TCRAP_Public/080529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, May 29, 2008, Vol. 11, No. 106

                            Headlines


A U S T R A L I A

ACN 116 842 212: Declares Dividend for Creditors
AIRPAK AIR: Placed Under Voluntary Liquidation
ARG FINANCIAL: Liquidators Present Wind-Up Report
ARWJ PTY: Placed Under Voluntary Liquidation
AUSTRALIAN TOOL: To Declare Dividend on July 29

AUSTRALIAN - AMERICAN: Liquidator Presents Wind-Up Report
BEARPUSS PTY: Undergoes Voluntary Liquidation
BEMAX RESOURCES: Cristal Offer Cues S&P to Put Ratings on Watch
BIMAT PTY: Appoints Nicholas Crouch as Liquidator
BLUESTONE TRADING: Supreme Court Enters Wind-Up Order

CHARTWELL ENTERPRISES: Placed Under Liquidation
COLLINS CONSULTING: Appoints Tonks and Vouris as Liquidators
CORPACH PTY: Liquidator Presents Wind-Up Report
COUNTRYROAD FREIGHT: Declares Dividend for Creditors
DARW PTY: Appoints Roderick Mackay Sutherland as Liquidator

DEOGAGE PTY: Undergoes Voluntary Liquidation
F. & A. HENRY (GOWRIE): Liquidator Presents Wind-Up Report
GH PACKAGING: Placed Under Voluntary Liquidation
GRANDVIEW MODULAR: Appoints Peter Paul Krejci as Liquidator
IKON KITCHEN: Appoints R. M. Sutherland as Liquidator

ILLAWARRA PANELS: Liquidator Gives Wind-Up Report
JOBAGO PTY: Appoints John Frederick Taylor as Liquidator
KENWOOD APPLIANCES: Liquidator Presents Wind-Up Report
LOGOMAN CONISTON: Appoints Danny Vrkic as Liquidator
RADW PTY: Commences Liquidation Proceedings

STANLEY BUILDING: Placed Under Voluntary Liquidation
LAMPION PTY: Appoints David G. Young as Liquidator


C H I N A

ASIA GLOBAL: Earns $390,932 in First Quarter Ended March 31
CHINA CONSTRUCTION: Bank of America to Raise Stake to 11%
CHINA HEALTH: Posts $66,482 Net Loss in 2008 First Quarter
CHINA LOGISTICS: March 31 Balance Sheet Upside-Down by $1.1MM
SHANDONG ZHOUYUAN: Earns $142,839 in 2008 First Quarter

SICHUAN CHANGHONG: Quake Damages Reach About CNY149 Million
XINHUA FINANCE: Moody's Affirms Ratings; Outlook Still Negative


H O N G  K O N G

FILMKO PICTURES: Appoints New Liquidator
GENERAL SIGNAL: Appoints New Liquidator
GOLD PLANET: Creditors' Proofs of Debt Due June 15
HIGASA (H.K.): Appoints New Liquidator
JAMEK ELECTRONICS: Commences Liquidation Proceedings

LEAD DATA: Creditors' Proofs of Debt Due June 27
LOGISTIC HOLDINGS: Appoints New Liquidators
TEAMSING ELECTRONIC: Creditors' Proofs of Debt Due June 13
TIDA (HONG KONG): Commences Liquidation Proceedings
U & D: Creditors' Proofs of Debt Due June 24


I N D I A

GENERAL MOTORS: 4 Plants to Lose Shifts Amid New Axle-UAW Deal
TATA MOTORS: Raising Funds for Jaguar-Land Rover Acquisition  
TATA MOTORS: Year 2008 Profit-After-Tax Up 6%


J A P A N

FEDERAL-MOGUL: Carmakers Balk at Asbestos Trust Injunction Plea
MITSUBISHI MOTORS: Moody's Ups Rating to Ba2; Outlook Positive


K O R E A

AMERICAN AXLE: Not All Workers Will Return to Three Rivers Plant
KOREA DEVELOPMENT: Privatization Talk Cues Moody's Neg. Outlook
YOUNGCHANG SILUP: Makes Amendments on Issuance of Common Shares


M A L A Y S I A

LITYAN HOLDINGS: March 31 Balance Sheet Upside-Down by MYR91.5MM
MANGIUM INDUSTRIES: Securities to be De-Listed on June 6
OCI BERHAD: Incurs MYR1.60 Mil. Net Loss in Qtr. Ended March 31
SATANG HOLDINGS: Incurs MYR2.79 Mil. in Qtr. Ended March 31
SINORA INDUSTRIES: Proposes to Issue 12.5 Mil. Shares to TSH

SUNWAY INFRASTRUCTURE: Earns MYR227.91MM in Qtr. Ended March 31
TALAM: Seeks Shareholders' Okay on Two Financing Proposals
TIME ENGINEERING: To Hold 38th Annual Meeting on June 18


N E W  Z E A L A N D

ALVESTON MANAGEMENT: Wind-Up Petition Hearing Set for June 4
AMUR PROPERTIES: Wind-Up Petition Hearing Set for May 30
ANTARES FINANCE: Taps Rea and Sargison as Liquidators
AOTEAROA COOLSTORES: Wind-Up Petition Hearing Set for Today
ARBITRATION & ALTERNATIVE: Proofs of Debt Due on June 15

BANKS TRANSPORT: Placed Under Voluntary Liquidation
BAY CIVIL: Fixes June 13 as Last Day to File Claims
BELGRAVE FINANCE: Puts Business in Receivership
BRENT SMITH: Commences Liquidation Proceedings
BRUNNER HOLDINGS: Faces CIR's Wind-Up Petition

C G PARK: Subject to Trustpower's Wind-Up Petition
COMPLEX ENGINEERING: Shareholders Appoint Managh as Liquidator
CORVARA INVESTMENTS: Commences Liquidation Proceedings
DELTA PUBLISHING: Wind-Up Petition Hearing Set for May 30
DIAMOR GROUP: Appoints Heath and Lamacraft as Liquidators

DKH BUILDER: Faces CIR's Wind-Up Petition
DOVER HOLDINGS: Wind-Up Petition Hearing Set for June 9
DRYLAND FARMS: Appoints Parsons and Kenealy as Liquidators
FISHIES ON THE SQUARE: Taps John David Naylor as Liquidator
JCR DEVELOPMENTS: Wind-Up Petition Hearing Set for Today

JIAN HUA: Subject to CIR's Wind-Up Petition
KIDS WORLD: Wind-Up Petition Hearing Set for May 30
LINFORD LTD: Fixes June 9 as Last Day to File Claims
LOMBARD FINANCE: NZ$111 Mil. Debentures Won't be Paid in Full
MOBILE FINANCE: Director Gets 5-1/2 Yrs. for Misappropriation

OCEAN PURE: Fixes June 9 as Last Day to File Claims
STANSVILLE LTD.: Wind-Up Petition Hearing Set for May 30
TOTAL BUILDING: Creditors' Proofs of Debt Due on June 15
XEBEC DEVELOPMENTS: Wind-Up Petition Hearing Set for June 4
ZOOM CONSULTING: Fixes June 6 as Last Day to File Claims

* NEW ZEALAND: Oil-Related Trade Boosts Exports & Imports


P H I L I P P I N E S

PLDT: Launches US$550 Mil. Fiber Cable Network Project
UNIVERSAL ROBINA: Repurchases 1,000,000 Company Shares


T A I W A N

TAIWAN COOPERATIVE: Fitch Lifts 'D' Individual Rating to 'C/D'



                         - - - - -


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

ACN 116 842 212: Declares Dividend for Creditors
------------------------------------------------
A.C.N. 116 842 212 Pty Ltd, formerly known as The Hobson Stores
Pty Ltd., which is in liquidation, declared its dividend for its
creditors.

Only creditors who were able to file their proofs of debt by
April 30, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Stan Traianedes
          Mclean Delmo Hall Chadwick
          Accountants & Business Advisorsv
          Level 12, 459 Collins Street
          Melbourne VIC 3000
          Australia


AIRPAK AIR: Placed Under Voluntary Liquidation
----------------------------------------------
Airpak Air Conditioning Pty. Ltd.'s members agreed on April 1,
2008, to voluntarily liquidate the company's business.  Shabnam
Amirbeaggi was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Shabnam Amirbeaggi
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000
          Australia


ARG FINANCIAL: Liquidators Present Wind-Up Report
-------------------------------------------------
M. W. Prentice And M. J. Robinson, ARG Financial Group Ltd.'s
estate liquidators, met with the company's members on May 5,
2008,and provided them with property disposal and winding-up
reports.

The liquidators can be reached at:

          M. W. Prentice
          M. J. Robinson
          PPB
          Chartered Accountants
          Level 46, MLC Centre
          19 Martin Place
          Sydney NSW 2000


ARWJ PTY: Placed Under Voluntary Liquidation
--------------------------------------------
ARWJ Pty. Limited's members agreed on March 25, 2008, to
voluntarily liquidate the company's business.  Roderick Mackay
Sutherland was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


AUSTRALIAN TOOL: To Declare Dividend on July 29
-----------------------------------------------
Australian Tool Supply Company Pty. Limited will declare
dividend on July 29, 2008.

Only creditors who were able to file their proofs of debt by
July 28, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Scott Pascoe
          SimsPartners
          Chartered Accountants
          Level 5, 55 Hunter Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9256 7700
          Facsimile: (02) 9256 7750


AUSTRALIAN - AMERICAN: Liquidator Presents Wind-Up Report
---------------------------------------------------------
At the final meeting of the members of Australian - American
Association Ltd held May 13, 2008, Scott Turner, the appointed
liquidator, presented an account showing the manner in which the
winding up has been conducted and the property of the company
disposed.

The liquidator can be reached at:

          Scott Turner
          GPO Box 4366
          Sydney NSW 2001
          Australia

                 About Australian-American

Australian-American Association Ltd, which is also trading as
Australian American Centre, provides social services.  The
company is located at Sydney, in New South Wales, Australia.


BEARPUSS PTY: Undergoes Voluntary Liquidation
---------------------------------------------
Bearpuss Pty. Ltd.'s members agreed on March 20, 2008, to
voluntarily liquidate the company's business.  Stuart Ariff was
appointed to facilitate the sale of its assets.


BEMAX RESOURCES: Cristal Offer Cues S&P to Put Ratings on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B+' ratings on Australian mineral sands company Bemax Resources
Ltd. and Bemax's US$175 million senior unsecured notes on
CreditWatch with negative implications following the
announcement that Bemax had received a takeover offer from The
National Titanium Dioxide Company Ltd. (Cristal) for all of the
shares it does not already hold. Cristal currently holds 34.54%
of Bemax. The Cristal offer is subject to several conditions,
including a 90% minimum acceptance. Bemax directors unanimously
recommend, in the absence of a superior offer, that shareholders
accept the offer of 32 Australian cents per Bemax share.
Bondholders are not protected by the change-of-control provision
in Bemax's US$175 million senior unsecured notes, as Cristal
falls within the definition of 'existing shareholder';
therefore, the proposed acquisition by Cristal would not trigger
the repurchase right.

"The CreditWatch placement reflects the uncertainties
surrounding the strategic intention of Cristal and how this
would adversely impact Bemax's financial profile," Standard &
Poor's credit analyst May Zhong said. Standard & Poor's notes
that Cristal is 66% owned by National Industrialization Company
(TASNEE, not rated), and 33% by the Gulf Investment Corporation
G.S.C. (A-/Stable/A-2). TASNEE recently purchased Millennium
Inorganic Chemicals (B-/Watch Neg/--), and TASNEE's financial
profile is weak, with a funds from operations-to-debt ratio of
about 8% and debt-to-capital ratio of 60% in fiscal 2007.

"The CreditWatch will be updated or resolved once further
details emerge on the proposed transaction and the likely
implications for Bemax's financial profile and future growth
plans," Ms. Zhong added.


BIMAT PTY: Appoints Nicholas Crouch as Liquidator
--------------------------------------------------
Bimat Pty. Ltd.'s members agreed on April 3, 2008, to
voluntarily liquidate the company's business.  Nicholas Crouch
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Nicholas Crouch
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000
          Australia


BLUESTONE TRADING: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
On March 17, 2008, the Supreme Court of New South Wales entered
an order to have Bluestone Trading Company Pty Limited's
operations wound up.  R. G. Tolcher was appointed as liquidator.

The liquidator can be reached at:

          R. G. Tolcher
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Telephone: (02) 4929 2294
          Facsimile: (02) 4929 2290


CHARTWELL ENTERPRISES: Placed Under Liquidation
-----------------------------------------------
Chartwell Enterprises has been placed into liquidation
at a second creditors' meeting held yesterday, May 28,
ABC News reports.

Bruno Secatore, Chartwell's liquidator, recommended
the liquidation of the company because he does not expect
to retrieve any money, according to The Australian
Associated Press.

The liquidator, ABC News says, continues to investigate
the company's records and expects to release a final report
in three months.

Earlier, ABC News reported that Chartwell's administrators
are hoping to retrieve, through a legal action, money
loaned to the company's directors for personal expenses.

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

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

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

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

                   About Chartwell Enterprises

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

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


COLLINS CONSULTING: Appoints Tonks and Vouris as Liquidators
------------------------------------------------------------
At a general meeting held on March 26, 2008, the members of
Collins Consulting Group (NSW) Pty Ltd. resolved to voluntarily
liquidate the company's business.

Bradley Tonks and John Vouris were then appointed as
liquidators.

The liquidators can be reached at:

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


CORPACH PTY: Liquidator Presents Wind-Up Report
-----------------------------------------------
C. Wykes, Corpach Pty Ltd.'s estate liquidator, met with the
company's members on May 22, 2008,and provided them with
property disposal and winding-up reports.

The liquidators can be reached at:

          C. Wykes
          Lawler Partners
          Chartered Accountants
          Level 9, 1 O'Connell Street
          Sydney NSW 2000
          Australia


COUNTRYROAD FREIGHT: Declares Dividend for Creditors
----------------------------------------------------
Countryroad Freight Services Pty Ltd's, which is in liquidation,
declared its dividend for its creditors.

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

The company's liquidator is:

          Nicholas Crouch
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney NSW 2000
          Australia


DARW PTY: Appoints Roderick Mackay Sutherland as Liquidator
-----------------------------------------------------------
DARW Pty. Limited's members agreed on March 25, 2008, to
voluntarily liquidate the company's business.  Roderick Mackay
Sutherland was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


DEOGAGE PTY: Undergoes Voluntary Liquidation
--------------------------------------------
Deogage Pty. Ltd.'s members agreed on April 3, 2008, to
voluntarily liquidate the company's business.  Rowena Margaret
Sigelski and Raymond George Tolcher were appointed to facilitate
the sale of its assets.

The liquidators can be reached at:

          R. M. Sigelski
          Lawler Partners
          Chartered Accountants
          763 Hunter Street
          Newcastle West NSW 2302
          Australia


F. & A. HENRY (GOWRIE): Liquidator Presents Wind-Up Report
----------------------------------------------------------
F. & A. Henry (Gowrie) Pty. Ltd. held a final meeting for its
members on May 16, 2008. At the meeting, the company's
liquidator, Bernard Elwyn Croft, provided the attendees with
property disposal and winding-up reports.


GH PACKAGING: Placed Under Voluntary Liquidation
------------------------------------------------
GH Packaging Pty. Ltd.'s members agreed on March 26, 2008, to
voluntarily liquidate the company's business.  Peter Paul Krejci
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


GRANDVIEW MODULAR: Appoints Peter Paul Krejci as Liquidator
-----------------------------------------------------------
Grandview Modular Building Systems Pty. Ltd.'s members agreed on
April 1, 2008, to voluntarily liquidate the company's business.  
Peter Paul Krejci was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


IKON KITCHEN: Appoints R. M. Sutherland as Liquidator
-----------------------------------------------------
Ikon Kitchen Creations Pty. Ltd.'s members agreed on April 4,
2008, to voluntarily liquidate the company's business.  Roderick
Mackay Sutherland was appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

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


ILLAWARRA PANELS: Liquidator Gives Wind-Up Report
-------------------------------------------------
At the final meeting of the members and creditors of Illawarra
Panels & Car Parts Pty Ltd held May 15, 2008, Danny Vrkic, the
appointed liquidator, presented an account showing the manner in
which the winding up has been conducted and the property of the
company disposed.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          Level 1, 76 Market Street,
          Wollongong NSW 2500
          Australia


JOBAGO PTY: Appoints John Frederick Taylor as Liquidator
--------------------------------------------------------
Jobago Pty. Ltd's members agreed on April 4, 2008, to
voluntarily liquidate the company's business.  John Frederick
Taylor was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          J. F. Taylor
          WHK Horwath
          Level 15, 309 Kent Street
          Sydney


KENWOOD APPLIANCES: Liquidator Presents Wind-Up Report
------------------------------------------------------
Kenwood Appliances (Australia) Pty. Ltd. held a meeting for its
members on May 16, 2008. At the meeting, the company's
liquidator, Keiran Hutchison, provided the attendees with
property disposal and winding-up reports

The liquidator can be reached at:

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


LOGOMAN CONISTON: Appoints Danny Vrkic as Liquidator
----------------------------------------------------
Logoman Coniston Pty. Ltd's members agreed on April 1, 2008, to
voluntarily liquidate the company's business.  Danny Vrkic was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          PO Box 573
          Wollongong NSW 2500
          Telephone: (02) 4225 2545
          Facsimile: (02) 4225 2546
          Email: reception@jswollongong.com.au


RADW PTY: Commences Liquidation Proceedings
-------------------------------------------
RADW Pty. Limited's members agreed on March 25, 2008, to
voluntarily liquidate the company's business.  Roderick Mackay
Sutherland was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone: (02) 9236 8333
          Facsimile: (02) 9236 8334
          Email: admin@jirschsutherland.com.au


STANLEY BUILDING: Placed Under Voluntary Liquidation
----------------------------------------------------
Stanley Building Services Pty. Ltd.'s members agreed on April 2,
2008, to voluntarily liquidate the company's business.  Peter
Paul Krejci was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Peter P. Krejci
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


LAMPION PTY: Appoints David G. Young as Liquidator
--------------------------------------------------
Lampion Pty. Ltd.'s members agreed on April 2, 2008, to
voluntarily liquidate the company's business.  David G. Young
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          David G. Young
          Pitcher Partners
          Level 22, MLC Centre
          19 Martin Place
          Sydney NSW 2000
          Australia



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

ASIA GLOBAL: Earns $390,932 in First Quarter Ended March 31
-----------------------------------------------------------
Asia Global Holdings Corp. reported net income of $390,932, on
net revenues of $1,524,346, for the first quarter ended
March 31, 2008, compared with a net loss of $2,947,163, on net
revenues of $828,495, in the same period last year.

At March 31, 2008, the company's consolidated balance sheet
showed $5,325,175 in total assets, $2,776,083 in total
liabilities, and $2,549,092 in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2ca5

                     Going Concern Disclaimer

As reported in the Troubled Company Reporter on May 5, 2008,
Zhong Yi (Hong Kong) C.P.A. Company Limited expressed
substantial doubt about Asia Global Holdings Corp.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm  pointed to Asia Global's substantial
losses.

                         About Asia Global

Incorporated in the State of Nevada, Asia Global Holdings Corp.
(OTC BB: AAGH.OB) -- http://www.asiaglobalholdings.com/-- has a  
strong focus on building business in China and other emerging
regions and markets in Asia and worldwide.  The company's
present subsidiaries participate in media & advertising,
marketing services and TV entertainment.  The company has
offices in the US, Hong Kong and China.


CHINA CONSTRUCTION: Bank of America to Raise Stake to 11%
---------------------------------------------------------
Bank of America Corp. plans to raise its stake in China
Construction Bank Corp. to nearly 11 percent under the same
terms when it bought a 9 percent stake in the China bank in
June 2005, Ieva M. Augstums of the Associated Press reports.

According to the report, BofA intends to purchase 6 billion of
the shares for nearly US$1.9 billion on or about June 5, 2008.

The proposed purchase would take BofA's total stake to 25.1
billion shares, or 10.75 percent of China Construction Bank's
issued common shares, the AP says.

Joseph A. Giannone of Reuters relates that BofA spokesman Bob
Stickler said the bank would not record any gain from the
transaction because the new shares cannot be sold until August
2011 without China Construction Bank's consent.  

                  About China Construction

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                       *     *     *

As of March 5, 2008, China Construction Bank carries Moody's
"D-" bank financial strength rating.  Moody's Bank Financial
Strength Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.

The Troubled Company Reporter-Asia Pacific reported on Nov. 20,
2006, that Fitch Ratings affirmed the bank's 'D' individual
rating.


CHINA HEALTH: Posts $66,482 Net Loss in 2008 First Quarter
----------------------------------------------------------
China Health Resource Inc. reported a net loss of $66,482, on
zero sales, for the first quarter ended March 31, 2008, compared
with a net loss of $152,726, on sales of $188,949, in the same
period last year.

At March 31, 2008, the company's consolidated balance sheet
showed $3,956,284 in total assets, $1,016,925 in total
liabilities, and $2,939,359 in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2ca7

                     Going Concern Disclaimer

Lake & Associates, CPA's LLC, in Boca Raton, Fla., expressed
substantial doubt about China Health Resource Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm reported that the company has suffered
recurring losses and has yet to generate an internal cash flow.

                        About China Health

Headquartered in Si Chuan Province, P.R. China, China Health
Resource Inc. fka. Voice Diary Inc. (OTC BB: CHRI) -- was
incorporated in the State of Delaware on Feb. 26, 2002.  Through
its wholly owned subsidary, Yin Fa, the company operates as a
pharmaceutical company focused on developing and commercializing
the Dahurian Angelica Root, one of the more popular traditional
Chinese medicines.  Dahurian Angelica Root is a popular herb
employed extensively as an ingredient in food, medicine and
cosmetics.


CHINA LOGISTICS: March 31 Balance Sheet Upside-Down by $1.1MM
-------------------------------------------------------------
China Logistics Group Inc.'s consolidated balance sheet at
March 31, 2008, showed $9,256,266 in total assets, $9,359,510 in
total liabilities, and $1,008,853 in minority interest,
resulting in a $1,112,097 total stockholders' deficit.

At March 31, 2008, the company's consolidated balance sheet also
showed strained liquidity with $5,482,689 in total current
assets available to pay $9,359,510 in total current liabilities.

The company reported a net loss of $140,756, on sales of
$6,773,212, for the first quarter ended March 31, 2008, compared
with a net loss of $609,315, on zero sales, in the same period
last year.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c9c

                     Going Concern Disclaimer

Sherb & Co., LLP, in Boca Raton, Florida, expressed substantial
doubt about China Logistics Group Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2007.  The
auditing firm said that the company has suffered recurring
losses from operations, has net cash used in operations, a net
working capital deficiency, a stockholders' deficiency and an
accumulated deficit.

                      About China Logistics

China Logistics Group Inc. (OTC BB: CHLO) through its
subsidiary, Shandong Jiajia International Freight & Forwarding
Co. Ltd., operates as a non-asset based international freight
forwarder and logistics management company in the People's
Republic of China.  The company was founded in 1997 and is based
in Fort Lauderdale, Florida.


SHANDONG ZHOUYUAN: Earns $142,839 in 2008 First Quarter
-------------------------------------------------------
Shandong Zhouyuan Seed & Nursery Co. Ltd. reported net income of
$142,839, on total revenue of $268,055, for the first quarter
ended March 31, 2008, compared with a net loss of $74,501, on
total revenue of $188,936, in the same period last year.

At March 31, 2008, the company's consolidated balance sheet
showed $3,584,166 in total assets, $2,700,140 in total
liabilities, $440,307 in minority interest, and $443,719 in
total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c9b

                     Going Concern Disclaimer

Kempisty & Company, in New York, expressed substantial doubt
about Shandong Zhouyuan Seed & Nursery Co. Ltd.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm said that the company had net losses of
$813,341 and $322,586 for the years ended Dec. 31, 2007, and
2006, respectively; and an accumulated deficit of $2,636,401 at
Dec. 31, 2007.  The auditing firm added that the company was in
default on its bank loans as of Dec. 31, 2007.

As of March 31, 2008, the company had only $2,714 in liquid
assets, and only $32,795 in accounts receivable.  At the same
time the company is in default on bank loans and interest
payments totaling $1,536,403.  The company said that
negotiations are ongoing with respect to a restructuring of the
debt.

                     About Shandong Zhouyuan

Shandong Zhouyuan Seed and Nursery Co. Ltd. (OTC BB: SZSN) --
http://www.chinaseedcorp.com/-- was originally incorporated in  
the State of North Carolina.  The company, through its
consolidated subsidiary, Shandong Zhouyuan Seed and Nursery Co.
Ltd., a company formed under the laws of the People's Republic
of China, is engaged in the business of developing, distributing
and selling agricultural seeds in China.

The company's executive offices are located at Laizhou, Shandong
Province, People's Republic of China.  


SICHUAN CHANGHONG: Quake Damages Reach About CNY149 Million
-----------------------------------------------------------
Sichuan Changhong Electric Co. Ltd. said that the China
earthquake killed one employee, injured 12 more, and caused
damage estimated at CNY149 million (US$21.4 million), Jiang
Jianguo and John Liu of Bloomberg News report.

According to the report, the company said its losses were mainly
in fixed and current assets.

However, Zhu Lijun, an electronics analyst at China Galaxy
Securities Co. in Beijing, told Bloomberg News that "The
earthquake is probably going to make it a more difficult year
for them.  The loss Changhong reported isn't big -- the concern
is whether the quake will affect the transport of components and
raw materials and supply of electricity."

As reported by the Troubled Company Reporter - Asia Pacific on
May 20, 2008, the company halted their production until May 19.  
One factory was locked and one of its warehouses has been turned
into a relief center.

The company said that it is "confident" of reaching the
company's 2008 targets, and the quake wouldn't have a
significant impact, the TCR-AP related.  Sinchuan Changhong has
targeted about CNY30 billion of sales for this year, Bloomberg
says.

                     About Sichuan Chang Hong

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is  
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

                          *     *     *

Xinhua Far East China Ratings gave the company a B+ issuer
credit rating on February 24, 2006.


XINHUA FINANCE: Moody's Affirms Ratings; Outlook Still Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
and bond ratings of Xinhua Finance Limited (XFL). The outlook
for both ratings remains negative.

The rating action follows XFL's announcement of a consent
solicitation of certain indenture amendments relating to its
US$100 million notes due 2011. These amendments, among other
things, seek to remove the requirement that 6 of its major US
subsidiaries must always be "Restricted Subsidiaries" under the
bond indenture. Once approved, XFL will be permitted to dispose
of the capital stock of one or all of these subsidiaries.

As part of the amendments, a certain portion of the net sales
proceeds from the sale of any of these subsidiaries will be
applied to redeem the notes within 45 days of any such asset
disposals, while the remainder will be available for new
investments.

"The rating affirmation reflects Moody's expectation that the
disposals will not materially impact XFL's financial profile,
given their past small EBITDA contributions," says Wonnie Chu, a
Moody's Analyst, adding, "Moody's draws additional comfort from
the solid state of XFL's balance sheet liquidity, which includes
over US$75 million in cash on hand."

"At the same time, the impact on XFL's business profile of
proposed new investments -- deriving from the proceeds of any
asset disposals -- into China is uncertain," says Chu, Moody's
lead analyst for the company. "Moreover, the negative rating
outlook is due in part to its businesses in the Mainland --
despite their earnings potential -- being subject to a high
level of regulatory risk."

XFL's rating could undergo a downgrade if XFL -- using proceeds
from any disposal of its subsidiaries in the US -- aggressively
acquires assets, as part of its plan to expand its investments
in China, but which are unlikely to yield meaningful cash flow
contributions for a prolonged period.

Other downward rating factors could include it losing its so far
unique and strong position in China's financial markets because
of rising competition, in view of the emergence now of domestic
and foreign competitors, or Xinhua News Agency -- the official
Chinese government new service -- decides to revoke their long-
standing agreement. Finally, another factor could involve, given
its complex group structure, evidence of cash leakage through
inter-group transactions.

Adjusted debt/EBITDA failing to drop below 6x in the next 1-2
years could constitute one indication of a ratings downgrade.

The possibility of a ratings upgrade is limited, given the
negative outlook. However, the outlook could stabilize if XFL
improves its operating and financial profile and establishes a
longer track record of integrating new acquisitions and
achieving its projected results, while maintaining its strong
level of balance sheet liquidity.

XFL listed on the Mothers Board of the Tokyo Stock Exchange in
October 2004 after its incorporation as the holding company of
Xinhua Financial Network. The latter was incorporated and
registered in Hong Kong in 1999.

XFL is an integrated provider of indices, ratings, financial
news, investor relations and distribution and media services,
especially with regard to China, which accounted for over 55% of
revenue in 2007.

XFM, the media and distribution arm of XFL and its largest
earnings and cash flow contributor, listed on NASDAQ in March,
2007. XFL owns 36% of XFM's issued shares but has 85% control.



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

FILMKO PICTURES: Appoints New Liquidator
----------------------------------------
The members of Filmko Pictures Limited appointed Kwok, Cheuk
Yuen as the company's liquidator.

The liquidator can be reached at:

          Kwok, Cheuk Yuen
          Room 2301, 23rd Floor
          Ginza Square, 565-567
          Nathan Road, Yaumatei
          Kowloon, Hong Kong


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

The liquidator can be reached at:

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


GOLD PLANET: Creditors' Proofs of Debt Due June 15
--------------------------------------------------
Creditors of Gold Planet Development Limited are required to
file their proofs of debt by June 15, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         J R Lees
         1904 Hong Kong Club Building
         3A Charter Road, Central
         Hong Kong


HIGASA (H.K.): Appoints New Liquidator
--------------------------------------
The members of Higasa (H.K.) Corporation Limited appointed Chan
King Hang as the company's liquidator.

The liquidator can be reached at:

          Chan King Hang
          Ginza Square, 23rd Floor, Room 2301
          565-567 Nathan Road, Yaumatei, Kowloon
          Hong Kong


JAMEK ELECTRONICS: Commences Liquidation Proceedings
----------------------------------------------------
Jamek Electronics Limited's members agreed on May 13, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Kwan Wing Yee to facilitate the sale of its
assets.

The liquidator can be reached at:

          Kwan Wing Yee
          Kimberly House, Room 601
          6th Floor, Kimberly Road
          Tsim Sha Tsui, Kowloon
          Hong Kong


LEAD DATA: Creditors' Proofs of Debt Due June 27
------------------------------------------------
Creditors of Lead Data (Hong Kong) Limited are required to file
their proofs of debt by June 27, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Sze Lin Tang
         Max Share Centre, Unit D, 12th Floor
         373 King's Road, North Point
         Hong Kong
        

LOGISTIC HOLDINGS: Appoints New Liquidators
-------------------------------------------
The members of Logistic (Holdings) Limited has appointed Fok Hei
Yu and Desmond Chung Seng Chiong as the company's liquidators.

The liquidators can be reached at:

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


TEAMSING ELECTRONIC: Creditors' Proofs of Debt Due June 13
----------------------------------------------------------
Creditors of Teamsing Electronic Company Limited are required to
file their proofs of debt by June 13, 2008, to be included in
the company's dividend distribution.

The company's liquidator is:

         Tony Yuen Wai Kim
         Yue Xui Building, Unit 1402, 14th Floor
         160-174 Lockhart Road, Wanchai
         Hong Kong


TIDA (HONG KONG): Commences Liquidation Proceedings
---------------------------------------------------
Tida (Hong Kong) Limited's members agreed on May 13, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Chung Kit Ling, Elaine to facilitate the sale of
its assets.

The liquidator can be reached at:

          Chung Kit Ling, Elaine
          Alexander House, 32nd Floor,
          18 Charter Road, Central
          Hong Kong


U & D: Creditors' Proofs of Debt Due June 24
--------------------------------------------
Creditors of U & D Insurance Agency Limited are required to file
their proofs of debt by June 24, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2008.

The company's liquidator is:

         Sin Chun Pong
         Tower B, 9th Floor, Room 906
         New Trade Plaza, 6 On Ping Street, Shatin
         N.T., Hong Kong



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

GENERAL MOTORS: 4 Plants to Lose Shifts Amid New Axle-UAW Deal
--------------------------------------------------------------
Following the resumption of auto parts production at American
Axle & Manufacturing Holdings Inc., General Motors Corp.
disclosed that it will take at least Monday to get enough parts
from the auto supplier for GM to resume production at all of the
36 plants affected by the 13-week United Auto Workers union
labor protest, AFP, citing GM spokesman Tony Sapienza, reports.  
Yet, not all plants will be in full production.

The paper relates that four different assembly plants, including
in Flint and Pontiac, will lose shifts in June due to the excess
of unsold SUVs and pickup trucks.

According to The Associated Press, Mr. Sapienza is unsure of the
numbers of workers that would be displaced at the Pontiac plant,
which employs 2,000 hourly workers, and at the Flint plant,
which employs 2,880.

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.


TATA MOTORS: Raising Funds for Jaguar-Land Rover Acquisition  
------------------------------------------------------------
Tata Motors Limited decided to raise an amount of about Rs.7,200
crores through three simultaneous but unlinked Rights Issues of
these securities:

   1. A Rights Issue of Equity Shares upto Rs.2,200 crores;

   2. A Rights Issue of `A' Equity Shares carrying differential
      voting rights (1 vote for every 10 `A' Equity Shares) upto
      Rs.2,000 crores;

   3. A Rights Issue of 5-year 0.5% Convertible Preference
      Shares (CCPs) upto Rs.3000 crores, optionally convertible
      into `A' Equity Shares after 3 years but before 5 years
      from the date of allotment.

In view of the normal time taken to complete the procedures and
documentation involved in making Rights Issues, the precise
terms of the issues (e.g. ratios on which these securities would
be offered, the offer price and the conversion price of the
CCPs) will be decided when the issues are ready to be made.  The
issues are subject to such approvals and clearances as may be
required and may undergo some changes during this process.

On completion of the Rights Issues, it is also proposed, as
already announced earlier, to raise about US$500/600 million
through an appropriate issue of securities in the foreign
markets on terms to be decided at that time.

It is presently estimated that the total equity capital of the
company would increase by only about 30% to 35% through these
issues during the current financial year.  The incremental
dividend on this increased capital would represent about 10% of
the company's net profit for the Financial Year 2007-08.  If the
CCPs are converted between 2011 and 2013, the equity capital
would then increase by only about 12% at that time, depending on
the conversion price and if not converted, the CCPs would be
redeemed (with the back-ended premium) in 2013.

The fund raising proposals will be mainly used for financing the
Jaguar-Land Rover acquisition (through a wholly owned subsidiary
of Tata Motors in the U.K.) which is expected to be completed
shortly at an acquisition price of US$ 2.3 billion.  Though the
initial acquisition cost will be financed through bridging loans
provided by a syndicate of banks, these loans would be fully
repaid through the stated capital raising schemes.

                      About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business     
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on April 14, 2008, Moody's Investors Service continues to review
for possible downgrade the Ba1 corporate family rating of Tata
Motors Ltd. after it signed a definitive agreement with Ford
Motor Company to purchase Jaguar Land Rover comprising brands,
plants and intellectual property rights for approximately US$2.3
billion.  The purchase consideration includes approximately
US$600 million to be contributed by Ford to the JLR Pension
funds.

As reported in the Troubled Company Reporter-Asia Pacific on
January 9, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.


TATA MOTORS: Year 2008 Profit-After-Tax Up 6%
---------------------------------------------
Tata Motors Limited reported consolidated gross revenue of Rs.
40340.79 crores in 2007-08, a growth of 9.3% compared to Rs.
36922.61 crores in 2006-07.

The consolidated revenues (net of excise) at Rs. 35651.48 crores
posted a growth of 10.2% over Rs. 32361.20 crores in the
previous year.  The Consolidated Profit before Tax (PBT) for the
year was Rs. 3086.29 crores compared to Rs. 3088.00 crores.  The
Consolidated Profit after tax (PAT) for the year was Rs. 2167.70
crores, a marginal decrease over Rs. 2169.99 crores in the
previous year.

Tata Motors has reported a Basic Earnings Per Share (EPS) of Rs.
56.24 for its consolidated operations as against Rs. 56.43 in
2006-07.

           Tata Motors Stand-Alone Financial Results
              Financial Year Ended March 31, 2008

Tata Motors gross revenue for the financial year 2007-08 was Rs.
33093.93 crores (2006-07:Rs. 31819.48 crores).

The revenues (net of excise) at Rs.28730.82 crores posted a
growth of 4.6% over Rs. 27470.03 crores in the previous year.
The PBT for the year is Rs. 2576.47 crores, an increase of 0.1%
over Rs. 2573.18 crores last year.  The PAT for the year is Rs.
2028.92 crores, an increase of 6% over Rs.1913.46 crores last
year.

The company's margins were under pressure during the year due to
rising interest rates, constraints in availability of vehicle
financing from outside sources and unprecedented increase in
input prices.  The company has focused on cost reduction
measures.  There have been delays in the introduction of two new
products, which are expected to be launched in the very near
future.

The total sales volume (including exports) for 2007-08 is
585,649 units, highest ever of the company, compared to 580,280
units in 2006-07.  The company maintained its leadership
position in commercial vehicles and was among the top three
players in the passenger vehicles, although it lost some market
share.  In the domestic market, commercial vehicles' sales
increased by 4.8% to 312,935 units and passenger vehicles' sales
at 218,055 units declined by 4.5%.

This year was a historical year for the company marked with two
path breaking events - the unveiling of the Tata Nano - the
world's least expensive car and the signing of the definitive
agreement with Ford Motor Company for purchase of the Jaguar and
Land Rover businesses.  A number of new products were launched
towards the end of the year.  In passenger vehicles, new
launches include the Indica V2 with a common rail diesel (DICOR)
offering, the Indigo CS (the world's first sub 4-metre sedan),
the Indigo LS (an entry level DICOR offering), the Sumo Grande,
and the Safari DICOR 2.2 VTT range.  Commercial vehicle
introduction during 2007-08 included the new Magic and Winger
range for passenger transportation, state-of-the-art low-floor
CNG-propelled buses and several trucks, tippers and tractor-
trailers from 9 tonnes to 49 tonnes.  These product launches
would help the company regain some of its market share.

While Tata Motors' new plant at Pant Nagar (in Uttarakhand) for
Ace and Magic range of vehicles went on stream during 2007-08,
construction activity is on at Singur (in West Bengal) for the
Tata Nano and at Dharwad (in Karnataka) for buses to be
manufactured by the company's joint venture, Tata Marcopolo
Motors Limited.  The existing plants at Pune, Jamshedpur and
Lucknow are undergoing expansion and modernization.

The automobile industry including Tata Motors is expected to
face challenging times ahead due to unprecedented increase in
input prices and continuing adverse economic situation in India
and globally.

                         Dividend

The Board of Directors has recommended a dividend of Rs.15/- per
share of Rs.10/- each for the financial year 2007-08 (2006-07:
Rs.15/-). The dividend is subject to approval of shareholders;
tax on the dividend will be borne by the Company.

The Audited Financial Results for the financial year ended March
31, 2008, are enclosed.

                      About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business     
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on April 14, 2008, Moody's Investors Service continues to review
for possible downgrade the Ba1 corporate family rating of Tata
Motors Ltd. after it signed a definitive agreement with Ford
Motor Company to purchase Jaguar Land Rover comprising brands,
plants and intellectual property rights for approximately US$2.3
billion.  The purchase consideration includes approximately
US$600 million to be contributed by Ford to the JLR Pension
funds.

As reported in the Troubled Company Reporter-Asia Pacific on
January 9, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.



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

FEDERAL-MOGUL: Carmakers Balk at Asbestos Trust Injunction Plea
---------------------------------------------------------------
DaimlerChrysler Corporation, Volkswagen of America, Inc., and
Ford Motor Company assert that they will be irreparably harmed
if the U.S. Bankruptcy Court for the District of Delaware grants
the injunction request filed by the Asbestos Personal Injury
Trust established under Federal-Mogul Corporation's confirmed
Plan of Reorganization.  

The Auto Companies are presently subject to lawsuits in
asbestos-related personal injury cases, which injuries arise out
of the tortious conduct of Pneumo Abex.

As disclosed in the Troubled Company Reporter on April 22, 2008,
the Asbestos Trust has asked the Court to enjoin more than
20,000 holders of Pneumo Asbestos Claims from commencing or
continuing claims against Pneumo Abex LLC and Cooper Industries
LLC until the Court makes a ruling on the Plan A Settlement of
the Reorganized Debtors' Chapter 11 Plan.

If injunction is granted, the Auto Companies would remain
subject to the asbestos claims, while being enjoined from
seeking contribution from Pneumo Abex, , Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, in
Wilmington, Delaware, representing DaimlerChrysler, says.

Ms. Silverstein notes that the injunction requested by the
Asbestos Trust is not authorized under Section 524(g) of the
Bankruptcy Code.  She adds that the proposed injunction does not
purport to "supplement" a debtor's discharge as required by
Section 524(g)(1)(A).  A continued litigation against Pneumo
Abex and Cooper threatens no harm to anyone connected to the
Debtors in any way contemplated by Section 524(g).

Ms. Silverstein asserts that because Pneumo Abex's liability on
the asbestos claims arises out of its own conduct and existed
well before it sold assets to the Debtors in 1994, Pneumo
claimants can obtain in their lawsuits against Pneumo Abex all
available relief without any direct or indirect involvement of
the Debtors' shareholder, manager, investment banker, or anyone
else connected to the Debtors whose involvement in the lawsuit
could hamper the Debtors' post-discharge operation.  Similarly,
Cooper's liability on the asbestos claims arises by virtue of
its guarantee to Pneumo Abex.

The only potential harm the Asbestos Trust will suffer is if
Cooper exercises its contractual right to terminate the Plan A
Settlement and demand the implementation of the Plan B
Settlement -- in which case, the Trust will be required to pay
$140,000,000 to Cooper and Pneumo Abex will no longer have those
funds to pay the asbestos claimants, Ms. Silverstein notes.  But
that outcome can hardly count as "injury," she asserts, because
the outcome is exactly the result provided for in Plan B, which
was supported not only by the Debtors but by the Official
Committee of Asbestos Personal Injury Claimants and the Future
Claims Representative.

The Asbestos Trust is a creation of the Plan and thus, has
certain rights and obligations that are governed by the Plan,
Ms. Silverstein contends.  Ms. Silverstain points out that in
the case of Cooper electing to terminate the Plan A Settlement,
the Trust's Plan-created obligation is to fund the $140,000,000
payment required by Plan B -- not to seek an injunction to avoid
that obligation in favor of Plan A.

PepsiAmericas, Inc., together with insurance companies Federal
Insurance Company; Hartford Accident and Indemnity Company,
First State Insurance Company, and New England Insurance
Company; Allianz Global Corporate & Specialty AG, Allianz Global
Risks U.S. Insurance Company, and Allianz Underwriters Insurance
Company; Fireman's Fund Insurance Company and National Surety
Company; AIU Insurance Company, American Home Assurance Company,
Granite State Insurance Company, Insurance Company of the State
of Pennsylvania, Lexington Insurance Company, National Union
Fire Insurance Company of Pittsburgh, PA, and New Hampshire
Insurance Company; and Mt. McKinley Insurance Company, join in
the Auto Companies' objection.

Larry Joe Floyd, on behalf of certain holders of Pneumo Asbestos
Claims, asks the Court to dismiss the Trust's request for lack
of  subject matter jurisdiction.  Mr. Floyd asserts that the
Asbestos Trust will not be able to confirm a plan of
reorganization containing an asbestos channeling injunction
pursuant to Section 524(g) in favor of Cooper or Pneumo Abex
since the Court does not have the subject matter jurisdiction to
bar claims owned by the Claimholders for these reasons:

   (a) Corporate affiliation alone, if any, is insufficient to
       exercise "related to" jurisdiction;

   (b) There is no derivative liability of the Debtors with
       respect to the claims held by the Claimholders against
       Pneumo; and

   (c) The Debtors' assets would not be affected by the claims
       of the Pneumo Asbestos Claims because Pneumo Abex's
       insurance and Cooper's existing asbestos liability
       reserves can sufficiently cover the claims of parties
       holding claims against Pneumo Abex.

Federal-Mogul Corporation -- http://www.federal-mogul.com/--          
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.  Federal-Mogul emerged from
Chapter 11 on Dec. 27, 2007.  (Federal-Mogul Bankruptcy News,
Issue No. 168; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.  
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


MITSUBISHI MOTORS: Moody's Ups Rating to Ba2; Outlook Positive
--------------------------------------------------------------  
Moody's Investors Service has upgraded the senior unsecured
ratings of Mitsubishi Motors Corporation (MMC) and its supported
subsidiaries, Mitsubishi Motors Credit of America, Inc., and MMC
International Finance (Netherlands) B.V., to Ba2 from Ba3. The
rating outlook is positive. The action concludes the review
initiated on February 22, 2008.

The rating action reflects MMC's successful implementation of
its strategy to revitalize its business in line with its
turnaround plan for FYE 3/2008 (the final year of the plan). The
rating action also reflects Moody's view that MMC has
significantly reduced downside risk in its financial profile and
that its operating performance is likely to stabilize, supported
by a strategy that focuses on effective brand management, strong
cost initiatives, and steady expansion of overseas operations in
emerging markets.

The positive outlook reflects Moody's view that MMC may continue
to stabilize its profitability and credit profile over the
medium term by implementing its new recently announced business
plan, which in Moody's opinion has the potential to further
strengthen the company's product competitiveness.

Under the turnaround plan introduced in January, 2005, MMC had
carried out reforms that encompassed cutting production
capacity, working with suppliers to reduce the cost of
materials, and implementing a number of long-term revenue
enhancement programs, including an aggressive program for
introducing new products. With its restructured and reinforced
portfolio, MMC has steadily improved its profitability over the
last few years, as a result of strategies designed to diversify
its market exposure and earnings growth in its core automotive
businesses.

For FYE 3/2008, the company's performance recovered to a level
well above its historical record, with JPY2,682.1 billion in
sales, up 21% over the same period last year, and JPY 108.6
billion in operating profit, significantly higher than the
previous year's JPY40.2 billion. The company's adjusted total
debt to total capitalization ratio was 58.7% at FYE 3/2008, a
notable improvement from 94.8% at FYE 3/2004.

To realize its vision of sustainable profits, MMC has developed
a new mid-term business plan for the period spanning April 2008
to March 2011, under which it is aiming for sales of JPY2.76
trillion and operating profit of JPY90 billion, on a
consolidated basis.

With its new strategy initiatives, MMC plans to further
strengthen its product portfolio and brand image by introducing
new models in the global market. These models include small
cars, mid-sized cars, SUV and a technologically challenging
"eco-car," an electric car scheduled to debut in 2009 called the
"i MiEV". In Moody's view, MMC's plan also has the potential to
secure it a comfortable position in some auto segments, which
may help it achieve sustainable profits.

Although MMC's operations remain susceptible to economic cycles
and continue to face challenges in re-building customer
confidence, the company is now better positioned to manage its
earnings cyclicality and, despite challenges, has strengthened
its ability to implement its plans while maintaining a steady
financial policy.

The rating also factored in continued strong support from the
Mitsubishi group. The three core members of the Mitsubishi
group, Mitsubishi Heavy Industries, Ltd., Mitsubishi
Corporation, The Bank of Tokyo-Mitsubishi Bank UFJ, Ltd., have
seconded their senior officials to MMC to re-build the company's
operations.

Mitsubishi Motors Corporation, headquartered in Tokyo, is one of
Japan's major automotive manufacturers.



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

AMERICAN AXLE: Not All Workers Will Return to Three Rivers Plant
----------------------------------------------------------------
Skilled-trades workers at an American Axle & Manufacturing
Holdings Inc. plant in Three Rivers, Michigan, returned to their
duties when the third shift began at 11 p.m. last night, Jef
Rietsma of the Kalamazoo Gazette reports, quoting third-shift
machine technician Dave Pawloski.

However, some United Auto Workers union workers at the plant,
including Mr. Pawloski, have received automated calls telling
them that they had been laid off amid the recent ratification of
an UAW-AAM labor contract, covering approximately 3,650 AAM
associates at five facilities in Michigan and New York.

Mr. Pawloski, also former union vice president, said the layoffs
are a usual three-week occurrence that would displace as many as
250 plant workers, the paper relates.  He believes that the move
is not a retaliation against those who participated in the labor
protest.

The paper also cites American Axle spokeswoman Renee Rogers as
saying that a full staff won't be needed right away until start-
up production phase reaches maximum output.

                           Labor Options

The paper's Alex Nixon writes that those workers who started
work at the Three Rivers plant on May 27, will have to decide
with either reduced wages and benefits or retire with
compensation.  

Hourly wage cuts of $8 to $14 is likely.

Some examples:

   * skilled trades positions, such as millwrights, electricians
     and toolmakers, will be paid $25 an hour, down from $33;

   * axle line production workers will see their hourly pay cut   
     from $28 to either $17.50 or $18;

   * driveshaft line production workers will see their hourly
     pay fall from $28 to either $14 or $14.50;

   * forklift truck drivers will be paid $12 an hour and general
     factory support workers will get $10 an hour; and

   * all new hires will start at $10 an hour.

According to a copy of the new labor contract obtained by the
Gazette, American Axle will stop contributing to the company
pension plan after Dec. 31, 2008, which means that pension
payments in retirement will only be based on years of employment
before Dec. 31, 2008.  But each employee will be automatically
enrolled in a 401(k) program, obligating workers to pay a
minimum 2% and Axle 5%.

The paper also relates that those opting for the compensation
programs will leave the company through five alternatives,
depending on age and the number of years of employment.

Workers at least 65 years old, or between 60 and 65 with 10 or
more years of service, can retire and take a $55,000 payout and
keep the current retiree health-care plan.  Workers who aren't
yet 60, but have 26 to 29 years of service can opt for "pre-
retirement leave" until they reach 30 years of service and can
retire, maintaining their current retiree health-care benefits.

Workers not close to retirement age who chose to leave can
qualify for one of three payments:

   * if they have been employed with Axle for 10 or more years,  
     they will receive $140,000;

   * if they have less than 10 years employment with the company
     but were hired before the two-tier wage structure kicked
     in, they will get $85,000; and

   * if they were hired after 2004, they can quit and get
     $50,000.

                        About American Axle

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

                           *     *     *

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


KOREA DEVELOPMENT: Privatization Talk Cues Moody's Neg. Outlook
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable
the outlook of Korea Development Bank's Aa3 long-term foreign
currency debt rating, Aa1 long-term local currency deposit
rating, and A2 long-term foreign currency deposit rating. At the
same time, its "D" bank financial strength rating and P-1 short-
term foreign currency debt rating, local currency deposit
rating, and foreign currency deposit rating are unchanged.

"The negative outlook reflects Moody's concerns that KDB's
proposed privatization could significantly reduce those key
support factors on which we have based the probability of
government support, and which have been incorporated into the
bank's ratings," says Leo Wah, a Moody's VP/Senior Analyst.

"At present, KDB enjoys a multiple-notch uplift in its local
currency deposit rating from its baseline credit assessment,
which is in turn translated from its BFSR," says Wah.

"Moody's currently assesses a 'fully supported' probability of
government support for the bank in case a stress situation
occurs due to its importance in the implementation of a variety
of policy roles and its 100% level of government ownership,"
says Wah. The KDB Act clearly sets out the government's support
for the bank through its guaranteeing of the institution's
solvency.

"Moody's will examine the details of the actual plan, once it is
available, particularly regarding potential changes in KDB's
policy functions, the government's level of ownership, or its
solvency guarantee, to determine the possible impact on the
bank's debt and deposit ratings, if any," says Wah.

Under the Financial Services Commission's latest proposal
regarding the possible privatization of KDB, the bank may focus
on corporate and investment banking. A holding company could be
formed to house KDB and some of its affiliates, and may
subsequently be listed. A public announcement on the details of
the actual plan has yet to be made.

KDB was established in 1954 pursuant to the KDB Act, which
requires the government to maintain 100% ownership and support
the bank's solvency. With KRW147 trillion in assets (USD157
billion) as of December 31, 2007, the bank is the largest policy
bank in Korea.


YOUNGCHANG SILUP: Makes Amendments on Issuance of Common Shares
---------------------------------------------------------------
Youngchang Silup Co., Ltd. has made an amendment to the free
issue of its 2,955,858 common shares, which was announced on
April 8, 2008, Reuters report.

According to the report, the number of new shares to be issued
is now 2,960,937 from 2,955,858.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the  
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers.  The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.

                      *     *     *

As of May 9, 2008, the company still holds Korea Ratings' BB+
rating, with stable outlook, on its convertible bond and KRW5.00
billion straight bond.



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

LITYAN HOLDINGS: March 31 Balance Sheet Upside-Down by MYR91.5MM
----------------------------------------------------------------
Lityan Holdings Berhad's March 31, 2008 balance sheet went
upside-down by MYR91.51 million on MYR67.65 million of total
assets and MYR159.16 million of total liabilities.

As of March 31, 2008, the company's balance sheet also showed
MYR38.74 million of current assets available to pay
MYR156.04 million of current liabilities coming due within the
next twelve months.

Lityan also incurred MYR3.19 net loss on MYR11.46 million of
revenues in the first quarter as compared to the recorded
MYR2.34 million net loss on MYR8.33 million of revenues in the
same quarter of 2007.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides   
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                          *     *     *

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


MANGIUM INDUSTRIES: Securities to be De-Listed on June 6
--------------------------------------------------------
Mangium Industries Bhd.'s securities will be de-listed from the
Official List of Bursa Securities on June 6, 2008, unless the
company makes an appeal by June 3, 2008.

Bursa Securities noted that the company has failed to announce
its proposed regularization plan by May 26, 2008, the time
extension given to the company.

               About Mangium Industries Berhad

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

                         *     *     *

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


OCI BERHAD: Incurs MYR1.60 Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
For the third quarter ended March 31, 2008, OCI Berhad lowered
its net loss to MYR1.60 million from a net loss of MYR3.42
million in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
strained liquidity with MYR4.80 million of current assets
available to pay MYR61.07 million of current liabilities.

The company's March 31, 2008 balance sheet also showed
MYR27.95 million of total assets and MYR63.44 million of total
liabilities resulting in a shareholders' deficit of
MYR35.49 million.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building and construction,
automotive, furniture and packaging industries.  OCI
manufactures and markets a range of sealants and adhesives for
various consumer and industrial purposes in 70 countries around
the world.  On January 24, 2006, the Company disposed off its
entire 51% equity interest in Tongyong Resin Chemical Industry
Co. Ltd.

                         *     *      *

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor pointed to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


SATANG HOLDINGS: Incurs MYR2.79 Mil. in Qtr. Ended March 31
-----------------------------------------------------------
Satang Holdings Berhad incurred MYR2.79 million net loss on
MYR14.81 million of revenues in the second quarter ended
March 31, 2008, as compared to MYR1.82 million net profit on
MYR13.02 million of revenues in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
MYR60.13 million of total current assets available to pay
MYR44.06 million of total current liabilities.

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


SINORA INDUSTRIES: Proposes to Issue 12.5 Mil. Shares to TSH
------------------------------------------------------------
Sinora Industries Berhad proposes to implement a restricted
issue of its 12.5 million new ordinary shares of MYR1.00 each,
representing 12.50% of the existing issued and paid-up share
capital to TSH, at an issue price to be determined later.  

TSH is a major shareholder of Sinora and as at May 9, 2008,
holds 10 million Sinora Shares representing 10.00% of the issued
and paid-up share capital.

Upon completion of the Proposed Restricted Issue, TSH will hold
20% of Sinora's enlarged issued and paid-up share capital after
taking into account its shareholdings as at May 9, 2008.

            Details of the Proposed Restricted Issue

   -- The Restricted Issue Shares will, upon allotment and
      issue, rank equally in all respects with the then existing
      issued and fully paid-up Sinora Shares, save and except
      that the Restricted Issue Shares shall not be entitled to
      any dividends, rights, allotments and/or other
      distributions, the entitlement date of which is prior to        
      the date of allotment of the Restricted Issue Shares;

   -- The issue price of the Restricted Issue Shares will be
      determined based on the higher of the par value of Sinora
      Shares or the 5-day weighted average market price prior to
      a price-fixing date to be determined by the company's
      Directors after the approval of the Securities Commission;  

   -- Assuming the 5-day weighted average market price of Sinora
      Shares up to and including May 23, 2008, is MYR1.06, the
      Proposed Restricted Issue will raise gross proceeds of
      MYR13.25 million which will be utilized for the working
      capital requirements of Sinora and its subsidiary and to
      defray expenses for the Proposed Restricted Issue; and

   -- The Restricted Issue Shares will be listed and quoted on
      the Main Board of Bursa Malaysia Securities Berhad.

           Rationale of the Proposed Restricted Issue

The Proposed Restricted Issue will raise proceeds which will be
used for the working capital requirements of the Sinora Group
and to defray expenses for the Proposed Restricted Issue.

           Conditions of the Proposed Restricted Issue

The Proposed Restricted Issue is conditional upon approvals
obtained from:

   * the SC for the;
   (a) the Proposed Restricted Issue; and

   (b) the listing of and quotation for the Restricted Issue
       Shares on the Main Board of Bursa Securities;

   * the SC on the behalf of the Foreign Investment Committee;

   * Bursa Securities for the listing of and quotation for the
     Restricted Issue Shares on the Main Board of Bursa
     Securities;

   * shareholders of Sinora at a forthcoming extraordinary
     general meeting to be convened; and

   * any other relevant authorities or persons.

                   About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

                        *     *     *

Sinora is still under the Practice Note 17 status of the Listing
Requirements of Bursa Malaysia Securities Bhd.  


SUNWAY INFRASTRUCTURE: Earns MYR227.91MM in Qtr. Ended March 31
---------------------------------------------------------------
Sunway Infrastructure Berhad earned MYR227.91 million on
MYR8.28 million of revenues in the quarter ended March 31, 2008,
as compared to MYR19.12 million net loss on MYR6.95 million of
revenues in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet shows
MYR19.80 million of total current assets available to pay
MYR11.49 million of current liabilities.

The company's balance sheet as of March 31, 2008, also showed
MYR1.27 billion of total assets and MYR1.12 billion of total
liabilities resulting in a shareholders' equity of MYR150.29
million.

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

                         *     *      *

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

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


TALAM: Seeks Shareholders' Okay on Two Financing Proposals
----------------------------------------------------------
Pursuant to Paragraph 8.23 of the Listing Requirements of Bursa
Malaysia Securities Berhad and Practice Note 11/2001 on the
provision of financial assistance, Talam Corporation Berhad is
proposing to seek approval from its shareholders the:

   (a) Proposed ratification for the provision of financial
       assistance in the form of proportionate corporate
       guarantee by Talam amounting to MYR68.0 million pursuant
       to the credit facilities granted to Cekap Tropikal Sdn
       Bhd, a 49.99%-associated company; and

   (b) Proposed provision of financial assistance in the form
       of proportionate corporate guarantee by Talam amounting
       to US$18 million pursuant to the credit facilities to be
       granted to Larut Leisure Enterprise (Hong Kong) Limited,
       a 49.99%-associated company.

              Details on the Proposed Ratification

Talam's subsidiaries, Zhinmun Sdn Bhd, Untung Utama Sdn Bhd and
Seaview Plantations Sdn Bhd respectively, on March 5, 2007,
entered into development agreements with Cekap Tropikal
respectively for the development of 204 acres of land located in
Mukim of Batu, Daerah Gombak, Selangor known as Rimbunan
Selayang.  Zhinmun, Untung Utama and Seaview will provide the
lands respectively and grant Cekap Tropikal the sole and
exclusive rights to carry out the Rimbunan Selayang Development
for a joint venture entitlement sum totaling MYR77.7 million.
The project will generate an estimated Gross Development Value
of MYR1 billion.

The Board is seeking the shareholders' approval to ratify the
provision of financial assistance provided by Talam to Cekap
Tropikal because the aggregate amount provided have exceeded 5%
of the net tangible assets (NTA) of the Group.  The financial
assistance to Cekap Tropikal was in the form of a proportionate
corporate guarantee issued on April 23, 2007, to the extent of
MYR68 million in favor of Bank Muamalat Malaysia Berhad in
relation to the MYR136 million financing facilities comprising
of Bithaman Ajil Facility of up to the limit of MYR68 million
(BBA) and Al-Istisna Facility of up to the limit of
MYR68 million.  Pursuant to the Credit Facilities, one of the
security terms was for Talam to provide financial assistance to
Cekap Tropikal in the form of the Proportionate Corporate
Guarantee.  The purpose of the BBA is to finance the joint
venture entitlement for the three pieces of land from Untung
Utama, Zhinmun and Seaview and payment for premium and statutory
cost for land alienation pursuant to the Development Agreement
between Seaview and Cekap Tropikal; and Al-Istisna is to provide
bridging finance for the proposed Phase 1 & 2 of the development
of the three pieces of land comprises of bungalow and semi-
detached houses.  The tenure for BBA is up to a maximum period
of 72 months commencing from the date of the first disbursement
and Al-Istisna is up to a maximum period of 48 months commencing
from the date of first disbursement.

            Rationale and Benefits of the Proposal

The financial assistance provided by Talam to Cekap Tropikal was
necessary to assist Cekap Tropikal to raise the necessary
project financing to implement the development of the 204 acres
of land located in Mukim of Batu, Daerah Gombak, Selangor known
as Rimbunan Selayang.

              Details of the Proposed Provision
                   of Financial Assistance

The Board is seeking the shareholders' approval for the proposed
provision of financial assistance by Talam to Larut Leisure
because the aggregate amount provided have exceeded 5% of the
NTA of the Group.  The financial assistance to Larut Leisure
will be in the form of a proportionate corporate guarantee to
the extent of US$18.0 million in favor of AmInternational Bank
Ltd and/or RHB Bank (L) Ltd and/or other financiers to be
identified to procure US$36.0 million credit facilities from the
Financiers.  The USD Credit Facilities shall be used by Larut
Leisure for the purpose of reimbursing IJM Properties of up to
USD6.5 million for the advances made by IJM Properties to enable
Larut Leisure to acquire the 40% equity interest in Jilin
Dingtai Enterprise Development Company Limited in China and to
raise the necessary fund to part-finance the development of a
proposed development known as Yin Hai Complex, which comprises
of a proposed 35 storey commercial office cum residential
building together with 2 level basement car parks located at No.
19, Xian Road, Changchun, Jilin Province, People's Republic of
China, including any land acquisition thereof.

Pursuant to the USD Credit Facilities, one of the security terms
is for Talam to provide financial assistance to Larut Leisure in
the form of the Proportionate Corporate Guarantee to be issued
to the Financiers.  The indicative tenure of the USD Credit
Facilities is four years from the date of first disbursements
divided into 2 1/2 years grace period and repayment over 1 1/2
years.

             Rationale and Benefits of the Proposal

The financial assistance to be provided by Talam to Larut
Leisure is necessary to assist them to raise the necessary
project financing to implement the development of a proposed
development known as Yin Hai Complex which comprises of a
proposed 35 storey commercial office and residential building
together with 2 level basement car parks located at No. 19, Xian
Road, Changchun, Jilin Province, People's Republic of China,
including any land acquisition thereof.

                    About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in  
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TIME ENGINEERING: To Hold 38th Annual Meeting on June 18
--------------------------------------------------------
The members of Time Engineering Berhad will hold their 38th
Annual General at 3:30 p.m., on June 18, 2008, at Selangor
Ballroom, Sheraton Subang Hotel and Towers.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the year
      ended December 31, 2007, together with the reports of the
      Directors and Auditors thereon;

   -- to re-elect Puan Elakumari Kantilal, the Director who
      retires by rotation in accordance with Article 96 of the
      Company's Articles of Association and, being eligible, she
      has offered herself for re -election;

   -- to re-elect Raja Azmi Raja Nazuddin, the Director who was
      appointed during the financial year 2007 and in accordance
      with Article 100 of the Company's Articles of Association
      and, being eligible, he has offered himself for
      re-election;

   -- to consider, and if thought fit, to pass these resolutions
      as a Special Resolution pursuant to Section 129(6) of the
      Companies Act, 1965:

   (i) That Tuan Haji Abdullah Yusof who is over the age of 70
       years be and is hereby re-appointed as a Director of the
       company in accordance with Section 129(6) of the
       Companies Act 1965 and to hold office until the
       conclusion of the next Annual General Meeting of the
       Company.

   -- to sanction the payment of Directors' Fees for the
      financial year ended December 31, 2007;

   -- to re-appoint Messrs KPMG as Auditors of the Company to
      hold office until the conclusion of the next Annual
      General Meeting and to authorize the Directors to fix the
      Auditors' remuneration;

   -- that the proposed amendments to the Articles of
      Association of the company as contained in the Appendix 1
      attached to the company's Annual Report 2007 be and
      are hereby approved and the Directors of the company be
      authorized to assent to any modifications, variations
      and/or amendments as may be required by the relevant
      authorities and to do all acts and things and take all
      steps as may be considered necessary to give full effect
      to the proposed amendments to the Articles of Association
      of the company;

   -- to transact any other business of which due notice will
      have been received.

                     About Time Engineering

TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.



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

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

The petition was filed by the Commissioner of Inland Revenue on
January 31, 2008.

The CIR's solicitor is:

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


AMUR PROPERTIES: Wind-Up Petition Hearing Set for May 30
--------------------------------------------------------
The High Court of Auckland will hear on May 30, 2008, at
10:00 a.m., a petition to have Amur Properties and Construction
Ltd.'s operations wound up.

The petition was filed by Aluminium City on January 24, 2008.

Aluminium City's solicitor is:

          Edwin Telle
          McVeagh Fleming, Barristers and Solicitors
          2/270 Neilson Street
          Onehunga, Auckland
          New Zealand
          Telephone:(09) 634 7740


ANTARES FINANCE: Taps Rea and Sargison as Liquidators
-----------------------------------------------------
Gerald Stanley Rea and Paul Graham Sargison were appointed
liquidators of Antares Finance Holdings Ltd. on May 7, 2008.

Messrs. Rea and Sargison require the company's creditors to file
their proofs of debt by June 9, 2008, to be included in the
company's dividend distribution.

The Liquidators can be reached at:

          Gerald Stanley Rea
          Paul Graham Sargison
          Gerry Rea Partners
          PO Box 3015, Auckland
          New Zealand
          Telephone:(09) 377 3099
          Facsimile:(09) 377 3098


AOTEAROA COOLSTORES: Wind-Up Petition Hearing Set for Today
-----------------------------------------------------------
The High Court of Napier will hear today, May 29, 2008, at
10:00 a.m., a petition to have Aotearoa Coolstores Ltd.'s
operations wound up.

The petition was filed by Locker Group (NZ) Limited on May 1,
2008.

Locker Group's solicitor is:

          Rodney Gordon Ewen
          c/o Wynyard Wood, Solicitors
          Gosling Chapman Tower, Level 15
          51-53 Shortland Street
          PO Box 2217, Auckland
          New Zealand
          Facsimile:(09) 309 1044


ARBITRATION & ALTERNATIVE: Proofs of Debt Due on June 15
--------------------------------------------------------  
The creditors of Arbitration & Alternative Dispute Resolution
Centre N.Z. Ltd. are required to file their proofs of debt by
June 15, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

         Grant Bruce Reynolds
         Grant Reynolds, Insolvency Practitioners
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 526 0743
         Facsimile:(09) 526 0748


BANKS TRANSPORT: Placed Under Voluntary Liquidation
---------------------------------------------------
Banks Transport (2006) Limited commenced liquidation proceedings
on May 7, 2008.

Creditors are required to file their proofs of debt by June 15,
2008, to be included in the company's dividend distribution.

The company's liquidator is:

         Grant Bruce Reynolds
         Grant Reynolds, Insolvency Practitioners
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 526 0743
         Facsimile:(09) 526 0748


BAY CIVIL: Fixes June 13 as Last Day to File Claims
---------------------------------------------------
Bay Civil Construction Ltd. requires its creditors to file their
proofs of debt by June 13, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          D. C. Parsons
          c/o Indepth Forensic Limited
          Insolvency Practitioners
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Facsimile:(07) 957 8677


BELGRAVE FINANCE: Puts Business in Receivership
-----------------------------------------------
Belgrave Finance Limited may not be able to meet its obligations
to repay its Secured Debenture Investors in a timely manner due
to unavailability of a
substantial funding line, the company said in a statement.

The company's trustee, Covenant Trustee Company Limited, has
appointed Grant Graham & Brendan Gibson from KordaMentha
Chartered Accountants as Receivers.

The Receivers will use the BFL website
(http://www.belgrave.co.nz/)to communicate with investors.

Belgrave Finance blamed the its collapse on tough market
conditions, stating that its a majority of its remaining loans
are mezzanine in nature, with many loans being secured by land
with development potential.

"We have been affected by the current property market downturn
and the inability of developers to raise alternative funding
from other financiers," Directors Shane Buckley and Steve Smith
said.  "Due to the significant lack of investor confidence in
the finance industry, resulting from well-publicised previous
failures, our reinvestment rates for Secured Debenture Stock
investments have fallen alarmingly.  Based on current market
information we do not expect any improvement in the reinvestment
rate in the foreseeable future."

Adam Bennett of The New Zealand Herald relates that Belgrave
Finance owes over NZ$22 million to about 1000 debenture
investors.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- is engaged in property development  
financing.


BRENT SMITH: Commences Liquidation Proceedings
----------------------------------------------
Brent Smith Construction Services Ltd. commenced liquidation
proceedings on May 2, 2008.

Creditors are required to file their proofs of debt by June 6,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

         Roderick Thomas McKenzie
         Lyn Maree Carey
         c/o McKenzie & Partners Limited
         484 Main Street, Level 1
         PO Box 12014, Palmerston North
         New Zealand
         Telephone:(06) 354 9639
         Facsimile:(06) 356 2028


BRUNNER HOLDINGS: Faces CIR's Wind-Up Petition
----------------------------------------------
On April 7, 2008, the Commissioner of Inland Revenue filed a
petition to have Brunner Holdings Ltd.'s operations wound up.

The petition will be heard before the High Court of Christchurch
on June 9, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


C G PARK: Subject to Trustpower's Wind-Up Petition
--------------------------------------------------
On April 17, 2008, Trustpower Limited filed a petition to have
C G Park Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
August 8, 2008, at 10:00 a.m.

Trustpower's solicitor is:

          Kevin Patrick McDonald
          c/o Kevin McDonald & Associates, Solicitors
          Takapuna Towers, Level 11
          19-21 Como Street
          PO Box 331065, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 486 6827
          Facsimile:(09) 486 5082


COMPLEX ENGINEERING: Shareholders Appoint Managh as Liquidator
--------------------------------------------------------------
On May 8, 2008, the shareholders of Complex Engineering Ltd.
appointed John Francis Managh as the company's liquidator.

The Liquidator can be reached at:

         John Francis Managh
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280


CORVARA INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
Corvara Investments Ltd. commenced liquidation proceedings on
May 2, 2008.

Creditors are required to file their proofs of debt by July 7,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Timothy Wilson Downes
          Stephanie Beth Jeffreys
          c/o Grant Thornton Auckland Limited
          152 Fanshawe Street
          Auckland
          New Zealand
          Telephone:(09) 308 2570


DELTA PUBLISHING: Wind-Up Petition Hearing Set for May 30
---------------------------------------------------------
The High Court of Auckland will hear on May 30, 2008, at 10:00
a.m., a petition to have Delta Publishing Ltd.'s operations
wound up.

Business Printing Group Limited filed the petition against the
company on February 4, 2008.

Business Printing's solicitor is:

         P. D. Twigg
         Langley Twigg Solicitors
         66 West Quay, Napier
         New Zealand
         Facsimile:(06) 835 3712


DIAMOR GROUP: Appoints Heath and Lamacraft as Liquidators
---------------------------------------------------------
On May 7, 2008, Arron Leslie Heath and Michael Lamacraft were
appointed liquidators of Diamor Group Ltd.

Messrs. Heath and Lamacraft are accepting creditors' proofs of
debt until June 6, 2008.

The Liquidators can be reached at:

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


DKH BUILDER: Faces CIR's Wind-Up Petition
-----------------------------------------
On April 3, 2008, the Commissioner of Inland Revenue filed a
petition to have DKH Builder Ltd.'s operations wound up.

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

The CIR's solicitor is:

         R. J. Collins
         Elvidge & Partners, Solicitors
         corner of Raffles and Bower Streets
         Napier
         New Zealand


DOVER HOLDINGS: Wind-Up Petition Hearing Set for June 9
-------------------------------------------------------
A petition to have Dover Holdings Ltd.'s operations wound up
will be heard before the High Court of Christchurch on June 9,
2008, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
April 9, 2008.

The CIR's solicitor is:

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


DRYLAND FARMS: Appoints Parsons and Kenealy as Liquidators
----------------------------------------------------------
On May 7, 2008, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of Dryland Farms Ltd.

The Liquidators can be reached at:

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


FISHIES ON THE SQUARE: Taps John David Naylor as Liquidator
-----------------------------------------------------------
On May 7, 2008, the shareholders of Fishies On The Square Ltd.
appointed John David Naylor as the company's liquidator.

The Liquidator can be reached at:

          John David Naylor
          c/o Naylor Lawrence & Associates
          Guardian Trust House, 4th Floor
          corner of Main Street and The Square
          Palmerston North
          New Zealand
          Telephone:(06) 357 0640
          Facsimile:(06) 358 9105


JCR DEVELOPMENTS: Wind-Up Petition Hearing Set for Today
--------------------------------------------------------
A petition to have JCR Developments Ltd.'s operations wound up
will be heard before the High Court of Napier today, May 29,
2008, at 10:00 a.m.

Steeles Plumbing & Bathroom Limited filed the petition on
April 15, 2008.

Steeles Plumbing's solicitor is:

         Alison McEwan
         Langley Twigg
         66 West Quay
         PO Box 446, Napier
         New Zealand


JIAN HUA: Subject to CIR's Wind-Up Petition
-------------------------------------------
On March 7, 2008, the Commissioner of Inland Revenue filed a
petition to have Jian Hua Property Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
June 4, 2008, at 10:45 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432, Hamilton
         New Zealand
         Telephone:(07) 959 0373
         Facsimile:(07) 959 7614


KIDS WORLD: Wind-Up Petition Hearing Set for May 30
---------------------------------------------------
A petition to have Kids World Production (No.33) Ltd.'s
operations wound up will be heard before the High Court of
Singapore on May 30, 2008, at 10:00 a.m.

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

The CIR's solicitor is:

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


LINFORD LTD: Fixes June 9 as Last Day to File Claims
----------------------------------------------------
The creditors of Linford Ltd. are required to file their proofs
of debt by June 9, 2008 to be included in the company's dividend
distribution.

The company's liquidators are:

         Gerald Stanley Rea
         Paul Graham Sargison
         c/o Gerry Rea Partners
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


LOMBARD FINANCE: NZ$111 Mil. Debentures Won't be Paid in Full
-------------------------------------------------------------
Lombard Finance & Investments Limited's secured debenture
investors could recover between 21% to 44% of their original
investment from the assets of the companies, without any
interest, according to a preliminary estimate of the company's
receivers.

PricewaterhouseCoopers said in a letter to the investors that
there are still considerable uncertainties relating to the
recoverability of the property loans which will have an impact
on the final recoveries paid to secured debenture investors.

PwC also considers it highly unlikely that there will be any
recovery for Subordinated and Capital Note investors.

                         Financial Position

A. Property Loan Book (NZ$136.8M)

Lombard Finance's major asset is the property loan book which
consists of 27 loans with a total book value of NZ$136.8M.  The
majority of loans are in respect of either bare land
subdivisions or development properties, in various stages of
completion.  On the majority of these loans, interest accruing
is added to the loan balance and received on repayment of the
loan, as opposed to interest being paid to Lombard Finance on a
monthly or quarterly basis.  The majority of the loans are
secured by mortgages on land and buildings.

B. Property (NZ$2.9M)

The company has a residential property in Auckland, which is
currently being marketed for sale.

C. Commercial loans (NZ$2.7M)

The commercial loan book comprises 171 loans totalling NZ$2.7M.  
The types of loans include hire purchase, consumer and business
loans.  The finance provided is secured either over specific
assets or as a general security over the assets of the borrower.  
The majority of these loans have monthly repayment commitments
of interest/capital and are within their agreed terms.

D. Fixed Assets (NZ$660k)

The Fixed Assets (totalling NZ$660k) comprise office fixtures
and fittings, computer software and vehicles.  Only a small
level of recoveries from these assets is anticipated.

E. Other (NZ$660k)

Other comprises funds on hand and intangible assets.  As at
April 10, 2008, funds on hand totalled NZ$529k.  PwC does not
anticipate any recoveries from the intangible assets.

F. Accounts Receivable (NZ$332k)

Accounts Receivable of NZ$332k relates to prepayments and other
sundry debtor balances.  Material recoveries from these assets
are not anticipated.

G. Secured Debenture Investors (NZ$111.0M)

The Secured Debenture Investors balance of NZ$111.0M represents
approximately 6,400 investments held by approximately 3,900
secured debenture investors.

H. Capital Note Investors (NZ$10.4M)

The Capital Note Investors balance of NZ$10.4M represents
approximately 450 investments held by approximately 310 capital
note investors.

I. Subordinated Note Investors (NZ$3.7M)

The Subordinated Note Investors balance of NZ$3.7M represents
approximately 330 investments held by approximately 230
subordinated note investors.

J. Accounts Payable and Other Liabilities (NZ$2.1M)

Accounts Payable and other liabilities consist of liabilities
and accruals including Resident Withholding Tax, tax and trade
suppliers.

The next PwC report is expected for release on August 31, 2008.

                        About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of
Lombard Group, a diversified company specialising in the
financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

On April 10, 2008, Lombard Finance was placed into receivership
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MOBILE FINANCE: Director Gets 5-1/2 Yrs. for Misappropriation
-------------------------------------------------------------
Director of the Mobile Finance Centre Warren Russell Green
was sentenced by the Nelson District Court to 5-1/2 years
in prison for misappropriating more than NZ$2 million of
investors' funds, The Nelson Mail reports.

According to the report, Mr. Green pleaded guilty to two
representative charges of theft by misappropriating
NZ$2,068,862 from about 40 Mobile Finance Centre investors
between May 16, 2000 and December 19, 2007.

The Nelson Mail relates that 65 investors were involved, with
investments ranging from $5000 to $290,000.

Between May 2000 and September 2003, the report says Mr. Green
secured more than NZ$700,000 from clients but was able to
repay less than NZ$150,000.  Between October 2003 and last
December, he secured NZ$1.3 million but was able to repay
only NZ$222,000, the report adds.

Nelson, New Zealand-based Mobile Finance Centre was registered
in 1998 as an investment company.


OCEAN PURE: Fixes June 9 as Last Day to File Claims
---------------------------------------------------
The creditors of Ocean Pure Corporation Ltd. are required to
file their proofs of debt by June 9, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue, Christchurch 8013
          Christchurch 8540
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


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

Gulf Harbour Marine Village Residents Association Incorporated
filed the petition on February 22, 2008.

Gulf Harbour's solicitor is:

         G. O. Keightley
         Gaze Burt, Lawyers
         44 Corinthian Drive
         Albany, North Shore City 0632
         New Zealand


TOTAL BUILDING: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------------
Total Building Concepts Limited requires its creditors to file
their proofs of debt by June 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

         Grant Bruce Reynolds
         Grant Reynolds, Insolvency Practitioners
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 526 0743
         Facsimile:(09) 526 0748


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

The petition was filed by the Commissioner of Inland Revenue on
September 20, 2007.

The CIR's solicitor is:

          Sandra Joy North
          c/o Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          New Zealand
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


ZOOM CONSULTING: Fixes June 6 as Last Day to File Claims
--------------------------------------------------------
The creditors of Zoom Consulting Group Ltd. are required to file
their proofs of debt by June 6, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


* NEW ZEALAND: Oil-Related Trade Boosts Exports & Imports
---------------------------------------------------------
The value of merchandise exports rose 19.7 percent from April
2007 to April 2008, to reach NZ$3.8 billion, Statistics New
Zealand said.  Imports were up 22.0 percent to NZ$4.1 billion.  
Both increases were led by oil-related commodities, which
commonly have irregular monthly trade patterns.

Exports reached another new high in April 2008, the third in the
last five months.  April 2008 was also the eighth consecutive
month to show significant increases (from the same month of the
previous year) led by crude oil, and milk powder, butter and
cheese.  Crude oil exports were up NZ$265 million to reach a
record high of NZ$311 million - this followed the March figure
of NZ$130 million, which was the lowest since production from
the Tui oilfield began.  Oil is exported and imported in large,
irregular shipments and the timing of these can make a big
difference to monthly figures.  Milk powder, butter and cheese
exports were up NZ$131 million and contributed 19.6 percent of
total exports for April 2008.

The NZ$743 million increase in imports from April 2007 followed
a NZ$402 million increase from April 2006.  April 2008 imports
included two large items - an oil platform and an oil production
vessel - with a combined value of NZ$477 million, while April
2007 imports included another oil production vessel worth NZ$231
million.  The current items resulted in April 2008 having the
second-highest monthly import value on record (October 2007 was
the largest).

In April 2008, the monthly trade balance was a deficit of NZ$334
million, or 8.8 percent of exports.  As a percentage of exports,
this is the largest deficit for an April month since 1982.  
However, this deficit must be considered in context with the
monthly irregularity of some of the commodities (both export and
import) that contributed to it, the agency said.



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

PLDT: Launches US$550 Mil. Fiber Cable Network Project
------------------------------------------------------
PLDT marked Tuesday another major milestone in the Philippine's
telecommunications industry with the landing of the Philippine
leg of the Asia-
America Gateway (AAG) in Bgy. Baccuit, Bauang, La Union.

President Gloria Macapagal-Arroyo joined government officials,
PLDT officers, and some of its top clients in the ceremonies.

The AAG cable project is a US$550-million, 20,000-km long fiber
optic cable network that will connect Malaysia, Singapore,
Thailand, Brunei Darussalam, Vietnam, Hong Kong, the
Philippines, Guam, Hawaii, and the US West Coast.  Of the
US$550-million total cost, PLDT's contribution is US$50 million.

The construction of AAG will enable the Philippines to become a
hub for regional and trans-Pacific connectivity and at the same
time, meeting the expected explosive growth in the country's
international bandwidth requirements to support cutting edge
broadband applications such as IP-based data, video and other
multimedia services.

Additionally, AAG will provide added protection from disruptions
such as the 2006 earthquake with 7.1 magnitude that caused
massive service interruptions of
telecommunications services to corporate and retail customers
across the region.

AAG will provide a welcome boost to BPOs, call centers and other
growth industries that depend on advanced telecommunications
services and thus further propel the country's economic
development.

The enhanced international connectivity will also support the
growth of broadband Internet services which PLDT is aggressively
promoting through both wired and wireless broadband access
services such as PLDT MyDSL and Smart Bro Prepaid.

"The Asia-America Gateway (AAG) is not a conventional cable
network.  It has been conceived to provide state-of-the-art
technology, routing options, render diversity to traditional
routes and help improve network resiliency via cost-effective
way," said International and Carrier Business Group Head Ramon
Fernandez.

Because of these features, a London-based magazine, Global
Telecom Business, gave it the "Most Innovative Project" award
under the International Fixed Network Infrastructure.  The award
provides AAG an edge in positioning it as the best solution for
many carriers.

The project, which is expected to carry international traffic
early next year, will also provide for future connectivity that
can be extended to Australia, India, Africa and Europe.

                        About PLDT

Headquartered in Manila, Philippine Long Distance Telephone
Company is a telecommunications service provider in the
Philippines.  Through its three principal business groups -
wireless, fixed line, and information and communications
technology - PLDT offers a wide range of telecommunications
services to its subscribers in the Philippines.  PLDT's
subsidiaries and affiliates include Smart Communications, Inc.
and Pilipino Telephone Corporation, both cellular service
providers, and ePLDT, an integrated information and
communications technology provider.

PLDT was incorporated on November 28, 1928, following the merger
of four telephone companies under US ownership, namely,
Philippine Telephone and Telegraph Company, Cebu Telephone and
Telegraph Company, Panay Telephone and Telegraph Company, and
Negros Telephone and Telegraph Company.  In 1967, effective
control of PLDT was sold by General Telephone and Electronics
Corporation to a group of Filipino businessmen.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on March 24, 2008, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2/positive
foreign currency bond rating.


UNIVERSAL ROBINA: Repurchases 1,000,000 Company Shares
------------------------------------------------------
Universal Robina Corporation disclosed in a regulatory filing
with the Philippine Stock Exchange that on May 27, 2008, it
repurchased 1,000,000 shares in the company priced at Php13.25
per share.

Universal Robina now has 2,173,964,881 in outstanding shares
and 47,886,600 in treasury shares.

Earlier, URC repurchased 982,300 company shares priced at
Php13.50 per share and 180,000 company shares priced at Php13.25
per share.

Headquartered in Pasig City, Philippines, Universal Robina
Corporation -- http://www.urc.com.ph/-- is a branded food    
product company with presence in other Asian markets.  It was
founded in 1954 when Mr. John Gokongwei, Jr. established
Universal Corn Products, a cornstarch manufacturing plant, in
Pasig.  The Company has since expanded and is now involved in a
wide range of food businesses including the manufacture and
distribution of branded consumer foods, flour milling, as well
as, sugar milling and refining.  In addition, the Company
produces hogs and day-old chicks and manufactures animal and
fish feeds, glucose and veterinary compounds. These businesses
are operated through divisions and wholly or majority-owned
subsidiaries that are organized into three core business
segments, namely, branded consumer foods, agro-industrial
products and commodity food products.

The company is a core subsidiary of JG Summit Holdings, Inc.
(JGSHI), one of the largest business conglomerates listed in the
Philippine Stock Exchange.  JGSHI has substantial interests in
property development, hotel management, textiles, banking and
financial services, telecommunications, petrochemicals, air
transportation and power generation.  In addition, JGSHI has
significant interests in other sectors, including printing, and
packaging.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2008, Standard & Poor's Ratings Services placed its 'BB'
corporate credit rating on Philippines' Universal Robina Corp.
(URC) on CreditWatch with negative implications.  Standard &
Poor's also placed its 'BB' rating on the US$200 million senior
unsecured notes issued by URC's wholly owned subsidiary, URC
Philippines Ltd., on CreditWatch with negative implications.  
This action follows the CreditWatch placement on the 'B+'
ratings of JG Summit Holdings Inc., the majority shareholder of
the company.
  


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

TAIWAN COOPERATIVE: Fitch Lifts 'D' Individual Rating to 'C/D'
--------------------------------------------------------------
Fitch Ratings upgraded Taiwan Cooperative Bank's Individual
rating and affirmed the bank's remaining ratings.  At the same
time, the agency assigned ratings to TCB's TWD4.5 billion
perpetual cumulative bonds and two subordinated debt issues
maturing in May 2015, with respective sizes of TWD1.0bn and
TWD4.5bn.

TCB: Individual rating upgraded to 'C/D' from 'D'; Long-term
Issuer Default Rating (IDR) affirmed at 'BBB+', Short-term IDR
affirmed at 'F2', National Long-term affirmed at 'AA-(twn)' (AA
minus(twn)), National Short-term affirmed at 'F1(twn)', Support
affirmed at '2' and Support Rating Floor affirmed at 'BBB+';
TWD4.5 billion perpetual cumulative bonds assigned a 'A(twn)'
rating and two subordinated bonds 'A+(twn)' ratings. The
Outlooks on the IDRs and National Long-term rating are Stable.

TCB's IDR is based on expected strong government support, given
the large state ownership (37.6%) and the bank's significant
systematic importance.  The upgrade on TCB's Individual rating
reflects its enlarged franchise in Taiwan after the acquisition
of Farmers Bank of China in 2006, and its improved core
earnings. The rating also incorporates its weaknesses - mainly a
less diversified business mix and relatively weak operational
efficiency - as well as its strengths, including improved asset
quality, adequate capitalisation and liquidity.

TCB has managed loan growth conservatively in 2005-2007 and
strives to enhance its fee income from the wealth management
business by exploiting its large clientele base.  Benefiting
from expanded net interest income due to upward loan re-pricing
and higher yields in its fixed income portfolios, as well as
good growth in wealth management service fees, TCB's pre-
provision profit (excluding erratic bad debt recoveries and
property disposals) increased to TWD11.9bn in 2007, up 14.7% yoy
pro forma.

The consistent efforts in asset cleaning since 2002 have led to
a substantial decrease in credit costs and the improvement in
TCB's bottom-line profits in 2007.  Fitch notes that the bank
has improved its asset quality steadily since 2002, thanks to
its consistent efforts in asset cleaning.  The bank's NPL ratio
also improved to 1.7% at end-2007, from 2.2% at end-2006.  TCB's
loan loss reserve to total problem exposure was an adequate
54.9% at end-2007, albeit lower than the industry average of
64.8%.  The bank has a reasonably strong liquidity profile given
its large and favourable deposit-taking franchise; it is also
adequately capitalised, with Tier 1 and total capital adequacy
ratios at 6.6% and 11.1%, respectively, at end-2007.

TCB's perpetual cumulative bonds are classified as Upper Tier 2
capital with no maturity date.  The bonds carry a floating
coupon of 90-day commercial paper rates + 95 basis points and
are subject to a moderate 100 basis point coupon step-up if the
bonds are not redeemed by 2014.  The bonds have an interest
deferral option, and can be triggered if the bank's capital
adequacy ratio (CAR) falls below the 8% as required by Taiwan's
Financial Supervisory Commission, or if its cumulative loss
exceeds its retained earnings and capital reserves.

TCB, established in 1946, is the second-largest bank in Taiwan,
with an 8.9% market share in deposits, second only to Bank of
Taiwan's 12.2%.  It has the most extensive branch network in the
country, with 299 domestic branches.

                         *********

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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