TCRAP_Public/080528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, May 28, 2008, Vol. 11, No. 105

                            Headlines


A U S T R A L I A

BEECHWOOD HOMES: NSW Gov't Urges Clients to File Claims
BEMAX RESOURCES: Cristal's Takeover Offer Cues Moody's Review
COLLINS CONSULTING: Appoints Tonks and Vouris as Liquidators
CRIOLA DEVELOPMENTS: Appoints Robert Moodie as Liquidator
ELAINE BURROW: Placed Under Voluntary Liquidation

HOWDEN GROUP: Liquidator Presents Wind-Up Report
HOWDEN FAN: Liquidator Gives Wind-Up Report
HOWDEN SIROCCO: Liquidator Presents Wind-Up Report
HOWDEN BLOWER: Liquidator Gives Wind-Up Report
JAMES HOWDEN: Liquidator Presents Wind-Up Report

KENWOOD APPLIANCES: Declares Dividend for Creditors
KERRY JONES: Liquidator Presents Wind-Up Report
MCDONALD KEEN: Pipeline Project Waits Completion
MORECRAFT KITCHENS: Liquidator Presents Wind-Up Report
NAVGLOVE PTY: Appoints Paul William Gidley as Liquidator

OCTAVIAR LIMITED: Creditors Accelerate Loan Repayment Period
RAZORBACK VEHICLES: Undergoes Voluntary Liquidation
THE AUSTRALIAN: Liquidator Gives Wind-Up Report
WWW THE EXECUTIVE: Commences Liquidation Proceedings


C H I N A

CHINA SOUTHERN: To Raise Fuel Surcharge by 33% in June 1
CITIG GROUP: Citic Capital Nears Completion of 2 Firms Buyout
DONGFENG ELECTRONIC: Restructures Units, Liquidates Subsidiary
FUYAO GROUP: Pays CNY0.5 Dividend
HAINAN AIRLINES: To Raise Fuel Surcharge Due to Oil Cost

NEO-CHINA LAND: Moody's Cuts Ratings to B2; Continues Review
* Fitch: China Telecom Industry Restructuring -- Positive


H O N G  K O N G

ANKL HONG KONG: Appoints New Liquidators
AZIATECH COMMUNICATIONS: Creditors' Proofs of Debt Due June 23
FAG CHINA: Appoints New Liquidator
GENERAL SIGNAL: Appoints New Liquidator
GLOBAL SPECIALTY: Liquidator Quits Post

HUA RUI: Liquidators Quit Post
ISA (INT'L SHOE AGENCIES): Liquidator Quits Post
PRINSEN HOLDINGE: Commences Liquidation Proceedings
SKY BLUE: Commences Liquidation Proceedings
YUEN TAI: Liquidator Quits Post


I N D I A

BANK OF BARODA: Plans to Add 10 Overseas Branches in 2008
BANK OF BARODA: Karvy Maintains "Buy" Rating on Firm's Shares
GENERAL MOTORS: Workers End Strike in 30 North American Plants
ICICI BANK: To Open 4 US Offices; Targets NRI Entrepreneurs
ICICI: To Focus on Corporate Loans; Slows Down on Retail Assets

* INDIA: Increases Farmers' Debt Relief by 20% to US$18BB


I N D O N E S I A

INDIKA INTI: Prices US$300 Million IPO
TELKOM INDONESIA: Plans to Buy Back 1.9% Share Capital
* INDONESIA: S&P Affirms Low-B Currency Ratings; Outlook Stable


J A P A N

JVC CORP: Inks Media Business Transfer Pact w/ Taiyo Yuden
* S&P Cuts 35 Japanese CDO Tranches; 20 Tranches On Watch Neg.


K O R E A

EG SEMICON: Completes Private Placement of Common Shares
DAEWOO ELECTRONIC: Sets Up KRW300MM Food Franchise Businesses
KOREAN EXPRESS: Aims to Triple Profit in 2009


N E W  Z E A L A N D

BLIS TECHNOLOGY: To Use New Standards for Annual Reports
FLETCHER BUILDING: Completes Sale of March 2012 Capital Notes


T A I W A N

POLARIS SECURITIES: Fitch Affirms C/D Individual Rating


X X X X X X X X

* S&P Takes Various Actions on 50 Asia-Pacific Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars



                         - - - - -


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

BEECHWOOD HOMES: NSW Gov't Urges Clients to File Claims
-------------------------------------------------------
ABC News reports that the New South Wales Government is urging
consumers affected by the collapse of Beechwood Homes to
immediately lodge insurance claims.

According to the report, the receivers for the company have
received a number of serious proposals from builders wanting to
take over Beechwood's contract, but no decision on a buyer has
been reached.

On May 26, 2007, the Troubled Company Reporter, citing the
Australian, reported that that Beechwood Homes' receivers
failed to attend the company's first creditors' meeting
held May 24, 2008.

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

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

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

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

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

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

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

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

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


BEMAX RESOURCES: Cristal's Takeover Offer Cues Moody's Review
-------------------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
and senior unsecured ratings of Bemax Resources Limited (Bemax)
under review for possible downgrade. The rating action follows
the company's announcement that it has been approached by
Cristal Australia Pty Ltd (Cristal; unrated) for a full takeover
offer. Cristal already owns approx. 34.5% of Bemax.

"The review reflects the combined effects of Bemax's weak
position within its current Ba3 rating (previously, negative
outlook) together with significant uncertainties related to 1)
the financial profile of the consolidated group; 2) Bemax's
financial and capital management policy under a changed
ownership scenario; and 3) any consequent changes to Bemax's
future growth plans", said Ian Lewis a Moody's Vice President.

"The review will focus on resolution of the above
considerations. To the extent that the transaction proceeds on
the terms announced, Moody's review will also consider an
assessment of Bemax's debt within the consolidated group", said
Lewis who is also Lead Analyst for Bemax.

Bemax Resources Limited (Bemax) is an Australian-based mineral
sands producer, producing zircon and titanium based feedstock
products. Bemax intends to expand operations to additional
mining sites as well as ramp up operations at its Broken Hill
Mineral Separation Plant (MSP) facility to allow for the
processing of Rutile and Zircon.


COLLINS CONSULTING: Appoints Tonks and Vouris as Liquidators
------------------------------------------------------------
Collins Consulting Group Pty. Ltd.'s members agreed on March 26,
2008, to voluntarily liquidate the company's business.  Bradley
Tonks and John Vouris were appointed to facilitate the sale of
its assets.

The liquidators can be reached at:

          B. J. Tonks
          Lawler Partners Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000
          Australia


CRIOLA DEVELOPMENTS: Appoints Robert Moodie as Liquidator
---------------------------------------------------------
Criola Developments Pty. Ltd.'s members agreed on April 2, 2008,
to voluntarily liquidate the company's business.  Robert Moodie
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


ELAINE BURROW: Placed Under Voluntary Liquidation
-------------------------------------------------
Elaine Burrow Pty. Ltd.'s members agreed on March 31, 2008, to
voluntarily liquidate the company's business.  Antony de Vries
and Riad Tayeh were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          Antony De Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta NSW 2150
          Australia
          Telephone: (02) 9633 3333
          Facsimile: (02) 9633 3040


HOWDEN GROUP: Liquidator Presents Wind-Up Report
------------------------------------------------
Howden Group Australia Nominees Pty. Ltd. held a meeting for its
members on May 5, 2008. At the meeting, the company's
liquidator, John Morgan, provided the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972

                        About Howden Group

Located at Blacktown, in New South Wales, Australia, Howden
Group Australia Nominees Pty Limited is an investor relation
company.


HOWDEN FAN: Liquidator Gives Wind-Up Report
-------------------------------------------
Howden Fan Company Pty. Ltd. held a meeting for its members on
May 5, 2008. At the meeting, the company's liquidator, John
Morgan at PKF, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972


HOWDEN SIROCCO: Liquidator Presents Wind-Up Report
--------------------------------------------------
Howden Sirocco Pty. Ltd. held a meeting for its members on
May 5, 2008. At the meeting, the company's liquidator, John
Morgan at PKF, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972


HOWDEN BLOWER: Liquidator Gives Wind-Up Report
----------------------------------------------
Howden Blower Company Pty. Ltd. held a meeting for its members
on May 5, 2008. At the meeting, the company's liquidator, John
Morgan at PKF, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972


JAMES HOWDEN: Liquidator Presents Wind-Up Report
------------------------------------------------
James Howden Australia Pty Limited held a meeting for its
members on May 5, 2008. At the meeting, the company's
liquidator, John Morgan at PKF, provided the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972

                       About James Howden

James Howden Australia Pty Limited, which is also trading as
Howden Research Australia is a distributor of durable goods.  
The company is located at North Sydney, in New South Wales,
Australia.


KENWOOD APPLIANCES: Declares Dividend for Creditors
---------------------------------------------------
Kenwood Appliances (Australia) Pty Limited, which is in
liquidation, declared its dividend for its creditors.

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

The company's liquidator is:

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


KERRY JONES: Liquidator Presents Wind-Up Report
------------------------------------------------
Kerry Jones Pty. Ltd. held a meeting for its members on May 22,
2008. At the meeting, the company's liquidator, Robert B.
Buckingham, provided the attendees with property disposal and
winding-up reports

The liquidator can be reached at:

          Robert B. Buckingham
          The Allan Hall Partnership
          126 / 117 Old Pittwater Road
          Brookvale NSW 2100
          Australia


MCDONALD KEEN: Pipeline Project Waits Completion
------------------------------------------------
A major water pipeline project is waiting to be completed
following McDonald Keen Group's collapse, various reports say.

Sources say the McDonald-Keen Group was contracted by the
Queensland Bulk Water Supply Authority to build the duplication
of the main water pipeline on the Sunshine Coast -- from the
Landers Shute treatment plant near Palmwoods to Caloundra.

The company went into receivership on May 9, 2008, due to
financial problems caused by cost blow-outs and cash-flow
problems.

The company's administrator is Ernst and Young.

Headquartered in Queensland, Australia, McDonald Keen Group
-- http://www.mkgroup.com.au/-- is a diverse engineering,  
fabrication and construction company with over 170 staff
nationally.  The Group comprises of three business divisions:
Industrial, Commercial Buildings and Civil Infrastructure.
The group has alliances with Webb Australia, Canadian Overhead
Handling, Bradley Lifting Equipment and Carbon Furnaces
Technologies.  Its directors are Jack McDonald and Greg Keen.


MORECRAFT KITCHENS: Liquidator Presents Wind-Up Report
------------------------------------------------------
Morecraft Kitchens & Joinery Pty. Ltd. held a meeting for its
members on May 15, 2008. At the meeting, the company's
liquidator, N.C. Malanos, provided the attendees with property
disposal and winding-up reports.


NAVGLOVE PTY: Appoints Paul William Gidley as Liquidator
--------------------------------------------------------
Navglove Pty Limited's members agreed on April 3, 2008, to
voluntarily liquidate the company's business.  Paul William
Gidley was appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          P. W. Gidley
          Ferrier Hodgson
          Level 3, 2 Market Street
          Newcastle NSW 2300
          Australia
          Telephone: (02) 4908 4444
          Facsimile: (02) 4908 4499


OCTAVIAR LIMITED: Creditors Accelerate Loan Repayment Period
------------------------------------------------------------
Octaviar Limited disclosed in a regulatory filing that it
received a notice from the Public Trustee of Queensland
asserting that an event of default had occurred on the notes
listed as OCVG with the Australian Securities Exchange.  The
notes mature on December 30, 2011.

The notice demanded that the notes, with a face value of
AU$348,621,200, together with accrued interest of AU$2,836,725
be paid by June 5, 2008.  The company said it paid an interest
on the notes due April 30, 2008, and noted that the next
interest payment is on October 30, 2008.

Octaviar is also facing a legal action filed by Challenger
Managed Investments Limited asserting payment of AU$100 million
worth of bonds maturing in November 2011.  A trial date has been
set for July 21.  The company said that the interest on the
bonds due May 23, 2008, has been paid and noted that the next
interest payment is by November 2008.

The National Australia Bank is also requesting payment under a
AU$40 million guarantee provided by Octaviar to the bank in
support of the facility the bank extended to Living and Leisure
Australia Group (ASX:LLA).  Accordingly, LLA proposed a
recapitalization which includes refinancing the NAB facility.

In addition, the company said it has significant exposure to a
New Zealand associate, OPI Pacific Finance Limited, and an
amount of AU$246 million was provided for in the interim
financial statements for the six months ending December 31,
2007.

On May 19, 2008, the holders of the debentures and unsecured
notes issued by OPI Pacific Finance voted in favor of a
moratorium proposal intended to allow OPI Pacific Finance to
work with the company over the next three years in a managed
work out of its loan book.  The moratorium proposal envisages
the entering into a formal arrangement with other large
unsecured creditors of the company if those creditors agree to
do so.

Octaviar said talks to reach an accommodation with its larger
unsecured creditors continue to be uncertain as it finalizes the
sale of its 65 percent stake in in the Stella Group leisure
business.

                      About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as  
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.


RAZORBACK VEHICLES: Undergoes Voluntary Liquidation
---------------------------------------------------
Razorback Vehicles Corporation Limited's members agreed on
March 27, 2008, to voluntarily liquidate the company's business.  
Antony de Vries and Riad Tayeh were appointed to facilitate the
sale of its assets.

The liquidators can be reached at:

          Antony De Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta NSW 2150
          Australia
          Telephone: (02) 9633 3333
          Facsimile: (02) 9633 3040


THE AUSTRALIAN: Liquidator Gives Wind-Up Report
-----------------------------------------------
The Australian Fan Company Pty. Ltd. held a meeting for its
members on May 5, 2008. At the meeting, the company's
liquidator, John Morgan at PKF, provided the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia
          Telephone:(02) 9240 9972


WWW THE EXECUTIVE: Commences Liquidation Proceedings
----------------------------------------------------
WWW The Executive Network Pty Ltd's members agreed on March 26,
2008, to voluntarily liquidate the company's business.  Bradley
Tonks and John Vouris were appointed to facilitate the sale of
its assets.

The Liquidators can be reached at:

          Bradley Tonks
          John Vouris
          Lawler Partners Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000
          Australia



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

CHINA SOUTHERN: To Raise Fuel Surcharge by 33% in June 1
--------------------------------------------------------
China Southern Airlines Co. Ltd. will raise fuel surcharges on
its international routes by 33% from June 1 to offset pressure
of oil price increases, Shanghai Daily News reports.

According to the report, the levy will increase to CNY800
(US$115) from CNY600 per passenger flying between the Chinese
mainland and Europe, the United States, Africa and Middle East.

This is the second increase since January 1, when domestic
airlines raised the surcharges by 30%, the report recounts.

A fuel surcharge, Shanghai Daily says, is an aviation tariff,
which requires the approval of relevant aviation authorities
before airlines could impose it.  

Meanwhile, Shanghai Daily relates, domestic carriers are also
hedging their fuel purchases due to the continued increase of
jet-kerosene prices.

Company Secretary Luo Zhuping said that China Eastern Airlines
plans to hedge 40% of its fuel needs this year, up from 30% last
year, the report adds.

                     About China Southern

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

                          *    *    *

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


CITIG GROUP: Citic Capital Nears Completion of 2 Firms Buyout
-------------------------------------------------------------
CITIC Capital, the private equity arm of CITIC Group, is close
to completing deals for two domestic food firms, Reuters
reports, citing Chief Executive Zhang Yichen.

Mr. Yichen told the news agency that he is confident that
regulators would approve the deals.

According to the report, the first deal is for a 45% stake in
confectionery company Guan Sheng Yuan (Group) Co Ltd. for as
much as CNY510 million (US$73 million).  

Mr. Yichen, the report relates, said the regulators wanted to be
sure of the deal's merit before signing off on it.  "It needs
approval from six government agencies, which we think we are
close to getting," he said.

The second deal is for a takeover of AVA Dairy.

As reported by the Troubled Company Reporter-Asia Pacific on
May 7, 2008,  CITIC Capital Holdings, through its China private
equity fund, entered into an agreement with Mainland listed
Hunan AVA Holdings Co. Ltd to acquire a 100% interest in AVA's
infant formula and dairy business, at a cash consideration of
approximately CNY570 million.

"We expect this deal to probably close some time in July or
August," Reuters cited Mr. Yichen as saying.

Reuters relates, citing Mr. Yichen, that a 2005 deal for
pharmaceutical firm Harbin Pharmaceutical Group, in partnership
with U.S. private equity firm Warburg Pincus, remained the
anchor for CITIC's first China fund.  With the two new
investments, the fund will be just about fully invested, Mr.
Yichen said.

                       About CITIC Group

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's     
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services removed the
BB+ long-term and B short-term foreign currency counterparty
credit rating on CITIC Group from CreditWatch.  The outlook on
the ratings is developing.  At the same time, Standard & Poor's
also removed the BB+ foreign currency issue rating on the
group's senior unsecured debt from CreditWatch.


DONGFENG ELECTRONIC: Restructures Units, Liquidates Subsidiary
--------------------------------------------------------------
Dongfeng Electronic Technology Co., Ltd. plans to purchase a 10%
stake in a Shanghai-based auto trade company from a Shanghai-
based auto industry company for about CNY600,000, Reuters
reports.

Reuters did not identify the auto trade and auto industry
companies.

The report relates that Dongfeng Electronic will then sell its
90% stake, along with its labor union's 10% stake, in the
auto industry company to the auto trade company for about
CNY2 million.

After the transaction, the auto trade company will become a unit
of Dongfeng Electronic, and the auto industry company will
become a wholly owned subsidiary of the auto trade company.

Meanwhile, Dongfeng Electronic will also liquidate its Shanghai-
based 50.01%-owned subsidiary, whose operational assets and
business have been injected into the joint venture of the  
Dongfeng Electronic and another America-based company in the
year of 2007,Reuters says.

                 About Dongfeng Electronic

Based in Shanghai, Dongfeng Electronic Technology Co., Ltd. --
http://www.detc.com.cn/-- is principally engaged in the   
manufacture and sale of automobiles and automobile parts and
components.  The company offers automobiles, instrument sets,
sensors, flexible shafts, gasoline supply systems, braking
products, die casting products, automobile ornaments, automobile
global position system (GPS) navigation parts, automobile
remote-controllers and other accessories for motorcycles,
passenger cars and trucks.

                       *     *     *

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on March 21, 2006.


FUYAO GROUP: Pays CNY0.5 Dividend
---------------------------------
Fuyao Group Glass Industries Co. Ltd. paid a dividend of CNY0.5
(before tax) on May 19, 2008, as well as a stock dividend of 10
shares to shareholders of record on May 12 for every 10 shares
they hold, Reuters relates.

The company's shares, the report relates, traded ex-right and
ex-dividend last May 13, 2008.  The newly issued shares from
additional paid-in capital and stock dividends floated on the
market on May 14, 2008, the report says.

As reported by the Troubled Company Reporter-Asia Pacific on
May 7, 2008, Fuyao Group's first-quarter profit rose 19%
on higher car demand.

According to the TCR-AP, citing a statement filed with the
Shanghai Stock Exchange, the company's net income rose to
CNY190.5 million (US$27.21 million), or CNY0.19 a share, from
CNY160.1 million, or CNY0.16 a share, a year earlier.

Company sales rose to CNY1.34 billion from CNY1.10 billion.

                      About Fuyao Group

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a    
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

                       *     *     *

The company currently holds Xinhua Far East China Ratings' BB+
issuer credit rating.


HAINAN AIRLINES: To Raise Fuel Surcharge Due to Oil Cost
--------------------------------------------------------
Hainan Airlines Co., Ltd. will raise fuel surcharges on
international routes by 33% from June 1 to offset pressure of
oil price increases, Shanghai Daly reports.

According to the report, the levy will increase to CNY800
(US$115) from CNY600 per passenger flying between the Chinese
mainland and Europe, the United States, Africa and Middle East.

This is the second increase since January 1, when domestic
airlines raised the surcharges by 30%, the report recounts.

A fuel surcharge, Shanghai Daily says, is an aviation tariff,
which requires the approval of relevant aviation authorities
before airlines could impose it.  

Meanwhile, Shanghai Daily says, domestic carriers are also
hedging their fuel purchases due to the continued increase of
jet-kerosene prices.

Jet fuel rose 6.8% last week in Singapore to US$172.70 a barrel,
double than last year's, Shanghai Daily relates.

                     About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--    
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.  
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                        *      *      *

As of May 17, 2008, Hainan Air still holds Xinhua Far East China
Rating's "CC"issuer credit rating placed on October 31, 2005
with a negative outlook.


NEO-CHINA LAND: Moody's Cuts Ratings to B2; Continues Review
------------------------------------------------------------
Moody's Investors Service has downgraded Neo-China Land Group
(Holdings) Limited's corporate family and senior unsecured
ratings to B2 from B1. At the same time, the ratings remain on
review for possible downgrade.

The ratings were originally put on review for possible downgrade
on February 25, 2008, in response to the suspension of trading
in its shares.

"The downgrade reflects Moody's growing concern over the
company's internal controls and corporate governance practices,
particularly its relatively low level of information disclosure
and transparency," says Kaven Tsang, Moody's lead analyst for
Neo-China.

"The prolonged suspension of trading in its shares, which has
now lasted for over 4 months, has heightened these concerns,
while it has not publicly provided any information or
clarification with regard to this situation, and it is uncertain
when trading will resume," says Tsang.

"While Neo-China's onshore operations and funding have not yet
been materially affected, its reputation and future funding
capabilities, particularly in international markets, will
probably be impaired and unlikely to recover in the near-to-
medium term. As a result, Moody's believes that it is more
appropriately positioned at a lower rating level," adds Tsang.

The extended review reflects the high level of uncertainty
associated with the ultimate impact arising from the prolonged
suspension of share trading. Moody's will continue to monitor
developments and assess the rating impact upon disclosure of
further information.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments. It
has 16 major projects under development in 12 cities in China
and a land bank of around 13.6 million sqm in gross floor area.


* Fitch: China Telecom Industry Restructuring -- Positive
---------------------------------------------------------
Fitch Ratings has today commented that the recently announced
telecommunication (telecom) industry restructuring in China
helps somewhat towards resolving the uncertainty that has
surrounded the industry for years. The announced industry
restructuring falls in line with the agency's expectation, i.e.
China Mobile acquires China Tietong Communications Corporation,
China Telecom acquires China Unicom's CDMA business and network,
and China Unicom's GSM business merges with China Netcom.
Accordingly, Fitch believes that the announced restructuring
measures pave the way for the future 3G licensing announcement
to likewise fall in line with Fitch's expectations that each of
the 3 restructured players will receive a 3G license.
At this stage, as the government has only confirmed that three
3G licenses will be awarded once the restructuring process is
finalised, remaining outstanding issues with potential to impact
Fitch's ratings on the Chinese telecom operators include: the
timing of the 3G license awards; the technology associated with
each 3G license; and the impact of potential asymmetrical
regulations which could be placed on China Mobile.

"While the competitive landscape of the telecom industry will
dramatically change, the current imbalance in the industry
pertaining to China Mobile's dominant position is unlikely to
change, at least within the next 1-2 years." said Jinqing Li,
Associate Director with Fitch's Asia-Pacific Corporates group.
"With an ability to internally fund large and increasing levels
of capital expenditure on its network, China Mobile sits in a
better position, relative to its competitors, to take advantage
of the ongoing fixed to mobile substitution trend and the rapid
growth of subscribers in rural areas." Mr Li noted.

Although the timing of the 3G licenses in China remains unclear,
given that this in turn depends on when the industry
restructuring will be finalised, from a technology point of view
Fitch reaffirms its view that TD-SCDMA, CDMA2000 and WCDMA
technology will be awarded to China Mobile, China Telecom and
China Unicom, respectively, supported by further developments in
recent months. The agency notes that China Mobile has been
conducting TD-SCDMA commercial trials in 8 major cities and
could possibly upgrade these networks to the more advanced TD-
HSDPA technology before the end of June 2008.

From the announcement, Fitch also noted that the government
could implement asymmetric regulations against China Mobile,
including enforcing a mobile market share ceiling (compared to
its current market share of 68%), and asymmetric mobile number
portability, should the regulators believe that the current
imbalance is not resolved.

The agency notes that similar asymmetric regulations were
implemented in Korea, which reduced the leading player's (SK
Telecom Co., Ltd - SKT) market share from 57% in 2000 down to
50% in 2001, and whose market share has remained at
approximately this level ever since (50.5% currently).
Nevertheless, SKT still managed to record positive subscriber
volumes through this period of asymmetric regulations, with its
current subscriber base of 22.5m being 47% higher than that at
the end of 2000.

While industry restructuring and potential asymmetrical
regulations will allow China Telecom and China Unicom to form
more meaningful competition to China Mobile over the medium to
long term, at the same time Fitch expects that China Mobile's
leading position in the Chinese mobile sector is unlikely to
change, given a total subscriber base of approximately 400m at
the end of April 2008, ongoing net subscriber acquisitions of
over 7m per month, high brand recognition and its leading
position in mobile content and applications. China Mobile's
strong financial profile also provides further support in the
face of evolving industry developments and uncertainties.
However, its weakness in fixed line and its attachment to the
less mature TD-CDMA technology are obstacles that China Mobile
will need to focus on resolving.



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


ANKL HONG KONG: Appoints New Liquidators
-----------------------------------------
The members of Ankl Hong Kong Limited appointed Brumo Arboit and
Simon Richard Blake as the company's liquidators.

The liquidators can be reached at:

          Brumo Arboit
          Simon Richard Blake
          China Merchants Tower, 12th Floor
          Shun Tak Centre, 168-200 Connaught Road
          Central, Hong Kong
          

AZIATECH COMMUNICATIONS: Creditors' Proofs of Debt Due June 23
--------------------------------------------------------------
Creditors of Aziatech Communications Co., Limited are required
to file their proofs of debt by June 23, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         Allied kajima Building, Room 1005
         138 Gloucester Road, Wanchai
         Hong Kong


FAG CHINA: Appoints New Liquidator
----------------------------------
The members of Fag China Company Limited appointed Wong Tak Man
Stephen as the company's liquidator.

The liquidator can be reached at:

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


GENERAL SIGNAL: Appoints New Liquidator
---------------------------------------
The members of General Signal (S.E.G.) Asia Limited appointed Yu
Shurong as the company's liquidators.

The liquidator can be reached at:

          Yu Shurong
          Three Pacific Place, Level 28
          1 Queen's Road East, Hong Kong


GLOBAL SPECIALTY: Liquidator Quits Post
---------------------------------------
On May 20, 2008, Tsang Chui Woon stepped down as liquidators for
Global Specialty Chemicals Limited.


HUA RUI: Liquidators Quit Post
-------------------------------
On May 23, 2008, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidators for Hua Rui Investments Limited.

          
INT'L ASSOCIATION: Creditors' Proofs of Debt Due June 30
--------------------------------------------------------
Creditors of International Association of Hot Spring, Spa &
Tourism Limited are required to file their proofs of debt by
June 30, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yuen Wai Hung
         2nd Floor, 100 Des Voeux Road
         Central, Hong Kong


ISA (INT'L SHOE AGENCIES): Liquidator Quits Post
------------------------------------------------
On May 23, 2008, Yeung Chun Sing stepped down as liquidator for
Isa (International Shoe Agencies) HK Limited.


PRINSEN HOLDINGE: Commences Liquidation Proceedings
---------------------------------------------------
Prinsen Holding Asia Limited's members agreed on May 2, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Harris Robin and Fung, Tin Yau Felix to facilitate the
sale of its assets.

The liquidators can be reached at:

          Harris Robin
          Fung, Tin Yau Felix
          The Centre, 31st Floor
          99 Queen's Road, Central
          Hong Kong


SKY BLUE: Commences Liquidation Proceedings
-------------------------------------------
Sky Blue Management Limited's members agreed on May 2, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Chung Cheuk Ming and Lui Tin Nang to facilitate the
sale of its assets.

The liquidators can be reached at:

          Chung Cheuk Ming
          Lui Tin Nang
          Tai Yau Building, 16th Floor
          Room 1613, 181 Johnson Road
          Wanchai, Hong Kong


YUEN TAI: Liquidator Quits Post
-------------------------------
On May 23, 2008, Suen Man Fai stepped down as liquidators for
Yuen Tai Electrical (Hong Kong) Company Limited.



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

BANK OF BARODA: Plans to Add 10 Overseas Branches in 2008
---------------------------------------------------------
Bank of Baroda, which is currently operating 71 offices in 25
countries, is planning to expand its overseas presence this year
by adding 10 more offices and branches, the Business Line
reports citing M.D. Mallya, chairman and managing director of
the bank.

"We are proposing to open four more branches under the
subsidiary in Trinidad and Tobago.  The rest of the branches we
may open in the Gulf, Australia, Africa and China," the Business
Line quotes Mr. Mallya as saying.

According to the report, Mr. Mallya believes that there is a
tremendous potential in Trinidad and Tobago for nearly 33% of
the population there are of Indian origin.

Mr. Mallya also told the Business Line that most of the Bank's
overseas offices and branches are strong and have stabilized in
the last few years.  

"Our operations in Gulf are one among the strongest operations
of any bank in that region.  Our operations in London show the
strong presence of an Indian bank in that region.  The same is
the case with our operations in New York," Mr. Mallya added.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


BANK OF BARODA: Karvy Maintains "Buy" Rating on Firm's Shares
-------------------------------------------------------------
Karvy Stock Broking has maintained its buy rating on Bank of
Baroda with a target price of INR450 in its May 27, 2008,
research report, Moneycontrol News reports.

"Bank of Baroda reported 12.5% yoy growth in net profits to
INR2.76 billion which was 21% lower than our estimate of INR3.5
billion.  We believe that the new chairman and managing
director, M.D. Mallya has been more conservative and taken
higher provisions of INR2 billion in 4QF08 for the imminent wage
hike settlement and for floating provisions.  Core bank income
was under pressure as the net interest margin declined but lower
staff costs resulted in pre-provisions profits increasing by
9.5% yoy to INR8.1 billion.  We remain positive on the future of
BOB under the new CMD as he plans to focus the bank on core
banking operations," Karvy's research report said as quoted by
Moneycontrol News.

The report added that Karvy is maintaining their FY2009 and
FY2010 estimates and they believe that the bank's core banking
earnings could further improve under the new senior management.

Karvy's research report also stated that the bank is trading at
an attractive 1.1x FY2008 BV and at below FY2009E BV despite ROE
improving to 17.5% in FY2009E, report added.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes program.  Fitch said the outlook on all
ratings is stable.


GENERAL MOTORS: Workers End Strike in 30 North American Plants
--------------------------------------------------------------
The United Auto Workers local union ratified a new labor
agreement with American Axle & Manufacturing Holdings Inc. on
May 22, 2008, ending a work stoppage that affected approximately
30 General Motors Corp. plants in North America.

As disclosed in the Troubled Company Reporter on May 19, 2008,
the work stoppage at American Axle resulted in a loss of
approximately 100,000 production units in the first quarter of
2008, which had an estimated impact on earnings before tax of
approximately $800 million.

In the second quarter, the American Axle strike is expected to
result in the loss of an additional 230,000 production units,
which is estimated to have an earnings before tax impact of
approximately $1.8 billion.

GM anticipates only a portion of this lost production will be
recovered, due to the current economic environment in the United
States and to the market shift away from the types of vehicles
that were impacted by the action at American Axle.

GM previously disclosed that it had agreed to provide American
Axle upfront support capped at $200 million to help fund
employee buyouts, early retirements and buydowns to facilitate a
settlement of the work stoppage. Final negotiations resulted in
total support of $215 million.

In addition, as reported in the TCR, several other GM plants
have been idled by work stoppages associated with finalizing
local UAW agreements.  These work stoppages are expected to
result in the loss of approximately 33,000 production units in
the second quarter, which are estimated to have an earnings
before tax impact of approximately $200 million.  Members of the
local union at the Lansing Delta Township plant in Lansing,
Michigan have ratified a new local labor agreement and
production resumed on May 19.  

Members of the local union at the Fairfax plant in Kansas City,
Kansas have also ratified a new local labor agreement and
production resumed on May 22.  GM plans to recover the lost
production due to the impact of the local strikes over the
remainder of this year.

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

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

                          *     *     *

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


ICICI BANK: To Open 4 US Offices; Targets NRI Entrepreneurs
-----------------------------------------------------------
ICICI Bank will open offices in select US cities -- California,
New Jersey, Texas and Ilinois -- with a focus to market its
products and services to mid-level Non-Resident Indian (NRI)
entrepreneurs, a market with potential of about US$5 billion,
Press Trust of India News reports.

"These five states account for almost 60% of NRIs.  As we grow
our US business, we will need additional offices in select
cities in these States for marketing products and services
offered by the New York branch," PTI News quotes ICICI Bank
Executive Director Sonjoy Chatterjee as saying.

According to the report, the strategy is in line with the banks
intention to position itself as a community bank for the Indians
abroad.

Mr. Chatterjee told the PTI News that the bank plans to offer a
technology-based services platform including trade and
remittance products, especially where there are cross border
linkages.

                     About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with    
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As of May 17, 2008,  ICICI Bank Limited continues to carry
Moody's Investors Service's "Ba2" Foreign Long Term Bank
Deposits rating, which was placed on Feb. 5, 2003.

In addition, the bank still carries a "BB" Subordinated
Debt rating placed by Fitch Ratings on Feb. 5, 2007.


ICICI: To Focus on Corporate Loans; Slows Down on Retail Assets
---------------------------------------------------------------
ICICI Bank Ltd has decided to go slow on its retail assets
expansion after three years of accelerated growth in the
segment, resulting to consumer loans, mortgages and auto loans
going down to 58% from the 69% share in the bank's total loan
book, two years ago, Live Mint News reports.

The report states that ICICI Bank believes that there is a
bigger opportunity in corporate loans.

Chanda Kochchar, joint managing director and CFO of ICICI told  
Live Mint News that the growth rate of consumer credit will come
down from 35-40% to 12-15% this year.  She added that the bank's
growth in consumer credit will be in sync with the industry, but
its growth for corporate credit will be higher than the
industry, or more than 20%.

Live Mint News added that ICICI's focus now will be on retail
liabilities instead of assets.  In other words, the report says,
the bank will aggressively mop up retail deposits and not go for
retail loans.  As retail deposits cost less than wholesale
deposits, this should bring down the cost of deposits and add to
the profitability of ICICI.

"Three years back, our corporate credit book was growing at 5%.    
. . . (For the) last two years, the growth was around 12-15%.
Now, we could grow at even 25%.  The high consumer spend in the
last few years created huge demand, and Indian firms now want to
invest big money.  By our estimates, there is about US$700
billion (INR29.9 trillion) investment in the pipeline.  If you
include the working capital requirement of Indian firms and the
money required for overseas acquisitions, banks' corporate loan
book should grow between 20% and 25% this year," Live Mint News
quotes Ms. Kochchar as saying.

                     About ICICI Bank Limited

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with    
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As of May 17, 2008,  ICICI Bank Limited continues to carry
Moody's Investors Service's "Ba2" Foreign Long Term Bank
Deposits rating, which was placed on Feb. 5, 2003.

In addition, the bank still carries a "BB" Subordinated
Debt rating placed by Fitch Ratings on Feb. 5, 2007.


* INDIA: Increases Farmers' Debt Relief by 20% to US$18BB
---------------------------------------------------------
India will increase its budget to write off bad loans by farmers
by about 20 percent to US$18 billion from the original
US$15 billion package unveiled in February, Amy Yee of the
Financial Times reports.

"Both in terms of scope, coverage and the financial cost, this
is the most ambitious scheme ever undertaken by any government
in India," Finance Minister Palaniappan Chidambaram was quoted
by FT as saying.

The scheme will be implemented by June 30, the report says.

Earlier, Joe Leahy of the Financial Times reported that
India's state-owned banks reported a sharp rise in defaults by
rural lenders since the government implemented its plan to waive
loans granted to farmers.

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

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

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

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



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

INDIKA INTI: Prices US$300 Million IPO
--------------------------------------
PT Indika Energy has priced its initial public offering at the
top of the IDR2,300-2,950 price range in a flotation that was 13
times oversubscribed, Reuters reports, citing an unnamed source.

According to the report, the company plans to raise US$300
million in its Jakarta listing, the latest in a potentially busy
year for Indonesian IPOs.

The IPO is being handled by Citigroup, Deutsche Bank, Mandiri
Sekuritas, Danareska Sekuritas and Indo Premier Securities, the
report says.

Headquartered in Indonesia, Pt Indika Inti Energi (Indika),
--indika.co.id/-- established in 2000, is a privately-owned
investment holding company.  Its major investment assets include
a 46% stake in Kideco and a 100% stake in Tripatra.  Kideco, the
major cash flow provider to the holding company, commenced its
commercial operations in 1993, with a 30-year CCOW valid until
2023.  The CCOW, which is structured as a contract between
Kideco and the Indonesian government and ratified by the
Indonesian Parliament will prevail above other Indonesian laws
and also provide for international arbitration in the event of a
dispute.  Fitch notes that this framework has existed for nearly
25 years, and has withstood considerable political and economic
turmoil in Indonesia.  Tripatra is a leading EPC and O&M service
provider in Indonesia with a focus on energy and infrastructure
projects.

                       *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 11,
2007, Fitch Ratings assigned a final issue rating of 'B' and a
final recovery rating of 'RR4' to the US$250 million senior
secured notes due June 1, 2012, issued by Indo Integrated Energy
B.V. and guaranteed by PT Indika Inti Energi and its 100%-owned
subsidiary PT Indika Inti Corpindo.

On April 27, 2007, Moody's Investors Service assigned a
provisional (P)B2 corporate family rating to PT Indika Inti
Energi (Indika).  The rating outlook is stable.  At the same
time, Moody's assigned a provisional (P)B2 rating to the
proposed 5-year, US$250m senior secured bond issued by Indo
Integrated Energy BV and guaranteed by Indika.


TELKOM INDONESIA: Plans to Buy Back 1.9% Share Capital
------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to buy back up to 1.9% of
its share capital, or IDR3 trillion (US$322.3 million) worth of
shares, which is lower than the US$500 million figure, Harry
Suhartono of Reuters reports.

The report says the company intends to return excess cash to its
shareholders and help support the company's share price, which
has been depressed by a recent fall in the Indonesian stock
market.

Telkom's share price has fallen 15.3% since the start of the
year, underperforming the Indonesia Composite Index's 10% fall,
as investors worried about rising competition in the mobile
phone industry, the report says.

According to the report, the company plans to seek shareholder
approval for the plan in a shareholders meeting on June 20.

As reported by the Troubled Company Reporter - Asia Pacific on
May 27, 2008, Telkom Indonesia'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.

                  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.


* INDONESIA: S&P Affirms Low-B Currency Ratings; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term
foreign currency rating on the Republic of Indonesia at
'BB-' and its long-term local currency rating of 'BB+'. The 'B'
short-term rating was also affirmed. The outlook on long-term
ratings is stable.

"The ratings on Indonesia are underpinned by continued
improvements in its debt and external liquidity positions," said
Standard & Poor's credit analyst Elena Okorotchenko. "Although
the sovereign faces some short-term uncertainties brought about
by higher commodity prices, which are leading to growing
inflationary and fiscal pressures, the central government's
response to these challenges has so far been encouraging."

The sharp increase in the fuel subsidy allocation in the budget
is being addressed in several ways; among them, the government
increased fuel prices by an average of 28.7% effective May 24,
2008. With the continued increase in world oil prices, the
government also signaled that it might carry out further
fuel price hikes and adopt measures aimed at reducing the volume
of subsidized oil products. This will provide the fiscal
flexibility to better channel social assistance to those most in
need. Standard & Poor's expects a rise in the central government
deficit to 2.3% of GDP in 2008, from an original estimate of
1.6% of GDP and the government's revised budget deficit of 2.1%
of GDP.

The ratings on Indonesia continue to be weighed on by
significant external debt and still-high general government debt
burden. Overall competitiveness is also hampered by
infrastructure shortfalls, legal uncertainties, corruption, and
labor market rigidities. Information gaps remain on the
financial standing of the state-owned enterprises, the
consolidated regional and local government budgetary performance
and debt burdens, and the financial performance of entities
owned by regional and local governments, all of which hamper the
analysis of the public sector.

"It will also be a key challenge for the administration to
continue to build support for its reform and secure timely
parliamentary approval, especially in a pre-election year," Ms.
Okorotchenko added.

The ratings on Indonesia could be raised if ongoing reform
efforts result in a higher sustained growth trajectory and
further debt reduction. In addition, improved public sector
transparency would favorably influence the rating on Indonesia.
Alternatively, the ratings could come under pressure if
Indonesia is unable to meet the challenges posed by the
deterioration in the global financial and economic environment.
Similarly, the ratings could be reviewed if reform efforts stall
at the legislative or the implementation stages, or if
institutional weaknesses hinder policy coordination and impede
timely responses to any external shocks.



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

JVC CORP: Inks Media Business Transfer Pact w/ Taiyo Yuden
----------------------------------------------------------
Victor Company of Japan Limited, aka JVC Corp., decided to spin
off its recordable media business to a new company, Victor
Advanced Media Co. Ltd., and to transfer a portion of the new
company's shares to Taiyo Yuden Co. Ltd.

Under its new Medium-term Management Plan, JVC said it is
currently reforming its business structure and management
foundation by focusing on consumer electronics, professional
systems, and entertainment as its three future core businesses.  
These reforms include concentrated efforts to strengthen these
core businesses, as well as fundamental review of other
businesses, said the company.

According to JVC, the spin off is the best option for business
continuity, which will also make maximum use of the brand
strength, technology, and know-how that JVC has cultivated up to
the present; ensure continuity in responsibility for product
supply to existing customers; and secure the employment of JVC
personnel working in the recordable media business.

The spin-off and the share transfer are tentatively set for
July 1, 2008, and Oct. 1, 2008, respectively.

Earlier this month, JVC signed an agreement with Kenwood
Corporation to establish JVC KENWOOD Holdings Inc. through a
share transfer on October 1, 2008, subject to approval at their
respective general shareholders' meetings to be held on June 27,
2008.

                         About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is    
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

                          *    *    *

JVC incurred three consecutive annual net losses:
JPY7.89 billion for the fiscal year ended March 31, 2007;
JPY30.61 billion for the fiscal year ended March 31, 2006; and
JPY1.86 billion for the fiscal year ended March 31, 2005.


* S&P Cuts 35 Japanese CDO Tranches; 20 Tranches On Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 35
tranches relating to 30 Japanese synthetic CDO
transactions.

Regarding the downgrades, Standard & Poor's removed its ratings
on 14 tranches from CreditWatch with negative implications,
where they had been placed before today's rating actions. The
rating on Omega Capital Investments PLC series 48's class 7Y-B1
tranche has been placed on CreditWatch with negative
implications. The ratings on the other 20 downgraded tranches
remain on CreditWatch with negative implications. The SROC
(synthetic rated overcollateralization) figures cited below are
based on ratings that had been assigned before today's rating
actions.

SROC is the key measurement used to determine whether a rating
action is required. It captures the major influences on
portfolio performance: events of default, asset migration,
amortization of assets, and time decay.

In cases where SROC levels are below 100%, scenarios that
project the current portfolios 90 days into the future are run,
assuming there is no asset rating migration. Where the
projections indicate that the SROC levels would return to 100%
or above, the ratings are maintained but placed or kept on
CreditWatch with negative implications. If the projections
indicate that the SROC levels would remain below 100%, the
ratings are immediately lowered to a level where the relevant
SROC level would return to 100% or above.

   RATINGS LOWERED
   ---------------
* Astra Alpha Ltd.
  Multi-issuer obligation programme series 2005-01 credit-linked
  notes
  To    From           Issue Amount   SROC (%)
  --    ----           ------------   --------
  A     AA/Watch Neg   JPY15.0 bil.    99.7122

* Andante Ltd.
  Credit-linked secured notes series 3
  Class   To            From           Issue Amount   SROC (%)
  -----   --            ----           ------------   --------
  A-1     A/Watch Neg   A+/Watch Neg   JPY700.0 mil.   99.6502
  A-2     A/Watch Neg   A+/Watch Neg   JPY300.0 mil.   99.6502

* Beryl Finance Ltd.
  Series 2006-15 synthetic portfolio notes
  Class      To           From           Issue Amount  SROC (%)
  -----      --           ----           ------------  --------
  Tranche A  A/Watch Neg  AA-/Watch Neg  JPY5.0 bil.    99.6604

  Series 2007-5 synthetic portfolio notes
  Class      To             From         Issue Amount  SROC (%)
  -----      --             ----         ------------  --------
  Tranche A  AA-/Watch Neg  AA/Watch Neg  JPY5.0 bil.   99.7321

  Series 2007-9 credit hedged synthetic portfolio notes (with
  conditionally deferrable interest)
  To    From           Issue Amount   SROC (%)
  --    ----           ------------   --------
  A-    AA/Watch Neg    JPY5.0 bil.    45.8049

* Corsair (Jersey) No. 2 Ltd.
  Fixed rate credit-linked notes series 64
  To    From           Issue Amount   SROC (%)
  --    ----           ------------   --------
  BBB+  A+/Watch Neg   US$50.0 mil.    99.3041

  Floating-rate secured portfolio credit-linked notes series 76
  To              From           Issue Amount   SROC (%)
  --              ----           ------------   --------
  AA-/Watch Neg   AA/Watch Neg   US$20.0 mil.    99.7449

  Floating rate secured portfolio credit-linked notes series 86
  To    From             Issue Amount   SROC (%)
  --    ----             ------------   --------
  BBB   BBB+/Watch Neg   US$10.0 mil.    99.7126

* ELM B.V.
  Global portfolio CDO secured notes series 43
  To     From            Issue Amount   SROC (%)
  --     ----            ------------   --------
  BBB-   BBB/Watch Neg   US$20.0 mil.    99.8249

* Ethical CDO I (Jersey No. 1) Ltd.
  Floating-rate extendible maturity secured portfolio
  credit-linked notes series 2
  To             From           Issue Amount   SROC (%)
  --             ----           ------------   --------
  A-/Watch Neg   A+/Watch Neg   AU$50.0 mil.    99.6658

* Helium Capital Ltd.
  Limited recourse secured floating rate credit-linked notes  
  series 52
  To    From          Issue Amount   SROC (%)
  --    ----          ------------   --------
  BBB   A/Watch Neg    JPY5.0 bil.    99.4364

  Corporate basket limited recourse secured credit-linked
  extendable notes (Scarborough) series 64
  To     From           Issue Amount   SROC (%)
  --     ----           ------------   --------
  BBB+   A+/Watch Neg   AU$100.0 mil.   99.5438

  Limited recourse secured floating rate credit-linked notes
  series 65
  To    From             Issue Amount   SROC (%)
  --    ----             ------------   --------
  BBB   BBB+/Watch Neg    JPY2.0 bil.    99.4056

* Hummingbird Securitisation Ltd.
  Series 2 loan

  Class     To             From         Issue Amount   SROC (%)
  ------    --             ----         ------------   --------
  #2 Loan   AA-/Watch Neg  AA/Watch Neg  JPY3.0 bil.    77.8193

* Momentum CDO (Europe) Ltd.
  Prelude III floating rate notes series 2005-4
  To             From          Issue Amount   SROC (%)
  --             ----          ------------   --------
  A-/Watch Neg   A/Watch Neg    JPY3.0 bil.    99.6893

  Floating-rate credit-linked notes series 2006-20
  To   From          Issue Amount   SROC (%)
  --   ----          ------------   --------
  A-   A/Watch Neg    JPY1.0 bil.    99.4819

  SONATA 4 floating rate notes series 2006-21
  To             From          Issue Amount   SROC (%)
  --             ----          ------------   --------
  A-/Watch Neg   A/Watch Neg   JPY20.0 mil.    99.5582

  SONATA 5 floating rate notes series 2006-22
  To   From           Issue Amount   SROC (%)
  --   ----           ------------   --------
  A-   A+/Watch Neg   US$10.0 mil.    99.5582

* Omega Capital Investments PLC
  Secured multi rate notes series 21
  Class   To            From           Issue Amount   SROC (%)
  -----   --            ----           ------------   --------
  A1      A/Watch Neg   A+/Watch Neg    US$20.0 mil.   99.8759
  A2      A/Watch Neg   A+/Watch Neg   JPY300.0 mil.   99.8759

  Series 29 secured fixed rate notes
  Class   To   From            Issue Amount   SROC (%)
  -----   --   ----            ------------   --------
  A1      AA   AA+/Watch Neg    JPY2.3 bil.    99.7949

  Series 48 secured notes
  Class   To            From            Issue Amount  SROC (%)
  -----   --            ----            ------------  --------
  5Y-A1   AA+           AAA/Watch Neg   JPY1.3 bil.    99.4840
  5Y-A2   AA+           AAA/Watch Neg   JPY1.2 bil.    99.4840
  5Y-B    A+/Watch Neg  AA-/Watch Neg   JPY1.0 bil.    99.4872
  7Y-B1   A+/Watch Neg  AA-/Watch Pos   JPY300 mil.    99.4840

* Signum Vanguard Ltd.
  MAJOR multi-jurisdiction repackaging loan programme class A
  secured fixed rate credit-linked loan series 2005-04
  Class   To      From            Issue Amount   SROC (%)
  -----   --      ----            ------------   --------
  A       AA      AA+/Watch Neg   JPY4.0 bil.     92.7445

  MAJOR multi-jurisdiction repackaging loan programme class A
  secured floating rate credit-linked notes series 2005-06
  Class  To                From            Issue Amount SROC (%)
  -----  --                ----            ------------ --------
  A      AA-pNRi/Watch Neg AApNRi/Watch Neg JPY3.0 bil.  99.6467

  MAJOR multi-jurisdiction repackaging note programme series
  2005-10 secured floating rate credit-linked notes
  To              From             Issue Amount   SROC (%)
  --              ----             ------------   --------
  BB+/Watch Neg   BBB-/Watch Neg    JPY2.0 bil.    99.7397

  MAJOR multi-jurisdiction repackaging note programme secured
  floating rate credit-linked notes series 2006-02
  To              From             Issue Amount   SROC (%)
  --              ----             ------------   --------
  BBB/Watch Neg   BBB+/Watch Neg    JPY2.0 bil.    99.2797

  MAJOR multi-jurisdiction repackaging note programme series
  2006-04 secured floating rate credit-linked notes
  To            From          Issue Amount   SROC (%)
  --            ----          ------------   --------
  A/Watch Neg   A+/Watch Neg   JPY1.0 bil.    99.7859

  MAJOR multi-jurisdiction repackaging note programme series
  2006-06 secured fixed rate credit-linked notes
  To             From           Issue Amount   SROC (%)
  --             ----           ------------   --------
  A+/Watch Neg   AA/Watch Neg  JPY500.0 mil.    99.4091

  MAJOR multi-jurisdiction repackaging note programme series
  2006-07 secured fixed rate credit-linked notes
  To             From          Issue Amount   SROC (%)
  --             ----          ------------   --------
  A-/Watch Neg   A/Watch Neg  JPY500.0 mil.    99.3056

  MAJOR multi-jurisdiction repackaging note programme series
  secured floating rate credit-linked 2006-09 notes
  To             From            Issue Amount   SROC (%)
  --             ----            ------------   --------
  A+/Watch Neg   AA-/Watch Neg    JPY2.0 bil.    99.6306

  MAJOR multi-jurisdiction repackaging note programme secured
  floating rate credit-linked notes series 2006-10
  To              From           Issue Amount   SROC (%)
  --              ----           ------------   --------
  AA-/Watch Neg   AA/Watch Neg  JPY300.0 mil.    99.6295



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

EG SEMICON: Completes Private Placement of Common Shares
--------------------------------------------------------
EG Semicon Co. Ltd. has completed the private placement of its
2,666,667 common shares at an offer price of KRW1,875 per share,
Reuters reports.

The report relates that the total number of the company's
outstanding common shares is now 7,238,793.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures       
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On January 4, 2008, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


DAEWOO ELECTRONIC: Sets Up KRW300MM Food Franchise Businesses
-------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has established food
franchise businesses in Korea on May 22, 2008, Reuters reports.

According to the report, the new entity is capitalized at
KRW300 million.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer             
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


KOREAN EXPRESS: Aims to Triple Profit in 2009
---------------------------------------------
The Korea Express Co., Ltd. aims to more than triple operating
profit in 2009, by using new parent Kumho-Asiana Group's
international network to boost overseas sales, Reuters reports,
citing Joins.com.

According to the report, the company's operating profit may
reach KRW200 billion (US$191 million) in 2009, from
KRW63 million in 2007.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine  
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.



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

BLIS TECHNOLOGY: To Use New Standards for Annual Reports
--------------------------------------------------------
BLIS Technologies Limited will be using the New Zealand
equivalents to International Financial Reporting Standards ("NZ
IFRS") to report its financial results for the year ending
March 31, 2008.  This is the first time that BLT has used the NZ
IFRS to report its financial results.

In November 3, 2005, NZX Regulation issued a class waiver in
recognition of the extensive implementation requirements imposed
by the adoption of NZ IFRS.   Pursuant to the class waiver all
NZSX and NZDX issuers were granted extended time frames for the
issue of preliminary announcements, half-yearly and annual
reports under Listing Rules 10.4.1, 10.5.1 and 10.5.2
respectively for the first period in which they report their
financial results using NZ IFRS.

The company has a balance date of March 31, 2008, and but for
the class waiver would be required to issue its preliminary
announcement under Listing Rule 10.4.1(a) by May 30, 2008, and
issue its annual report under Listing Rule 10.5.1 by June 30,
2008.  BLT advises the market that it will rely on the class
waiver and will accordingly issue its preliminary announcement
and annual report outside the time periods specified by Listing
Rules 10.4.1(a) and 10.5.1.  

In reliance on the class waiver BLT will issue its annual
preliminary announcement on June 13, 2008, and its annual report
on June 30, 2008.

                 About BLIS Technologies

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

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


FLETCHER BUILDING: Completes Sale of March 2012 Capital Notes
-------------------------------------------------------------
Fletcher Building Limited has completed the sale of some March
2012 Capital Notes from Treasury Stock.  The details of the
issuance, as required by Listing Rule 7.12.1, are:

-- Issuer: Fletcher Building Limited,

-- Class of security and ISIN Capital Notes FBU210
    (NZFBUD0016S0)
-- Number issued 3,395,000

-- Nominal value and issue price NZ$1.00 per capital note;

-- Issue Price NZ$0.92

-- Payment method: Cash
    Amount paid up (if not in full) Paid in full

-- Percentage of the total class of securities issued 3.8%

-- Reason for the issue Normal cash management:
    Specific authority for the issue Directors' resolution

-- Total number of securities of the class in existence after
    the issue 88,579,500 (which includes Capital Notes acquired
    and held as treasury stock)

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of      
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08         NZ$10.00
           7.800%          03/15/09          NZ$9.15
           7.550%          03/15/11          NZ$9.00



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

POLARIS SECURITIES: Fitch Affirms C/D Individual Rating
-------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Polaris Securities Co.,
Ltd. (Polaris) Long-term Issuer Default Rating (IDR) at 'BBB-'
(BBB minus), Short-term IDR at 'F3', National Long-term at
'A(twn)', National Short-term at 'F1(twn)', Individual at 'C/D',
Support at '5', and Support Rating Floor at 'NF. The Outlook is
Stable. The agency has also simultaneously withdrawn all the
ratings. Fitch will no longer provide rating coverage of Polaris
Securities.



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

* S&P Takes Various Actions on 50 Asia-Pacific Synthetic CDOs
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on 45
Asia-Pacific synthetic collateralized debt obligations (CDOs),
18 of which remain on CreditWatch with negative
implications. Additionally, the ratings on two CDOs were raised
and three others were affirmed.

These rating actions follow an earlier review on May 14, 2008.

The CDOs that had their ratings lowered have synthetic rated
overcollateralization (SROC) levels that are less than 100%.
This indicates that they have insufficient credit support to
retain their former ratings following negative rating migration
within their reference portfolios.

For the transactions that had their ratings raised, their SROCs
have stayed above 100% at the higher rating level. For the
transactions that had their ratings affirmed and removed from
CreditWatch with positive implications, the review indicated
that they have insufficient credit support to be raised to the
higher level.

Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration. Where this projection indicates that the
SROC would return to a level above 100%, the rating is
maintained, but placed on CreditWatch negative. If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.

The rating actions taken on the affected transactions are:

Name            Rating To           Rating From      SROC
----            ---------           -----------      ----
Aphex Pacific
Capital Ltd.
Series 5
DESIGN 2006     A-/Watch Neg       AA-/Watch Neg     99.3278%
ARLO Ltd. Series
2005 (SKL CDO
Series 6)      BBB+pNRi/Watch Neg  ApNRi/Watch Neg   99.9299%
ARLO Ltd. Series
2006 (OCL-1)   BBB                 A-/Watch Neg     100.1555%
ARLO Ltd. Series
2006 (SKL CDO
Series 11)     AA+pNRi/Watch Neg   AAApNRi/Watch Neg 99.8514%
AROSA Funding
Ltd. Series
2006-9         BBB-                BBB/Watch Neg    100.2235%
Beryl Finance
Ltd. Series
2005-14        BBB                 BBB+/Watch Neg   100.0208%
Castle Finance
I Ltd.
Series 2       A                   A/Watch Neg      100.0381%
Castlereagh
Trust
Series 1       BBB                 A-/Watch Neg     100.2336%
Castlereagh
Trust
Series 2       BBB-                BBB/Watch Neg    100.2371%
Corsair (Jersey)
No.2 Ltd.
Series 69      BB+                 A-/Watch Neg     111.4576%
Corsair (Jersey)
No.2 Ltd.
Series 70      BBB/Watch Neg       A/Watch Neg       99.8286%
Corsair (Jersey)
No.2 Ltd.
Series 87      BBB-/Watch Neg      BBB/Watch Neg     99.7541%
Corsair (Jersey)
No.2 Ltd.
Series 88      A-                  AA/Watch Neg     100.1334%
Corsair (Jersey)
No.2 Ltd.
Series 89      AA                  AAA/Watch Neg    100.1523%
Corsair (Jersey)
No.2 Ltd.
Series 90      A-                  AA/Watch Neg     100.1309%
Corsair (Jersey)
No.2 Ltd.
Series 91      AA                  AAA/Watch Neg    100.1488%
Corsair (Jersey)
No.2 Ltd.
Series 97      BBB                 A/Watch Neg      100.1315%
Echo Funding
Pty Ltd.
Series 18      BBB/Watch Neg       A-/Watch Neg     100.1140%
Echo Funding
Pty Ltd.
Series 21      BBB+/Watch Neg      A/Watch Neg      100.0409%
Eirles Two Ltd.
Series 241     A/Watch Neg         A+/Watch Neg      99.9181%
ELM B.V.
Series 109     BBB                 A-/Watch Neg     100.1089%
ELM B.V.
Series 110     BBB                 BBB+/Watch Neg   100.0694%
Lion City CDO
Ltd. Series
2006-3         AA                  AA/Watch Neg     100.0495%
Lion City CDO
Ltd. Series
2006-5         AAA                 AAA/Watch Neg    100.0701%
Lunar Funding
V PLC Series
2006-24        A+/Watch Neg        AA-/Watch Neg     99.9404%
Magnolia Finance
I PLC Series
2006-21        BBB+                A-/Watch Neg     100.1907%
Magnolia Finance
I PLC Series
2006-22        BBB+                A-/Watch Neg     100.1907%
Momentum CDO
(Europe) Ltd.
Series 2006-19 A/Watch Neg         AA-/Watch Neg     99.9171%
Morgan Stanley
ACES SPC
2007-23        BBB+                A/Watch Neg      100.0271%
Morgan Stanley
ACES SPC 2007-9
Class III
(Principal)    ApNRi/Watch Neg     AA-pNRi/WatchNeg 100.0525%
Morgan Stanley
ACES SPC Series
2006-31        AA+                 AAA/Watch Neg    100.1037%
Morgan Stanley
Managed ACES
SPC Series
2006-12
Class IA       A+                  AA+/Watch Neg    100.0183%
Morgan Stanley
Managed ACES
SPC Series
2006-12
Class IIA      BBB+                AA-/Watch Neg    100.1055%
Morgan Stanley
Managed ACES
SPC Series
2006-12
Class IIIA     BBB/Watch Neg       A-/Watch Neg      99.9702%
Morgan Stanley
Managed ACES
SPC Series
2006-7
Class IA       AA                  AAA/Watch Neg    100.0103%
Morgan Stanley
Managed ACES
SPC Series
2006-7
Class IIA      BBB+/Watch Neg      A/Watch Neg       99.6931%
Motif Finance
(Ireland) PLC
Series 2007-1  A/Watch Neg         AA/Watch Neg      97.5682%
Motif Finance
(Ireland) PLC
Series 2007-5  BBB                 BBB+/Watch Neg   105.5117%
Obelisk Trust
2005-3 Mica    A+                  A+/Watch Neg     100.0065%
Onyx Funding Ltd.
Series 2005-1  BBB+                A+/Watch Neg     100.0325%
Sceptre Capital
B.V Series
2007-2         A+                  AA/Watch Neg     101.1245%
SHIELD
Series 7       AAA                 AA/Watch Pos     101.4430%
SHIELD
Series 8       AAA                 AA-/Watch Pos    100.5876%
Signum
Platinum I
Ltd. Series
2006-1         A/Watch Neg         AA/Watch Neg      99.9652%
Signum
Platinum II
Ltd. Series
2006-1         A-                  AA/Watch Neg     100.1881%
Signum
Platinum III
Ltd. Series
2007-1         A+/Watch Neg        AA/Watch Neg      99.9022%
XELO PLC
Series 2006
(Spinnaker III
Asia Mezz)
Tranche A      AA                  AAA/Watch Neg    100.1721%
XELO PLC Series
2006 (Spinnaker
III Asia Mezz)
Tranche B      BBB+/Watch Neg      A+/Watch Neg      99.9239%
XELO PLC
Series 2007
(Spinnaker III
Asia Mezzanine
2) Tranche C   AA                  AAA/Watch Neg    100.0762%
XELO PLC Series
2007 (Spinnaker
III Asia
Mezzanine 3)   BBB+/Watch Neg      A-/Watch Neg      99.9688%

'N.R.i' means that the interest payable on the notes is not
rated.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

October 15-16, 2008
Moody's Investors Service
    High Yield and Leveraged Finance Credit Analysis
      Seoul, South Korea
        Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
Moody's Investors Service
    Securities Firms Analysis \u2013 Including Broker-Dealers
      Hong Kong
        Web site: http://www.moodys.com/trainingservices

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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





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