TCRAP_Public/080611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, June 11, 2008, Vol. 11, No. 115

                            Headlines

A U S T R A L I A

ABC LEARNING: Completes New AU$82.2 Million Shares Issue
ALIMNASH PTY: Liquidator Presents Wind-Up Report
BARRY KNIGHT: Liquidator Presents Wind-Up Report
EZY REEL: Liquidator Presents Wind-Up Report
HENTY PROPERTY: Liquidator Presents Wind-Up Report

INSTALLDUCT PTY: Appoints M.E. Slaven as Liquidator
MILTON WHYBROW: Members and Creditors Hear Wind-Up Report
PRIMUS TELECOM: Australia Unit Gets AU$8MM Refund from Telstra
SRIACO PTY: Commences Liquidation Proceedings


C H I N A

BANK OF CHINA: Gives CNY25BB Credit Line to Panzhihua & Anhui
CHINA SOUTHERN: Fully Implements E-Ticketing in Australia
NINGBO BIRD: To Sell its 70% Stake in Hangzhou for CNY7.24 Mil.
PAY88 INC: Posts $684,979 Net Loss in 2008 First Quarter
SHENYANG JINBEI: Court Holds CNY20MM Assets on Infringement Case

SINOBIOMED INC: March 31 Balance Sheet Upside-Down by $7,129,870
UTSTARCOM INC: Selling Mobile Solutions Business to OpenGate
VALENCE TECHNOLOGY: March 31 Balance Sheet Upside-Down by $67MM
* CHINA: New Investments Account Reaches Lowest in May


H O N G  K O N G

BEST ASSETS: Members & Creditors to Meet on June 20
HONGKONG AIR: Creditors' Proofs of Debt Due July 4
MARTIN (FAR EAST): Members & Creditors to Meet on June 20
MARUEM MATSUKAZI INDUSTRY: Creditors' Proofs of Debt Due July 6
MARUEM MATSUKAZI INT'L: Creditors' Proofs of Debt Due July 6

MOULIN BUSINESS: Members & Creditors to Meet on June 20
MOULIN HOLDINGS: Members & Creditors to Meet on June 20
PRIMETIME HOLDINGS: Members & Creditors to Meet on June 20
SOUTH CHINA: Creditors' Proofs of Debt Due July 6
SUNWELL METALS: Creditors' Proofs of Debt Due June 30


I N D I A

TATA STEEL: Sets June 26 Meeting on FY 2008 Results
FEDERAL-MOGUL GOETZE: OKs Rs1300 Million Shares Issue
ICICI BANK: To Focus on Improving Current Account Business
ORIENTAL BANK: Fitch Holds 'BB+' Foreign and Local Currency IDR


I N D O N E S I A

INDOSAT: Qatar Telecom to Acquire Controlling Stake in Company
INDOSAT: Moody's Places LC Corporate Family Rating on Review
* INDONESIA: S&P Assigns 'BB-' Ratings on Proposed Global Bonds


J A P A N

SOFTBANK CORP: Shares Up on iPhone 3G Sale This July
SOFTBANK CORP: Forms Japanese Joint Venture w/ Alibaba.com  


K O R E A

DAEWOO CAPITAL: Moody's Assigns 'Ba1' Issuer Rating
EUGENE SCIENCE: Defaults on US$2,250,000 Senior Notes
EUGENE SCIENCE: Four Officers and Directors Resigned


M A L A Y S I A

* MALAYSIA: Attracts Significant Investment for Manufacturing


N E W  Z E A L A N D

RESOLUTION DIGITAL: Commences Liquidation Proceedings
OVAL AIR: Murray G. Allott Appointed as Liquidator
SURE ALLIANCE: Murray G. Allott Appointed as Liquidator
ECO PANEL: Murray G. Allott Appointed as Liquidator
CEDAR VALLEY: Commences Liquidation Proceedings

SILVER OAKS: Liquidators Set June 12 Claims Bar Date
GRIFFITH CONSTRUCTION: Claims Filing Deadline is June 15
CORBEL GROUP: Creditors Can File Claims Until June 30
CINEMA 3: Court to Hear Liquidation Application on July 4
CMGB LTD: Creditors Can File Claims Until June 18

GREENLANE FINANCIAL: Commences Liquidation Proceedings
AJJ HOMES: Creditors' Claims Filing Deadline is June 18


P H I L I P P I N E S

* PHILIPPINES: Gov't Debt Up to Php3.881 Trillion in March 2008


S I N G A P O R E

LEONG SENG: To Pay First & Final Dividend on June 12
SILKROUTE HOLDINGS: Requires Creditors to File Claims by July 10


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ABC LEARNING: Completes New AU$82.2 Million Shares Issue
--------------------------------------------------------
ABC Learning Centres Limited disclosed in a regulatory filing
that it has completed an AU$82.2 million equity capital raising
thru a placement of new shares.  The equity placement will
further the company's stated aim of deleveraging the business
and strengthening the company's capital structure.

The placement is for 15% of ABC's current outstanding equity
which is 71.5 million new shares at AU$1.15 per share, a 15%
discount to the last close at AU$1.35 per share.  The shares
have been placed to Morgan Stanley Private Equity Asia and
Lazard Asset Management Pacific Co. Of the 15% placement, MSPE
will take up 12.9% and Lazard Asset Management 2.1%.

“After careful consideration, the Board has decided to proceed
with this placement as part of ABC's strategy to deleveraging
the business and strengthening the company's capital structure,”
David Ryan, chairman of ABC said.

Chin Chou, Chief Executive Officer of MSPE Asia, said, “This
investment in ABC underscores our commitment to the company and
its long-term growth prospects in the early childhood
educational industry.  We look forward to partnering with ABC's
management team to optimize the company's performance and market
presence.”

                      U.S. Joint Venture

ABC has received the necessary bank consent for the US Joint
Venture with Morgan Stanley Private Equity, and is working
towards completing the transaction by June 30, 2008.  Following
completion of the transaction, ABC's Tranche A facility limit
will reduce from AU$1,310 million to AU$1,050 million.

The sale process for the UK Vouchers business is continuing,
however ABC believes that the transaction may now close after
June 30, 2008.  If the completion date for the UK Vouchers
disposal were to occur during fiscal year 2009, the expected
gain on sale of approximately AU$100 million would be recognized
in fiscal year 2009 rather than fiscal year 2008.

The proceeds from the partial sale of the US operations, the
disposal of the UK Voucher business as well as the planned sale
of the property portfolios will be used to reduce net debt.

                       About ABC Learning

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and  
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.  Consequently, stock trading was halted as the
company entered talks on "indications of interest" for parts of
its business.  More than 96% of the remaining 21.9 million ABC
Learning shares owned by directors, equivalent to 4.6% of stock
outstanding, are held in margin lending arrangements that may
result in forced sales.


ALIMNASH PTY: Liquidator Presents Wind-Up Report
------------------------------------------------
Frank Lo Pilato, Alimnash Pty. Ltd.'s estate's liquidator, met
with the company's members and creditors on May 29, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


BARRY KNIGHT: Liquidator Presents Wind-Up Report
------------------------------------------------
At the final meeting of the members and creditors of Barry
Knight Steelfixing Pty Ltd held May 29, 2008, Frank Lo Pilato,
the appointed liquidator, presented an account showing the
manner in which the winding up has
been conducted and the property of the company disposed.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


EZY REEL: Liquidator Presents Wind-Up Report
--------------------------------------------
Frank Lo Pilato, Ezy Reel Pty. Ltd.'s estate's liquidator, met
with the company's members and creditors on May 29, 2008, and
provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


HENTY PROPERTY: Liquidator Presents Wind-Up Report
--------------------------------------------------
Henry Kazar, Henty Property Group Pty. Ltd.'s estate
liquidator, met with the company's members on May 29, 2008,
and provided them with property disposal and winding-up reports.

The liquidator can be reached at:

          H. J. Kazar
          Sims Partners
          6 Lonsdale Street
          Braddon ACT 2612
          Australia


INSTALLDUCT PTY: Appoints M.E. Slaven as Liquidator
---------------------------------------------------
Installduct Pty. Ltd.'s members agreed on April 18, 2008, to
voluntarily liquidate the company's business.  Michael Edward
Slaven was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Michael Edward Slaven
          Rangott Slaven
          Unit 12, Level 3, EngineeringHouse
          11 National Circuit, Barton ACT
          Australia


MILTON WHYBROW: Members and Creditors Hear Wind-Up Report
---------------------------------------------------------
At the final meeting of the members and creditors of Milton
Whybrow Autos Pty Ltd held May 29, 2008, Frank Lo Pilato, the
appointed liquidator, presented an account showing the manner in
which the winding up has been conducted and the property of the
company disposed.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


PRIMUS TELECOM: Australia Unit Gets AU$8MM Refund from Telstra
--------------------------------------------------------------
PRIMUS Telecommunications Group Incorporated has received a
refund as a consequence of excessive rates previously charged by
Telstra Corporation.  The refund resulted from the Final
Determination of the Australian Competition and Consumer
Commission concerning access disputes between Primus Australia,
an indirectly wholly owned subsidiary, and Telstra for
unconditioned local loop connection, managed network and call
diversion charges.  These services are key components of high
speed broadband services offered by Primus.

The FD pricing directives were retroactively applied to services
procured by Primus from Telstra from June 10, 2004, for
connection and managed network charges and from May 10, 2005,
for call diversion charges.  As a result, Primus has received
refunds from Telstra of certain excessive charges of AU$6.5
million plus interest of AU$1.3 million.  

Although Telstra cannot directly appeal the Final Determination,
it has sought judicial review of the ACCC’s decision challenging
whether the ACCC has the authority to make a ruling on the call
diversion component.  Both the ACCC and Primus are contesting
that challenge.  The effectiveness of the Final Determination
expires on June 30, 2008.  

With respect to the charges, it is expected that ACCC will
publish indicative prices to provide a basis for pricing beyond
June 30, 2008.  Absent changed circumstances, it is expected
that such “indicative prices” will be similar to the FD pricing,
but there can be no assurances of that outcome.

                     About Primus Australia

Primus Telecom Australia -- http://www.primustel.com.au/-- an  
indirect wholly owned subsidiary of PRIMUS Telecommunications
Group Incorporated, offers a comprehensive range of high speed
broadband, data, Internet, web hosting and voice products,
servicing to both business and residential sectors.  

                         *     *     *

In November 2005, Primus Australia entered into a financing
arrangement for network equipment.  Payments are made over a
five-year term ending October 2010.  The effective interest rate
on the current borrowing is 9.3%.  

At December 31, 2007, the company was in breach of a covenant
under the financing arrangement.  Breach of the covenant was
waived by the lender on February 8, 2008.
On February 13, 2008, the covenant was changed to a less
stringent requirement.

At March 31, 2008 and December 31, 2007, the company had a
liability recorded under this agreement in the amount US$4.7
million (AU$5.1 million) and US$4.7 million (AU$5.4 million),
respectively.

                About  PRIMUS Telecommunications

Based in McLean, Virginia, PRIMUS Telecommunications Group
Incorporated (OTCBB: PRTL) is an integrated communications
services provider offering international and domestic voice,
voice-over-Internet protocol (VOIP), Internet, wireless, data
and hosting services to business and residential retail
customers and other carriers located primarily in the United
States, Canada, Australia, the United Kingdom and western
Europe.  PRIMUS provides services over its global network of
owned and leased transmission facilities, including
approximately 500 points-of-presence (POPs) throughout the
world, ownership interests in undersea fiber optic cable
systems, 18 carrier-grade international gateway and domestic
switches, and a variety of operating relationships that allow it
to deliver traffic worldwide.

                          *     *     *

PRIMUS Telecommunications Group Incorporated's balance sheet
at March 31, 2008, showed total stockholders’ deficit of
US$451,504,000 resulting from total assets of US$425,597,000
and total liabilities of US$877,101,000.


SRIACO PTY: Commences Liquidation Proceedings
---------------------------------------------
Sriaco Pty. Ltd.'s members agreed on April 14, 2008, to
voluntarily liquidate the company's business.  S. J. Hundy and
E. M. Senatore were appointed to facilitate the sale of its
assets.

The liquidator can be reached at:

          S. J. Hundy
          E. M. Senatore
          SBR Insolvency + Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia



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

BANK OF CHINA: Gives CNY25BB Credit Line to Panzhihua & Anhui
-------------------------------------------------------------
Bank of China has given a CNY25 billion (US$3.57 billion) credit
line to Panzhihua Iron & Steel Group and Anhui Conch Cement Co.,
to help their rebuilding efforts in earthquake-hit areas, Mao
Lihun of China Daily reports.

The Daily relates that Sichuan-based Panzhihua Iron & Steel
received a CNY20 billion credit line, while Anhui Conch got a
total of CNY28 billion loan from the bank.

According to the report, the loans will help the two firms to
meet the demand for building materials and resume production in
Sichuan at the earliest.

The bank told the news agency that Panzhihua will also get other
financial support including liquidity loan and fixed-asset loan
services, cash management and financial consulting services from
BOC.

Meanwhile, the Daily notes that Conch Cement plans to build new
factories in Guangyuan and Dazhou in Sichuan.  "The new
factories will help boost Conch's cement manufacturing capacity
in Sichuan to 12 million tons by 2010," the Daily cited Guo
Jingbin, executive director of Conch Cement Co, as saying.

                     About The Bank of China

Headquartered in Beijing, China, the Bank of China    
-- http://www.bank-of-china.com/-- provides corporate banking,   
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.  

                          *     *     *

As of June 9, 2008, the bank still holds Moody's Investors
Service Ratings' 'D' Bank Financial Strength and Fitch Rating's
'D' Individual Rating.


CHINA SOUTHERN: Fully Implements E-Ticketing in Australia
---------------------------------------------------------
China Southern Airlines fully implemented E-ticketing for all
CZ-plated travel agents in Australia, E-travelblackboard News
reports.

According to the report, airline offices in Sydney and Melbourne
are no longer able to issue paper tickets for passengers whose
travel agents have not issued e-tickets.

The report says the only paper tickets now accepted for travel
on China Southern flights will be those issued prior to June 1,
when the airline switched to e-ticketing.

The only exception to the policy, the report says, are interline
journeys that include carriers, which have not implemented e-
ticketing, interline journeys containing non e-ticket sectors,
open-dated journeys without an outbound confirmed segment,
journeys in excess of 16 segments and interline journeys for
infants.

                      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 “B+” Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


NINGBO BIRD: To Sell its 70% Stake in Hangzhou for CNY7.24 Mil.
---------------------------------------------------------------
Ningbo Bird Co. Limited plans to sell its 70% stake in Hangzhou
Bird Software Co. Limited to Mr. Zhao Jiandong for
RMB7,248,220.97, Reuters reports.

The report relates that after the transaction, the company will
no longer have a stake in Hangzhou Bird.

Meanwhile, the company has appointed Zhang Zhangxuan as General
Manager.
                  
Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in   
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.

                          *     *     *

As of June 9, 2008, the company still holds Xinhua Far East
China Ratings' BB- issuer credit rating.


PAY88 INC: Posts $684,979 Net Loss in 2008 First Quarter
--------------------------------------------------------
Pay88 Inc. reported a net loss of $684,979, on net sales of
$5,504,080 for the first quarter ended March 31, 2008, compared
with a net loss of $134,829 on net sales of $1,102,781 for the
same period ended March 31, 2007.

The net loss for the current quarter included amortization of
deferred financing cost of $35,148 and amortization of debt
discount and cash discount of $480,999.  

At March 31, 2008, the company's consolidated balance sheet
showed   $2,851,232 in total assets, $2,055,002 in total
liabilities, and $796,230 in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2d86

                       Going Concern Doubt

RBSM LLP, in New York, expressed substantial doubt about Pay88
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2007.  The auditing firm reported that the company
pointed to the company's recurring losses from operations and
accumulated deficit.

The company has an accumulated deficit of $12,288,222 at March
31, 2008, compared to an accumulated deficit of 11,603,243 at
Dec. 31, 2007.

                         About Pay88 Inc.

Pay88 Inc. (OTC BB: PAYI) -- http://www.pay88.com/-- was  
incorporated on March 22, 2005, under the name "Pay88 Ltd." in
the State of New Hampshire.  The company subsequently decided to
reincorporate in the State of Nevada by merging with and into
Pay88 Inc., a Nevada corporation formed for such purpose on
July 7, 2005.  The merger was effectuated on Aug. 9, 2005.

Through the company's wholly owned subsidiary, Chongqing Qianbao
Technology Ltd., a Chinese limited liability company, Pay88 Inc.
is primarily engaged in the sale of prepaid multi-player online
game cards through the Internet.  The company also offers for
sale prepaid telephone cards and over 800 software products,
including cooking and language software.


SHENYANG JINBEI: Court Holds CNY20MM Assets on Infringement Case
----------------------------------------------------------------
Shenyang Jinbei Automotive Co. Limited's assets worth
CNY20,412,000 have been sequestrated and frozen by the
Intermediate People's Court of Xiamen, Fujian Province, due to a
reputation right infringement dispute with a Xiamen-based
technology company, Reuters reports.

In a separate report dated December 6, 2007, Reuters said that
an asset company filed a lawsuit against Shenyang Jinbei, for
breaching a debt issue and a settlement agreement between them.

The report noted that under the business agreement, Shenyang
Jinbei will repay the principal and the interest of CNY109.67
million in total to the asset company.

However, when the asset company sold the creditor's right to a
Xiamen-based technology company, Shenyang Jinbei was only able
to pay CNY6,050,260 of its debt to the new creditor.

Reuters did not disclose the names of the asset and Xiamen-based
companies.

                      About Shenyang Jinbei

Headquartered in Shenyang, Liaoning Province, China, Shenyang
Jinbei Automotive Co., Ltd. is principally engaged in the
development, manufacture and sale of light trucks, light
passenger vehicles, multi-functional commercial automobiles and
spare parts, as well as the provision of after-sale services.  
The company distributes its automobiles and spare parts, under
the brand name of Jinbei, in the domestic and overseas markets,
such as the Middle East and Africa.

                         *     *     *

As of June 9, 2008, the company still holds Xinhua Far East
China Ratings's 'C' issuer credit rating.


SINOBIOMED INC: March 31 Balance Sheet Upside-Down by $7,129,870
----------------------------------------------------------------
Sinobiomed Inc.'s consolidated balance sheet at March 31, 2008,
showed $8,330,453 in total assets and $15,460,323 in total
liabilities, resulting in a $7,129,870 total stockholders'
deficit.

At March 31, 2008, the company's consolidated balance sheet also
showed strained liquidity with $1,591,575 in total current
assets available to pay $15,460,323 in total current
liabilities.

The company reported a net loss of $1,858,906, on sales of
$174,093, for the first quarter ended March 31, 2008, compared
with a net loss of $1,777,344, on sales of $216,022, for the
same period ended March 31, 2007.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2d85

                       Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
reported that the company has experienced losses since
commencement of operations and has negative working capital and
a stockholders' deficit.

The company is in the process of researching, developing,
testing and evaluating proposed new pharmaceutical products and
has not yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.

                      About Sinobiomed Inc.

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State  
of Delaware.  The company is a leading Chinese developer of
genetically engineered recombinant protein drugs and vaccines.
Based in Shanghai, Sinobiomed currently has 10 products approved
or in development: three on the market, four in clinical trials
and three in research and development.  The company's products
respond to a wide range of diseases and conditions, including:
malaria, hepatitis, surgical bleeding, cancer, rheumatoid
arthritis, diabetic ulcers and burns, and blood cell
regeneration.


UTSTARCOM INC: Selling Mobile Solutions Business to OpenGate
------------------------------------------------------------
UTStarcom Inc. reached an agreement to divest its Mobile
Solutions Business Unit.  The MSBU, which consists of the IPCDMA
business, will be acquired by the private equity firm OpenGate
Capital.

The new name of the MSBU will be Star Solutions.  UTStarcom will
retain the PDSN operations and will work with Star Solutions as
an OEM provider.  The transaction is expected to close in
approximately three weeks and financial terms of the transaction
were not disclosed.

"In late 2007, we disclosed a new strategic focus aimed at
maximizing our opportunities in IP-based technologies including
IPTV, Next Generation Networks and Broadband," Peter Blackmore,
UTStarcom's chief operating officer, said.  "The sale of our
Mobile Solutions business marks one step towards achieving that
strategic goal."

"We are pleased to execute this transaction in a way that will
cause no disruption to the MSBU's ongoing operations, Jack Mar,
the president of UTStarcom's MSBU stated.  "Star Solutions will
continue to develop and offer our unique IP based GSM/CDMA
wireless solutions.  Importantly, we look forward to continue
building upon the existing partnerships with our customers and
suppliers as we accomplish the next stage of our growth."

                       About UTStarcom Inc.

Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end  
networking solutions and international service and support.  The
company develops, manufactures and markets its broadband,
wireless, and terminal solutions to network operators in both
emerging and established telecommunications markets worldwide.  
UTStarcom was founded in 1991 and is headquartered in Alameda,
California.  The company has research and development centers in
the USA, Canada, China, Korea and India.

                     Going Concern Doubt

PricewaterhouseCoopers LLP, in San Jose, California, expressed
substantial doubt about UTStarcom Inc.'s ability to continue as
a going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2007.  The
auditing firm pointed to the company's recurring net losses,
negative cash flows from operations and significant debt
obligations.  

On March 3, 2008, the company repaid the convertible
subordinated notes of $289.5 million which included a principal
payment of $274.6 million and the accrued interest of $14.9
million.

The company reported an operating loss of $30.9 million for the
quarter ended March 31, 2008.  


VALENCE TECHNOLOGY: March 31 Balance Sheet Upside-Down by $67MM
---------------------------------------------------------------
Valence Technology Inc.'s balance sheet at March 31, 2008,
showed total assets of $27.1 million and total liabilities of
$94.4 million, resulting in a total stockholders' deficit of
$67.3 million.

The company also reported results for its fiscal 2008 fourth
quarter and year ended March 31, 2008.

For the fourth quarter of fiscal 2008, the company reported a
net loss available to common shareholders of $4.6 million
compared to a net loss of $6.0 million for the fiscal 2007
fourth quarter.

For the fiscal year ended March 31, 2008, net loss available to
common shareholders improved to $19.6 million compared to
$22.4 million for the fiscal year ended March 31, 2007.

"The company finished fiscal 2008 with improved financial
performance," Robert L. Kanode, president and chief executive
officer of Valence, said.  "We expect to see continued revenue
growth in fiscal year 2009 as our customer base and
manufacturing capacity expand.  Efforts to reduce global
dependence on fossil fuels and carbon emissions are at the
forefront of our daily news and Valence provides an alternative
energy solution.  Our lithium phosphate energy systems offer
safety, reliability, no heavy metals, and cost effective pricing
to enable long life applications."

                 About Valence Technology Inc.

Valence Technology Inc. (NASDAQ:VLNC) -- http://www.valence.com/
-- developed and markets the industry's  commercially available,
safe, large-format family of lithium phosphate rechargeable
batteries.  Valence holds a worldwide portfolio of issued and
pending patents relating to its lithium phosphate rechargeable
batteries.  The company has facilities in Austin, Texas; Las
Vegas, Nevada; Mallusk, Northern Ireland and Suzhou, China.


* CHINA: New Investments Account Reaches Lowest in May
------------------------------------------------------
China reached the lowest level of investment accounts opened in
May amid sluggish market, Xinhua News says, citing a report by
China Securities Depository and Clearing Corporation Ltd.

According to the report, only 106,800 fund investment accounts
were opened in China last month, the lowest level in the past
two years due to the sluggish stock market.  

The report relates that the number of new fund accounts fell
drastically from January's 815,000, while the benchmark Shanghai
index lost about 2,000 points from above 5,200 points in
January.

A total of 34 new mutual funds were approved this year, of which
13 raised less than CNY1 billion (US$143 million) each in
initial placement, Xinhua News says.

The latest figure showed the fund index on the two bourses
slumped for four consecutive weeks, adds Xinhua News.



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

BEST ASSETS: Members & Creditors to Meet on June 20
---------------------------------------------------
Best Assets Holdings Limited will hold a joint meeting for its
creditors and contributors at 10:30 a.m. on June 20, 2008.  
During the meeting, the company's liquidator, Roderick John
Sutton will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

            Roderick John Sutton
            Hong Kong Club Building, 14th Floor
            3A Charter Road, Central
            Hong Kong


HONGKONG AIR: Creditors' Proofs of Debt Due July 4
--------------------------------------------------
Creditors of HongKong Air Terminal Services Limited are required
to file their proofs of debt by July 4, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2008.

The company's liquidators are:

         Thomas Andrew Corkhill
         Ian Fegurson Bruce
         Gloucester Tower, 8th Floor
         The Landmark, 15 Queen's Road
         Central, Hong Kong


MARTIN (FAR EAST): Members & Creditors to Meet on June 20
---------------------------------------------------------
martin (far East) Optical Company Limited will hold a joint
meeting for its creditors and contributors at 12:00 p.m. on
June 20, 2008.  During the meeting, the company's liquidator,
Roderick John Sutton will provide the attendees with property
disposal and winding-up reports.

The company's liquidator can be reached at:

            Roderick John Sutton
            Hong Kong Club Building, 14th Floor
            3A Charter Road, Central
            Hong Kong


MARUEM MATSUKAZI INDUSTRY: Creditors' Proofs of Debt Due July 6
---------------------------------------------------------------
Creditors of Maruem Matsukazi Industry (H.K.) Co., Limited are
required to file their proofs of debt by July 6, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 28, 2008.

The company's liquidator is:

         Leung Mei Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road, Wanchai
         Hong Kong


MARUEM MATSUKAZI INT'L: Creditors' Proofs of Debt Due July 6
------------------------------------------------------------
Creditors of Maruem Matsukazi International Co., Limited are
required to file their proofs of debt by July 6, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 28, 2008.

The company's liquidator is:

         Leung Mei Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road, Wanchai
         Hong Kong


MOULIN BUSINESS: Members & Creditors to Meet on June 20
-------------------------------------------------------
Moulin Business Solutions Limited will hold a joint meeting for
its creditors and contributors at 11:30 a.m. on June 20, 2008.  
During the meeting, the company's liquidator, Roderick John
Sutton will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

            Roderick John Sutton
            Hong Kong Club Building, 14th Floor
            3A Charter Road, Central
            Hong Kong


MOULIN HOLDINGS: Members & Creditors to Meet on June 20
-------------------------------------------------------
Moulin Holdings (H.K.) Company Limited will hold a joint meeting
for its creditors and contributors at 10:00 a.m. on June 20,
2008.  During the meeting, the company's liquidator, Roderick
John Sutton will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

            Roderick John Sutton
            Hong Kong Club Building, 14th Floor
            3A Charter Road, Central
            Hong Kong


PRIMETIME HOLDINGS: Members & Creditors to Meet on June 20
----------------------------------------------------------
Primetime Holdings Limited will hold a joint meeting for its
creditors and contributors at 11:00 a.m. on June 20, 2008.  
During the meeting, the company's liquidator, Roderick John
Sutton will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

            Roderick John Sutton
            Hong Kong Club Building, 14th Floor
            3A Charter Road, Central
            Hong Kong


SOUTH CHINA: Creditors' Proofs of Debt Due July 6
-------------------------------------------------
Creditors of South China Paper Limited are required to file
their proofs of debt by July 6, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 30, 2008.

The company's liquidator is:

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


SUNWELL METALS: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------
Creditors of Sunwell Metals Limited are required to file their
proofs of debt by June 30, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 27, 2008.

The company's liquidators are:

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



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

TATA STEEL: Sets June 26 Meeting on FY 2008 Results
---------------------------------------------------
Tata Steel Limited has informed the Bombay Stock Exchange that
a meeting of the company's Board of Directors will be held
on June 26, 2008, to consider the final accounts and the
dividend for the year ended March 31, 2008.

Headquartered in Mumbai, India, Tata Steel Limited
-- http://www.tatasteel.com/-- is an integrated steel company.  
Its operations predominantly relate to manufacture of steel and
ferro alloys and minerals business.  Other business segments
comprises of tubes, bearings, refractories, pigments, port
operations, municipal services and investment activities.  Tubes
division produces three categories of tubes: commercial tubes
used in plumbing, irrigation and process industry; precision
tubes, which cater to the boiler and automotive sectors, and
structural tubes supplied to the infrastructure sector.  In
April 2007, the company acquired Corus Group plc, which produces
carbon steel by the basic oxygen steelmaking method at three
integrated steelworks in the United Kingdom at Port Talbot,
Scunthorpe and Teesside, and at one in the Netherlands at
IJmuiden.  In February 2008, the company's subsidiary, Kalimati
Investments Ltd, acquired Tata Metaliks Ltd.  By the acquisition
of shares, Tata Metaliks Ltd has become a subsidiary of the
company.

                         *     *     *

As of June 10, 2008, Tata Steel Limited continues to carry
Standard & Poor's “BB” rating on its US$500 million senior
unsecured bank loan due Mar 31, 2013 and its US$750 million
(equivalent) senior unsecured syndicated bank loan due
Dec. 31, 2013.


FEDERAL-MOGUL GOETZE: OKs Rs1300 Million Shares Issue
-----------------------------------------------------
Federal-Mogul Goetze (India) Ltd informed the Bombay
Stock Exchange that the company's Board of Directors, at
its meeting held June 9, 2008, inter alia, approved the
"Issue of Shares on Right Basis" up to Rs 1300 Million.

Meanwhile, the company said its Register of Members & Share
Transfer Books will remain closed until June 13, 2008
for an annual general meeting to be held on the same day.

The books have been closed since May 30, 2008.

New Delhi-based Federal-Mogul Goetze (India) Limited
-- http://www.federalmogulgoetze.com/-- manufactures,  
supplies and distributes automotive components, such as
rings used in two/three/four wheeler automobiles.  The
facilities of the Federal-Mogul Goetze (India) Limited
are located at Patiala (Punjab), Bangalore (Karnataka)
and Bhiwadi (Rajasthan).

                          *     *     *

Federal-Mogul Goetze incurred two successive annual net losses:
-- For the year ended Dec. 31, 2006, the company incurred
   net loss of Rs.63.14 million on net sales of
   Rs.3874.11 million.
-- For the year ended Dec. 31, 2007, the company incurred
   net loss of Rs.142.96 million on net sales of
   Rs.6,228.35 million.


ICICI BANK: To Focus on Improving Current Account Business
----------------------------------------------------------
With the banking industry facing pressure on spreads,
ICICI Bank Limited will orient itself towards fee-based
income this fiscal, The Hindu Business Line reports
citing Mr. Vijay Chandok, Senior General Manager,
Head SME Business, ICICI Bank.

According to the report, the bank is looking to increase
its share of current accounts and add to its fee income
by improving the business banking services.  

“This year, our orientation is towards improving the
visibility and servicing of current account business in
our branches,” Mr. Chandok told the news agency.

The bank’s share of low-cost CASA (current account
savings account) to total deposits was 26 per cent,
as on March 31, 2008, the Business Line says.

                     Overseas Retail Deposits

Last month, Sonjoy Chatterjee, Executive Director at ICICI Bank,
told the Business Line in an interview that the bank has access
to US$8-10 billion of low cost overseas funds through retail
deposits from its overseas operations while the pipeline of
outbound M&A deals of Indian corporates would be anywhere
between US$15-20 billion, despite the global slowdown.

“Earlier, we had access to a whole host of funding options.  
While some of the wholesale opportunities have become a little
limited, because of some of the global credit squeeze, we have
substantially stepped up our local retail deposits.  UK, Canada
and Germany have very successful online funding products, called
HiSave. Almost 90 per cent of the customer segment that comes
into this product is the White Anglo Saxon.  UK, Canada put
together, we have roughly US$8-10 billion flowing in.  That has
become a complement for the bank’s foreign currency requirements
at a time when the wholesale markets are getting tighter,” Mr.
Chatterjee told the news agency.

                     About ICICI Bank Limited

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

                          *     *     *

As of June 10, 2008, ICICI Bank Limited continues to carry
Standard & Poor's “BB” rating on its Proposed Hybrid Tier I
notes
(US$5 billion MTN program) and “BB+” rating on its
Proposed Lower Tier II sub notes (US$5 bil MTN program).  The
bank's Fundamental Strength Rating is “C”.


ORIENTAL BANK: Fitch Holds 'BB+' Foreign and Local Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed India's Oriental Bank of Commerce
Ltd.'s Long-term foreign currency Issuer Default Rating at
'BB+', Individual at 'C/D', Support Rating at '3' and Support
Rating floor at 'BB-'.  The Outlook on the ratings is Stable.

OBC's ratings reflect its historically strong Tier I and
solvency (Net NPL to equity ratios) among Indian banks while
also taking into account its majority government ownership.

The bank's stable financial profile was affected following its
merger with Global Trust Bank in August 2004.  OBC's
profitability (measured by return on assets; FY08:0.4%,
FY05:1.5%) has been declining on account of falling net interest
margins, as well as an annual recurring write-off of INR2.5
billion since FY05 (FY08: INR4.2bn) pertaining to GTB's
accumulated losses.  While profitability will improve as the
provisioning for GTB losses is complete, higher provisioning for
loan losses in a less benign credit environment could moderate
the improvement.

Post merger, the bank focused on recoveries from GTB's loan
portfolio which led to a decrease in gross NPA ratio to 2.7% in
FY08 from 9% in FY05.  Further improvements in asset quality
could be challenging with OBC's increased exposures to retail
and SME segments, where delinquencies have been rising for the
industry as a whole.

Following the equity issuance in FY06, the government stake in
OBC has been reduced to 51%, thus restricting the bank's ability
to raise common equity.  OBC expects a 100bp reduction in
capital adequacy ratio under Basel II, scheduled to be
implemented from FY09.  Therefore, the bank intends to utilise
the available headroom to issue hybrid capital thus maintaining
a target CAR above 12%.

OBC, established in 1943, functioned as a small private bank
until it was nationalised in 1980.  With a network of 1,273
branches, OBC has a pan-India branch network after it merged
with GTB, acquiring a presence in south India which complemented
its north India-based operations.  From lending to predominantly
low yielding corporates, OBC has increased its focus on lending
to the retail and SME segments, which now constitutes around 30%
of total loans.



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

INDOSAT: Qatar Telecom to Acquire Controlling Stake in Company
--------------------------------------------------------------
Qatar Telecom said in a press statement that Asia Mobile
Holdings Pte. Ltd., a jointly held subsidiary with Singapore
Technologies Telemdia Pte. Ltd. (STT) will sell its 40.8% stake
in PT Indosat Tbk to Qtel.  

Under the terms of the Agreements dated June 6, 2008, Qtel has
agreed to pay SG$2.4 billion (US$1.8 billion) in cash to acquire
AMH’s total interest in Indosat.

As a result, Qtel’s effective stake will increase from 10.2% to
40.8%.  Qtel intends to continue working with STT in the AMH
joint venture vehicle, and as a result of this transaction, STT
will no longer hold any interest in Indosat.

                          About Indosat

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

                          *     *     *

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


INDOSAT: Moody's Places LC Corporate Family Rating on Review
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Ba1 local currency corporate family rating of PT
Indosat Tbk (Indosat), and the Ba2 foreign currency senior
unsecured bond rating of Indosat Finance Company B.V. and
Indosat International Finance Company B.V., which are guaranteed
by Indosat.

The rating action was prompted by the announcement that
Singapore Technologies Telemedia (STT), a wholly owned unit of
Singapore government's investment firm Temasek Holdings, has
agreed to sell its interest in Indosat to its business partner
Qatar Telecom.  Qatar Telecom will pay US$1.8 billion for the
40.8% stake in Indosat held by Asia Mobile Holdings, a joint
venture between Qatar Telecom and STT.  Upon completion of the
transaction, STT will no longer have any involvement in Indosat.

Indosat's Ba1 rating had historically received a one-notch
uplift from the expected support of STT as the largest
shareholder.  Moody's has also indicated in the past that should
STT reduce its equity stake in Indosat, there could be negative
consequences for the rating as the support level, and therefore
the rating uplift, would have to reassessed.

In addition, Moody's notes that successful completion of the
transaction could potentially trigger the Change of Control
clauses in the US$300 million 7.75% senior unsecured notes due
Nov 2010 issued by Indosat Finance Company BV and the USD 250
million 7.125% senior unsecured notes due June 2012 issued by
Indosat International Finance Company BV.  While Indosat
currently has sufficient cash to cover early redemption of the
bonds, this may weaken its overall liquidity given the projected
large capex plan.

In its review, Moody's will assess:

(i) whether Indosat's ratings will continue to benefit from the
    uplift derived from the ownership by a government-related
    issuer (Moody's notes that Qatar Telecom is 55% owned by the
    Government of Qatar),

(ii) the impact of the early repayment of the bonds on Indosat's
     liquidity, and

(iii) whether the change in ownership could have any impact on
      Indosat's business and financial strategies.  A more
      aggressive financial strategy could put pressure on
      Indosat's standalone Ba2 rating.

The transaction is subject to certain regulatory approvals;
Moody's expects to complete its review once the approvals have
been granted, and there is more clarity on the expected support
and the financial strategies that the new major shareholder will
be implementing on Indosat.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second
largest cellular operator in the country, as well as its leading
provider of international call services.  It also provides
multi-media, data communications, and internet services.


* INDONESIA: S&P Assigns 'BB-' Ratings on Proposed Global Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured foreign-currency debt ratings and '3' recovery ratings
to the Republic of Indonesia's (foreign currency BB-/Stable/B;
local currency BB+/Stable/B) benchmark-size global bonds.
Standard & Poor's does not expect Indonesia's general government
external debt to exceed 17.0% of GDP after this issuance.

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

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

The ratings on Indonesia continue to be weighed on by a high
external debt and still high general government debt burden.
Overall competitiveness is also hampered by infrastructure
shortfalls, legal uncertainties, corruption, and labor market
rigidities. Information gaps remain on the financial standing
of the state-owned enterprises, the consolidated regional and
local government budgetary performance and debt burdens, and the
financial performance of entities owned by regional and local
governments, all of which hamper the analysis of the public
sector.  It will also be a key challenge for the administration
to continue to build support for its reform and secure timely
parliamentary approval, especially in a pre-election year.

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



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

SOFTBANK CORP: Shares Up on iPhone 3G Sale This July
----------------------------------------------------
Softbank Corp.'s shares rose the most in two months in Tokyo
trading after Apple Inc. said the updated version of the iPhone
3G handset will go on sale next month, Pavel Alpeyev of
Bloomberg News reports.

According to the report, the company gained 2.9% to JPY1,910, as
of 10:02 a.m. yesterday, June 10, on the Tokyo Stock Exchange,
the biggest advance since April 7, compared with a 0.5% gain by
the benchmark Nikkei 225 Stock Average.

In a company press release, Softbank and Apple said that the
iPhone(TM) 3G will be available in Japan on July 11.

iPhone 3G combines all the revolutionary features of iPhone with
3G networking that is twice as fast as the first generation
iPhone, built-in GPS for expanded location based mobile
services, and iPhone 2.0 software which includes support for
Microsoft Exchange ActiveSync and runs the hundreds of third
party applications already built with the recently released
iPhone SDK, the company said.

"I am delighted at this opportunity to partner with Apple," said
Masayoshi Son, SBM chairman and CEO.  "SBM's and Apple's shared
vision of promoting the innovative integration of the Internet
and mobile phone through the distribution of iPhone is exciting.
iPhone has been enthusiastically received around the world, and
we think it will be popular in Japan as well."

"Japan is one of the world's most advanced mobile markets and we
are thrilled to partner with SoftBank to launch iPhone 3G there
next month, " said Tim Cook, Apple' s COO.  "iPhone 3G is an
amazing product and we think customers in Japan will love it as
much as we do."

Bloomberg relates that Deutsche Bank AG's Tokyo-based analyst
Kenji Nishimura said the launch timing and pricing of the
product could generate strong demand.

                         About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                          *     *     *

As of June 9, 2008, the company still holds Moody's Rating's
'Ba2' rating on its Issuer rating and Senior Unsecured Debt.  
The outlook for the ratings are stable.


SOFTBANK CORP: Forms Japanese Joint Venture w/ Alibaba.com  
----------------------------------------------------------
Softbank Corp. partnered with Alibaba.com Limited to form a
joint venture company called Alibaba.com Japan.  The new company
will take over the operation of Alibaba.com's existing Japanese-
language website which connects small and medium enterprises
(SMEs) in Japan with buyers and suppliers around the world.

Alibaba.com is the world's leading business-to-business (B2B) e-
commerce company.  Founded in 1999 in Hangzhou, China, it has
built a global community of close to 30 million members from
over 240 countries and regions.  Its efficient, trusted platform
allows buyers and sellers of everything from shoes to
electronics to find trading partners faster than ever before.

"Softbank has been a strategic investor in the Alibaba Group for
many years, and this agreement is a natural extension of our
strong relationship," said Jack Ma, Alibaba.com Chairman.

"Alibaba.com Japan will provide Japanese businesses with the
most comprehensive database of suppliers available online today
from China and around the world.  It will combine the strength
of Alibaba.com's global community with Softbank's established
brand, marketing power and sales and customer service network in
Japan."

"It will be a great pleasure to launch this joint venture
business with Alibaba.com, the largest B2B e-commerce company in
China," said Masayoshi Son, SOFTBANK CEO.  "We expect that
Alibaba.com Japan will create new business opportunities and
stimulate big changes in the Japanese market."

Japan has more than 4 million SMEs, which account for 25% of the
country's export value and 63% of its import value.  Since 2006,
China has surpassed the US to become Japan's largest trading
partner.  Alibaba.com Japan will promote trade between China and
Japan, as well as help Japanese businesses open up new trade
channels worldwide.

Alibaba.com Japan is the first B2B online marketplace for global
trade that localizes language and content for a Japanese
audience.  Initially, Alibaba.com Japan will focus on cross-
border trade for imports from China and around the world into
Japan.  Later, it will expand its focus to exports from Japan
and domestic B2B trade in Japan as well.

With more than 1 million product listings and over 75,000
members, Alibaba.com Japan is already a significant gateway to
trade with Japan.  Alibaba.com soft-launched its upgraded
Japanese website in December 2007 and since then it has seen a
substantial increase in the number of users from Japan.  With
the launch of the joint venture, Alibaba.com Japan will continue
to localize its content and upgrade its services to improve the
user experience for Japanese SMEs.

                          About Softbank

Softbank is involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.  As of March 31, 2007, the company's paid-in
capital was JPY163.3 billion.

                          *     *     *

As of June 9, 2008, the company still holds Moody's Rating's
'Ba2' rating on its Issuer rating and Senior Unsecured Debt.  
The outlook for the ratings are stable.



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

DAEWOO CAPITAL: Moody's Assigns 'Ba1' Issuer Rating
---------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 long-
term issuer rating to Daewoo Capital Corporation (DWC).  The
outlook for the rating is stable.

"The Ba1 rating reflects DWC's franchise value as the 2nd
largest auto finance company in Korea, its improving risk
management practices, gradual diversification into other
consumer finance business, as well as the strenthening of its
financials in recent years," says May Yan, a Moody's VP/Senior
Credit Officer.

"It additionally takes into account DWC's still evolving
business model as a non-captive finance company, the fact that
its financials are untested by the economic cycle, and
performance pressures due to increased competition," says
Ms. Yan, also Moody's lead analyst for the company.

"DWC was orginally the captive finance arm for Daewoo Group, a
Korean industrial conglomerate which failed during the Asian
financial crisis 10 years ago," says Ms. Yan.  The company
underwent a corporate restructuring in 2002. After a capital
injection, debt-equity swap, and balance sheet clean-up, all of
which occurred between 2002 and 2004, it emerged from bankruptcy
and was purchased by a consortium formed by Aju Corporation
(non-rated) and Shinhan Bank(Aa3/P-1) in 2005.  Its owners now
include Aju (77.2%), Shinhan Bank (14.4%), Aju Venture Capital
(5.7%), and Employee Stock Holding Association (2.7%).

DWC focuses on auto financing and leasing for both new and used
cars.  In terms of auto financing, the company has a market
share of 24% in Korea, only behind Hyundai Capital, the captive
financing arm for the Hyundai Motor Group.

As of end-2007, auto financing accounted for 58.6% of DWC's
managed assets, machinery and equipment leases 21.8%, personal
and corporate loans 11.8%, and mortgage loans 7.7%.

As a non-captive finance company, it is attempting to become
more competitive, and is focusing on expanding into new business
areas while sustaining its current market niche.  In the last
two years, it has also focused on expanding in niches such as
commercial vehicles and used car financings, equipment
financing, as well as into new businesses, such as high-margin
personal loan products.

Management has a good awareness of the importance of risk
management and has invested significantly - money, time and
talent and overall efforts - to improve its risk management
system and practices.  According to its CEO, risk management is
a key focus for the company.

DWC has built an integrated IT system, which includes relatively
advanced modeling skills, covering loan originations, approvals
and monitoring processes.  And the company continues to improve
its system and risk management policies, procedures and
practices on an on-going basis.

DWC's financials improve significantly in the past few years.
Asset growth and net income have expanded at CAGRs of 26% and
29% respectively since 2004.  Asset quality has improved with
the delinquency rate dropping to only 0.5% at end-2007 from 5.1%
at end 2003.  Equity to total assets and managed equity to total
managed asset ratios - although declining over the years -
remain at reasonable levels of 16.5% and 10.5% at end-2007.

It has a relatively balanced financing structure compared to a
few years ago.  As at end-2007, 45% of its funding comes from
securitization (ABS), 26% long-term bonds, 15% bank loans, 9%
short-term commercial paper, and 5% from credit vehicles, a
legacy of its past activities.  Looking ahead, Moody's believes
the ability to secure long-term financing at a reasonable cost
-- while reducing its dependence on short-term market funding --
would be a credit positive.

However, while DWC's performance has been relatively strong, in
Moody's view, such improvement can be partially attributed to
Korea's generally benign economic environment and progress in
the overall market's general risk management infrastructure and
culture.

Therefore, its ability to sustain its good performance in a
down-cycle is untested.  In addition, profitability and
efficiency are modest, which could be due to its relatively
small size, particularly when compared to other large banks and
finance companies.

Moreover, it needs to continue to grow to benefit from economies
of scale and sustain its competitive position.  In this context,
Moody's believes that finance companies in Korea are poised to
enter a phase of more mergers and acquisitions due to the
Capital Market Integration Act (CMIA), which permits universal
business for financial institutions.  CMIA is expected to become
effective in February 2009.

Moody's has not incorporated into its rating the possibility of
support from its major parents Aju and Shinhan.  Aju is not
rated by Moody's.  It is a medium-sized conglomerate in Korea
with a business focus on auto finance and rental, construction
materials, tourism and hotels, and logistics businesses, etc. In
2007, DWC contributed 54% to Aju's ordinary profits.  In recent
years, Aju has been fairly active in acquisitions, and Moody's
is monitoring whether such activities will require cash outlays
which could pressure DWC's financial positions.

Shinhan Bank only holds a minority ownership of less than 15% in
DWC.  Although Shinhan has designated director positions and
provides some technical assistance, in Moody's view, DWC's
business is very small relative to that of Shinhan and is not
strategically important to the latter.

Daewoo Capital Corporation, headquartered in Korea, is the
second largest auto financing company in Korea.  As of end-2007,
the company reported total assets of 3.696 trillion won (US$3.92
billion).


EUGENE SCIENCE: Defaults on US$2,250,000 Senior Notes
-----------------------------------------------------
Eugene Science Inc. disclosed in a regulatory filing that it
failed to pay the outstanding principal amount and accrued but
unpaid interest due under the
senior secured promissory notes it issued in July and August
2007.

The notes were sold for US$2,250,000 to multiple investors with
interest at a rate of 10% per annum and were due February 24,
2008, subject to three one month extensions of the maturity
date.

The final one month extension period on the notes expired on May
24, 2008.

The company’s obligations under the notes are secured by, among
other things, a first priority security interest in all right,
title and interest of the company in and to certain of its
intellectual property.

The company said it is currently in discussions with certain of
the investors regarding the terms of a possible restructuring of
its obligations under the notes, but no agreements have been
reached.

                    About Eugene Science Inc.

Based in Seoul, Korea, Eugene Science Inc. (OTC BB:EUSI.OB)
-- http://www.eugene21.com/-- is a global biotechnology company  
tackling ailments such as heart disease, obesity and diabetes
through innovation in the nutraceutical field.  Its first
commercial heart disease product, CZ(TM), is a patented,
nanoscience-based, water-dispersible functional food ingredient
containing natural plant sterols that help maintain healthy
cholesterol levels by inhibiting its absorption.  CZ(TM) is
available in capsule form, or as a food or beverage additive.  
These plant sterols are approved by the U.S. FDA for health
claims related to cholesterol lowering efficacy.

                        *     *     *

On March 17, 2008, Eugene Science Inc.'s independent auditors
expressed substantial doubt about the company's ability to
continue as a going concern noting the company's recurring
losses from operations and working capital deficiencies as of
December 31, 2007  and 2006.

For the year ended Dec. 31, 2007, the company incurred a  
net loss of US$2,454,462 on net sales of US$620,076 compared to
a net loss of US$2,007,212 on net sales US$669,329 for the year
ended
Dec. 31, 2006.

As of Dec. 31, 2007, the company had total stockholders' deficit
of US$15,521,883.


EUGENE SCIENCE: Four Officers and Directors Resigned
----------------------------------------------------
Eugene Science Inc. disclosed that on April 30, 2008, these
officers and directors
resigned from the company for personal reasons:

   1. Jae Hong Yoo -- chief financial officer
   2. Seung Kwon Noh -- president and chief executive officer
   3. Tae Hwan Lee -- member of the board of directors
   4. Se Cheon An -- member of the board of directors

Mr. Yoo was replaced by Byung Ho Hoang, 42, who was appointed on
May 1, 2008.

Prior to joining the company, Mr. Hoang served on the staff of
the accounting department for Daewoo Corporation from 1991 to
1999, as a manager of the accounting department for MP Man.com
from 2000 to 2002, and as manager of the accounting department
for OnBio Corporation, an affiliate of the company, from 2002 to
2007. Mr. Hoang received a bachelor of arts degree in business
administration from Korea University.  Mr. Hoang will not
receive any compensation from the company for his service as the
company’s chief financial officer.

Mr. Noh will remain on the company’s board of directors and will
continue serving as chairman of the board.  He is succeeded by
Christopher Craney, 46, who was appointed on May 1, 2008.

Prior to joining the company, Mr. Craney founded and served as
the chief executive officer of Colorzip Japan Co. Ltd. from
October 2004 to April 2008.  Prior to that, Mr. Craney served as
general manager of the overseas commerce division of Tomoku Co.
Ltd. from April 1995 to September 2004.  Mr. Craney holds a
bachelor of arts degree in geology from the University of
Hawaii.  Mr. Craney also serves as a director of Early Bird
Inc., a Japanese company that has imported the company’s
CZ-S products into Japan since April 1, 2008.  Since January 1,
2007, the beginning of the company’s last fiscal year, the
arrangement between the company and Early Bird has not resulted
in any transaction with an amount in excess of US$120,000.  Mr.
Craney will receive US$1.00 per year as compensation for his
service as the company’s president and chief executive officer.

Following the resignations of Messrs. Lee and An, the remaining
members of the company's board of directors reduced the number
of authorized directors from four to three.  On May 1, 2008, the
remaining members of the board of directors
appointed Mr. Craney to fill the vacant seat on the board.

According to Eugene Science, there are no arrangements or
understandings between Mr. Craney and any other persons pursuant
to which he was elected to serve on the board.  In connection
with his service on the company’s board of directors, Mr. Craney
will receive US$5,000 per month and options to purchase 133,333
shares of the company’s common stock at an exercise price of
US$0.15 per share.  

In addition, Tony Kim, a member of the company’s board of
directors, will receive US$3,000 per month and options to
purchase 133,333 shares of the company’s common stock at an
exercise price of US$0.15 per share for his service on the board
and Mr. Noh will receive US$3,000 per month and options to
purchase 133,333 shares of the company’s common stock at an
exercise price of US$0.15 per share for his service on the
board.

                    About Eugene Science Inc.

Based in Seoul, Korea, Eugene Science Inc. (OTC BB:EUSI.OB)
-- http://www.eugene21.com/-- is a global biotechnology company  
tackling ailments such as heart disease, obesity and diabetes
through innovation in the nutraceutical field.  Its first
commercial heart disease product, CZ(TM), is a patented,
nanoscience-based, water-dispersible functional food ingredient
containing natural plant sterols that help maintain healthy
cholesterol levels by inhibiting its absorption.  CZ(TM) is
available in capsule form, or as a food or beverage additive.  
These plant sterols are approved by the U.S. FDA for health
claims related to cholesterol lowering efficacy.

                        *     *     *

On March 17, 2008, Eugene Science Inc.'s independent auditors
expressed substantial doubt about the company's ability to
continue as a going concern noting the company's recurring
losses from operations and working capital deficiencies as of
December 31, 2007  and 2006.

For the year ended Dec. 31, 2007, the company incurred a  
net loss of US$2,454,462 on net sales of US$620,076 compared to
a net loss of US$2,007,212 on net sales US$669,329 for the year
ended
Dec. 31, 2006.

As of Dec. 31, 2007, the company had total stockholders' deficit
of US$15,521,883.



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

* MALAYSIA: Attracts Significant Investment for Manufacturing
-------------------------------------------------------------
Malaysia continued to attract a significant level of investment
for the manufacturing sector during the January to April 2008
period, Bernama News reports.

International Trade and Industry Minister Tan Sri Muhyiddin
Yassin told Bernama that a total of 261 manufacturing projects
were approved for the first four months, that includes:

   -- MYR16.6 billion or 69.5% foreign investment; and          
   -- MYR7.3 billion or 30.5% domestic investments

Mr. Muhyiddin also told the news agency that total investment
during the four-month period was focused on basic metal products
at MYR16.6 billion, transport equipment at MYR1.4 billion,
chemicals and chemical products at MYR1.2 billion, petroleum
products at MYR747.7 million, and electrical and electronic
products at MYR710.6 million.

With this, a total of 29,268 employment opportunities will be
created by the projects, Mr. Muhyiddin adds.



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

RESOLUTION DIGITAL: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Wellington convened a hearing on June 3, 2008,
to consider an application putting Resolution Digital Print
Limited into liquidation.

The application was filed on April 14, 2008, by the Commissioner
of Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          (PO Box 1462), Wellington
          Telephone: (04) 890 1028
          Facsimile: (04) 890 0009.

Philip Hugh Brian Latimer is the plaintiff’s solicitor.


OVAL AIR: Murray G. Allott Appointed as Liquidator
--------------------------------------------------
The High Court at Christchurch appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidator of
Oval Air Limited.

Pursuant to section 245 of the Companies Act 1993, the
liquidator will dispense with the meeting of creditors
in order to keep costs to a minimum and maximise returns
to creditors.

For inquiries, contact the Liquidator at:

          111 Bealey Avenue
          Christchurch 8013
          Postal Address: PO Box 29432
          Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400


SURE ALLIANCE: Murray G. Allott Appointed as Liquidator
-------------------------------------------------------
The High Court at Christchurch appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidator of
Sure Alliance Limited.

Pursuant to section 245 of the Companies Act 1993, the
liquidator will dispense with the meeting of creditors
in order to keep costs to a minimum and maximise returns
to creditors.

For inquiries, contact the Liquidator at:

          111 Bealey Avenue
          Christchurch 8013
          Postal Address: PO Box 29432
          Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400


ECO PANEL: Murray G. Allott Appointed as Liquidator
---------------------------------------------------
The High Court at Christchurch appointed Murray G. Allott,
chartered accountant of Christchurch, as liquidator of
Eco Panel Construction Limited.

Pursuant to section 245 of the Companies Act 1993, the
liquidator will dispense with the meeting of creditors
in order to keep costs to a minimum and maximise returns
to creditors.

For inquiries, contact the Liquidator at:

          111 Bealey Avenue
          Christchurch 8013
          Postal Address: PO Box 29432
          Christchurch 8540
          Telephone: (03) 365 1028
          Facsimile: (03) 365 6400


CEDAR VALLEY: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Auckland convened a hearing on June 6, 2008,
to consider an application putting Cedar Valley Pictures
Limited into liquidation.

The application was filed on March 3, 2008, by the Commissioner
of Inland Revenue.

The plaintiff can be reached through Simon John Eisdell Moore,
Crown Solicitor, at the offices of Meredith Connell,
Level 17, Forsyth Barr Tower, 55-65 Shortland Street
(PO Box 2213 or DX CP 24063) in Auckland.


SILVER OAKS: Liquidators Set June 12 Claims Bar Date
----------------------------------------------------
The liquidators appointed in Silver Oaks Developments Ltd.'s
case fixed June 12, 2008, as the last day for creditors of the
company to make their claims and to establish any priority their
claims may have.

David Donald Crichton and Keiran Anne Horne, chartered
accountants of Crichton Horne & Associates Limited, the
liquidators, can be reached at:

          Old Library Chambers
          109 Cambridge Terrace
          (PO Box 3978)
          Christchurch
          Telephone: (03) 379 7929


GRIFFITH CONSTRUCTION: Claims Filing Deadline is June 15
--------------------------------------------------------
Creditors of Griffith Construction Limited have until
June 15, 2008, to make their claims and to establish any
priority their claims may have.

Rhys James Cain, insolvency practitioner, and Malcolm Grant
Hollis, chartered accountant, both of Christchurch, were
appointed joint and several liquidators of the company by the
High Court on May 15, 2008.

For inquiries, contact:

          Griffith Construction Limited (in liquidation)
          c/o PricewaterhouseCoopers
          Attn: Rebecca Almond
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


CORBEL GROUP: Creditors Can File Claims Until June 30
-----------------------------------------------------
Creditors of Corbel Group Limited have until June 30, 2008,
to prove their debts or claims and to establish any title
they may have.

Peter Reginald Jollands and Barry White, insolvency
practitioners of Auckland, serve as liquidators.

Corbel Construction Limited, of Christchurch, is not associated
in any way with Corbel Group Limited, of Auckland, the
company in liquidation.

For inquiries, contact:

          Mike Fisher
          Telephone: (09) 379 0463
          Facsimile: (09) 379 0465

The Liquidators can be reached at:

          Jollands Callander, Accountants
          and Insolvency Practitioners
          Level 8, Administrator House
          44 Anzac Avenue, Auckland
          Postal Address: PO Box 106141
          Auckland City


CINEMA 3: Court to Hear Liquidation Application on July 4
---------------------------------------------------------
The High Court at Auckland will hold a hearing on July 4, 2008
at 10:45 a.m. to consider an application putting Cinema 3
Limited into liquidation.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application must file an appearance
not later than the second working day before that day.

The application was filed on March 31, 2008, by the Commissioner
of Inland Revenue.

The plaintiff can be reached at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614

Kay S. Morgan is the plaintiff’s solicitor.


CMGB LTD: Creditors Can File Claims Until June 18
-------------------------------------------------
Creditors of CMGB Limited have until June 18, 2008, to prove
their debts or claims and to establish any title they may
have.

Lyle Richmond Irwin, chartered accountant of Auckland,
was appointed as liquidator of the company.

The liquidation of the company commenced on May 6, 2008.

For inquiries, contact:

          Prince & Partners
          PO Box 3685
          Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778


GREENLANE FINANCIAL: Commences Liquidation Proceedings
------------------------------------------------------
Pursuant to section 241(2)(a) of the Companies Act 1993,
Sean Anthony Parsons and Alan Richard Hall, chartered
accountants, were appointed joint and several liquidators
of Greenlane Financial Services Limited.

The company's liquidation commenced on May 13, 2008.

The Liquidators can be reached at:

          Greenlane Financial Services Limited
          c/o Hall & Parsons CA Limited
          145 Kitchener Road (PO Box 31508)
          Milford 0741, Auckland
          Telephone: (09) 489 5041
          Facsimile: (09) 486 3243


AJJ HOMES: Creditors' Claims Filing Deadline is June 18
-------------------------------------------------------
Creditors of AJJ Homes Limited have until June 18, 2008, to
prove their debts or claims and to establish any title they may
have.

Lyle Richmond Irwin, chartered accountant of Auckland,
was appointed as liquidator of the company.

The company's liquidation commenced on May 6, 2008.

For inquiries, contact:

          Prince & Partners
          PO Box 3685
          Auckland 1001
          Telephone: (09) 379 5324
          Facsimile: (09) 307 0778



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

* PHILIPPINES: Gov't Debt Up to Php3.881 Trillion in March 2008
---------------------------------------------------------------
As of March 2008, the National Government debt increased by
2.9 % or Php110 billion from the end February 2008 level,
according to the Bureau of the Treasury.  Total outstanding debt
stood at Php3.881 trillion of which, Php1.595 trillion or 41% is
owed to foreign creditors and Php2.286 trillion or 59% to
domestic creditors.

The domestic debt increased by Php36 billion or 1.6% from the
recorded end March 2008 level arising from the net issuance of
government securities made by NG.  The increase in NG’s foreign
debt of Php74 billion or 4.9% from the level as of end March
2008 was due to the Php27 Billion net depreciation of the third
currencies against the US dollar and Php49 billion depreciation
of the peso against the US Dollar.  However, this was partially
offset by the Php2 billion net repayments.

On the other hand, the contingent debt of the National
Government, composed mainly of guarantees issued by the National
Government, increased to Php519.67 billion, higher by Php24.34
billion from end February 2008 level of Php495.33.



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

LEONG SENG: To Pay First & Final Dividend on June 12
----------------------------------------------------
Leong Seng Hin Piling Pte Ltd, which is in liquidation, will pay
its first and final dividend on June 12, 2008.

The company will pay 100% of dividend to its preferential
creditors and 67.7% to its unsecured creditors.

The company's liquidator is:

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


SILKROUTE HOLDINGS: Requires Creditors to File Claims by July 10
----------------------------------------------------------------
The creditors of Silkroute Holdings Pte Ltd are required to file
their proofs of debt by July 10, 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



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                   Featured Conferences

Renaissance American Management and Beard Conferences presents

June 19-20, 2008
Eleventh Annual Conference on Corporate Reorganizations
Successful Strategies for Restructuring Troubled Companies
The Millennium Knickerbocker Hotel - Chicago
Download the brochure at:
http://renaissanceamerican.com/CR/CR08%20Brochure.pdf

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                     *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *


June 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      15th Annual Fundraiser Golf Outing Benefiting the Cove
         Center for Grieving Children
            Woodbridge Country Club, Woodbridge, Connecticut
               Contact: 203-265-2048 or www.turnaround.org

June 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Golf Mixer
         Coronado Golf Course, Scottsdale, Arizona
            Contact: 623-581-3597 or www.turnaround.org

June 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Tee Off with TMA
         Twin Lakes Golf & Swim Club, Oakland, Michigan
            Contact: 248-593-4810 or www.turnaround.org

June 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Utah Satellite Chapter Kick-off Luncheon
         (Scott Anderson, President, Zions National Bank)
            The Grand America, Salt Lake City, Utah
               Contact: 303-847-5026 or www.turnaround.org

June 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Keeping your Sales Force in a Turnaround
         Rock Spring Club, West Orange, New Jersey
            Contact: www.turnaround.org

June 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      And Now a Word from Our Sponsors....
         Huntington Hilton, Melville, New York
            Contact: www.turnaround.org

June 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION / ASSOCIATION
      FOR CORPORATE GROWTH
         6th Annual Pacific Northwest Golf Tournament
            Washington National Golf Club, Auburn, Washington
               Contact: www.turnaround.org

June 19 & 20, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Corporate Reorganizations
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

June 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      "When the problem is a person....." by Dr. Steve Cohen
         Husch Blackwell Sanders, Kansas City, Missouri
            Contact: 816-412-2439 or www.turnaround.org

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Springdale Golf Club, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Charity Golf Outing
         Harborside International Golf Center, Chicago, Illinois
            Contact: 815-469-2935 or www.turnaround.org

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

June 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Green Nevada: Turnaround Stories in Conserving Our
         Natural Resources
            McCormick & Schmick's, Las Vegas, Nevada
               Contact: www.turnaround.org

June 25-26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      CTP Forensics Workshop
         Fluno Ctr. for Executive Education, Madison, Wisconsin
            Contact: www.turnaround.org

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

June 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Loan Workouts in Today's Environment
         Fennemore Craig, Phoenix, Arizona
            Contact: www.turnaround.org

June 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Views from the Federal Bankruptcy and New York State
         Supreme Court Benches
            Locust Hill Country Club, Pittsford, New York
               Contact: www.turnaround.org

June 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fishing Trip
         Clearwater Municipal Marina, Florida
            Contact: 561-882-1331 or www.turnaround.org

June 26-28, 2008
   ALI-ABA
      Commercial Real Estate Defaults, Workouts,
         and Reorganizations
            La Fonda, Santa Fe, New Mexico
                Contact: http://www.ali-aba.org

July 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Night at the Races with Business Executive Club and NJCFA
         Meadowlands Racetrack, East Rutherford, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Networking
         Key Bank, Bellevue, Washington
            Contact: 503-768-4299 or www.turnaround.org

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Monthly Meeting
         CityPlace Center, Dallas, Texas
            Contact: or www.turnaround.org

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cynthia Jackson of Smith Hulsey & Busey
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Molly Pitcher, Red Bank, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

July 16, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed M&A - Innovative Approaches for Expeditiously
         Maximizing Value in Chapter 11, § 363 Sales and
            Out-of-Court Divestitures
               The Carlton, New York, New York
                  Contact: http://www.americanconference.com/

July 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         The Club at Bear Dance, Larkspur, Colorado
            Contact: 303-847-5026 or www.turnaround.org

July 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Secured Lenders Baseball Game
         Marlin Stadium, Miami, Florida
            Contact: 561-882-1331 or www.turnaround.org

July 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      The Turnaround Game Challenge
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

July 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Golf & Tennis Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      BBQ & Workplace Challenge
         Jones Beach, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Networking
         Portland, Oregon
            Contact: 503-738-4299 or www.turnaround.org

Aug. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Hilton, Short Hills, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Aug. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Nassau vs. Suffolk Softball Game
         Eisenhower Park, East Meadow, New York
            Contact: 631-251-6296 or www.turnaround.org

Aug. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Social & Networking Meeting
         CityPlace Center, Dallas, Texas
            Contact: 972-906-9436 or www.turnaround.org

Aug. 15, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Family Night Baseball
         TBD, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

Aug. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Arizona Chapter Mixer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org/

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: www.turnaround.org/

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China’s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings  
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today’s Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                         *********

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.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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





                 *** End of Transmission ***