TCRAP_Public/080603.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

             Tuesday, June 3, 2008, Vol. 11, No. 109

                            Headlines

A U S T R A L I A

BEECHWOOD HOMES: Receives Plenty of Purchase Interest
BHP HOLDINGS: Commences Liquidation Proceedings
CENTRO PROPERTIES: Debt Repayment Extended Until Dec. 15
CENTRO PROPERTIES: S&P Puts Two Units' Ratings on Watch
COMPLETE PRESTIGE: Liquidator Presents Wind-Up Report

ENTERPRISE SPECIAL: Liquidator Presents Wind-Up Report
GINTAC BUILDING: Appoints Leigh Dudman as Liquidator
HOLLY TRANSPORT: Liquidator Presents Wind-Up Report
MIKE RUTHERFORD: Placed Under Voluntary Liquidation
MOUNTAIN VISIONS: Liquidator Presents Wind-Up Report

PETER COGHILL: Commences Liquidation Proceedings
RADIATA PLANTATIONS: Declares Dividend for Creditors
REX GRAHAM: Liquidator Presents Wind-Up Report
STOP VALLEY: Appoints Crisp as Liquidator
W & A LARGE: Liquidator Presents Wind-Up Report


C H I N A

AGRICULTURAL BANK: To Ensure Savings Safety in Quake-Hit Areas
CHINA EASTERN: Expands Code Sharing Cooperation With Korean Air
CHINA CONSTRUCTION: Mr. Lin Resigns From Post as Director


H O N G  K O N G

ASIA DIRECT: Appoints New Liquidators
CITIC RESOURCES: Moody's Holds Ba2 Corp. Family Rating
HYPERION SOLUTIONS: Commences Liquidation Proceedings
INSTITUTE OF THEME: Appoints New Liquidator
KENLEX TECHNOLOGY: Creditors Meeting Fixed for June 17

LI & FUNG: Liquidators Quit Post
PARKSON RETAIL: Unit Completes Buyout of Xi'an's 49% Stake
PARKSON RETAIL: S&P Holds 'BB' Corporate Credit Rating
RIL SECURITIES: Creditors Meeting Fixed for July 4
SUN WONG: Court to Hear Wind-Up Proceedings on June 18

THE JUNGLE: Appoints New Liquidators
TRADING AS TENSION: Appoints New Liquidator
YUE CHEONG: Appoints New Liquidators


I N D I A

BANK OF INDIA: Plans to Open Office in Qatar
BHARTI AIRTEL: BSNL Told to Restore Connection with Telco
DIRECT LOGISTICS: CRISIL Rates Rs.120 Mil. Cash Credit at C
ESSAR OIL: To Increase Daily Capacity to 1 Mil. Barrels
TATA MOTORS: Completes US$2.3 Billion Jaguar Acquisition

TATA TELESERVICES: Posts INR205 Mil. Loss in Qtr. Ended March 31


I N D O N E S I A

BANK NIAGA: Changes Name to CIMB Niaga
BANK NIAGA: Merges With Bank Lippo


J A P A N

BANK OF IKEDA: Inks Integration Deal With Senshu Bank
GOODWILL GROUP: JCR Cuts Senior Debt Rating to #BB-/Neg.
GOODWILL GROUP: Turnaround Plan Up for Second Chance


K O R E A

NEXUS INVESTMENT: Makes Amendments on Common Shares Placement
PARK & OPC: To Raise Money for Bonds Redemption


M A L A Y S I A

APL INDUSTRIES: Turns Around with MYR405,000 Profit in 1st Qtr.
CNLT: Posts MYR6.48 Mil. Net Loss in Qtr. Ended March 31
KOSMO TECHNOLOGY: Receives Demand of Payment for MYR30.81 Mil.
PILECON: Incurs MYR712,000 Net Loss in Qtr. Ended March 31


N E W  Z E A L A N D

AIR NEW ZEALAND: To Test Biofuel for Cost-Cutting Option
CAPITAL + MERCHANT: Investors May Receive Less Than 10%
CONCEPTS INTERIOR: Wind-Up Petition Hearing Set for August 8
DENTAL WORLD: Creditors' Proofs of Debt Due on June 13
FENIXCLAD PLASTERING: Taps Parsons and Kenealy as Liquidators

JOHN MOWBRAY: Parent Posts Preliminary Annual Results for 2008
JOSEPH PRODUCTIONS: Appoints Madsen-Ries & Levin as Liquidators
LOMBARD FINANCE: Parent Incurs NZ$21.8MM Loss After Write Down
MORGANS CORNER: Wind-Up Petition Hearing Set for June 9
PACIFIC SURGIMED: Court to Hear Wind-Up Petition on July 25

RACE IDENTITY: Faces Geon's Wind-Up Petition
SOUTH PACIFIC: Fixes June 13 as Last Day to File Claims


P H I L I P P I N E S

MONDRAGON INT'L: May Be Delisted for Unpaid Fees
PRIMETOWN PROPERTY: May Be Delisted for Unpaid Fees
RCBC: Moody's Lifts Bank Financial Strength Rating to D-
UNIVERSAL RIGHTFIELD: May Be Delisted for Unpaid Fees
WISE HOLDINGS: May Be Delisted for Unpaid Fees


S I N G A P O R E

BANGKA OFFSHORE: Court Enters Wind-Up Order
DURABEAU CONSTRUCTION: Creditors' Proofs of Debt Due on June 12
ELVIE’S GRACE: Court to Hear Wind-Up Petition on June 6
HOCK CHUAN: Members and Creditors to Meet on June 19
LAM GUAN: Creditors' Proofs of Debt Due on June 13


X X X X X X X X

* Moody's has Negative Outlook for Asia's Auto-Parts Sector
* BOND PRICING: For the Week May 26 to May 30, 2008


                         - - - - -


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

BEECHWOOD HOMES: Receives Plenty of Purchase Interest
-----------------------------------------------------
Fair Trading Minister Linda Burney will soon restart on about 15
to 20 Beechwood homes which were almost completed as an
overwhelming number of firms expressed interest in purchasing
the collapsed New South Wales builder, AdelaideNow reports.

According to the report, Ms. Burney said the receiver, Deloitte,
had given an assurance it was fast-tracking the sale of
Beechwood, but the process had been slowed down by a greater
than expected level of interest.

            NSW Gov't Urges Clients to File Claims

As reported in the Troubled Company Reporter-Asia Pacific on
May 28, 2008, ABC News said the New South Wales Government is
urging consumers affected by the collapse of Beechwood Homes to
immediately lodge insurance claims.

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

                        Creditors' Meeting

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

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

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

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

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

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

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

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

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

                       About Beechwood Homes

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


BHP HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on April 2, 2008, the members
of BHP Holdings Pty Ltd formerly Austeel Building Systems Pty
Ltd resolved to voluntarily liquidate the company's business.

John Ross Lindholm and George Georges were appointed as
liquidator.

The Liquidator can be reached at:

          John Lindholm
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


CENTRO PROPERTIES: Debt Repayment Extended Until Dec. 15
--------------------------------------------------------
Centro Properties Group has obtained additional liquidity
facilities from its financiers.  In addition, the company's
Australian lenders, owed AU$2.3 billion, and its US private
placement noteholders, owed US$450 million, extended the debt
repayment deadline until December 15, 2008.

The US lending group has reconfirmed the extension of the
US joint venture facilities to September 30, 2008 as a
result of finalization of the December 15 extension.

Certain inter-creditor arrangements have also been agreed
between Centro's financiers.  Finalization of the matters
was required under the extension of Centro's financing
arrangements announced on May 8, 2008.

                      Liquidity Facilities

Certain financiers had previously provided Centro with a
liquidity facility and other support totaling AU$55 million.
Additional liquidity facilities and other support totaling
approximately AU$100 million have been arranged with certain
Australian financiers and US private placement noteholders.

Centro now has an aggregate of approximately AU$155 million
in liquidity facilities and other financier support.  The
facilities will primarily be used to fund capital expenditure,
adviser fees and higher lender costs incurred as a consequence
of the extension arrangements.

Ongoing fees and margins of 3.75% per annum are payable on the
liquidity facilities.  Otherwise, interest margins payable by
Centro during the extension period remain as previously
announced.

                      Financing Extensions

The extension remains subject to the condition that the
following
must occur by September 30, 2008:

   * The Australian financiers and US private placement
     noteholders to be satisfied as to Centro's progress
     in implementing its strategic plan;

   * The US lending group, which is owed in aggregate
     US$1.1 billion (AU$1.2 billion) associated with
     Centro's joint venture with Centro Retail Trust,
     agreeing to further extend those facilities from
     September 30, 2008, to a date no earlier than
     December 15, 2008; and

   * The Australian financiers, US private placement
     noteholders and the US lending group reaching a
     further agreement by September 30, 2008 on the
     terms on which assets can be sold and the proceeds
     of such sales applied after that date.

                    About Centro Properties

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

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


CENTRO PROPERTIES: S&P Puts Two Units' Ratings on Watch
-------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC+'
senior unsecured debt ratings on two units of Centro
Properties Group -- Centro NP LLC and Centro NP --
remain on CreditWatch with developing implications,
where they were initially placed on Jan. 3, 2008,
following announcements on Centro Properties Group's
debt facilities.

S&P noted that the AU$2.3 billion debt facilities owed to an
Australian lending group and US$450 million owed to U.S. private
placement noteholders have been extended to Dec. 15, 2008.
Another U.S. lending group, which is owed US$1.1 billion
associated with CNP's joint venture with Centro Retail Trust
(CER), also confirmed the extension of their facilities to
Sept. 30, 2008.  Meantime, CNP have put in place AU$100 million
in liquidity facilities (in addition to the existing AU$55
million liquidity facilities) and finalized an inter-creditor
arrangement between these financiers.

Given the uncertainty facing the group, S&P believes that the
issuer rating could move either up or down from 'CCC+'.  A
downgrade would be precipitated by CNP not being able to seek a
further extension of its debt facilities beyond the key dates of
Sept. 30, and Dec. 15, 2008, respectively.  Centro NP's debt
extension expires on Sept. 30, 2008.  The ratings could be
raised if CNP and Centro NP are able to implement a strategic
plan that satisfies the bank lenders and private-placement
noteholders and places the companies on a more sound financial
footing.  The reduction of outstanding debt levels, through
potential portfolio or asset sales, is another critical factor.

                    About Centro Properties

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

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


COMPLETE PRESTIGE: Liquidator Presents Wind-Up Report
-----------------------------------------------------
C. P. White, The Complete Prestige Car Centre Mirror Finish Pty.
Ltd.'s estate liquidator, met with the company's members on May
14, 2008, and provided them with property disposal and winding-
up reports.

The liquidator can be reached at:

          C. P. White
          HLB Mann Judd
          Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne VIC 3000
          Australia


ENTERPRISE SPECIAL: Liquidator Presents Wind-Up Report
------------------------------------------------------
Robert M. H. Cole, Enterprise Special Projects Pty Ltd's estate
liquidator, met with the company's members on May 15, 2008,and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Cole Downey & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong VIC 3220


GINTAC BUILDING: Appoints Leigh Dudman as Liquidator
----------------------------------------------------
During a general meeting held on April 3, 2008, the members of
Gintac Building Consulting & Construction Pty. Ltd. resolved to
voluntarily liquidate the company's business.

Leigh Dudman was appointed as liquidator.

The Liquidator can be reached at:

          Leigh Dudman
          B. K. Taylor & Co.
          8/608 St Kilda Road
          Melbourne VIC 3004
          Australia


HOLLY TRANSPORT: Liquidator Presents Wind-Up Report
---------------------------------------------------
Robert M. H. Cole, Holly Transport Pty Ltd's estate liquidator,
met with the company's members on May 15, 2008,and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Cole Downey & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong VIC 3220
          Australia


MIKE RUTHERFORD: Placed Under Voluntary Liquidation
---------------------------------------------------
Mike Rutherford Photography Pty. Ltd.'s members agreed on
April 7, 2008, to voluntarily liquidate the company's business.
William Bernard Abeyratne and Loke Ching Wong were appointed to
facilitate the sale of its assets.

The liquidator can be reached at:

          William Bernard Abeyratne
          Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne VIC 3205
          Telephone: (03) 9696 2885
          Australia


MOUNTAIN VISIONS: Liquidator Presents Wind-Up Report
----------------------------------------------------
Mountain Visions Pty. Ltd. held a joint meeting for its members
and creditors on May 15, 2008. At the meeting, the company's
liquidator, Robert M. H. Cole at Cole Downey & Co. Chartered
Accountants,provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Cole Downey & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong VIC 3220
          Australia


PETER COGHILL: Commences Liquidation Proceedings
------------------------------------------------
Peter Coghill Pty. Ltd.'s members agreed on March 25, 2008, to
voluntarily liquidate the company's business.  Roger David
Midgley was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          R. D. M. Smith
          126 George Street
          Morwell VIC 3840
          Australia


RADIATA PLANTATIONS: Declares Dividend for Creditors
----------------------------------------------------
Radiata Plantations Limited, which is in liquidation, declared
its dividend for its creditors.

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

The company's liquidator is:

          George Georges
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


REX GRAHAM: Liquidator Presents Wind-Up Report
----------------------------------------------
Rex Graham Renovations Pty. Ltd. held a joint meeting for its
members and creditors on May 15, 2008. At the meeting, the
company's liquidator, Robert M. H. Cole at Cole Downey & Co.
Chartered Accountants,provided the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Cole Downey & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong VIC 3220


STOP VALLEY: Appoints Crisp as Liquidator
-----------------------------------------
Stop Valley Pty. Ltd.'s members agreed on March 28, 2008, to
voluntarily liquidate the company's business.  Glenn A. Crisp
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Glenn A. Crisp
          Liquidator
          Level 8, 525 Collins Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9286 1800
          Facsimile: (03) 9286 1899


W & A LARGE: Liquidator Presents Wind-Up Report
-----------------------------------------------
Robert M. H. Cole, W & A Large Pty Ltd's estate liquidator, met
with the company's members on May 15, 2008,and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          Robert M. H. Cole
          Cole Downey & Co
          Chartered Accountants
          6 Moorabool Street
          Geelong VIC 3220
          Australia



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

AGRICULTURAL BANK: To Ensure Savings Safety in Quake-Hit Areas
--------------------------------------------------------------
Agricultural Bank of China will launch new rules to ensure
savings safety in quake-hit areas, Xinhua News reports.

The report says that the bank promised to offer multiple
assistance and a simplified procedure to those who suffered
savings safety problems in the recent China earthquake.

Agricultural Bank, the report relates, said that those who lost
their valid identification documents in the earthquake, but can
provide the account number or identification card number can put
in an application to the bank to enquirer about the deposit
information.  Those who cannot provide either the valid
identification documents or the related account number can turn
to the police for help, Xinhua News notes.

According to the report, family members of those missing or dead
can get access to the account information if they can provide
the valid identification card and related relationship
certificate.

People who lost their deposit certificate can report the loss to
the bank to ensure the deposit safety, Xinhua says.

               About Agricultural Bank of China

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


CHINA EASTERN: Expands Code Sharing Cooperation With Korean Air
---------------------------------------------------------------
China Eastern Airlines Corporation Limited have added five
flight routes into their code-share cooperation, under which
both carriers can sell seats on each other's flights, Xinhua
News reports.

The report relates that the five routes, including Shanghai-
Seoul and Beijing-Seoul, expanded the cooperation from the two
previous routes to seven.

The number of flights had been increased from 36 to 160.

According to the report, under the expanded cooperation,
passengers could now choose either 77 flights operated by China
Eastern or 74 operated by Korean Air.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

                          *     *     *

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  Fitch said the outlook on the IDRs is stable.

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

All ratings still hold as of May 17, 2008.


CHINA CONSTRUCTION: Mr. Lin Resigns From Post as Director
---------------------------------------------------------
Mr. Zhao Lin has resigned from his post as director and vice
president of China Construction Bank effective May 6, 2008.

Due to a change of job, Mr. Lin has tendered his resignation
from his post as director and vice president of the bank to the
Board.

Mr. Lin said he is honored to have had the opportunity to serve
the Bank, and is pleased with the achievements that the Bank has
made.  Mr. Zhao Lin sincerely appreciates the support from the
directors, supervisors, management and staff of the Bank.

Mr. Lin has stated that he will continuously pay attention to
the reform and development of the Bank and is confident that the
Bank has the capacity to achieve its strategic goals and procure
greater achievements.

Mr. Lin has confirmed that he has no disagreement with the Board
and there is no matter relating to his resignation that needs to
be brought to the attention of the shareholders of the bank.

Mr. Lin has given a confidentiality undertaking to the Bank, and
he has promised to strictly observe the confidential information
of the Bank in a professional and conscientious manner in his
letter of resignation.

The Board would like to express its sincere gratitude and the
highest praise to Mr. Lin for his contributions to the Bank, and
wishes him every success in his future endeavors.

                     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.



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

ASIA DIRECT: Appoints New Liquidators
-------------------------------------
The members of Asia Direct Products Company Limited appointed Li
Man Wai, and Tsang Lai Fun as the company's liquidators.

The liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Tai Yau Building, 10th Floor
          Room 1001, Wanchai
          Hong Kong


CITIC RESOURCES: Moody's Holds Ba2 Corp. Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating on CITIC Resources Holdings Ltd (CITIC Resources) and the
Ba2 rating on the US$1 billion in 7-year unsecured senior notes
issued by CITIC Resources Finance (2007) Ltd and guaranteed by
CITIC Resources.  The ratings outlook is stable.

The affirmation follows CITIC Resources' announcement of a
HK$2.52 billion rights issuance to improve its financial
position and to fund investments.

While the rights issuance will improve the company's financial
leverage and liquidity profile in the near term, the impact on
its rating will be limited in view of its impending and material
level of capital expenditures and Moody's expectation that it
will utilize part of the equity proceeds to fund investments and
acquisitions.

At the same time, the operating performance of the Karazhanbas
oilfield in Kazakhstan, which is the company's main asset and
will be its leading cash flow generator in the next few years,
remains the key driver of its standalone B1 rating.

The final Ba2 rating continues to factor in the expected support
from its 52% parent, CITIC Group, (Baa1/stable) given the
strategic importance of the oil & gas business to CITIC Group.

CITIC Resources, based in Hong Kong, is a natural resources and
energy investment holding company with interests in aluminium,
coal, oil, manganese, and the import and export of commodities.
CITIC Resources serves as the principal natural resources and
energy arm of its parent CITIC Group. Its acquisition of a 50%
equity interests in CCEL has skewed its profile towards the oil
sector.


HYPERION SOLUTIONS: Commences Liquidation Proceedings
-----------------------------------------------------
Hyperion Solutions (Hong Kong) Limited's members agreed on
May 19, 2008, to voluntarily liquidate the company's business.
The company has appointed Messrs. Lai kar Yan (Derek) and Darach
E. Haughey to facilitate the sale of its assets.

The liquidators can be reached at:

          Messrs. Lai Kar Yan (Derek)
          Darach E. Haughey
          35th Floor, One Pacific Place
          88 Queensway, Hong Kong


INSTITUTE OF THEME: Appoints New Liquidator
-------------------------------------------
The members of Institute of International Theme Hotels Limited
appointed Hon Chi Ming as the company's liquidators.

The liquidator can be reached at:

          Hon Chi Ming
          Winfield Commercial Building, 6th Floor
          Room 602, 6-8A Prat Avenue, Tsim Sha Tsui
          Kowloon


KENLEX TECHNOLOGY: Creditors Meeting Fixed for June 17
------------------------------------------------------
The creditors of Kenlex Technology Limited will have their final
meeting on June 17, 2008, at JCG Building, 14th Floor, Unit A,
16 Mongkok Road, Mongkok, Kowloon, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

No liquidator information was disclosed.


LI & FUNG: Liquidators Quit Post
--------------------------------
On May 30, 2008, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidator for Li & Fung Industrial Limited.


PARKSON RETAIL: Unit Completes Buyout of Xi'an's 49% Stake
----------------------------------------------------------
Parkson Retail Group Limited's unit Parkson Retail Development
Co. Ltd. has completed its acquisition of a 49% equity interest
in Xi'an Chang'an Parkson from Shaanxi Chang'an Information
Property Investment Co., Ltd.

In a statement to the Hong Kong Stock Exchange dated
September 27, 2007, the company set these consideration and
conditions of the acquisition.

                     Purchase Consideration

The purchase consideration for the 49% equity interest in Xi'an
Chang'an Parkson is RMB61,000,000, which is payable in cash:

(a) within 5 working days from the date of the execution of the
    Sale and Purchase Agreement, the Purchaser shall pay a sum
    of RMB25,500,000 as deposit to the Shaanxi Chang'an;

(b) upon Completion, the Purchaser shall pay a sum of
    RMB11,500,000 to the Shaanxi Chang'an;

(c) within 5 working days from the date the Purchaser receives
    the relevant documents evidencing the full settlement of the
    rental for the year 2007, payable by the Shaanxi Chang'an to
    the Individual Third Party Owners, the Purchaser shall pay
    the remaining RMB24,000,000 to the Shaanxi Chang'an.

In the event that the Shaanxi Chang'an fails to procure such
requisite documentary evidence by February 28, 2008, the
Purchaser is authorized to pay the said balance purchase
consideration of RMB24,000,000 directly to the Individual Third
Party Owners for and on behalf of the Shaanxi Chang'an as the
full settlement of the afore said rental for year 2007.

The Shaanxi Chang'an is also the landlord to Xi'an Chang'an
Parkson for the Premises where the Xi'an Chang'an Parkson
department store is located. The Shaanxi Chang'an only owns a
small part of the Premises and leases a substantial part of the
Premises from the Individual Third Party Owners.

The Directors considered that the aforesaid purchase
consideration reflects normal commercial terms which were
arrived at after arm's-length negotiations between the Shaanxi
Chang'an and the Purchaser, with reference to the historical
earnings of Xi'an Chang'an Parkson and the historical purchase
considerations paid by the Group for the previous transaction of
the same nature.  The purchase consideration of RMB61,000,000
represents a historical Price Earning (PE) ratio of 14.8 times
of the net profit for the year 2006 of RMB4.1 million
attributable to the 49% equity interest in Xi'an Chang'an
Parkson.  The said PE ratio is in between the historical PE
ratio of 12.9 times (purchase consideration of RMB99.9 million)
that the Group paid for the acquisition of the 40% minority
interest in Mianyang Parkson on May  21, 2007, and historical PE
ratio of 17.73 times (purchase consideration of RMB280 million)
paid for the 49% minority interest in Anshan Parkson on the
April 20, 2007.  In addition, The Directors have also made
reference to a number of recent transactions in the PRC retail
industry as announced by companies listed on Shanghai Stock
Exchange and Shenzhen Stock Exchange and noted that the
historical price earnings ratio for these transactions ranged
from 15.40 times to 79.30 times.  Based on the above factors,
the Directors considered that the purchase consideration and the
premium paid are fair and reasonable.

                           Conditions

The Completion is subject to the satisfaction of the following
conditions:

(a) the obtaining of the certificates of approval issued by the
    Ministry of Commence for the transfer of equity interest in
    Xi'an Chang'an Parkson to the Purchaser and the adoption of
    the new memorandum and articles of association of Xi'an
    Chang'an Parkson reflecting the Purchaser as the
    shareholder;

(b) the issue of the revised business licence of Xi'an Chang'an
    Parkson where the Purchaser is reflected as a shareholder of
    Xi'an Chang'an Parkson and the same is reflected in the
    register/records kept by the relevant Administration for
    Industry & Commerce;

(c) the receipt by the Purchaser of the relevant confirmation
    letters whereby the Individual Third Party Owners agree to
    continue to let the relevant substantial part of the
    Premises directly to Xi'an Chang'an Parkson on the same
    terms and conditions in the event of the termination of the
    lease agreement between the Individual Third Party Owners
    and the Shaanxi Chang'an for reasons attributable to either
    the Shaanxi Chang'an or the Individual Third Party Owners or
    the termination of the existing lease agreement between the
    Shaanxi Chang'an and Xi'an Chang'an Parkson.

The acquisition was completed on May 30, 2008 and Xi'an Chang'an
Parkson is now a wholly-owned subsidiary of the company.

                   About Parkson Retail Group

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

                          *     *     *

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


PARKSON RETAIL: S&P Holds 'BB' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Parkson Retail Group Ltd. to positive from stable.  At the same
time, Standard & Poor's affirmed the 'BB' long-term corporate
credit rating on the company and its issue rating on
US$200 million and US$125 million senior unsecured bonds due in
2011 and 2012, respectively.

"The outlook revision reflects Parkson's improved credit
profile, particularly its business risk profile.  This included
reduced EBITDA concentration from a limited number of flagship
stores, a slightly cleaner ownership structure, and a record of
achieving satisfactory sales and cash flow growth against the
backdrop of healthy same-store sales growth.  However its debt
level was above our original expectation," said Standard &
Poor's credit analyst Bei Fu.

Due to the maturing of recently opened stores and opening of new
stores, Parkson's reliance on its two flagship stores in Beijing
and Shanghai has been reduced meaningfully.  While the two
stores accounted for close to 70% of the overall EBITDA in 2005,
their contribution declined to slightly above 40% in 2007.
Despite the improvement, concentration risk remains.

Through reorganization in 2007, Parkson is now more than 50%
owned by Parkson Holdings Bhd. (PHB), a company ultimately
controlled by Tan Sri Cheng Heng Jem, who also owns Lion Group.
S&P views the structural change as slightly positively.
However, the weak credit profile and weak corporate governance
record of Lion Group could affect Parkson's credit profile if
the Lion Group comes under severe financial pressure.

Despite over 40% top-line growth, Parkson's same-store sales
growth remained strong at 17% in 2006 and 18.4% in 2007.  This
has translated into strong EBITDA growth of over 45% per annum
during the same period.  However, S&P says that as the growth
was partially debt-funded, Parkson's financial metrics have
weakened as expected.  With expected sales growth in the next
three years, the metrics should improve from its 2007 levels as
S&P doesn't expect the company to incur additional borrowing in
the next one to two years.

The rating affirmation reflects the growth potential of the
Chinese retail sector; the favorable concessionaire model that
is expected to continue in the next three to five years, and
Parkson's good operating margins.  However, S&P says these
strengths are offset by the fact that the company is operating
in a fragmented and increasingly competitive market and because
of the ongoing execution risk associated with its rapid
expansion plan.

                 About Parkson Retail Group Limited

Parkson Retail Group Limited -- http://www.parkson.com.cn/-- is
a Hong Kong-based investment holding company.  The Company is
engaged in the operation and management of a network of
department stores in the People’s Republic of China.  During the
year ended December 31, 2007, the Company completed the
acquisition of Jiangxi K&M store in Nanchang city and minority
interest.  During 2007, the Company opened three new stores with
an aggregate gross floor area of approximately 65,000 square
meters.


RIL SECURITIES: Creditors Meeting Fixed for July 4
--------------------------------------------------
The creditors of Ril Securities Limited will have their final
meeting on July 4, 2008, at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

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


SUN WONG: Court to Hear Wind-Up Proceedings on June 18
------------------------------------------------------
On April 16, 2008, Sow Lin Tei, filed a petition to have Sun
Wong Restaurant Limited's operations wound up.

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

The petitioners' solicitors can be reached at:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Tower
          Wanchai, Hong Kong


THE JUNGLE: Appoints New Liquidators
------------------------------------
The members of The Jungle Group Limited appointed Li Man Wai,
and Tsang Lai Fun as the company's liquidators.

The liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Tai Yau Building, 10th Floor
          Room 1001, Wanchai
          Hong Kong


TRADING AS TENSION: Appoints New Liquidator
-------------------------------------------
The members of Trading as Tension Thread Factory Limited
appointed Leung Chi Wing as the company's liquidators.

The liquidator can be reached at:

          Leung Chi Wing
          Kui Fu Commercial Building, 4th Floor
          Room B, 300 Lockhart Road
          Wan Chai, Hong Kong


YUE CHEONG: Appoints New Liquidators
------------------------------------
The members of Yue Cheong Hong Gifts Products Company Limited
appointed Li Man Wai, and Tsang Lai Fun as the company's
liquidators.

The liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Tai Yau Building, 10th Floor
          Room 1001, Wanchai
          Hong Kong



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

BANK OF INDIA: Plans to Open Office in Qatar
--------------------------------------------
Bank of India is seeking to open a representative office in the
Gulf nation of Qatar, Sify News reports.

"I have met the QCB (Qatar Central Bank) governor and submitted
our application for the Doha representative office.  I am
hopeful the Qatari authorities will consider our application
favourably," Sify News quotes BoI chief executive K.R. Kamath as
saying.

According to the report, Mr. Kamath pointed out that the bank
was not interested in entering the Qatar Financial Centre, which
was established to attract international financial institutions
and multinational corporates to establish business operations
for long-term and mutually beneficial partnership with Qatar.

The report relates that the bank has already received a licence
to open its first representative office in the Gulf in Dubai
next month.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *     *

Moody's Investors Service gave a Ba2 rating to the bank's
Foreign LT Bank Deposits.


BHARTI AIRTEL: BSNL Told to Restore Connection with Telco
---------------------------------------------------------
Telecom tribunal TDSAT asked public sector operator BSNL to
restore connection to Bharti Airtel in parts of Bangalore, as
sought by the latter, on payment of 65 percent of the disputed
sum, FinancialExpress News reports.

As reported by the Troubled Company Reporter-Asia Pacific on
May 30, 2008, BSNL had disconnected Bharti from its Points of
Interconnections in Malleswaram, located in north-west
Bangalore, over non payment of dues amounting to INR66 crore.

During the proceedings on Thursday, FinancialExpress says
TDSAT chairman Justice Arun Kumar directed BSNL to restore
Airtel's connection to its network within 48 hours of payment of
INR35 crore.

BSNL had demanded "INR66.30 crore, out of which Bharti has
already paid INR4.7 crore... (It) would pay INR35 crore within
two weeks and BSNL is directed to restore point of
interconnection (POI)" FinancialExpress quotes Justice Kumar as
saying.

The report relates that if Bharti Airtel pays the amount
earlier, then BSNL would have to restore POIs within 24 hours.

However, Justice Kumar declined Airtel's plea for an immediate
restoration as BSNL said it would not restore the connection
without getting the money, the report says.

                          Bharti Airtel

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

                          *     *      *

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


DIRECT LOGISTICS: CRISIL Rates Rs.120 Mil. Cash Credit at C
-----------------------------------------------------------
CRISIL has placed these ratings on Direct Logistics India Pvt
Ltd’s
bank facilities:

   Rs.120.0 Million Cash Credit  C (Assigned)
   Rs.18.0 Million Line of Credit  P4(Assigned)
   Rs.20.0 Million Bank Guarantee  P4(Assigned)

The rating, CRISIL says, reflects Direct Logistics India Pvt
Ltd’s strained financial risk profile, aggressive expansion
plans, and small and highly working capital-intensive
operations.  These weaknesses are partially offset by Direct
Logistics’ strong growth in operating income, and increasing
geographical presence.

                      About Direct Logistics

Direct Logistics, established in 1997 by Mr. Sunil Devrani,
provides container freight forwarding and clearing agency
services.  The company, headquartered in Mumbai, has offices in
Bangalore, Pune, Ahmedabad, Delhi, Kolkata, Chennai, and
Tuticorin, and agents in a large number of countries.  Direct
Logistics focuses primarily on ocean freight and provides
services across geographies, including Central and South-East
Asia, Europe, Africa, and North and South America.  For 2006-07
(refers to financial year, April 1 to March 31), the company had
a net loss of Rs.0.1 million on sales of Rs.620 million, as
against a net profit of Rs.15 million on sales of Rs.387 million
in 2005-06.


ESSAR OIL: To Increase Daily Capacity to 1 Mil. Barrels
-------------------------------------------------------
Essar Oil Limited is considering selling as much as 60% of fuel
from its refineries in India by increasing its capacity to 1
million barrels a day, SteelGuru reports citing Chief Executive
Naresh Nayyar MD.

The refinery, taking advantage of India's rising fuel demand,
expects to tie up a US$4.5 billion loan for the expansion in the
next few weeks, the report says.

According to the report, Mr. Nayyar said domestic refining
capacity will be increased to 750,000 barrels a day by 2010 from
250,000 barrels and the rest will be added overseas in 3 to 4
years.

Meanwhile, Essar Oil said Friday in a filing with the Bombay
Stock Exchange that all the units of its 10.5 MMTPA Refinery at
Vadinar, District Jamnagar have been operating satisfactorily
and the company has declared commencement of commercial
production with effect from May 1, 2008.

In a further move for expansion, Reuters relates that Essar Oil
is keen to own oil and gas blocks in Iraq's largely autonomous
northern Kurdistan region.

"The prospects for the blocks in the region are very good," S.R.
Agrawal, Chief Executive of Essar's exploration and production
unit was cited by Reuters as saying.

Essar Oil, Mr. Agrawal said, hopes to own oil blocks that would
supply nearly a third of the refinery's capacity in about seven
years.

According to Reuters, Essar currently owns a few blocks, largely
exploratory, in India, Vietnam, Nigeria and Madagascar and has
also bid for blocks in Australia.

                         About Essar Oil

India-based Essar Oil Limited -- http://www.essar.com/-- is
engaged in the exploration, production and marketing of oil and
gas.  The company’s principal activities range from oil
exploration to the downstream sectors of marketing oil products
and petrochemicals.  It is organized into three divisions:
exploration and production, refinery and marketing.  EOL has two
onshore blocks in Rajasthan and one in the Mumbai offshore
region, where it has completed the first phase and started test
drilling.  The company also has a block each in the Cambay basin
(Gujarat) and Cachar (Assam).  It also has the Ratna and R-
series oilfields for development and production, in partnership
with Oil and Natural Gas Commission.  EOL has won a coal bed
methane (CBM) block in West Bengal.  The company is implementing
a 10.5-million metric-ton-per-annum oil refinery at Vadinar,
Gujarat. EOL had a retail network of 1178 as at March 31, 2007.
Vadinar Power Company Limited is a wholly owned subsidiary of
the company.

                         *     *     *

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicated that the instruments were in default.


TATA MOTORS: Completes US$2.3 Billion Jaguar Acquisition
--------------------------------------------------------
Tata Motors acquired the Jaguar Land Rover businesses from Ford
Motor Company for a net consideration of US$2.3 billion in an
all-cash transaction.

Speaking at the handling over ceremony, Mr. Ratan N. Tata,
Chairman of Tata Sons and Tata Motors said that ".... It is the
company's intention to work closely to support the Jaguar Land
Rover team in building the success and preeminence of the two
brands.”

The company also confirmed that Mr. David Smith, the acting
Chief Executive Offices of Jaguar Land Rover, would be the new
CEO of the business.

Jaguar Land Rover has been acquired at a cost of US$2.3 billion
on a cash free, debr-free basis.  The purchase consideration
includes the ownership by Jaguar and Land Rover or perpetual
royalty-free licenses of all necessary Intellectual Property
Rights, manufacturing plants, two advenced design centres in the
UK, and worldwide network of National Sales Companies.

Long term agreements have been entered into for supply of
engines, stampings and other components to Jaguar Land Rover.
Other areas of transition support from Ford include IT,
accounting and access to test facilities.  The two companies wil
continue to cooperate in areas such as design and development
through sharing of platforms and joint development of hybrid
technologies and powertrain engineering.  The Ford Motor Credit
Company will continue to provide financing for Jaguar Land Rover
dealers and customers for a transition period.  Tata Motors is
in advanced stage of negotiations wth leading auto finance
providers to support the Jaguar Land Rover business in the UK,
Europe and the US, and is expected to select financial services
partners shortly.

                        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 TELESERVICES: Posts INR205 Mil. Loss in Qtr. Ended March 31
----------------------------------------------------------------
Tata Teleservices (Maharashtra) Limited incurred a net loss of
INR205.90 million in the quarter ended March 31, 2008, an
improvement compared to the INR459-million loss booked in the
corresponding quarter last year.

The company's revenues went up to INR4.91 billion in Jan.-March
2008, from the recorded INR3.89 billion revenues in Jan.-March
2007.  Operating expenditures increased to INR3.41 billion.

Tata Teleservices's interest charges increased from
INR435 million in the quarter ended March 31, 2007, to the
INR527.90 million in the latest quarter under review.
Depreciation expense went up to INR1.18 billion.

The company incurred two consecutive annual net losses --
INR1.26 billion in fiscal year ended Mar. 31, 2008, and INR3.15
billion in fiscal year ended Mar. 31, 2007.

Tata Teleservices (Maharashtra) Limited is an Indian company
engaged in the business of providing telecommunication services,
which include basic services, cellular services and broadband
services for retail and enterprise. The Company provides
services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges located at
Turbhe (Navi Mumbai), Nariman Point (Mumbai), Marol (Mumbai),
Andheri (Mumbai), Pune, Nasik, Panaji, Nagpur and Kolhapur.
During the fiscal year ended March 31, 2007, the Company rolled
out code division multiple access (CDMA) wireless services in
186 towns in Maharashtra and Goa.  The Company holds two Unified
Access (basic and cellular) Services Licences (UASLs), one for
Mumbai Metro area and another for rest of Maharashtra and Goa.
The Company also holds the National Internet Service provider –
Internet Telephony license.  The Company is a subsidiary of Tata
Sons Limited.



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

BANK NIAGA: Changes Name to CIMB Niaga
--------------------------------------
PT Bank Niaga Tbk has received shareholders’ approval to change
its name to PT Bank CIMB Niaga Tbk.  At the Extraordinary
General Meeting of Shareholders held on May 28, 2008,
shareholders approved the amendment of article 1 of the Article
of Association of the company to reflect the name change.  The
new name is still subject to Indonesia’s regulatory approval.

“We are delighted with shareholders’ approval of the change of
the name to CIMB Niaga.  The change is part of ongoing
transformation to enhance Bank Niaga’s value proposition and to
further reflect the synergies derived from being part of CIMB
Group,” said Hashemi Albakri, President Director, Bank Niaga.

CIMB Group acquired a majority stake in Bank Niaga in November
2002 and now holds 62.41%.  CIMB Group is Southeast Asia’s
fastest growing universal banking group with footprints in key
markets in Southeast Asia including Malaysia, Indonesia,
Singapore, and Thailand.

                        About CIMB Group

CIMB Group is Malaysia’s second largest financial services
provider and one of Southeast Asia’s leading universal banking
groups.  It offers consumer banking, investment banking, Islamic
banking, asset management and insurance products and services.
CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is
listed on Bursa Malaysia with a market capitalisation of over
US10 billion.  The Group has over 24,000 employees located in 11
countries.

                         About Bank Niaga

PT Bank Niaga Tbk was established in 1955 and is 62.41% owned by
CIMB Group.  It offers a comprehensive suite of conventional and
Islamic banking products and services, from 256 branches in 48
cities in Indonesia and is the second largest player in the home
loans market.  Bank Niaga has over 6,000 employees.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded PT Bank Niaga Tbk's LTFC
IDR to 'BB' from 'BB-' and revised the outlook to Stable from
Positive.   Fitch also affirmed the bank's 'C/D' Individual
rating and upgraded its FC subordinated debt rating to 'BB-'
from 'B+'.


BANK NIAGA: Merges With Bank Lippo
----------------------------------
Indonesia's Lippo and Niaga banks, majority owned by the
Malaysian government, merged Monday to meet Jakarta's
competition rules and create the country's fifth largest lender,
ANTARA News and AFP report citing a spokesman.

The merger, the report says, is in line with Indonesia's single-
presence policy, which says that a party cannot own a
controlling stake in more than one bank.

According to the report, Malaysian state investment vehicle
Khazanah Nasional Bhd. indirectly owns 93 percent of Lippo and
has an indirect 64-percent share in Niaga via its unit Bumiputra
Commerce Holdings Bhd.

                         About Bank Lippo

PT Bank Lippo Tbk, established in 1948, is a private bank with
around 5,000 employees, 400 branches and offices, and 722 ATMs.
It provides services to more than 2.0 million customers in more
than 120 cities in Indonesia.  LB also pioneered E-Banking
services in Indonesia with its LippoNetBank service.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded Bank Lippo's LTFC IDR to
'BB' from 'BB-' and revised the outlook to Stable from Positive.
Fitch also affirmed the bank's C/D Individual rating and 'B' ST
IDR.

                         About Bank Niaga

PT Bank Niaga Tbk was established in 1955 and is 62.41% owned by
CIMB Group.  It offers a comprehensive suite of conventional and
Islamic banking products and services, from 256 branches in 48
cities in Indonesia and is the second largest player in the home
loans market.  Bank Niaga has over 6,000 employees.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings upgraded PT Bank Niaga Tbk's LTFC
IDR to 'BB' from 'BB-' and revised the outlook to Stable from
Positive.   Fitch also affirmed the bank's 'C/D' Individual
rating and upgraded its FC subordinated debt rating to 'BB-'
from 'B+'.



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

BANK OF IKEDA: Inks Integration Deal With Senshu Bank
-----------------------------------------------------
Bank of Ikeda Ltd. signed a basic agreement with The Senshu Bank
Ltd., a consolidated subsidiary of The Bank of Tokyo-Mitsubishi
UFJ Ltd., concerning the business integration of Ikeda and
Senshu, with BTMU which has resolved to endorse this business
integration.

A new company which will be established by this business
integration will contribute to the community and economy of the
Kansai region, and will pursue the enhancement of the new
company’s corporate value, whilst still maintaining its
management autonomy as a leading financial group in the Kansai
region, despite being an affiliated company of Mitsubishi UFJ
Financial Group Inc.

Ikeda and Senshu are planning to establish the new company on
April 1, 2009, after the execution of a definitive agreement
concerning this business integration, which is planned for by
November 28, 2008.  MUFG and BTMU will support this effort by
the two banks toward such business integration.

The Bank of Ikeda Ltd. -- http://www.ikedabank.co.jp/-- is a
Japan-based regional bank engaged in the provision of banking
services.  The Bank operates in five business segments.  The
Banking segment provides deposit, loan, securities investment,
and domestic and foreign exchange services through a network of
69 branches and five offices.  The Leasing segment is engaged in
the leasing of industrial machinery, construction machinery,
computers and office equipment, among others.  The Credit
Guarantee segment provides credit guarantee services for housing
loans.  The Card segment is engaged in the credit card-related
business. The Others segment is involved in the venture capital
business, the investment consulting business, the development
and sale of computer software, as well as the provision of
information services.  Headquartered in Osaka Prefecture, the
Bank has 17 subsidiaries and one associated company.  On
December 31, 2007, the company has dissolved its Osaka-based
subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 18, 2008, Fitch Ratings downgraded Bank of Ikeda's Long-
term foreign and local currency IDRs to 'BB+' from 'BBB-';
Short-term foreign and local currency IDRs to 'B' from 'F3';
Individual rating to 'D' from 'C/D'; and dated subordinated
debts to 'BB' from 'BB+'.  Support Rating Floor was upgraded to
'BB+' from 'B'.  The Outlook is Stable.


GOODWILL GROUP: JCR Cuts Senior Debt Rating to #BB-/Neg.
--------------------------------------------------------
Japan Credit Rating Agency Limited has downgraded its rating on
The Goodwill Group Inc.'s  senior debts from #BB/Negative to
#BB-/Negative, continuing placing it under Credit Monitor with
Negative direction.

Goodwill Group Inc. is a pure holding company of Goodwill Group.
JCR placed its rating on the Company under Credit Monitor with
Negative direction on December 25, 2007 to ascertain direct and
indirect impact of business suspension on the performance of the
entire group.

The Company then released on May 30, 2008 its operating
performance for the 3rd quarter of FY2008 ending June 30, 2008.
At the same time, the Company revised the forecasts of the
operating performance for FY2008 downward.  The estimate for the
net income for FY2008 was revised downward from zero to negative
JPY9 billion.
Worse earnings of the subsidiary Goodwill Inc. than estimated
due to the voluntary business suspension after the ordered
suspension period for the purpose of strengthening compliance
were behind the deterioration in the performance.

JCR assessed that the group's earnings power will lower, given
the fact that the derailed scenario for earnings recovery forced
the Company to study a significant reduction of day labor
dispatch business and also affected negatively the engineer
dispatch business to a certain degree.

It raised funds amounting JPY4.5 billion in April this year,
issuing new shares of common stock to Promontoria Investments I
B.V. through third-party allotment. Besides, it will issue
preferred shares amounting JPY15.5 billion for the debt-equity
swap.

A resolution for implementation of the preferred share issue for
the DES was adjourned to the extraordinary shareholders' meeting
to be held on June 7.  The outcome of the resolution may have
significant impact on the Company's business rebuilding, the
rating agency says.

There is another uncertainty over the future performance,
because the Company is now investigating compatibility of the
Barrington House properties (high-grade nursing homes) with the
building code, of which the Company's fixed asset assignment to
outside party has been delayed.

Accordingly, JCR decided to revise its rating on the Company and
to continue placing it under Credit Monitor with Negative
direction.  The Company is now drawing up the 4-year medium term
management plan and business plan based on the management policy
"Revival Plan 2012" by the new management system.  JCR will also
pay attention to the details of the plans.

                  About The Goodwill Group Inc.

Japan-based The Goodwill Group Inc. -- http://www.goodwill.com/
-- is mainly engaged in manpower dispatching and contracting
business.  The Company operates in three business segments.  The
Manpower Dispatching and Contracting segment provides manpower
dispatching services and contracting services that address
customer needs.  The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others.  The
Others segment is engaged in the senior residence business,
restaurant business, recruitment support business, employee
assistance program (EAP) business, pet care business such as the
planning, designing and management of pet care facilities and
the operation of pet care shops, as well as child-care business
such as the operation and management of nurseries and the
provision of baby-sitting services.


GOODWILL GROUP: Turnaround Plan Up for Second Chance
----------------------------------------------------
Jiji Press reports that Goodwill Group Inc. failed to put
forward a turnaround plan to shareholders in the face of
opposition from its top shareholder, United Technology Holdings
Co.

United Technology Holdings opposed Goodwill's plan -- aimed at
reducing debts through the issuance of preferred shares to a
joint investment fund owned by Cerberus and Morgan Stanley --
arguing that the issuance will damage the interests of existing
shareholders.

The report says Goodwill plans to hold another shareholder
meeting on June 7 to seek approval of the plan that includes a
debt-for-equity swap involving U.S. investment fund Cerberus and
U.S. investment bank Morgan Stanley.

In a separate report, Melou Antonette of Jiji Press citing
informed sources, said Goodwill Group Inc. is ready to sell day
labor staffing unit Goodwill Inc.

According to the sources, Goodwill Group has started seeking
interests in buying the Tokyo-based unit, hoping to select a
buyer as early as this month.

The report relates that Goodwill Group wants to focus its
management resources on highly profitable services to dispatch
technicians and manufacturing specialists.

                  About The Goodwill Group Inc.

Japan-based The Goodwill Group Inc. -- http://www.goodwill.com/
-- is mainly engaged in manpower dispatching and contracting
business.  The Company operates in three business segments.  The
Manpower Dispatching and Contracting segment provides manpower
dispatching services and contracting services that address
customer needs.  The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others.  The
Others segment is engaged in the senior residence business,
restaurant business, recruitment support business, employee
assistance program (EAP) business, pet care business such as the
planning, designing and management of pet care facilities and
the operation of pet care shops, as well as child-care business
such as the operation and management of nurseries and the
provision of baby-sitting services.



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

NEXUS INVESTMENT: Makes Amendments on Common Shares Placement
-------------------------------------------------------------
Nexus Investment Corporation has made amendments to the private
placement of its 21,212,090 common shares, Reuters reports.

According to the report, the amended details are:

  -- it will issue 20,021,190 shares of common stock,
  -- raising KRW 13,213,985,400 for its operational funds.

The listing date of new shares is June 13, 2008.

Pusan, Korea-based Nexus Investment Corporation invests in
start-ups primarily for small- and medium-sized companies.  The
company's investment portfolio includes stocks, funds, project
financing and capital loans for Korea-based companies as well as
overseas market investment.  It also offers management
consulting, strategic restructuring of companies, marketing and
human resources support.

Korea Investors Service rated the company's third offering of
unregistered convertible bonds raising funds up to KRW30 billion
a B+ with a stable outlook.


PARK & OPC: To Raise Money for Bonds Redemption
-----------------------------------------------
Park & OPC Co. Limited has decided to raise KRW4,800 million
from its associated company for redemption of its 19th bonds
with warrants, according to a report by Reuters.

With headquarters and factory in Cheongju, Korea, Park & OPC
Co., Ltd. -- http://www.daewonopc.com/-- is a manufacturer
engaged in the provision of electrophotographic devices.  The
Company produces organic photo conductor (OPC) drums and
artificial intelligence (A.I) chips.  During the year
ended Dec. 31, 2005, the Company had a production capacity of
approximately 9 million OPC drums and its actual output was
approximately 6.5 million OPC drums.  The Company exports OPC
drums to Japan.  Its major clients are Cannon, IBM, Epson and
Samsung Electronics.

On July 31, 2006, Korea Ratings gave the company’s KRW4.40
billion straight bond private issue a B rating.



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

APL INDUSTRIES: Turns Around with MYR405,000 Profit in 1st Qtr.
---------------------------------------------------------------
APL Industries Berhad earned MYR405,000 on MYR37.78 million of
revenues in the quarter ended March 31, 2008, as compared to
MYR6.19 million net loss on MYR38.33 million of revenues in the
same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
MYR93.26 million of current assets and MYR121.06 million of
current liabilties.

APL's balance sheet as of March 31, 2008, also reflected
MYR193.57 million of total assets, MYR144.18 million of total
liabilities resulting in a shareholders' equity of MYR49.39
million.

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


CNLT: Posts MYR6.48 Mil. Net Loss in Qtr. Ended March 31
--------------------------------------------------------
CNLT (Far East) Berhad posted a net loss MYR6.48 million on
MYR4.01 million of recorded revenues in the first quarter ended
March 31, 2008, as compared to MYR4.24 million net loss on
MYR10.47 million of revenues recorded in the same quarter of
2007.

The financial performance of the Group had continued to
deteriorate as a result of its low production capacity and plant
utilization, which in turn are caused by the lack of working
capital for the purchase of raw materials for production and new
funds to purchase replacement parts for its machineries.
Further the company had incurred higher interest cost if
MYR2.03 million as compared to MYR1.4 million in the previous
corresponding period in 2007.

As of March 31, 2008, the company's balance sheet was illiquid
with MYR6.20 million of current assets and MYR147.16 million of
current liabilities.

The company's balance sheet as of March 31, 2008, also showed
MYR143.65 million of total assets and MYR170.67 million of total
liabilties resulting to a shareholders' deficit of
MYR27.03 million.

                   About CNLT (Far East) Berhad

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

                          *     *     *

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

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

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


KOSMO TECHNOLOGY: Receives Demand of Payment for MYR30.81 Mil.
--------------------------------------------------------------
Kosmo Technology Industrial Berhad has been served with a Letter
of Demand dated May 29, 2008, by Messrs Adnan Sundra & Low on
behalf of Malaysian Trustees Berhad demanding for a sum of
MYR30,805,857.53, including principal and interests.  This was
in relation to the the Prima Uno Facility Agreement entered
between RHB Investment Bank Berhad, Prima Uno Berhad and the
company.

The company on September 9, 2005, entered into a Primary CLO
Transaction Facility Agreement with EON Bank Berhad and CapOne
Berhad.  Pursuant to a Deed of Assignment dated January 8, 2007,
Prima Uno had assigned and charged to MTB, all its present and
future rights, titles and interest in and to the receivables and
proceeds together with payment and enforcement rights.

As the company has failed to pay the sum of MYR52,029,322.60, it
has breached the terms and conditions of the CapOne Facility
Agreement.  As a result of this breach, the Company has also
caused a cross-default to occur under the Prima Uno Facility
Agreement.

KOSMO will seek legal advice before taking the appropriate
course of action.

                      About Kosmo Technology

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                         *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


PILECON: Incurs MYR712,000 Net Loss in Qtr. Ended March 31
----------------------------------------------------------
Pilecon Engineering Berhad recorded a net loss of MYR712,000 in
the in the first quarter ended March 31, 2008, as compared to
the recorded MYR2.12 million net profit in the same quarter of
2007.  The loss was attributed to the rising cost of materials
from ongoing projects.

The company posted MYR13.56 million of revenues in the quarter
ended March 31, 2008, a huge increase as compared to the
MYR3.86 million of revenues recorded in the first quarter of
2007.

As of March 31, 2008, the company's balance sheet showed
MYR531.48 million of total assets and MYR262.31 million of total
liabilities resulting in a shareholders' equity of
MYR269.17 million.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.



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

AIR NEW ZEALAND: To Test Biofuel for Cost-Cutting Option
--------------------------------------------------------
Air New Zealand Limited is accelerating its research process for
the use of biofuels as alternative for jetfule as means to cut
cost, E-travel News report.  The airline previously started the
research as part of its "green" image, however, skyrocketing
fuel prices have led the company to hasten the project.

Deputy Chief Executive Norm Thompson said the airline will use
the second generation biofuel, Jatropha, as the chosen biofuel
for the test flight at Auckland Airport later this year, the
report says.

E-travel says the development of a substitute fuel source has
been a cooperative process between Air New Zealand, Boeing and
Rolls Royce.

According to the report, the approval from the Civil Aviation
Authority, and a multitude of variable prevented
Mr. Thompson from providing a time frame to when the use of
biofuel in domestic operations will be realized.

Use of biofuel has been criticized because of its potential harm
to food supply.  But Mr. Thompson assured that the airline won't
acquire biofuel that is sourced from food stock or grown on land
where crops could be grown.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


CAPITAL + MERCHANT: Investors May Receive Less Than 10%
-------------------------------------------------------
Capital+Merchant Finance investors may get less than 10 per cent
of their money back and are unlikely to get any this year, the
New Zealand Press Association reports, citing receivers
KordaMentha.

According to the report, the receivers said that a loan
securitization undertaken by Capital+Merchant before
receivership may have invalidated insurance on a substantial
portion of the company's loan book.

Legal advice had been taken on insurance policies in place to
underwrite a portion of the loans that were funded by
Capital+Merchant secured debenture stockholders, the report
says.

NZPA says C+M Finance, along with subsidiary Capital+Merchant
Investments, was placed in receivership in November 2007, owing
around NZ$188 million to 7000 investors.


CONCEPTS INTERIOR: Wind-Up Petition Hearing Set for August 8
------------------------------------------------------------
The High Court of Auckland will hear on August 8, 2008, at
10:00 a.m., a petition to have Concepts Interior Linings Ltd.'s
operations wound up.

The petition was filed by Carters on April 11, 2008.

Carters' solicitor is:

          Edmund Lawler
          Edmund Lawler & Associates
          PO Box 25931, St Heliers
          Auckland
          New Zealand


DENTAL WORLD: Creditors' Proofs of Debt Due on June 13
------------------------------------------------------
The creditors of Dental World (NZ) 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 liquidators are:

          Boris van Delden
          Peri Micaela Finnigan
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


FENIXCLAD PLASTERING: Taps Parsons and Kenealy as Liquidators
-------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Fenixclad Plastering Ltd. on May 7,
2008.

The Liquidators can be reached at:

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


JOHN MOWBRAY: Parent Posts Preliminary Annual Results for 2008
--------------------------------------------------------------
John Mowbray International's parent firm, Mowbray Collectables,
reported an operating surplus for the year ended March 2008,
before tax and share of associates' net surplus, of NZ$322,000
(Last year NZ$297,000).

The contribution from associate companies was disappointing.
This reduced the group net surplus after tax and share of
associates' net surplus to NZ$234,206.  This result has been
measured under the new international financial reporting
standards (IFRS) and compares with the reported surplus
for 2007 of NZ$382,094.

Managing Director, John Mowbray, said he was pleased that the
core New Zealand businesses of philately and coins had exceeded
trading expectations with strong growth trends in auction
turnovers and yields.

The associate companies, Peter Webb Galleries and Bonhams &
Goodman experienced extraordinary circumstances during the year.
Peter Webb Galleries, following the loss of three key staff, as
reported last year, have restructured, appointed a new Chief
Executive and retain the position as the leading auction house
in New Zealand.

Bonhams & Goodman have continued with their major expansion into
Melbourne.  This has been a significant project, extending its
financial and management resources and is now starting to
produce encouraging results.  The purchase announced yesterday
of Melbourne auctioneers, Leonard Joel, now positions Bonhams &
Goodman as Australia's largest auction house.

As reported in September, Stanley Gibbons Australia ceased to
trade in February 2008, and has been successfully rebranded as
Mowbrays Australia.  The rebranding featured a special auction
of the Lionheart II stamp collection.  Early indications are the
rebranding has been effective, following 25 years of operating
under the Stanley Gibbons brand , but attention needs to focus
on revenue growth.

Post balance date sales in all divisions, are strong with no
obvious effects of the global economic turmoil.

In light of the extraordinary circumstances and reinvestment
encountered by the associate companies the Directors have
reluctantly resolved not to pay a dividend at this time

                        About John Mowbray

John Mowbray International is the largest stamp auction house in
New Zealand.  The company is a wholly owned subsidiary of
Mowbray Collectables, Australasia's largest stamp dealer.

                          *     *     *

The company reported net deficits after taxation of NZ$186,791
and NZ$151,526 for the years ended March 31, 2007 and 2006,
respectively.


JOSEPH PRODUCTIONS: Appoints Madsen-Ries & Levin as Liquidators
---------------------------------------------------------------
On May 2, 2008, Vivien Judith Madsen-Ries and Henry David Levin
were appointed liquidators of:

   -- Joseph Productions No 1 Limited;
   -- Joseph Productions No 2 Limited;
   -- Joseph Productions No 3 Limited;
   -- Joseph Productions No 4 Limited;
   -- Joseph Productions No 5 Limited;
   -- Joseph Productions No 6 Limited;
   -- Joseph Productions No 7 Limited;
   -- Joseph Productions No 8 Limited;
   -- Joseph Productions No 9 Limited; and
   -- Joseph Productions No 10 Limited.

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

The company's liquidator is:

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


LOMBARD FINANCE: Parent Incurs NZ$21.8MM Loss After Write Down
--------------------------------------------------------------
Lombard Finance and Investments Limited's parent firm, Lombard
Group, posted a NZ$21.8 million annual net loss after directors
decided to write down Lombard Finance, which was placed in
receivership in April, The National Business Review reports.

According to the report, auditors KPMG had indicated that the
financial statements for the year ended March 31 would have a
qualified opinion because they and Lombard directors had no
access to the records of companies in receivership.

The unaudited report was prepared from management accounts held
by the group at the date of receivership on April 10, the report
says.

The Directors, the report relates, decided to fully impair the
balance sheet of Lombard Finance and its subsidiaries, that
resulted in a NZ$20.5m impairment loss from the write down of
Lombard Group's NZ$42m investment in Lombard Finance, including
the total writeoff of NZ$40m of shares, and a NZ$5.9m impairment
of goodwill.

"Given the result, the group has been undertaking a
restructuring with a view to restoring the profitability in the
near term.  The board and management remain committed to the
business during this restructuring period " the report cited
acting Chairman David Wallace as saying.

The Group's revenue from ordinary activities, the report says,
rose 9% to NZ$33.7 million and profit after tax fell 22% to NZ$5
million, excluding one-offs, while net tangible assets per share
fell to 0.008cps from 0.846cps.

No dividend would be paid.

In April, The National recounts, Lombard Group's finance company
had hit funding problems on its lending in the property market
that led to the receivership of Lombard Finance with NZ$127
million of debenture stock and notes on behalf of about 4400
investors, and a loan book of about NZ$137 million.

The receivership also applied to three other subsidiaries --
Lombard Asset Finance Ltd, Lombard Property Holdings Ltd and
Lombard Asset Finance No 2 Ltd, the report adds.

                      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.


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

Trustpower Limited filed the petition on April 10, 2008.

Trustpower Limited's solicitor is:

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


PACIFIC SURGIMED: Court to Hear Wind-Up Petition on July 25
-----------------------------------------------------------
The High Court of Auckland will hear on July 25, 2008, at
10:00 a.m., a petition to have Pacific Surgimed International NZ
Ltd.'s operations wound up.

Life Pharmacy Limited filed the petition on April 24, 2008.

Life Pharmacy's solicitor is:

          Michael David Arthur
          Chapman Tripp Sheffield Young
          ANZ Centre, Level 35
          23-29 Albert Street, Auckland
          New Zealand


RACE IDENTITY: Faces Geon's Wind-Up Petition
--------------------------------------------
On February 15, 2008, Geon Limited filed a petition to have Race
Identity Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
June 6, 2008, at 10:00 a.m.

Geon Limited's solicitor is:

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


SOUTH PACIFIC: Fixes June 13 as Last Day to File Claims
-------------------------------------------------------
The creditors of South Pacific Dental Laboratories Ltd. are
required to file their proofs of debt by June 13, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Boris van Delden
          Peri Micaela Finnigan
          McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz



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

MONDRAGON INT'L: May Be Delisted for Unpaid Fees
------------------------------------------------
Mondragon International Philippines Inc. faces possible
delisting for failing to pay its annual listing maintenance
fees with the Philippine Stock Exchange.

Based on the rules of the Exchange, listed companies may
be delisted if they fail to settle their outstanding fees
with the Exchange.

Business World, in a report dated June 3, 2008, described the
firm as “rarely traded.”

Mondragon International Philippines Inc. is a holding company
with business interests in the development of resort facilities
and gaming.  The company was originally incorporated as
Mondragon Industries Inc. on January 28, 1969.  Its wholly owned
subsidiary, Mondragon Leisure and Resorts Corporation, was
incorporated on January 6, 1991 primarily to acquire, manage,
own, lease, operate, act as consultant of and/or engage in the
business of hotels, resorts, inns, casinos, restaurants and
other tourism related activities.  MLRC operates a 36-hole
championship golf course, a 304-room five star hotel, various
deluxe furnished villas and gaming casino, all located within
the Clark Special Economic Zone.

The Company derived its income principally from the earnings of
its subsidiaries, from rentals and up to 1997, from management
fees.  Except for the share in the gross income of the Mimosa
Regency Casino since July 2001, MLRC had no commercial
operations for 2001 and 2000.


PRIMETOWN PROPERTY: May Be Delisted for Unpaid Fees
---------------------------------------------------
Primetown Property Group Inc. faces possible delisting
for failing to pay its annual listing maintenance fees
with the Philippine Stock Exchange.

Based on the rules of the Exchange, listed companies may
be delisted if they fail to settle their outstanding fees
with the Exchange.

Business World, in a report dated June 3, 2008, described the
firm as “rarely traded.”

Primetown Property Group Inc. was incorporated on May 16, 1989
as an owner and developer of real estate properties.  Its first
project was the Century Citadel Inn Makati, which was completed
in 1993.  The success of this maiden project led PMT to launch
another condotel project in 1994, the Makati Prime Century
Tower.  That same year, PMT also launched the Makati Prime City,
a mixed-use residential and commercial development on a 1.7-
hectare property located near San Antonio Village, Makati City.
PMT went into a rapid expansion mode in 1996, but after having
launched several big projects, the company was caught flat-
footed when the Asian financial crisis hit the Philippines in
July 1997 and continued through 1998.

The company was forced to enter into various restructuring and
dacion en pago arrangements with its creditors to reduce its
debt, to downsize substantially its operations to cut costs, and
to suspend construction on all projects, except those already
transferred to the banks to conserve cash. PMT was also forced
to suspend contracting of new sales and collection of
receivables from the affected projects pending the resumption of
project construction.  The last five years from 2002 to 2006
were a period of further downsizing, cost-cutting, debt-
retirement, searching and negotiating with prospective joint
venture partners for possible takeover of PMT's projects.  As a
result, the company's operations have been substantially
reduced.

On December 15, 2003, the Board and stockholders of PMT approved
the shortening of term of corporate existence of PMT's
subsidiaries up to December 31, 2003, thereby dissolving all
subsidiaries, except Billion Land Inc.  These subsidiaries have
not yet started commercial operations since their incorporation
in 1997.  The SEC approved the dissolution in March 2004.


RCBC: Moody's Lifts Bank Financial Strength Rating to D-
--------------------------------------------------------
Moody's Investors Service has upgraded Rizal Commercial Banking
Corporation's ("RCBC") bank financial strength rating (BFSR) to
D- from E+.  At the same time, Moody's has raised its foreign
currency hybrid tier-1 debt ratings to B1 from B3. Moody's has
also affirmed its foreign currency deposit rating of B1/Not-
Prime and senior long-term debt rating of Ba3.

The outlook on the bank's BFSR and foreign currency hybrid tier-
1 debt ratings is stable, while that for its long-term foreign
currency deposit and senior long-term debt ratings remains
positive.

"This rating action reflects the progress achieved by RCBC in
strengthening its balance sheet through raising fresh capital
and accelerating the disposal of its non-performing assets,"
says Richard Lung, a Moody's VP/Senior Analyst, adding, "Its
non-performing asset ratio had fallen to 6.8% at end-March 2008
from 13.4% at end-2004."

"The D- BFSR takes into account the bank's strong niche in the
corporate middle market and special economic zones, its strong
level of capitalization, and the potential synergies arising
from its affiliation with the Yuchengco Group of companies,"
says Lung.

"On the other hand, the rating takes into account its relatively
small market presence, modest level of earnings, and weak asset
quality, while its past reliance on external support -- as
provided through regulatory forbearance -- serves as a rating
constraint," says Lung.

On January 25, 2008, Moody's changed the outlook on RCBC's long-
term foreign currency deposit and long-term senior debt rating
to positive from stable following a similar revision in the
outlook on the Philippines' foreign currency deposit and debt
ceilings.

The outlook all other ratings is stable, reflecting expected
short-term downward pressure on its financials from the
emergence of a less benign operating environment and potential
deterioration in financial conditions among its key customer
base of export-oriented SMEs.

However, these challenges are not expected to match the severity
of the economic downturn in the Philippines and the bank's
restructuring efforts should allow it to weather the current
slowdown.

Moody's believe the following factors could result in upward
pressure on RCBC's ratings: (i) a reduction in non-performing
assets without recourse to regulatory support and allowances,
(ii) expedited recognition of deferred charges, (iii) better
utilization of its affiliations and networks, as evidenced by an
increase in cross-selling and risk-adjusted returns, and (iv) an
increase in its systemic importance through the growth of its
market share.

Conversely, Moody's would view any or all of the following
factors as possible reasons for a ratings downgrade: (i) a
deterioration in the bank's asset quality, such that earnings
and capital are affected, (ii) overly aggressive expansion, such
that the bank's management and financial resources are strained,
and (iii) the loss of its niche in financing SMEs in the special
economic zones or a decline in its share of the remittance
market.

Rizal Commercial Banking Corporation, headquartered in Manila,
is the seventh largest bank in the Philippines with P239 billion
in consolidated assets as of end-2007.


UNIVERSAL RIGHTFIELD: May Be Delisted for Unpaid Fees
-----------------------------------------------------
Universal Rightfield Property Holdings Inc. faces
possible delisting for failing to pay its annual listing
maintenance fees with the Philippine Stock Exchange.

Based on the rules of the Exchange, listed companies may
be delisted if they fail to settle their outstanding fees
with the Exchange.

Business World, in a report dated June 3, 2008, described the
firm as “rarely traded.”

Universal Rightfield Property Holdings Inc. was organized as a
result of the merger that took effect on May 3, 1996 among three
companies engaged in oil exploration activities and property
development.  As a result of the merger, the company changed its
name to Universal Rightfield Property Holdings Inc. and also
changed its primary purpose to a holding company and real estate
development.

UP's core business is to provide the residential and leisure-
related needs and wants of the middle and upper middle income
market.  The company serves this market in two areas: affordable
residential condominiums and innovative leisure developments.

The company is the first developer to offer condominiums with
integrated facilities for work and leisure that are targeted for
the middle income market.  The company's first leisure project
is Universal Leisure Club, the first one of its kind that offers
ownership to multiple clubs for a single propriety membership
share. Universal Leisure Club consists of two business clubs,
one city sports club, one beach club, and two golf courses.


WISE HOLDINGS: May Be Delisted for Unpaid Fees
----------------------------------------------
Wise Holdings Inc. faces possible delisting for
failing to pay its annual listing maintenance fees
with the Philippine Stock Exchange.

Based on the rules of the Exchange, listed companies may
be delisted if they fail to settle their outstanding fees
with the Exchange.

Business World, in a report dated June 3, 2008, described the
firm as “rarely traded.”

Wise Holdings, Inc. was originally known as Wise and Company,
Inc.  WHI was the parent company of several wholly-owned and
majority-owned subsidiaries engaged in various industries
including trading of industrial machinery and other products,
real estate development and insurance services.  WHI was later
restructured when the Jakarta-based Dharmala Group acquired
strategic interest in the company through a purchase of 70%
equity from the original WCI stockholders.  The company was
renamed Dharmala Philippines, Inc. (DPI) and converted to a
purely management and holding company.  DPI was organized to
take advantage of the goodwill and the regional presence of
Dharmala in the ASEAN region.  The Group operates 124
subsidiaries and affiliates, maintaining offices throughout the
ASEAN region and in the key cities of London, Sydney and New
York.  It is widely known in the region for trading,
construction and financial operations.

The trading operations of DPI was spun off to a separate
subsidiary also named Wise and Company, Inc.  in an effort to
preserve WHI's goodwill, having been known as a trading firm
since its organization in the Philippines in 1926.  The
subsidiary is engaged in the trading of goods, wares, machinery,
equipment and merchandise of all kinds.  A Filipino group, VR
Holdings Corporation, eventually gained the holding interest in
DPI and acquired the company in December 1998.  To build a new
corporate identity and to maximize the institutional image of
its subsidiary, Wise and Company, Inc., the corporate name was
changed to Wise Holdings, Inc.

Currently, the company operates through four strategic business
groups, namely, the Trading group, the Financial Services Group,
the Consumer Banking Group and the Investments Group.



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

BANGKA OFFSHORE: Court Enters Wind-Up Order
-------------------------------------------
On May 16, 2008, the High Court of Singapore entered an order to
have Bangka Offshore Pte Ltd's operations wound up.

Link Express Shipping Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


DURABEAU CONSTRUCTION: Creditors' Proofs of Debt Due on June 12
---------------------------------------------------------------
Durabeau Construction Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by June 12, 2008, to
be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


ELVIE’S GRACE: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------
The High Court of Singapore will hear on June 6, 2008, at
10:00 a.m., a petition to have Elvie’s Grace Beauty Centre Pte
Ltd's operations wound up.

United Overseas Bank Limited filed the petition on May 9, 2008.

United Overseas Bank's solicitors are:

          Advent Law Corporation
          111 North Bridge Road
          #05-30/31 Peninsula Plaza
          Singapore 179098


HOCK CHUAN: Members and Creditors to Meet on June 19
----------------------------------------------------
The members and creditors of Hock Chuan Ann Construction Pte Ltd
are will meet at 2:30 p.m., on June 19, 2008, at One Raffles
Quay, North Tower, Level 14, Singapore 048583.

At the meeting, the members and creditors will be asked to:

   -- receive the report of Seshadri Rajagopalan, the company's
      liquidator, about the progress of the company's
      liquidation;

   -- approve minutes of the last meeting of creditors held on
      August 22, 2006;

   -- discuss other matters.


LAM GUAN: Creditors' Proofs of Debt Due on June 13
--------------------------------------------------
Lam Guan Chan Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by June 13,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Goh Thien Phong
          Ramasamy Subramaniam Iyer
          Deborah Tan Yang Sock
          c/o PricewaterhouseCoopers
          8 Cross Street
          #17-00 PWC Building
          Singapore 048424



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

* Moody's has Negative Outlook for Asia's Auto-Parts Sector
-----------------------------------------------------------
Moody's Investors Service has a negative rating outlook for Asia
Pacific's auto-parts sector over the next 12-18 months, but
maintains a stable rating on its three rated issuers in the
region.

The outlook is consistent with the rating agency's negative,
medium-term forecasts for the auto-parts sectors in the U.S. and
Europe.

In a new report, Moody's says that the rated Asian auto-parts
manufacturers face significant challenges from compressed
margins and slowing markets abroad, but have unique
characteristics in their home markets, sales channels, and cost
structures that enable them to expect continued financial
stability going forward.

One of the report's authors, Chris Park, a Moody's vice
president and senior analyst, says, "The rated South Korean
parts producer, Hyundai Mobis, and the two rated tire companies,
Indonesia's Gajah Tungal and China's GITI Tire, have been able
to pass on surging input prices for rubber, oil, and steel to
their customers."

He explained that Hyundai Mobis has a captive market as most of
its sales go to the affiliated Hyundai and Kia Motors Group
while the other two issuers have raised prices with a 3-6 month
lag in the aftermarket for replacement tires.

The report's second author, Wonnie Chu, a Moody's analyst, says,
"Car sellers are starting to experience a drop in sales to the
U.S. and Europe.  However, continued strong growth and high
demand in China, in other developing countries, and in the
Middle East should partially compensate for a slowing in
developed markets."

Chu adds, "Although the three issuers' liquidity is expected to
weaken as a result of ongoing growth in capacity, none of them
face imminent refinancing risks."  She notes that covenants on
debt incurrence for the two rated tire makers are tight, but she
says, "Moody's draws comfort that working-capital financing is
carved out and both tire makers have no major funding
requirement in the near term."

The report, entitled "Industry Outlook - Snapshot: Asia-Pacific
Auto-Parts Manufacturers", can be found at www.moodys.com.


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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***