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

                     A S I A   P A C I F I C

            Wednesday, June 4, 2008, Vol. 11, No. 110

                            Headlines

A U S T R A L I A

ADVENTURE BRICKLAYING: Liquidator Presents Wind-Up Report
AESTHETIC RESTORATIONS: Declares Dividend for Creditors
ARENJAY PROPERTIES: Declares Dividend for Creditors
BELLA CONSTRUCTIONS: Liquidator Presents Wind-Up Report
CARE INDUSTRIES: Liquidator Presents Wind-Up

FAULT-TOLERANT: Declares Dividend for Creditors
FREIGHTLINK: Won't Need Gov't Support After Business Sale
GOURMET COMET: Declares Dividend for Creditors
GRAYLING INSURANCE: Liquidator Presents Wind-Up Report
HIH INSURANCE: Liquidator Wins AU$2.4MM Claim Against Gen Re

JONES & STAFF: Declares Dividend for Creditors
LONG CREEK: Liquidator Gives Wind-Up Report
MOGAN HOLDINGS: Declares Dividend for Creditors
O.P. SPENCER: Liquidator Presents Wind-Up Report
OCTAVIAR LIMITED: Loan Default May Affect Former Unit's Deal

PIRAEUS: Declares Dividend for Creditors
SUNSTATE ELITE: Appoints Stimpson and Shannon as Liquidators
TRAIL, TRACK & OUTBACK: Declares Dividend for Creditors
TRAVERSE TRANSPORT: Declares Dividend for Creditors
WESTON & HEATH: Commences Liquidation Proceedings


C H I N A

BANK OF SHANGHAI: Hires Underwriters for Domestic IPO Listing
CHINA SOUTHERN: Inks Cargo Transportation Venture w/ Air France
XINHUA FINANCE: Provides China News for Singapore Exchange
ZTE CORP: To Build 3G Network in Romania


H O N G  K O N G

BREAN DISTRIBUTORS: Appoints New Liquidator
CITIC RESOURCES: To Up Crude Oil Production in Kazakhstan by 13%
CITIC RESOURCES: To Raise HK$2,523.8BB Through Rights Offering
HONG KONG SOCIETY: Appoints New Liquidator
GRAND HAVEN: Appoints New Liquidator

KATO LIMITED: Commences Liquidation Proceedings
M & T: Members & Creditors to Meet on June 20
PACIFIC KING: Creditors' Proofs of Debt Due June 30
SCHERING CHINA: Appoints New Liquidator
SCHERING (HONG KONG): Appoints New Liquidator


I N D I A

EMCO LTD: Earns INR287.83 Million in Qtr. Ended March 31
SEJAL ARCHITECTURAL: To Issue 91.94 Lakh Shares on June 9 IPO
TATA MOTORS: Increases Prices of Passenger Vehicles
TATA MOTORS: Total Vehicle Sales Up by 9% to 46,339 in May 2008
TATA MOTORS: Moody's Cuts Corp. Family Rating to Ba2

TATA POWER: Motilal Oswal Puts 'Buy' Rating on Firm's Shares
TATA POWER: To Invest INR500 Crore for Wind Power Expansion
TATA STEEL: Inks Strategic Partnership with  Viet Nam Steel
TATA STEEL: To Begin Construction Work in Orissa Next Month


I N D O N E S I A

PT PERTAMINA: Balikpapan Managers Under Probe


J A P A N

FORD MOTOR: Tracinda Waives Tender Offer Condition
FORD MOTOR: Completes Sale of Jaguar & Land Rover to Tata Motors


K O R E A

DELPHI CORP: Wants August 1 Adversary Trial Against Appaloosa
DELPHI CORP: To Borrow US$254 Mil. from Lender Group on June 9
DELPHI CORP: Sells Power Products Business Assets for US$7.8MM
DELPHI CORP: Completes US$10M Kettering Facility Sale to Tenneco
HYUNDAI MOTOR: Court Resentencing Allows Chief to Stay Free

HYUNDAI MOTOR: May Sale Up 8.5% on Robust Foreign Demand


N E W  Z E A L A N D

ABOUT CONCRETE: Fixes July 11 as Last Day to File Claims
ACTION EXCAVATION: Subject to CIR's Wind-Up Petition
AIR NEW ZEALAND: Reaches Settlement With In-House Engineers
CER GROUP: First Quarter 2008 Sales Revenue Up 39% to NZ$1.28MM
ELITE CONSTRUCTION: Creditors' Proofs of Debt Due on July 11

FOOD SERVICES: Appoints Horton and Price as Liquidators
GM INDUSTRIAL: Creditors' Proofs of Debt Due on July 11
KILTON LTD.: Shareholders Opt to Liquidate Business
MARLBOROUGH MEATS: Fixes June 5 as Last Day to File Claims
MILLAR ALUMINIUM: Wind-Up Petition Hearing Set for June 9

MOBILE PROPERTY: Wind-Up Petition Hearing Set for June 6
MORGANS CORNER: Wind-Up Petition Hearing Set for June 9
NEW ZEALAND ACADEMY: Appoints McCormick as Liquidator
PACIFIC EDGE: Records NZ$1.92MM Loss for Year Ended March 2008
PACIFIC EDGE: Launches Bladder Diagnostic Clinical Trial

ST GEORGE: Appoints Levin and Vance as Liquidators


P H I L I P P I N E S

UCPB: Auctions Fraser Place Apartments on July 19
UNIWIDE HOLDINGS: Net Loss Narrows to Php36.67MM in 1st Qtr


S I N G A P O R E

CELLONICS INCORPORATED: Wind-Up Petition Hearing Set for June 6
ENG SENG: Fixes June 30 as Last Day to File Claims
FOODBEX GLOBAL: Creditors' Meeting Set for June 20
GOH HUP: Creditors' Proofs of Debt Due on June 6

HSIN SEMICONDUCTOR: Creditors' Meeting Set for June 16
KAMINAH PTE: Creditors' Proofs of Debt Due on July 1
LIFE GLOW: Wind-Up Petition Hearing Set for June 20


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ADVENTURE BRICKLAYING: Liquidator Presents Wind-Up Report
---------------------------------------------------------
Jason Bettles, Adventure Bricklaying Pty Ltd's estate
liquidator, met with the company's members and creditors on
May 9, 2008, and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Level 6, 50 Cavill Avenue
          Surfers Paradise Qld 4217
          Australia
          Web site: www.worrells.net.au


AESTHETIC RESTORATIONS: Declares Dividend for Creditors
-------------------------------------------------------
Aesthetic Restorations Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills VIC 3127
          Australia


ARENJAY PROPERTIES: Declares Dividend for Creditors
---------------------------------------------------
Arenjay Properties Pty Ltd, which is in liquidation, declared
its dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          David James Hambleton
          Level 9, 46 Edward Street
          Brisbane QLD 4000
          Australia


BELLA CONSTRUCTIONS: Liquidator Presents Wind-Up Report
-------------------------------------------------------
Raj Khatri, Bella Constructions Qld Pty Ltd.'s estate
liquidator, met with the company's members and creditors on
May 6, 2008,and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Raj Khatri
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3225 4372
          Facsimile: (07) 3225 4311
          Web site: www.worrells.net.au


CARE INDUSTRIES: Liquidator Presents Wind-Up
--------------------------------------------
Jason Bettles, Care Industries (Australia) Pty Ltd.'s estate
liquidator, met with the company's members and creditors on
May 15, 2008,and provided them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Level 6, 50 Cavill Avenue
          Surfers Paradise QLD 4217
          Australia


FAULT-TOLERANT: Declares Dividend for Creditors
-----------------------------------------------
Fault-tolerant Specialists Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills VIC 3127
          Australia


FREIGHTLINK: Won't Need Gov't Support After Business Sale
---------------------------------------------------------
Freightlink says it won't need financial support from the
government after a sale of its business, ABC News reports.

The company, the report says, has put the line up for sale, amid
concern about the profitability of the rail service.

"The government has not provided any subsidies since the line
commenced operations in 2004.  The business makes operating
profits, the revenue covers all our costs and there's not need
for further subsidies," ABC News quoted Freightlink chief
executive John Fullerton as saying.

Earlier, Andrew Faulkner of The Australian reported that
in announcing the sale of its business, FreightLink said it was
saddled with too much debt, and admitted its business model was
flawed from the start.

FreightLink’s CEO, Mr. John Fullerton, said in a press statement
that the sale of the business “will provide the opportunity for
the new owners of FreightLink to capture substantial growth in
the future, especially from the haulage of bulk minerals for
export and to participate in new rail opportunities across the
interstate network”

“Quality rail assets in Australia are highly regarded for their
strategic value and this presents a rare opportunity for
investors to acquire a rapidly growing business in the transport
and logistics industry where rail will play an increasingly
significant role,” Mr. Fullerton added.

FreightLink has appointed UBS as its sale adviser.

                           Forced Sale

AdelaideNow relates that FreightLink's bank lenders forced the
sale following years of debt and underperformance.

The banks, led by the Australia and New Zealand Banking Group
Limited, have not been swayed in their decision despite a recent
turnaround in performance due to a surge in mining cargo volumes
out of South Australia and Darwin's increasing popularity as a
port, AdelaideNow said.

Mr. Fullerton denied the report saying a united board had made
its own decision, according to The Australian.

                     FreightLink Operations

In 2001 FreightLink was awarded the concession to build a new
railway between Alice Springs and Darwin and to operate the
2,240 km Tarcoola to Darwin railway under a 50 year agreement.

Since commencing operations in January 2004 FreightLink has
achieved outstanding growth.  It has carried over 2.5 million
tonnes of general freight (excluding minerals) on the corridor
between Adelaide and Darwin and for the 12 months ending 30 June
2008 will carry close to 800,000 tonnes of general freight.
Around 90% of the freight moving between Adelaide and Darwin is
now on carried on rail.

FreightLink has secured three major minerals contracts since
commencing operations.  In April 2006 FreightLink commenced
haulage of bulk manganese ore from the OM Holdings Ltd mine at
Bootu Creek, 120 km north of Tennant Creek, to Darwin for
export.  In July 2007 FreightLink commenced the haulage of iron
ore for Territory Resources Ltd at Frances Creek in the Northern
Territory.  FreightLink will begin to carry copper/gold
concentrate for Oxiana Ltd from their Prominent Hill mine in
South Australia to Darwin when mining operations commence in
late 2008.

                        About FreightLink

FreightLink owns and operates the railway between Tarcoola and
Darwin under a 50-year concession agreement, and provides
transport services to Australia and overseas markets centred on
the Adelaide–Darwin corridor.

FreightLink manages services provision from its Adelaide
headquarters, supported at the terminals by locally based
managers, all of whom have extensive experience in rail
operations and services.

The company currently operates five train services a week
Adelaide–Darwin, with connecting rail services to other
interstate locations.  In addition, it hauls bulk minerals
destined for China from mines on the Adelaide–Darwin railway to
the Port of Darwin.  A track access agreement is in place with
Great Southern Railway to operate two weekly passenger services
(The Ghan) between Adelaide and Darwin.

All rail safety, marketing, operational and asset management
associated with the business takes place in the Adelaide base,
and some activities are outsourced to leading rail service
suppliers to leading rail service providers.

FreightLink’s shareholders are Kellogg Brown & Root, Carillion,
John Holland, Genesee & Wyoming Australia, Macmahon Holdings and
a number of other investment shareholders, including the
Northern and Central Aboriginal Land Councils.


GOURMET COMET: Declares Dividend for Creditors
----------------------------------------------
Gourmet Comet Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 1, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          MICHAEL GRIFFIN
          Worrells Solvency & Forensic Accountants
          8th Floor, 102 Adelaide Street
          Brisbane QLD 4000
          Australia
          Telephone: (07) 3225 4391
          Facsimile: (07) 3225 4311
          Web site: www.worrells.net.au


GRAYLING INSURANCE: Liquidator Presents Wind-Up Report
------------------------------------------------------
Grayling Insurance Consultants Pty Ltd held a general meeting
for its members and creditors on May 16, 2008.  At the meeting,
the company's liquidator, David Coyne at Lowe Lippmann Chartered
Accountants, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          David Coyne
          Lowe Lippmann
          Chartered Accountants
          5 St Kilda Road
          St. Kilda VIC 3182
          Australia


HIH INSURANCE: Liquidator Wins AU$2.4MM Claim Against Gen Re
------------------------------------------------------------
HIH Insurance Limited liquidator Tony McGrath of McGrathNicol
has successfully sued General Reinsurance Australia for
AU$2.4 million in the NSW Supreme Court, Susannah Moran of The
Australian reports.

The report says the amount to be paid to Mr. McGrath, for the
benefit of HIH creditors, is likely to be close to AU$5 million,
because eight years of interest will be added.

According to The Australian, the case relates to a 1999 trade
credit policy in which HIH agreed to insure various banks
against the risk of non-payment for goods or services supplied
on credit.  HIH then reinsured itself with a number of
reinsurance companies.  Suncorp-Metway Ltd, an Australian bank,
made a claim on the policy in 2000 and HIH met the claim.  But
when HIH went to make a claim with its reinsurer Gen Re, that
firm refused to meet HIH's claim.

                       About HIH Insurance

HIH Insurance Limited was a publicly listed company in
Australia.  Prior to its collapse in 2001, the HIH Group was the
second largest general insurer in Australia and had operations
in many other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on August 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are now in place for eight of those
companies.  The eight licensed insurance companies within the
group were placed into Schemes of Arrangement in Australia  on
May 30, 2006.  Four of these companies were also placed into
Schemes of Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


JONES & STAFF: Declares Dividend for Creditors
----------------------------------------------
Jones & Staff Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          David James Hambleton
          Level 9, 46 Edward Street
          Brisbane QLD 4000
          Australia


LONG CREEK: Liquidator Gives Wind-Up Report
-------------------------------------------
W. J. Fletcher, Long Creek Pty. Ltd.'s estate liquidator, met
with the company's members on May 20, 2008, and provided them
with property disposal and winding-up reports.

The liquidator can be reached at:

          W. J. Fletcher
          Bentleys Chartered Accountants
          Level 26, 10 Eagle Street
          Brisbane QLD 4000
          Australia


MOGAN HOLDINGS: Declares Dividend for Creditors
-----------------------------------------------
Mogan Holdings Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proofs of debt by
May 14, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Ross a. Blakeley
          Taylor Woodings
          Chartered Accountants
          Level 15, Bourke Place
          600 Bourke Street
          Melbourne VIC 3000
          Australia


O.P. SPENCER: Liquidator Presents Wind-Up Report
------------------------------------------------
John Feddema, O.P. Spencer Street Pty Ltd.'s estate liquidator,
met with the company's members and creditors on May 15, 2008,and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          John Feddema
          Cranstoun & Hussein
          Level 2, 102 Adelaide Street
          Brisbane QLD 4000
          Australia


OCTAVIAR LIMITED: Loan Default May Affect Former Unit's Deal
------------------------------------------------------------
Former Octaviar Limited subsidiary, Living & Leisure Australia,
has warned that if Octaviar is forced into any form of external
administration, it could have an adverse effect on the company's
underwriting agreement with Arctic Capital Limited.

LLA disclosed in a regulatory filing that it has significantly
advanced discussions with Arctic and other bridge financiers in
relation to the provision of a bridging finance for the
repayment of National Australian Bank, its senior secured
financier.

Octaviar is facing accelerated loan repayment deadlines due to
occurrence of an event of default.

As reported in the Troubled Company Reporter-Asia Pacific on
May 28, 2008, Octaviar received a notice from the Public Trustee
of Queensland asserting that an event of default had occurred on
the notes listed as OCVG with the Australian Securities
Exchange.  The notes mature on December 30, 2011.

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

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

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

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

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

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

                            About LLA

Living and Leisure Australia Group, formerly MFS Living and
Leisure Group, is a stapled group comprising MFS Living and
Leisure Trust (Trust), and MFS Living and Leisure Limited.  The
Trust is managed by the Responsible Entity, MFS L&L Management
Limited.  Living and Leisure Australia Group owns and operates
leisure businesses globally, including aquariums, ski field
leases and tree top walks.  In July 2006, the Company acquired
the Oceanis Group, an owner and operator of aquariums, and
Australian Alpine Enterprises Holdings Pty Ltd, an owner of ski
resorts.

                      About Octaviar Limited

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


PIRAEUS: Declares Dividend for Creditors
----------------------------------------
Piraeus Holdings Pty Ltd, which is in liquidation, declared its
dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          David James Hambleton
          Level 9, 46 Edward Street
          Brisbane QLD 4000
          Australia


SUNSTATE ELITE: Appoints Stimpson and Shannon as Liquidators
------------------------------------------------------------
During a general meeting held on March 25, 2008, the members of
Sunstate Elite X/press Pty Ltd resolved to voluntarily liquidate
the company's business.

David Michael Stimpson and Glenn Michael Shannon were appointed
as liquidators.

The liquidators can be reached at:

          David MichaelStimpson
          Glenn Michael Shannon
          SV Partners
          Insolvency Accountants and Business Solutions
          SV House
          138 Mary Street
          Brisbane Qld 4000
          Australia
          Web site: www.svpartners.com.au


TRAIL, TRACK & OUTBACK: Declares Dividend for Creditors
-------------------------------------------------------
Trail, Track & Outback Pty Ltd, which is in liquidation,
declared its dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 13, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Bruce Mulvaney
          Bruce Mulvaney & Co
          1st Floor, 613 Canterbury Road
          Surrey Hills VIC 3127
          Australia


TRAVERSE TRANSPORT: Declares Dividend for Creditors
---------------------------------------------------
Traverse Transport Pty Ltd, which is in liquidation, declared
its dividend for its creditors.

Only creditors who were able to file their proof of debt by
May 12, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Greg Moloney
          Ferrier Hodgson (Qld)
          Level 7, 145 Eagle Street
          Brisbane QLD 4000


WESTON & HEATH: Commences Liquidation Proceedings
-------------------------------------------------
Weston & Heath Pty. Ltd.'s members agreed on March 28, 2008, to
voluntarily liquidate the company's business.  Barry Thomas
Hodson was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Thomas Hodson
          27 Kullaroo Close
          Kuranda QLD 4881
          Australia



=========
C H I N A
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BANK OF SHANGHAI: Hires Underwriters for Domestic IPO Listing
-------------------------------------------------------------
Bank of Shanghai has hired Guotai Jun'an Securities, Citic
Securities and Shenyin & Wanguo Securities as underwriters for
its domestic initial public offering, Zhang Fengming of Shanghai
Daily News reports.

The bank, the report relates, has also hired Goldman Sachs Gao
Hua Securities as financial adviser and PricewaterhouseCoopers
as auditor.

Chen Xin, chairman and president of the bank, told the news
agency that “the kickoff of its listing process is a strategic
choice for the bank.  Listing is a breakthrough for the bank in
speeding up regional expansion and international management."

The expansion is part of the lender's three-step development
strategy - woo strategic investors, expand outside its city
territory and go public in the long term, the report notes.

As reported by the Troubled Company Reporter - Asia Pacific on
May 20, 2008, the bank had outstanding loans at the end
of 2007 of CNY149.78 billion, up from CNY124.68 billion a year
earlier, while outstanding deposits were up slightly to
CNY220.89 billion from CNY220.37 billion.

The bank's non-performing loans (NPL) at the end of 2007,
totaled CNY3.617 billion, down by CNY833 million from the end of
2006, with the NPL ratio falling to 2.41% from 3.57%.

The bank has assets of CNY308.99 billion at the end of 2007, and
its capital adequacy ratio (CAR) was 11.27% at the end of 2007,
compared with 11.97% a year earlier, with core CAR at 9.3%, down
from 9.51%.

                   About Bank of Shanghai

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

                       *     *     *

As of June 3, 2008, Fitch rating agency's website confirmed the
ratings of Bank of Shanghai, showing: (a) Long-term foreign
currency Issuer Default rating at BB- with Stable Outlook; (b)
Short-term foreign currency IDR at B; (c) Individual D; (d)
Support at 3; and (e) Support Rating Floor at BB-.


CHINA SOUTHERN: Inks Cargo Transportation Venture w/ Air France
---------------------------------------------------------------
China Southern Airlines Co. Ltd. entered into a framework
agreement with Air Bleu Limited for the proposed formation of a
foreign funded cargo airline joint venture company in the
People's Republic of China.  Air Bleu Limited is a company
controlled by Air France – KLM Group.  Air Bleu Limited and Air
France – KLM Group are independent third parties of the Company.
Pursuant to the Framework Agreement, the JV Company will be
initially held as to 75% by the Company and 25% by Air Bleu
Limited.  The term of the JV Company will be of thirty years.

The initial total amount of investment and the registered
capital of the JV Company shall be further agreed between the
Parties on the basis of the business plan of the JV Company.  It
is intended that the JV Company will principally engage in
domestic and international air cargo transportation and storage
activities, including cargo and mail airline services, ground
handling services, operation of warehouses and other storage
services, agent services, representatives of other airline
companies, customs clearance agency, and import and export
services.

Air France – KLM Group is a leading international airlines
services provider and has extensive operation experiences in and
channel of resources for its air cargo business.

The board believes that, through the co-operation with Air
France – KLM Group, it can

(i) leverage on Air France – KLM Group's leading market position
    in air cargo business;

(ii) learn advanced management experiences from international
     counterparts of the company;

(iii) reduce the operation risk of its air cargo business;

(iv)  share the airline and sales networks with Air France – KLM
      Group;
(v)  increase the operation level and efficiency of its air
     cargo business;

(vi) facilitate its development and expansion of its air cargo
     market share; and

(vii) serve the customers with better services.  The proposed
      joint venture with Air France – KLM Group will be of best
      interest to the Company and its shareholders as a whole.

The establishment of the JV company is subject to the entering
into the joint venture agreement which includes, inter alia, the
total investment amount to be contributed by the company.  The
signing of the JV Agreement, if materializes, may constitute a
notifiable transaction for the company under the Listing Rules.

Further announcement in respect of the establishment of the JV
company will be made by the company in compliance with the
Listing Rules in the event that any formal and binding
definitive agreements are signed.

The board wishes to emphasize that the proposed entering into
the JV agreement and the establishment of the JV company may or
may not proceed and that the establishment of the JV company is
also pending approval from the relevant government authorities
in the PRC.  Accordingly, shareholders and investors of the
company are therefore advised to exercise caution when dealing
in the securities of the company.

                       About China Southern

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

                           *    *    *

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


XINHUA FINANCE: Provides China News for Singapore Exchange
----------------------------------------------------------
Xinhua Finance Limited's news service Xinhua Finance News is
working with Singapore Exchange Limited to profile the component
stocks of the FTSE ST China Index.

Xinhua Finance News will report regularly on the China companies
listed on SGX that make up the index, as FTSE ST China Index
Stock Alerts.  SGX is making available these reports on its
website at http://www.sgx.com/ftsestchina.

Mr. Lai Kok Leong, Vice President and Head of Data Services at
SGX said, "SGX is pleased to work with Xinhua Finance News on
news coverage of the China market and the FTSE ST China index
stocks.  With its many in-country bureaus and in-depth
understanding of China, this news service will improve the
information flow from the local market to investors on SGX.
Xinhua Finance News will maintain full editorial independence in
its reports."

The FTSE ST China Index is a China-theme index that was created
to reflect the increasingly significant representation of China
stocks in the Singapore market.  Comprising 50 top-ranking
China stocks on SGX, it facilitates cross-border analysis and
comparison.  It was launched on January 10, 2008 together with
the revamped Straits Times Index (STI) and new FTSE ST Index
Series, to provide more in-depth coverage of the Singapore
securities market.

                   About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange
(symbol: 9399) (OTC ADRs: XHFNY).  Xinhua Finance's proprietary
content platform, comprising Indices, Ratings, Financial News,
and Investor Relations, serves financial institutions,
corporations and re-distributors worldwide.  Through its
subsidiary Xinhua Finance Media Limited (NASDAQ: XFML), XFL
leverages its content across multiple distribution channels in
China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 30, 2008, Xinhua Finance Limited commenced a consent
solicitation relating to its outstanding US$100,000,000 10%
Senior Guaranteed Notes due 2011, ISIN: XS0275685641 and Common
Code: 027568564.  The Consent Solicitation will expire at 3:00
p.m., London time, on June 9, 2008, unless extended.


ZTE CORP: To Build 3G Network in Romania
----------------------------------------
ZTE Corp. has been selected by Zapp, Romanian mobile operator,
to roll-out a WCDMA/HSDPA commercial network.  This deal further
reinforces ZTE position in Europe.  Zapp plans on launching its
3G commercial services in early autumn 2008 and the network
should be completed by 2011.

Zapp, a key European CDMA carrier and the only operator in
Romania deploying this type of technology, has also selected
ZTE's CDMA2000 technology to replace its current 2G network, due
to its stable performance and lower total cost of ownership
(TCO).  This is ZTE's fourth CDMA project in Europe, and the
company has previously built networks in Norway, Czechoslovakia,
and Poland.

"With the rise of mobile broadband and other high-bandwidth
services, there is great demand for 3G in Europe. ZTE's GSM and
CDMA solutions are a perfect path for carriers looking to
upgrade their networks," said Ms Fang Rong, ZTE's senior vice
president international sales division.  "The partnership with
Zapp marks another milestone for ZTE in Europe and demonstrates
the company's commitment to helping European carriers roll-out
advanced services, while keeping operational costs down."

"Quality and functionality were key criteria when looking to
build our 3G network," said Chris Bataillard, CEO of Zapp.  "Our
aim was to provide subscribers with the most advanced 3G
services available.  ZTE allows us to launch these advanced
services, while achieving higher operational efficiency and
lower costs." he added.

The WCDMA/ HSDPA equipment provided by ZTE is compatible with
Zapp's existing network and will be used to build a network
running over the 2.100 Mhz frequency and that will be fully
dedicated to data services.  This network will enhance the
quality and speed of services offered by Zapp by increasing the
transfer rate from 2.4 Mbps to up to 7.2 Mbps.

Analyst house IDC has ranked ZTE as the fastest growing telecom
vendor in 2007.  The company has a strong focus on product
development and enhancement, spending over a third of its human
capital in R&D.  ZTE's equipment has been deployed in over 20
WCDMA/HSDPA networks worldwide, including Libya, Estonia and
Nepal.

                        About ZTE Corp.

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

                           *    *     *

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

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



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

BREAN DISTRIBUTORS: Appoints New Liquidator
-------------------------------------------
The members of Brean Distributors Limited appointed Stephen
Briscoe and Wong Teck Meng as the company's liquidators.

The liquidator's address was disclosed.


CITIC RESOURCES: To Up Crude Oil Production in Kazakhstan by 13%
----------------------------------------------------------------
CITIC Resources Holdings Ltd aims to increase its crude oil
output in its Kazakhstan field by 13% to 40,000 barrels of oil a
day from 35,500 barrels a day last year, Shanghai Daily News
reports, citing Chief Executive Officer Sun Xinguo.

Citic Resources, the report relates, bought the field from
parent China Investment Trust & Investment Corp for US$1 billion
last year.

According to Shanghai Daily, China is encouraging its state-
owned firms to look for energy resources as world oil prices
rise.  Citic Resources plans to expand its oil and natural gas
exploration business to tap demand from China, the report notes.

"The current high international crude price is very favorable
for our existing oil-producing assets.  We will also look out
for potential acquisitions of good assets," the news agency
cited Mr. Xinguo as saying.

The report says the Karazhanbas field in western Kazakhstan
holds an estimated 363.8 million barrels of oil reserves.  The
firm also has 51% in the Non-Bula Block in Indonesia's Maluku
province.

                      About CITIC Resources

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 3,
2008, that Moody's Investors Service 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 Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.


CITIC RESOURCES: To Raise HK$2,523.8BB Through Rights Offering
--------------------------------------------------------------
CITIC Resources proposes to raise HK$2,523.8 million before
expenses by way of the rights issue of 788,682,657
rights shares at the Subscription Price of HK$3.20 per Rights
Share on the basis of three (3) rights shares for every twenty
(20) existing shares held as at the close of business on the
record date.

Pursuant to the rights issue, the Qualifying Shareholders will
be provisionally allotted three (3)right  sharesin nil-paid form
for every twenty (20) existing Shares held as at the close of
business on the record date.  Fractional entitlements to rights
shares will not be provisionally allotted but will be aggregated
and allotted to satisfy excess applications and/or sold for the
benefit of the company.

The rights issue is not available to the Excluded Shareholders.
As at the date of this announcement, the company has 57,000,000
outstanding vested Share Options entitling the share
optionholders to subscribe for 57,000,000 Shares.  Each of the
Share optionholders has irrevocably undertaken to the Company
and each of the Underwriters that he or she will not exercise
such Share Options up to and including the record date.

The estimated net proceeds of the rights issue of HK$2,505.7
million will enhance the financial condition of the company by
improving its gearing ratio.  In addition, the net proceeds of
the rights issue will also be applied by the Group towards
funding its future investments and working capital and general
corporate purposes.

Keentech is directly interested in 1,990,180,588 Shares
representing 37.85% of the issued share capital of the Company
and Ellington is directly interested in 202,000,000 Shares
representing 3.84% of the issued share capital of the company.

The Underwritten Shares will be fully underwritten by Keentech
and Ellington on the terms and subject to the conditions set out
in the underwriting agreement.  If the underwriters terminate
the underwriting agreement or the conditions of the rights issue
are not fulfilled, the rights issue will not proceed and will
lapse.

As the rights issue may or may not proceed, shareholders and
potential investors should exercise caution when dealing in the
Shares or rights shares in their nil-paid form, and if they are
in any doubt about their position, they are recommended to
consult their professional adviser(s).  Moreover, investors'
attention is drawn to the section headed "Warning of the risks
of dealing in the Shares and the nil-paid
rights shares" below.

The last day of dealing in the Shares on a cum-rights basis is
Wednesday, June  11, 2008.  The shares will be dealt with on an
ex-rights basis from Thursday, June 12, 2008.  The rights shares
are expected to be dealt with in their nil-paid form from
Tuesday, June 24, 2008 to Wednesday, July 2, 2008 (both
days inclusive).  To qualify for the rights issue, a qualifying
Ssareholder must be registered as a member of the Company as at
the close of business on the record date.  In order to be
registered as a member of the company on the record date, any
transfer of the Shares (together with the relevant share
certificate(s)) must be lodged for registration with the
Company's share registrar, Tricor Tengis Limited, at 26/F,
Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong, by
4:30 p.m. on Friday, June 13, 2008.  The Acceptance Date is
expected to be on Monday, July 7, 2008 or such other date as the
Company and the Underwriters may agree in writing.
Any dealings in the shares from now up to the date on which all
conditions to which the rights issue are subject must be
satisfied before the rights issue becomes unconditional (which
is expected to be Wednesday, July 16, 2008), or in the rights
shares in nil-paid form on the stock exchange during the
period in which they may be traded in their nil-paid form, will
bear the risk that the rights issue may not become unconditional
or may not proceed.

Shareholders and potential investors of the company should
therefore exercise caution when dealing in the Shares or the
rights shares in their nil-paid form, and if they are in any
doubt about their position, they should consult their
professional adviser(s).  The company will apply to the Listing
Committee of the Stock Exchange for the listing of, and
permission to deal in, the rights shares in both nil-paid and
fully-paid forms.

                 PROPOSED Rights Issue

Issue statistics

Basis of the rights issue:    Three (3) rights shares for every
                              twenty (20) existing Shares held
                              as at the close of business on the
                              record date
Subscription Price:           HK$3.20 per Rights Share

Number of existing
Shares in issue:              5,257,884,381 Shares as at the
                              date of this announcement

Number of rights
shares:                       788,682,657 rights shares

Underwriters:                 Keentech and Ellington

The number of rights shares which may be issued pursuant to the
rights issue will be increased in proportion to any additional
Shares which may be allotted and issued on or before the record
date pursuant to the exercise of the Share Options.  As at the
date of this announcement, the company has 57,000,000
outstanding vested Share Options entitling the Share
Optionholders to subscribe for 57,000,000 Shares.  Each of the
Share Optionholders has irrevocably undertaken to the Company
and each of the Underwriters that he or she will not exercise
such Share Options up to and including the record date. Save for
the outstanding Share Options, there are no other convertible
securities, options or warrants in issue which would otherwise
confer any right to subscribe for, convert or exchange into the
new Shares as at the date of this announcement.

                    Qualifying Shareholders

To qualify for the rights issue, a Qualifying Shareholder must
be registered as a member of the company as at the close of
business on the record date. In order to be registered as a
member of the Company on the Record Date, any transfer of the
Shares (together with the relevant share certificate(s)) must
be lodged for registration with the Company's share registrar by
4:30 p.m. (Hong Kong time) on Friday, June 13, 2008.

                    About CITIC Resources

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

                      *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 3,
2008, that Moody's Investors Service 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 Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.


HONG KONG SOCIETY: Appoints New Liquidator
------------------------------------------
The members of Hong Kong Society for Biotechnology Limited
appointed Chan Suit Fei, Esther as the company's liquidator.

The liquidator can be reached at:

          Chan Sui Fei, Esther
          CRE Building, Room 2302
          303 Hennessy Road, Wanchai
          Hong Kong


GRAND HAVEN: Appoints New Liquidator
------------------------------------
The members of Grand Haven Footwear Limited appointed Kenneth
Chen Yung Ngai and Wong Tak Man Stephen as the company's
liquidator.

The liquidators can be reached at:

          Kenneth Chen Yung Ngai
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


KATO LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
Kato Limited's members agreed on May 29, 2008, to voluntarily
liquidate the company's business.  The company has appointed
Wong Yuek Keung to facilitate the sale of its assets.

The liquidator can be reached at:

          Wong Yuek Keung
          Nathan Commercial Building, 12th Floor
          Unit C, 430-436 Nathan Road
          Kowloon


M & T: Members & Creditors to Meet on June 20
---------------------------------------------
Helping M & T International Limited will hold a joint meeting
for its members and creditors at 2:30 p.m. and 3:00 p.m.
respectively on June 20, 2008.  During the meeting, the
company's liquidator, Lau Sui Hung will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

            Lau Sui Hung
            Wing Yee Commercial Building, 2nd Floor
            5 Wing Kut Street, Central
            Hong Kong


PACIFIC KING: Creditors' Proofs of Debt Due June 30
---------------------------------------------------
Creditors of Pacific King Technology (Hong Kong) Limited are
required to file their proofs of debt by June 30, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lo Wing Kin
         Park-In Commercial Centre, Rooms 1901-2
         56 Dundas Street, Kowloon


SCHERING CHINA: Appoints New Liquidator
---------------------------------------
The members of Schering China Limited appointed Kong Chi How,
Johnson as the company's liquidator.

The liquidator can be reached at:

          Kong Chi How, Johnson
          Wing On Centre, No. 11 Connaught Road
          Central Hong Kong


SCHERING (HONG KONG): Appoints New Liquidator
---------------------------------------------
The members of Schering (Hong Kong) Limited appointed Kong Chi
How, Johnson as the company's liquidator.

The liquidatorcan be reached at:

          Kong Chi How, Johnson
          Wing On Centre, No. 11 Connaught Road
          Central Hong Kong



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

EMCO LTD: Earns INR287.83 Million in Qtr. Ended March 31
--------------------------------------------------------
Emco Ltd. earned INR287.83 million in the three months ended
March 31, 2008, an improvement compared to INR145.20 million
earned in the same period in 2007.

The company's revenue rose from INR2.52 billion in the quarter
ended March 31, 2007, to INR3.42 billion in the current quarter
under review.  The company also incurred operating expenditures
of INR2.94 billion leaving the company an operating profit of
INR484.63 million.

Commenting on the company's performance, Mr. Rajesh Jain,
Chairman and Managing Director of the company said, "the company
is set to have a topline growth of 45%-50% for the next year as
the company has a very healthy Order book position."

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

                          *     *     *

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


SEJAL ARCHITECTURAL: To Issue 91.94 Lakh Shares on June 9 IPO
-------------------------------------------------------------
Sejal Architectural Glass is entering the capital market on
June 9, with a public issue of 91.94 lakh equity shares of INR10
each for cash at a price decided by 100% book building process,
Business Standard reports.

The price band will be between INR105 to INR115 per share.  The
issue would constitute 32.84 percent of the fully diluted post
issue paid-up equity capital of the company, the report says.

According to Business Standard, the amount raised from the
market is proposed to be spent on setting up a float glass
manufacturing facility with an installed capacity of 2 lakh
metric tonne per annum in Bharuch, Gujarat.  The commercial
production will commence in March 2009.

Sejal Architectural Glass Limited is an India-based company
engaged in the business of processing glass.  The company has
processing facilities for insulating, toughened, laminated
glasses, as well as for decorative glass.  It operates in three
divisions: architectural and decorative division, proposed float
glass division and trading division.

                          *     *     *

On May 20, 2008, CRISIL assigned 'B/Positive/P4' ratings with
positive outlook on Sejal Architectural Glass Limited's various
bank facilities.  CRISIL said the ratings are constrained by
Sejal’s aggressive growth strategy, which may strain its
already-weak financial risk profile, and by the associated risks
of undertaking large projects.


TATA MOTORS: Increases Prices of Passenger Vehicles
---------------------------------------------------
Tata Motors disclosed on June 2, 2008, that it increased the
prices of its passenger vehicles.

The increase on the Indica, the Indigo and the Indigo Marina is
in the range of 1 to 2%.  The increase on the Sumo and the
Safari is in the range of 2 to 3%.  The price increase was
necessitated due to the continuous increase in input costs.

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


TATA MOTORS: Total Vehicle Sales Up by 9% to 46,339 in May 2008
---------------------------------------------------------------
Tata Motors reported a total sale of 46,339 vehicles (including
exports) for the month of May 2008, a growth of 9% compared to
42,558 vehicles sold in May last year.  Cumulative sales for the
company at 84,488 nos., grew by 2%.

                       Commercial Vehicles

The company’s sales of commercial vehicles in May 2008, in the
domestic market were 23,682 nos., a growth of 15% compared to
20,675 vehicles sold in May last year.  M&HCV sales stood at
11,742 nos., a growth of 12% over May 2007, while LCV sales were
11,940 nos., a growth of 17% over May 2007.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 44,683 nos., a growth of 11% over last year.
Cumulative M&HCV sales stood at 22,990 nos., a growth of 10%
over last year, while LCV sales for the fiscal were 21,693 nos.,
a growth of 12% over last year.  Commercial vehicles launched
towards the end of 2007-08 have begun to deliver results, and
are expected to facilitate stronger market position.

                        Passenger Vehicles

The passenger vehicle business achieved total sales of 19,234
vehicles in the domestic market in May 2008, a growth of 9% over
17,580 nos. sold in May 2007.  The Indica reported sales of 9686
nos., a decline of 19% over May 2007.  The Indica LPG was
launched during the month, and has received a good response.
The Indigo family recorded sales of 4542 nos., a strong 105%
growth over May 2007 on the back of good demand for the recently
launched Indigo CS.  The Sumo and Safari accounted for sales of
5,006 nos., the highest ever for any May since inception, and a
growth of 49% compared to May 2007.  The Sumo recorded a 70%
growth over May 2007, with sales of 3,226 nos., as the Sumo
Grande established itself in the market. Safari sales at 1780
nos., grew by 21%.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 34,077 nos., a minor decline of 1% over the
same period last year.  Cumulative sales of the Indica at 17,116
nos., reported a decline of 25%.  Cumulative sales of the Indigo
family were 8,305 nos., a growth of 71%.  Cumulative sales of
Sumo and Safari were 8,656 nos., a growth of 29%.  The Sumo
recorded a 48% growth with sales of 5,575 nos., while Safari
sales at 3081 nos. grew by 5%.

                             Exports

The company's sales from exports at 3,423 vehicles in May 2008
declined by 20% compared to 4,303 vehicles in May 2007.  The
cumulative sales from exports for the fiscal at 5,728 nos.
declined by 31% over 8,340 nos. in the same period last year.

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


TATA MOTORS: Moody's Cuts Corp. Family Rating to Ba2
----------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Motors Ltd to Ba2 from Ba1 following the
announcement that it has completed the acquisition of Jaguar
Land Rover. This rating action completes the rating review
initiated in January 2008 when TML was named the preferred buyer
for the JLR brands. The rating outlook is negative.

"The rating change reflects the considerable challenges that TML
will face in successfully integrating such a large operation,
which only recently turned profitable, and the immediate impact
on TML's financial profile," says Chris Park, a Moody's
VP/Senior Analyst. "At the same time, TML's future consolidated
performance will be predicated on whether JLR can both sustain
its improved profitability and contribute positively to TML,"
says Park.

The Ba2 rating continues to be underpinned by the strong market
position that TML commands in the commercial vehicle business
and in the low- and mid-end passenger vehicle segments in the
fast-growing Indian market. It maintains high historical EBIT
margin, averaging over 10%, and compares favourably with its
global peers.

However, the acquisition of JLR will expose it to new product
categories as well as to broader geographies, areas in which TML
has limited experience. This acquisition also comes at a time
when there is intense competition and rising cost pressure in
TML's domestic market. Furthermore, there are inherent
challenges with any major M&A transactions. This deal therefore
raises the immediate business risk profile of TML.

In the long term this acquisition could elevate TML's status
from a major Indian player to a global automobile manufacturer,
enlarge its operating scale, provide access to long-established
brands, improve its technology base, and broaden its product
range. Nonetheless, the uncertainty in the near to medium term
is high.

The US$3 billion bridge loan is expected to be refinanced by up
to US$2.2 billion of equity and equity-linked instrument,
whereas it was US$1 billion previously. The successful
completion of this exercise could result in a more conservative
capital structure and lower gearing. The higher equity base and
lower debt level will allow the company to better withstand
uncertainties related to the integration of JLR and its future
performance, as well as TML's challenges in the domestic market.

In view of the expansion and investment plan for TML and
contingent requirements for JLR, the overall debt requirements
will nevertheless high. Moody's notes in this context that
support for the rating at the Ba2 level comes from an
expectation that TML will retain strong access to the Indian
banking system as part of the broader Tata group.

The rating outlook is negative reflecting the refinancing risk
faced by TML for the bridge loans for the JLR acquisition, its
weaker financial profile, the integration risks it faces and the
uncertainty of JLR's performance under its new owner and amidst
the slowing down of car sales in the US and European markets."

The rating could revert to stable if the US$3 billion bridge
loan is successfully reduced by the planned US$2.2 billion of
equity issuance on terms that make these instruments
predominantly equity like in nature and if appropriate long term
debt funding for the remainder of the bridge loan is obtained.
This would also depend on the operating performance of JLR or
TML in the Indian domestic market being in line with
expectations with no obvious deterioration occurring especially
at JLR.

The rating would experience downward pressure if TML faces major
disappointments in product launches and expansion; if it
undertakes further aggressive capex and/or overseas expansion
plans; if there is a material deterioration in the Indian motor
industry's fundamentals and/or contribution from JLR . Financial
indicators that Moody's would consider for a downgrade include
consolidated Debt/EBITDA exceeding 4.5x on a sustainable basis.

A failure to effectively term out the bridge loan could also
create negative rating pressure.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles. Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and
buses), utility vehicles and cars. TML is listed on the Bombay
Stock Exchange, the National Stock Exchange of India and New
York Stock Exchange. It was ultimately 33.4% owned by the Tata
Group as of December 2007.


TATA POWER: Motilal Oswal Puts 'Buy' Rating on Firm's Shares
------------------------------------------------------------
Motilal Oswal has recommended 'buy' rating on Tata Power Company
Ltd for a target price of INR1,623, reports Economic Times.

According to the report, Motilal expects the company to report
net profit (excluding share of profit from KPC and Arutmin mines
of Bumi) of INR810 crore in 2008-09 and INR990 crore in 2009-10.
The target price comprises of: power business at INR437 per
share, defense business at INR13 per share, Delhi distribution
business at INR78 per share, Investments and cash balance at
INR431 per share, stake in mines of Bumi Resources at INR507 per
share, Mundra UMPP at INR38 per share, Mandakini coal mine
allocation at INR134 per share, Maithon power project at INR53
per share, and coastal Maharashtra project at INR4 per share,
less debt at INR87 per share.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA POWER: To Invest INR500 Crore for Wind Power Expansion
-----------------------------------------------------------
Energy major Tata Power would be adding 115 MW of wind power
capacity in the current fiscal at an estimated investment of Rs
500 crore, reports the HinduBusiness Line, citing S.
Ramakrishnan, Executive Director of the company.

The new capacities would be coming up in Gujarat and Karnataka.
and orders for the turbines have already been placed with Suzlon
and Enercon, Ramakrishnan said in the report.

According to HinduBusiness Line, the company already has 85 MW
of installed wind capacity in Maharashtra.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA STEEL: Inks Strategic Partnership with  Viet Nam Steel
-----------------------------------------------------------
As part of Tata Steel's globalization strategy, the company has
entered into strategic partnership with Viet Nam Steel
Corporation, Vietnam’s largest steel company, to develop the
iron and steel industry, VietNamNet News reports.

Indronil Sengupta, Tata Steel’s chief executive of Southeast
Asia projects, told VietNamNet News in an interview that the
company is setting Viet Nam as their first priority in their
investment strategy  as the country is now one of the fastest
growing markets in Southeast Asia, with GDP growth estimated at
about 8 percent.

Mr. Sengupta added that the demand for steel in Viet Nam is very
high, estimated at about eight million tonnes per year.  Despite
the abundant natural resources, Viet Nam still has to import
most of the crude steel it needs.

“We consider Viet Nam the most significant market for Tata at
the moment, particularly in the production of steel.  Tata Steel
has just entered the Viet Nam steel market with an investment
project for constructing and operating one of the largest steel
complexes in Viet Nam, in partnership with Viet Nam Steel
Corporation.  This steel complex will be located in Ha Tinh
Province with an estimated capacity of 4.5 million tonnes per
annum”, Mr. Sengupta said.

According to Mr. Sengupta, Tata Steel, as one of the few steel
companies that also mine iron ore, will participate in Thach Khe
Iron Ore Joint Stock company to contribute their mining
experience.

Mr. Sengupta also told VietNamNet that the company has received
support from the Government since their first day in Viet Nam,
so they believe that they will be able to start executing their
project soon.

                        About Tata Steel

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

                         *     *     *

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

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


TATA STEEL: To Begin Construction Work in Orissa Next Month
-----------------------------------------------------------
Tata Steel Ltd will begin construction work at its proposed six
million tonne steel plant at Kalinganagar in Orissa next month,
Live Mint News reports citing a senior company official.

Sanjay Choudhry, Tata Steel’s chief of corporate communication,
told Live Mint News that pre-fabrication work has already
started while actual construction will commence next month.

Mr. Choudhry added that the preparatory work including soil
testing, site clearing and fabrication of the steel rolling mill
is being carried out.

According to the report, the company has also placed work orders
for purchasing machinery and equipment including blast furnace,
sinter plants and slab caster for its Orissa unit.

The report says Tata Steel plans to commence commercial
production at the new plant in two phases of 3mt each in next
36-40 months.

                        About Tata Steel

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

                          *     *     *

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

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



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

PT PERTAMINA: Balikpapan Managers Under Probe
---------------------------------------------
TEMPO Interactive reports that the regional police of East
Kalimantan examined the general managers of PT Pertamina, state-
owned petroleum company, at marketing unit VI in Balikpapan as
they are alleged to selling subsidized-diesel to private boats
at a commercial price.

According to the report, the examination was carried out to
Pertamina's general manager, Iqbal Hassan; and Giri Santoso from
the investigative and criminal directorate of the regional
police of East Kalimantan.

The Pertamina and Balikpapan governments are in cooperation with
Sinar Pacific to sell subsidized-diesel to state-owned boats,
the report says citing the head of investigative and criminal
division at the regional police for East Kalimantan, Arief
Wicaksono.

However, PT Sinar Pacific sells it to private and even foreign
boats at a commercial price, which is a clear violation, Arief
told the news agency.

The report relates that Pertamina's spokesperson for
Balikapapan, Bambang Irianto, confirmed the smuggled diesel as
Pertamina's diesel.

                      Call for Transparency

Last month, Antara News reported that Chairman of the Indonesian
Demotratic Party of Struggle faction in the House of
Representatives Tjahjo Kumolo said his party rejected the
government's fuel oil price hike plan and was asking for the
reform of state-owned oil company PT Pertamina (Persero) due to
lack of transparency.

"It is ironical that Indonesia is an oil producing country whose
oil wealth is managed by Pertamina but there were no clear
explanations on its oil exports and imports, except the amount
of oil subsidy in the state budget," Kumolo told Antara News in
an interview.

He further told Antara News that the planned fuel oil increases
worsened the people's conditions because prices of basic
necessaries were now moving up even before the fuel oil prices
were really raised.

                      About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.



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

FORD MOTOR: Tracinda Waives Tender Offer Condition
--------------------------------------------------
Tracinda Corporation will waive the condition to its cash tender
offer that the market price of shares of Ford Motor Company
common stock does not decrease by 10% or more from the close of
trading on May 8, 2008.  Tracinda continues to believe in Ford’s
management and turnaround efforts and remains committed to its
offer for up to 20,000,000 shares of Ford common stock at a net
per share offer price of US$8.50.  The offer is scheduled to
expire at 5:00 p.m. New York City time on June 9, 2008 unless
extended.

As reported in the Troubled Company Reporter on April 29, 2008,
Tracinda disclosed that it will make a cash tender offer for up
to 20 million shares of common stock of Ford at a price of
US$8.50 per share.  The offer price represents a 13.3% premium
over Ford's closing stock price of US$7.50 on April 25, 2008 and
a 38.7% premium over Ford's closing stock price on April 2,
2008, the day upon which Tracinda began accumulating shares in
the company.  The shares to be purchased pursuant to the offer
represent approximately 1% of the outstanding shares of Ford
common stock.  Tracinda Corporation, of which Kirk Kerkorian is
the sole shareholder, currently owns 100 million shares of Ford
common stock, which represents approximately 4.7% of the
outstanding shares.  Tracinda's average cost for such shares is
approximately US$6.91 per share.  Upon completion of the offer,
Tracinda would beneficially own 120 million shares of Ford
common stock, or approximately 5.6% of the outstanding shares.

Tracinda also disclosed that the waiting period applicable to
the tender offer under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 expired on May 23, 2008.

Questions regarding the offer or requests for offer materials
should be directed to the information agent, D. F. King & Co.,
Inc., at (212) 269-5550 for banks and brokerage firms or (800)
859-8511 for all others.

            Investment on Ford Fiesta Plant in Mexico

Ford disclosed the new Ford Fiesta small car for North America
will be produced at the company’s transformed Cuautitlán
Assembly Plant beginning in early 2010 and a sporty European
hatchback model is being added to the North American lineup
alongside the popular sedan.

Transformation of the facility near Mexico City begins this
year, as the plant is converted from its current production of
F-Series pickups for the Mexican market to small cars for all of
North America.  The Chihuahua Engine Plant, which builds I-4
engines, also will assemble diesel engines for light- and
medium-duty trucks in a variety of global markets.   In
addition, through a joint venture with Getrag, Ford will
establish a new transmission plant in Guanajuato to support
various Ford products.  Company officials disclosed the trio of
investments jointly with Mexico President Felipe Calderón
Hinojosa.

The new multi-plant development effort represents a US$3 billion
U.S. investment, including the support of local suppliers.  It
is Mexico’s largest ever automotive investment.  The moves are
expected to create approximately 4,500 Ford jobs.  Together with
all direct and indirect employment at suppliers, the moves
affect 30,000 jobs in Mexico.

                     About Ford Motor Company

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

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

                          *     *     *

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

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

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


FORD MOTOR: Completes Sale of Jaguar & Land Rover to Tata Motors
----------------------------------------------------------------
Ford Motor Company completed the sale of its Jaguar Land Rover
operations to Tata Motors.

As reported in the Troubled Company Reporter on March 27, 2008,
Ford entered into a definitive agreement to sell its Jaguar and
Land Rover operations to Tata Motors for US$2.3 billion.  At
closing, Ford will then contribute up to US$600 million to the
Jaguar and Land Rover pension plans.

The sale is the culmination of Ford's decision last August to
explore strategic options for the Jaguar Land Rover business, as
the company accelerates its focus on its core Ford brand and
"One Ford" global transformation.  It also allows Jaguar Land
Rover to focus on delivering what is best for its business.

As part of the overall sale agreement between Ford and Tata
Motors, Ford will continue to supply Jaguar Land Rover with
engines, stampings and technology, including a range of
environmental technologies.

Ford Motor Company wishes the Jaguar Land Rover management team,
its employees and the new owners every success for the future.

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

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

                          *     *     *

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

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

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



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

DELPHI CORP: Wants August 1 Adversary Trial Against Appaloosa
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to allow for an
expedited hearing and related discovery on its adversary
proceedings against Appaloosa Management L.P. and eight other
plan investors and related parties.

As disclosed in the Troubled Company Reporter, Delphi seeks the
specific performance by the Plan Investors on their agreement to
provide US$2,550,000,000 of exit financing pursuant to the
Equity Purchase and Commitment Agreement.

Delphi proposes this schedule:

   A. Defendants will answer or move in response to the
      complaint by June 13, 2008.

   B. If a motion to dismiss is filed on or before June 13, the
      plaintiff will file its papers in opposition to the motion
      by June 23, 2008, and the defendants will file any reply
      by June 30, 2008.

   C. The parties will serve document requests as soon as
      practicable and no later than June 3, 2008.  Documents
      requested will be produced on a rolling basis and all non-
      privileged documents will be produced by June 30, 2008.

   D. The parties will serve notices for the depositions of
      fact witnesses as soon as practicable and no later than
      June 30, 2008.

   E. Any expert reports will be filed by July 15, 2008.

   F. All discovery will be completed by July 25, 2008.

   G. Pretrial briefs will be filed by July 25, 2008.

   H. Trial will commence on August 1, 2008.

Edward A. Friedman, Esq., at Friedman Kaplan Seiler & Adelman
LLP, in New York, says that although the proposed schedule is
expedited, it is also reasonable and workable under the
circumstances.

According to Mr. Friedman, Delphi seeks to expedite the
discovery and trial schedule because the equity financing
promised by the Plan Investors is essential to the consummation
of their Joint Plan and Delphi's timely emergence from
Chapter 11.

"The Plan and the agreements embodied therein, including the
EPCA, are the product of years of negotiation, accommodation,
conflict, litigation and ultimately resolution among Delphi, the
Debtors' Statutory Committees, the Debtors' principal labor
unions, General Motors, certain claimants in multidistrict ERISA
and securities litigation, the Internal Revenue Service, the
Pension Benefit Guaranty Corporation and the Defendants,"
Mr. Friedman says.  "If the Plan is to be consummated, time is
of the essence."

Mr. Friedman contends that expediting the discovery and trial
schedule will allow the Court to adjudicate Delphi's entitlement
to specific performance by the end of the summer, while it will
still be possible to put in place the structure that existed on
April 4, 2008, without subjecting Delphi's stakeholders to the
reduced recovery, and tremendous costs and delays that would
ensue if the Plan must be scrapped and a new plan developed.

In addition, long litigation and delay in the consummation of
the Plan harms the Debtors and their stakeholders because they
will be forced to endure the ongoing high costs and erosion of
market confidence that accompany a prolonged bankruptcy
proceeding, Mr. Friedman argues.

Delphi asks that the Court set May 29, 2008 as the hearing date
to consider its request for expedited discovery and trial.
Concomitantly, Delphi asks the Court to set May 28 as the
deadline for the filing and service of objections to its
proposal.

                        Harbinger Objects

Harbinger Del-Auto Investment Company Ltd. and Harbinger Capital
Partners Master Fund I, two of the Defendants, oppose Delphi's
request, asserting that Delphi failed to show good cause in
support of its expedited discovery and trial schedule.  They say
Delphi's schedule is patently unreasonable and unworkable.

Sapna W. Palla, Esq., at Kaye Scholer LLP, in New York, asserts
Delphi has not made any showing that it will be prejudiced if
its lawsuits are not brought to trial by August 1.  Harbinger
notes that Delphi could have brought the Adversary Proceeding
two months ago.  It recounts that on March 7, the Court ruled
that to the extent Delphi wished to seek a determination that
Plan Investors had breached their obligations under the EPCA, a
full evidentiary hearing, employing adversary proceeding rules,
would be required.

The expedited schedule Delphi proposes is unrealistic,
unreasonable, and unworkable, given the size and complexity of
this case, and would deprive Harbinger of the opportunity to
develop and present its case in a fair and reasonable manner,
Sapna Palla asserts.  The counsel says that in a case in which
Delphin seeks US$2,550,000,000 from the Plan Investors, the
proposed timeframe for conducting discovery is simply not
reasonable, under any standard, given the numerous complex legal
and factual issues, the number of parties and witnesses
involved, and the necessarily extensive involvement of experts
in presenting the issues.  Harbinger notes that Delphi's
proposal does not permit the parties to engage in an orderly
discovery process allowed by the rules of the Court, including
exchange of initial disclosures, a meaningful meet-and-confer
about discovery issues and any conference on scheduling issues.

                   Committee Wants to Intervene

The Official Committee of Unsecured Creditors seeks to intervene
in the Adversary Proceedings because its constituency, the
unsecured creditors, have been injured by the acts of the Plan
Investors.  It notes that because of the Plan Investors' failure
to provide the agreed-upon investment financing, distributions
that should have been made to creditors pursuant to the Plan
have not been made.

Michael D. Warner, Esq., at Warner Stevens, L.L.P., in Fort
Worth, Texas, asserts that as a party to the Adversary
Proceedings, the Committee's role should include receiving
notice of proceedings and the service of papers, filing motions,
objections and other papers, making arguments and responding to
arguments in Court, raising matters of concern to the Committee,
and otherwise participating as a party by propounding discovery,
taking part in depositions, and participating as parties with
respect to any settlement discussions and considerations in the
Adversary Proceedings.

Mr. Warner asserts pursuant to Rule 24 of the Federal Rules of
Civil Procedure and Section 1109(b) of the Bankruptcy Code, the
Committee is entitled to intervene in the Adversary Proceedings
because the creditors are the parties who will benefit from the
specific performance sought in the Adversary Proceedings and
other recovery obtained.  "Since the creditors would have
directly benefited from the investment financing and harmed by
the failure of the Debtors to honor their obligations with
respect thereto, the Committee should have the right to
participate fully in the Adversary Proceedings."

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company and its subsidiaries, including Delphi China LLC and
Delphi Automotive Systems Thailand, Inc., filed for Chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron
E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors.  As of March 31, 2007, the Debtors'
balance sheet showed US$11,446,000,000 in total assets and
US$23,851,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 130; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: To Borrow US$254 Mil. from Lender Group on June 9
--------------------------------------------------------------
According to The Detroit News, Delphi Corp. and its debtor-
affiliates expect to borrow an additional US$254,000,000 on
June 9 from a group of lenders through a package administered by
JPMorgan Chase & Co.

As widely reported, the Hon. Robert Drain of the U.S. Bankruptcy
Court for the Southern District of New York has approved the
Debtors' request to amend its US$4,100,000,000 DIP financing by:

   (i) increasing the amount of availability under the Tranche A
       revolving credit facility to US$1,100,000,000 and
       decreasing the amount of the Tranche B term loan to
       US$500,000,000; and

  (ii) increasing the principal amount of the Tranche C Loan by
       approximately US$254,000,000.

As the syndication effort proceeded, investor interest in
participating in the Debtors' DIP Facility proved to be
significantly stronger than previously expected, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, tells the Court.  The Debtors anticipate
the shift between the Tranche A and Tranche B borrowings will
save several hundred thousand dollars in interest expense per
month.  Increase in the Tranche C Loan will provide Delphi an
additional US$100,000,000 revolving line of credit.

Delphi previously expected that:

   (i) Tranche A would consist of a first priority revolving
       credit facility of up to US$1,000,000,000,

  (ii) Tranche B would consist of a first priority term loan of
       up to US$600,000,000 and

(iii) Tranche C would consist of a second priority term loan of
       approximately US$2,500,000,000.

Citicorp is the lead syndicating agent of the US$4,350,000,000
package, with Bank of America, GE Capital Corp., JP Morgan,
Deutsche Bank Securities taking roles in arranging the
financing.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company and its subsidiaries, including Delphi China LLC and
Delphi Automotive Systems Thailand, Inc., filed for Chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron
E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors.  As of March 31, 2007, the Debtors'
balance sheet showed US$11,446,000,000 in total assets and
US$23,851,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 131; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Sells Power Products Business Assets for US$7.8MM
--------------------------------------------------------------
The Business Journal of Milwaukee reports that Strattec Security
Corp., along with Witte Automotive and Vehicle Access Systems
Technology LLC, agreed to acquire certain assets and assume
certain employee liabilities of Delphi Corp.'s Power Products
business for US$7,800,000.

CNN discloses that under the deal, Strattec will acquire the
North American portion of Delphi's Power Products business,
while Witte will buy the European portion.  Vehicle Access, a
joint venture between Strattec, Witte, and ADAC Automotive, will
be buying the Asian portion of the business.

The assets to be acquired consist mostly of equipment and
inventory.  Moreover, Delphi's operations in Oak Creek will not
be included in the acquisitions, BizTimes Daily reports.

The Business Journal of Milwaukee notes that the deal is subject
to terms under Delphi's bankruptcy court proceedings.  Moreover,
Strattec expects to complete the acquisition before the end of
the year.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company and its subsidiaries, including Delphi China LLC and
Delphi Automotive Systems Thailand, Inc., filed for Chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron
E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors.  As of March 31, 2007, the Debtors'
balance sheet showed US$11,446,000,000 in total assets and
US$23,851,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 130; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Completes US$10M Kettering Facility Sale to Tenneco
----------------------------------------------------------------
Delphi Automotive Systems LLC has completed the sale of certain
ride control assets and inventory at Delphi's Kettering, Ohio
facility to Tenneco Inc.  Tenneco has agreed to pay
approximately US$10 million for existing ride control components
inventory and approximately US$9 million for certain machinery
and equipment.

Tenneco will also lease a portion of the Kettering facility from
Delphi.  As part of the deal, Tenneco has also acquired valuable
excess manufacturing assets, which it intends to use to continue
growing its OE ride control business globally.

Tenneco has entered into a long-term supply agreement with
General Motors Corporation to continue supplying passenger car
shock and strut business to General Motors from the Kettering
facility.

"Tenneco's acquisition of these assets, and a committed book of
business from GM, gives us an opportunity to further diversify
our ride control business in North America with more passenger
car business as well as strengthen our ride control
manufacturing capabilities in other key markets," Neal Yanos,
senior vice president and general manager, North America
Original Equipment Ride Control, Tenneco, said.

"The purchase is also a win for the Kettering community and
employees since jobs will be maintained that otherwise would be
lost," Mr. Yanos continued.  "We're moving ahead with a strong
local management team in place with the goal of growing the
plant's book of business."

Tenneco will employ approximately 400 hourly and salaried
employees at the Kettering plant.  In connection with the
purchase agreement, Tenneco has entered into a five-year
agreement with the International Union of Electrical Workers,
which will represent the hourly workforce at the facility.  The
agreement was ratified by the IUE's rank and file in August
2007.

                       About Tenneco

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                      About Delphi Corp.


Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company and its subsidiaries, including Delphi China LLC and
Delphi Automotive Systems Thailand, Inc., filed for Chapter 11
protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron
E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude,
Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors.  As of March 31, 2007, the Debtors'
balance sheet showed US$11,446,000,000 in total assets and
US$23,851,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.


HYUNDAI MOTOR: Court Resentencing Allows Chief to Stay Free
-----------------------------------------------------------
A South Korean Court upheld its earlier ruling that Hyundai
Motor Chairman Chung Mong-koo does not have to spend jail time,
allowing the chairman to continue running the company, the
Associated Press reports.

As reported by the Troubled Company Reporter - Asia Pacific on
May 27, 2008, in September last year, an appeals court suspended
Mr. Chung's three-year prison term and ordered him to keep his
pledge of donating KRW1 trillion to social welfare institutions
and undertaking other forms of community service such as
providing lectures and articles on legitimate management.

However, the Seoul High Court was forced to issue a new sentence
after the prosecutors appealed to them, saying such community
services weren't appropriate.

According to the AP, in May 27's ruling, the high court ordered
Chung to do 300 hours of community service in the form of
environmental protection and other activities instead of the
lecturing and writing.

The company was happy with the verdict.

"We are greatly relieved that this case is finally over," the
automaker said in a statement.  "We can now focus all our
energies on making the Hyundai-Kia Automotive Group a global
leader, one which is responsive and responsible to the demands
of all of our stakeholders," AP cited the company as saying.

Mr. Chung, AP recounts, was found guilty in February last year
on charges that he raised a US$100 million slush fund from
affiliates.  Prosecutors said much of the money was used to pay
lobbyists to gain government favors and for personal use, the
report notes.

Mr. Chung received a three-year term in the initial district
court trial, but the high court suspended the sentence for five
years, the report says.

                       About Hyundai Motor

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

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

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

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

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

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

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

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


HYUNDAI MOTOR: May Sale Up 8.5% on Robust Foreign Demand
--------------------------------------------------------
Hyundai Motor Company's sales rose 8.5% in May from a year
earlier, attributable to robust foreign demand, particularly in
emerging markets, Yonhap News reports.

However, the report relates, the near-term outlook for the
company with its affiliate Kia Motors Corp., remains uncertain
as the company is facing a double threat from surging raw-
material costs and a global economic slowdown.

According to the report, Hyundai Motor sold 251,271 units in
May.  Exports rose 10.1% to 196,069 units, but domestic sales
gained three% to 55,202 units.

In the first five months of this year, Hyundai Motor sold 1.22
million units, up 14.8% from a year earlier, the report says.

Yonhap News adds that Hyundai Motor aims to sell 3.11 million
vehicles this year.

                       About Hyundai Motor

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

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

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

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

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

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

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

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



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

ABOUT CONCRETE: Fixes July 11 as Last Day to File Claims
--------------------------------------------------------
The creditors of About Concrete Services Ltd. are required to
file their proofs of debt by July 11, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


ACTION EXCAVATION: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On April 2, 2008, the Commissioner of Inland Revenue filed a
petition to have Action Excavation Ltd.'s operations wound up.

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

The CIR's solicitor is:

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


AIR NEW ZEALAND: Reaches Settlement With In-House Engineers
-----------------------------------------------------------
The Engineering, Printing and Manufacturing Union (EPMU) and the
Aviation and Marine Engineers Association (AMEA) had reached a
negotiated settlement with Air New Zealand, Stuff Co. Nz. News
reports.

The airline's engineers, the report relates, had been conducting
low-level industrial action for almost a month.

EPMU told the news agency that the deal would not be made public
until members from both unions had a chance to review and vote
on the settlement over the coming weeks.

Negotiations had been on-going since March, with about 1500
staff members beginning the low-level industrial action on
May 9, the report says.

                      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.


CER GROUP: First Quarter 2008 Sales Revenue Up 39% to NZ$1.28MM
---------------------------------------------------------------
CER Group Ltd's sales performance for January to March showed
material overall growth, with sales revenue of NZ$1.28 million,
up 39% from NZ$920,000 in 2007.

Both trading segments of Certified Organics and Vital Resource
Management (VRM), contributed to this encouraging sales result.

The Group's biological control and remediation segment revenues
grew from a modest base to a solid first quarter performance of
NZ$400,000.  Sales drivers included new season orders for the
South Australian Government seed eradication contract, together
with contribution from VRM, acquired in August 2007.

The Group's multi-channel marketing operation, New Zealand
Nature, delivered an excellent 22% growth in domestic sales in
the first quarter.  This off-season growth has primarily been
achieved through initiatives designed to improve repurchase
rates by existing customers.

The Group continues to develop and implement strategies to
accelerate its sales growth in 2008 and will be announcing
further initiatives shortly.

                       About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       *     *     *

In a statement to the New Zealand Stock Exchange on Feb. 29,
2008, the Group posted a pre-tax loss of NZ$225,000 as
preliminary results for the 2007 financial year.  This loss was
calculated after charging NZ$30,000 for the time apportioned
imputed cost of untraded share options issued during the year.

Following a further review, the Audit Committee deemed it
appropriate to charge the full imputed, non-cash, cost of these
options to the 2007 trading result, increasing the pre-tax loss
for the year to NZ$903,000.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


ELITE CONSTRUCTION: Creditors' Proofs of Debt Due on July 11
------------------------------------------------------------
The creditors of Elite Construction Contractors Limited are
required to file their proofs of debt by July 11, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


FOOD SERVICES: Appoints Horton and Price as Liquidators
-------------------------------------------------------
On May 9, 2008, Christopher Robert Ross Horton and John Albert
Price were appointed liquidators of Food Services Group (New
Zealand) Ltd.

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

The Liquidators can be reached at:

         Christopher Robert Ross Horton
         John Albert Price
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 3705


GM INDUSTRIAL: Creditors' Proofs of Debt Due on July 11
-------------------------------------------------------
The creditors of GM Industrial Holdings Limited are required to
file their proofs of debt by July 11, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


KILTON LTD.: Shareholders Opt to Liquidate Business
---------------------------------------------------
On May 15, 2008, the shareholders of Kilton Ltd. resolved to
voluntarily liquidate the company's business.   Neville Charles
Goldie was appointed as liquidator.

The Liquidator can be reached at:

          Neville Charles Goldie
          PO Box 6396, Te Aro, Wellington
          New Zealand
          Telephone:(04) 382 4914
          Facsimile:(04) 385 4463


MARLBOROUGH MEATS: Fixes June 5 as Last Day to File Claims
----------------------------------------------------------
Marlborough Meats Ltd. requires its creditors to file their
proofs of debt by June 5, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 8, 2008.

Marlborough's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Private Bag 47927, Ponsonby
          Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


MILLAR ALUMINIUM: Wind-Up Petition Hearing Set for June 9
---------------------------------------------------------
The High Court of Christchurch will hear on June 9, 2008, at
10:00 a.m., a petition to have Millar Aluminium Ltd.'s
operations wound up.

Electralarm Limited filed the petition on April 15, 2008.

Electralarm Limited's solicitor is:

          G. P. Tyrrell
          Saunders & Co, 227 Cambridge Terrace
          PO Box 18, Christchurch
          New Zealand
          Telephone:(03) 379 7690
          Facsimile:(03) 379 3669


MOBILE PROPERTY: Wind-Up Petition Hearing Set for June 6
--------------------------------------------------------
The High Court of Auckland will hear on June 6, 2008, at
10:00 a.m., a petition to have Mobile Property Sales Ltd.'s
operations wound up.

Terralink International Limited filed the petition on Feb. 12,
2008.

Terralink's solicitor is:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          3-9 Church Street, Level 3
          PO Box 213, Wellington
          New Zealand
          Telephone:(04) 470 5972


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
          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


NEW ZEALAND ACADEMY: Appoints McCormick as Liquidator
-----------------------------------------------------
New Zealand Academy of Fine Arts Ltd. commenced liquidation
proceedings on April 17, 2008, and Neil James McCormick was
appointed liquidator.

The Liquidator can be reached at:

          Neil James McCormick
          Wharf Offices Apartments
          1 Queens Wharf, Wellington
          New Zealand
          Telephone:(04) 499 8807


PACIFIC EDGE: Records NZ$1.92MM Loss for Year Ended March 2008
--------------------------------------------------------------
Pacific Edge Biotechnology Limited has recorded a net loss of
NZ$1,917,775 for the year ended March 31, 2008, compared to a
budgeted loss of NZ$2,300,616 for the year and a corresponding
loss of NZ$1,880,836 for the year ended March 31, 2007.

The company said it continues to focus on products nearest to
market and as such the bladder cancer assay is the company's
lead product.  As a matter of policy, the company said it
continues to write off all research and development expenditure
until the point at which products or projects provides
reasonable certainty of cost recovery.  The company, over this
period, has made further significant investment in intellectual
property protection, product development and in the clinical
trial for the company's cancer detection assay between May 2007
and December 2007 the company raised NZ$5.2 million via a
Special Share Purchase Plan (SPP), to existing shareholders and
the issue of new shares to habitual investors.

The limited issue to habitual investors offered shares at
13.7 cents and Special Share Purchase Plan (SPP) shares were
offered to existing shareholders at 12.9 cents.  The company
looks forward to an exciting year as it moves closer to
commercialisation.

                     About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited
-- http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing
protein/antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


PACIFIC EDGE: Launches Bladder Diagnostic Clinical Trial
--------------------------------------------------------
Pacific Edge Biotechnology Limited launched its bladder
diagnostic clinical trial in hospitals and private practices in
New Zealand.  This has been a significant achievement for the
company with its maiden product in bladder cancer. The clinical
trial for the detection of bladder cancer, using urine samples,
will be carried out on nine sites in New Zealand.  The clinical
trial follows a period of extensive validation of the candidate
biomarkers that form the test that is designed to test the
robustness of the assay by examining urine samples collected
from patients with a variety of complicating circumstances.  The
clinical trial is seen as the last step on the path to
commercialisation.

Recruitment of the patients into the trial will occur over the
following 12 months and the company could reasonably expect to
complete the trial analysis by the first half of 2009.  A
successful outcome of the clinical trial is expected to provide
the Company with a commercial ready product for markets
outside the United States.  Negotiations are underway with
diagnostic companies in the US and Europe.  These companies have
diagnostic delivery platforms ideally suited to PEB's bladder
test.

The customers for this bladder cancer test are urologists,
specialist clinicians that focus on urological disorders and
diseases. Of the 300 urologists in Australasia the Company has
identified a number of leading urologists who are working with
the test in the clinical trial phase and are expected to become
early customers.

Development work on the company's other cancer diagnostic and
prognostic products continues with significant success in the
melanoma prognostic product and more recently, the gastric
cancer diagnostic product.  After a long and technically
challenging period of discovery, a prototype of five biomarkers
has been identified for detection of gastric cancer.  This will
be a test based on a blood sample and as such is significantly
different from the company's bladder test.  This short list of
protein biomarkers for gastric cancer has been shown to be
present in elevated amounts in serum (blood) samples taken from
gastric cancer patients.  A further patent has been derived
from this work and is in process of being submitted to the US
Patents Office.  Next steps involve further validation science
followed by a clinical trial.

Gastric cancer is a significant issue in Japan and other parts
of Asia with both Korea and Japan having free national screening
programs for people over 40 years of age.  Pacific Edge
Biotechnology has been working with several companies in Japan
that have a strong interest in commercialising a new and
effective early diagnostic tool for gastric cancer.

                     About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited
-- http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing
protein/antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


ST GEORGE: Appoints Levin and Vance as Liquidators
--------------------------------------------------
On May 2, 2008, the High Court of Auckland appointed Henry David
Levin and David Stuart Vance as the liquidators of St George
Developments Ltd.

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

The Liquidators can be reached at:

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



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

UCPB: Auctions Fraser Place Apartments on July 19
-------------------------------------------------
Under pressure to dispose of bad assets to improve
finances, United Coconut Planters Bank is selling its
Fraser Place Serviced Residences in Salcedo Village,
Makati, at an auction set for July 19, 2008, Eileen
A. Mencias of Manila Standard reports.

Bids for the property, which includes 82 fully
furnished apartment units and 401 parking spaces, will
start at Php1.6 billion.  Colliers International is
acting as sales agent.

Manila Standard says UCPB is holding the sale amid a
rescue plan being arranged by the government for the
bank.

On May 20, 2008, the Troubled Company Reporter-Asia
Pacific, citing the Manila Standard, reported that
the Philippine government has raised its assistance package
to sequestered UCPB to Php30 billion from Php25 billion
in case the bank’s request for exemption from the reserve
requirement is rejected by the central bank.

The report said UCPB has sought an exemption from the reserve
requirement to obtain more funds for investment and increase its
earning prospects.

The government under its rescue plan will transfer its deposits
from the Bangko Sentral ng Pilipinas to UCPB, which will then
invest the money in government securities, the report said.

The Bangko Sentral ng Pilipinas has asked UCPB to provide
details of its rehabilitation plan.

According to Manila Standard, UCPB has incurred financial
difficulties due to its inability to raise new capital and its
sequestered status.  In June 2007, UCPB reported a non-
performing loans ratio of 29.8 percent and a negative 36.3
percent return on equity.  Accordingly, Manila Standard relates,
the bank disposed of Php8.68 billion in bad assets in November
2007, which reduced the level of its bad assets by 42 percent to
Php12.11 billion.

United Coconut Planters Bank -- http://www.ucpb.com/--
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.


UNIWIDE HOLDINGS: Net Loss Narrows to Php36.67MM in 1st Qtr
-----------------------------------------------------------
Uniwide Holdings Inc. registered a consolidated net loss of
Php36.67 million for the period ended March 31, 2008, a decrease
of 0.03% over reported net loss of Php37.88 million during the
same period last year.

Consolidated rental and franchise income for the period ended
March 31, 2008 decreased by 0.03% over the same period in 2007.

UW’s consolidated operating expenses for the period ended
March 31, 2008 amounting to Php68.82 million decreased by 0.02%
compared with the Php69.99 million in the same period last year.
According to the company, the continuous improvement in the
operating expenses can be attributed to the rationalization of
personnel related cost, decline in occupancy relatedcost, and
the reduction of various office expenses.

Net other income registered an increase of Php1.01 million for
the period ended March 31, 2008, representing a 7.94% increase
over the same period last year, which was Php0.13 million.  The
increase was due to the refund received from Meralco Phase IVA.

                       Financial Position

UW’s consolidated assets registered at Php2.70 billion as of
March 31, 2008 compared to the Php2.71 billion as of
December 31, 2007.  UW’s receivables increased by 0.02% from
December 31, 2007 of Php1.46 billion to Php1.49 billion as of
March 31, 2008.  The increase, the company says, is mainly
attributed to the uncollected rent and other charges from
tenants.

Total liabilities as of March 31, 2008 (including loans payable
of Php1.68 billion) were recorded at Php5.1 billion.  On the
overall, UW’s total liabilities registered an increase of 1%
compared to the Php5.07 billion as of December 31, 2007.

As of March 31, 2008, UW's total capital deficiency stood at
Php2,410,140,489 compared to Php2,373,468,707 total capital
deficiency as of December 31, 2007.

                       Rehabilitation Plan

Uniwide Group is now on its sixth year of rehabilitation.

On December 23, 2002, the Securities and Exchange Commission
approved the Second Amendment to the Group’s Rehabilitation Plan
(SAGARP), a formal notice of which was received on January 16,
2003.  With the approval of the SAGARP, SEC on May 12, 2003
issued an Order appointing Atty. Julio C. Elamparo as the
Rehabilitation Receiver of Uniwide.

In a letter dated March 18, 2004, the SEC informed the Uniwide
Group that the Convertible Notes to be issued to the unsecured
creditors as exempt securities under Section 9.1 of the
Securities Regulation Code.  On July 5, 2004, the SEC approved
the final version of the Convertible Notes scheduled to be
issued to the unsecured creditors pursuant to the approved
Second Amendment to the Group Rehabilitation Plan.  As of
January 26, 2006, UHI Group has started issuing the
restructuring agreement and convertible notes to the unsecured
creditors in accordance with the SAGARP.

As of December 31, 2007, a total of Php71.05 million convertible
notes were issued to unsecured creditors of which, Php19.01
million were converted into parent company’s common shares at
issue price, in accordance with the SEC approved rehabilitation
plan.

SEC’s approval of the SAGARP, on December 22, 2002, marks the
start of the implementation of Uniwide’s Rehabilitation plan.
SAGARP provides for a 15 year Rehab Plan commencing in Year
2003.  The Rehab Plan outlines Uniwide’s commitments and
targets, the implementation if which is overseen by the SEC
appointed Rehabilitation Receiver.

At this point, the company says it is worth noting though that
while Year 2 of the SAGARP assumes that all dacion arrangements
have been completed and malls are managed by creditors/new
owners, actual circumstances have delayed meeting these targets.

To date, several dacion arrangements have been completed, some
have just been concluded and others are under various stages of
documentation and negotiations.  Pending completion of all
dacion arrangements, some properties still remain with the
Uniwide group, since substantial amounts of assets are still
owned by the UHI group as compared to Rehab Year 1 scenario
where only leasehold improvements are left with UHI.  UHI
operates its two malls from where it derives its rental income.
Third party franchise continue to provide franchise income to
UHI.  Meanwhile, operating expenses reflected higher levels in
2007 as against Year 1 Rehab Plan Budget estimates since UHI
still operates its two malls and maintains some other
properties.

Review of the Uniwide group’s operation for the past four years
from the year the second Amended Rehab Plan was approved by SEC
reveals the need for a revised operating strategy for the group
to recover from its financial problems.  The submission of the
Third Amendment to the Rehabilitation Plan is necessary
considering that the certain conditions stated in the second
amendment no longer applies to the present situation.

On August 6, 2006, Uniwide presented before the SEC board the
status of the implementation of the approved second
rehabilitation plan as of the second quarter of 2006.  The group
discussed during the presentation, the need for a third
amendment to the rehabilitation plan.

On July 11, 2007, Uniwide group submitted for SEC approval the
Third Amendment to the Group Rehabilitation Plan (TAGARP) in
order for the group to incorporate the new operating strategy to
recover from the losses and be able to satisfy its obligations
specifically to its unsecured creditors.

Uniwide group offers other properties to be used/dacioned in
payment of liabilities to unsecured creditors in place of the
cash payment.

                    About Uniwide Holdings Inc.

Uniwide Holdings Inc. (UW) was incorporated on September 15,
1994 primarily to engage in the business of investment by way of
acquisition, transfer, exchange or disposal of real or personal
property.  The company started commercial operations on July 1,
1995.  UW was established to act as the franchisor of the
retail/wholesale stores that trade under the name Uniwide Sales,
and to consolidate the real estate interests of the Gow Family.
The company is currently the franchisor of five Uniwide Sales
Warehouse Clubs and one Uniwide Sales Department Store.

UW's subsidiaries are Uniwide Sales Realty and Resources
Corporation, and Naic Resources and Development Corporation.
The operations of both companies are currently suspended.  As of
December 31, 2006, UW was on the fourth year of its Securities
and Exchange Commission-approved rehabilitation plan.



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

CELLONICS INCORPORATED: Wind-Up Petition Hearing Set for June 6
---------------------------------------------------------------
A petition to have Cellonics Incorporated Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
June 6, 2008, at 10:00 a.m.

The petitioner's solicitor is:

          Infinitus Law Corporation
          77 Robinson Road, #16-00 Robinson 77
          Singapore 068896


ENG SENG: Fixes June 30 as Last Day to File Claims
--------------------------------------------------
Eng Seng Holdings Pte Ltd requires its creditors to file their
proofs of debt by June 30, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce
         & Industry Building
         Singapore 179365


FOODBEX GLOBAL: Creditors' Meeting Set for June 20
--------------------------------------------------
The creditors of Foodbex Global Pte Ltd, which is in
liquidation, will hold a meeting for its creditors on June 20,
2008, at 2:30 p.m.

At the meeting, the creditors will be asked to:

   -- receive an update on the company's liquidation;
   -- approve the liquidators’ remuneration; and
   -- discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


GOH HUP: Creditors' Proofs of Debt Due on June 6
------------------------------------------------
Goh Hup Heng Electrical Pte Ltd, which is in compulsory
liquidation, will pay first and final dividend to its creditors
on June 6, 2008.

The company will pay 100 percent of dividend to all its admitted
preferential claims while 28.5 percent to all admitted unsecured
claims.

The company's liquidator is:

          ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


HSIN SEMICONDUCTOR: Creditors' Meeting Set for June 16
------------------------------------------------------
The creditors of Hsin Semiconductor Pte Ltd are required to file
their proofs of debt by June 16, 2008, to be included  in the
company's dividend distribution.

The company's judicial manager is:

          Kon Yin Tong
          c/o 47 Hill Street
          #05-01 SCCCI Building
          Singapore 179365


KAMINAH PTE: Creditors' Proofs of Debt Due on July 1
----------------------------------------------------
The creditors of Kaminah Pte Ltd are required to file their
proofs of debt by July 1, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          5 Shenton Way
          #07-01 UIC Building
          Singapore 068808


LIFE GLOW: Wind-Up Petition Hearing Set for June 20
---------------------------------------------------
A petition to have Life Glow Asia Pte Ltd's operations wound up
will be heard before the High Court of Singapore on June 20,
2008, at 10:00 a.m.

Lim Eng Teck filed the petition on May 27, 2008.

Lim Eng Teck's solicitor is:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                         *********

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

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

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


                            *********


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

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

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

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

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





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