accordingly, creditor bank, Equitable PCI Bank Inc., sought
rehabilitation of the company, which Steel Corp. wanted the
appellate court to deny arguing that the bank wanted to take
over the company's operations.

                     About Steel Corporation

Established in 1996, Steel Corporation of the Philippines
provides coated steel products for use in a diverse range of
applications including automotive, architecture, construction,
furniture and cans.

Steel Corp. is currently the Philippine's sole licensee of
GALVALUME 55(TM), the world's most durable coated steel product
and having the first galvanizing line in the world to achieve
200 meters per minute in 55% aluminum / zinc sheet production.



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

FRANKEL LEASING: Court Enters Wind-Up Order
-------------------------------------------
On May 9, 2008, the High Court of Singapore entered an order to
have Frankel Leasing Pte Ltd's operations wound up.

The Hong Kong and Shanghai Banking Corporation Limited filed by
the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GLEXCHEM (S) PTE: Court Directs Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order directing the wind
up of Glexchem (S) Pte Ltd's operations.

Chia Zhao Guan filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


LEONG SENG: Creditors' Proofs of Debt Due on June 7
---------------------------------------------------
Leong Seng Hin Piling Pte Ltd., which is in liquidation,
requires its creditors to file their proofs of debt by June 7,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Public Accountants & Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


SEATIDE SHIPPING: Wind-Up Petition Hearing Set for June 6
---------------------------------------------------------
The High Court of Singapore will hear on June 6, 2008, at 10:00
a.m., a petition to have Seatide Shipping Pte Ltd's operations
wound up.

The petition was filed by Akron Trade and Transport S.A. on
May 16, 2008.

Akron Trade's solicitors are:

         Messrs. Gurbani & Co
         9 Temasek Boulevard
         #17-01 Suntec Tower 2
         Singapore 038989


XIN HEFENG: Court to Hear Wind-Up Petition on June 6
----------------------------------------------------
A petition to have Xin Hefeng Metal Engineering Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on June 6, 2008, at 10:00 a.m.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company on May 16, 2008.

Oversea-Chinese Banking's solicitors are:

         Rajah & Tann LLP
         4 Battery Road #15-01
         Bank of China Building
         Singapore 049908



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

* BOND PRICING: For the Week May 26 to May 30, 2008
---------------------------------------------------

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

   AUSTRALIA &
   NEW ZEALAND
   -----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.77
A&R Whitcoulls Group           9.500%  12/15/10     NZD    14.00
Allco Hit Ltd                  9.000%  08/17/09     AUD    23.50
Antares Energy Limited        10.000%  10/31/13     AUD     7.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    18.40
Becton Property Group          9.500%  06/30/10     AUD    16.00
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    15.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    11.80
China Century                 12.000%  09/30/10     AUD     0.60
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.35
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.80
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.20
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     3.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.25
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.00
Infrastructure & Utilities     8.500%  09/15/13     NZD     9.45
Jem Warehouse                  3.000%  08/01/14     AUD    71.66
LongReach Group Limited       10.000%  10/31/08     AUD     0.33
Nylex Ltd.                    10.000%  12/08/09     AUD     1.76
Metal Storm Ltd               10.000%  09/01/09     AUD     0.11
Minerals Corp                 10.500%  09/30/08     AUD     0.87
Publ & Broad Fin               6.280%  05/06/11     AUD     9.31
Record Funds Man              11.000%  09/01/10     AUD    45.50
Record Funds Man              11.500%  09/01/10     AUD    54.00
Salomon SB Aust                4.250%  02/01/19     USD     6.93
Speirs Group Ltd.             13.160%  06/30/49     NZD    50.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.25
TrustPower Ltd                 8.500%  09/15/12     NZD     8.75
TrustPower Ltd                 8.500%  03/15/14     NZD     9.15

   CHINA
   -----
China Govt Bond                4.860%  08/10/14    CNY      0.00
Cosco Shipping                 0.800%  01/28/14    CNY     73.97
GD Power Develop               1.000%  05/07/14    CNY     73.39
Tsingtao Brewery               0.800%  04/02/14    CNY     73.25

   INDONESIA
   ---------
Indonesia Gov't                9.750%  05/15/37    IDR     74.89

   JAPAN
   -----
Cent Japan Rail                1.310%  03/18/33     JPY    73.96
NIS Group                      2.730%  02/25/10     JPY    72.50
Shinsei Bank Ltd.              5.625%  12/29/49     GBP    64.16
Japan Gov't                    1.100%  03/20/33     JPY    74.89

   KOREA
   -----
Korea Dev. Bank                7.450%  10/31/21     KRW    48.12
Korea Elec Pwr                 7.950%  04/01/96     USD    67.66

   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.91
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.55
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.30
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00
Cagamas Berhad                 3.610%  10/10/08     MYR     7.00
Eastern & Orient               8.000%  07/25/11     MYR     1.80
EG Industries Berhad           5.000%  06/16/10     MYR     0.29
Equine Capital                 3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.12
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.35
Jimah Energy Ventures Sdn Bhd  8.200%  11/11/16     MYR    15.00
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.33
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.29
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.30
Lebuhraya Kajang               2.000%  06/12/19     MYR    67.75
Lebuhraya Kajang               2.000%  06/12/20     MYR    64.97
Lebuhraya Kajang               2.000%  06/12/21     MYR    62.27
Malaysian Gov't                4.053%  12/04/12     MYR    62.00
Malaysian Gov't                8.000%  10/30/13     MYR    61.00
Malaysian Gov't                7.300%  10/01/14     MYR    62.00
Malaysian Gov't                4.410%  01/29/18     MYR    46.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.48
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Mithril Bhd                    3.000%  04/05/12     MYR     0.57
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.31
Pelikan International          3.000%  04/08/10     MYR     1.61
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.09
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
RCE Advance                    8.000%  11/15/12     MYR    31.00
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.13
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.74
Silver Bird Group              1.000%  02/15/09     MYR     0.56
Southern Steel                 5.500%  07/31/08     MYR     3.20
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.67
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.22
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.33
Wah Seong Corp.                3.000%  05/21/12     MYR     5.50
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.52
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.71

   SRI LANKA
   ---------
Sri Lanka Govt                7.500%  08/15/18     LKR     67.89
Sri Lanka Govt                6.850%  04/15/12     LKR     74.39
Sri Lanka Govt                6.850%  10/15/12     LKR     72.54
Sri Lanka Govt                8.500%  07/15/13     LKR     73.26
Sri Lanka Govt                7.500%  08/01/13     LKR     72.68
Sri Lanka Govt                7.500%  11/01/13     LKR     72.22
Sri Lanka Govt                7.000%  10/01/23     LKR     61.13

                            *********

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

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

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


                            *********


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

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





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