TCRAP_Public/080613.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

             Friday, June 13, 2008, Vol. 11, No. 117

                            Headlines

A U S T R A L I A

E. TAYLOR: Liquidator Presents Wind-Up Report
EGAN PROPERTIES: Members Meeting Set for June 19
FOREST PARK: To Declare Dividend on June 18
GWATKINS MOTOR: General Meeting Slated for June 20
HARVESTING SPECIALISTS: Members and Creditors to Meet on June 17

HAJAZI & ASSOCIATES: Commences Liquidation Proceedings
INTEGRITY ENTERPRISES : To Declare Dividend on June 18
J.M.J.K CONSULTANTS:Liquidator Presents Wind-Up Report
KLEINS: Australian Operations to Close, No Buyer Found
SHARPER IMAGE: Allowed to Employ KPMG as Tax Consultant

YURUGA HOLDINGS: To Declare Dividend on June 16


C H I N A

MERCHANTS BANK: To Borrow CNY30 Billion to Support Capital Base
SICHUAN CHANG: Paying CNY0.08 (Before Tax) Dividends Today
XINING STEEL: To Issue CNY1BB Short-Term Financing Notes


H O N G  K O N G

AKAMAI FINANCIAL: Members' Meeting Fixed for June 17
BURWILL CHATERING: Members' Meeting Fixed for July 11
CHATEAU TRADING: Members' Meeting Fixed for July 11
CWT TEXTILE: Members & Creditors to Meet on June 24
DOW'S INFRASTRUCTURE: Members' Meeting Fixed for July 7

FULL SPIRIT: Members' Meeting Fixed for July 7
PEREGRINE CAPITAL: Members & Creditors to Meet on June 27
SAI YING: Members' Meeting Fixed for July 11
SEAPOWER BULLION: Members & Creditors to Meet on July 8
SEAPOWER INVESTMENT: Members & Creditors to Meet on July 8


I N D I A

GENERAL MOTORS: Streamlines Jobs to Support 4 Retail Channels
GUJARAT TELEPHONE: High Court Gives Winding-Up Directions
ICICI BANK: Reconciles US and Indian GAAP Accounts for FY 2008
IFCI LTD: Board Approves Aligning LIC Stake to 8.39%
* INDIA: Apr. 2008 Industrial Production Index Up 7.0% to 268.3


I N D O N E S I A

BANK NIAGA: Merger Deal Cues Moody's to Hold All Ratings
BANK LIPPO: Moody's Affirms All Bank Ratings on Merger Deal
PERTAMINA: Bags Natuna D-Alpha Gas Field Project; Seeks Partners


J A P A N

AMPEX CORP: Court Approves 3rd Amended Disclosure Statement
FORD MOTOR: Trancinda Raising Interest to 5.5%
FURUKAWA ELECTRIC: To Merge With Furukawa Circuit


M A L A Y S I A

RANHILL BERHAD: Fitch Holds 'B' Rating on US$220 Million Notes
* RAM: Latest Fuel-Price Hikes to Double 2008 Inflation Rate


N E W  Z E A L A N D

ABLE ENGINEERING: Commences Liquidation Proceedings
ALOHA MOTEL: Court Sets June 16 Liquidation Hearing
ALPHA PROCESSING: Commences Liquidation Proceedings
C G CONSTRUCTION: Liquidation Hearing Scheduled on July 11
GLOBAL CONSTRUCTION: Commences Liquidation Proceedings

HILLARY & MARSHALL: Liquidation Hearing Set on June 30
NOMYK PLASTERING: Commences Liquidation Proceedings
RICHARDSON PLASTERING: Liquidators Appointed
STANDARD SIXTY: Commences Liquidation Proceedings
TECHNOLOGY DEVELOPMENTS: Placed Under Liquidation


P H I L I P P I N E S

FEDDERS CORP: Files Disclosure Statement and Chapter 11 Plan


S I N G A P O R E

ADAM HAWA: Wind-Up Petition Hearing Set for June 27


T A I W A N

CELSIA TECH: March 31 Balance Sheet Upside-Down by US$1,866,264
CMC MAGNETICS: Moody's Changes Outlook to Negative
FAR EASTERN: Mandarin Airlines Takes Over Taipei-Taitung Route
FAR EASTERN: China Airlines to Fly Taiwan to Palau Routes


T H A I L A N D

TMB BANK: Fitch Holds 'BB+' Foreign Currency Subordinated Debt


V I E T N A M

TECHOMBANK: Moody's Changes Outlook on D- Bank Financial Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

E. TAYLOR: Liquidator Presents Wind-Up Report
---------------------------------------------
P. Hillig, E. Taylor & Co. Pty. Ltd.'s estate liquidators, met
with the company's members on May 30, 2008, and provided them
with property disposal and winding-up reports.

The liquidators can be reached at:

          P. Hillig
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150
          Australia


EGAN PROPERTIES: Members Meeting Set for June 19
------------------------------------------------
Egan Properties Ltd will hold a final meeting for its members at
11:00 a.m. on June 19, 2008.  During the meeting, the company's
liquidator, Alan Douglas Charles Pears at Pears & Co. Chartered
Accountants, will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

Alan Douglas Charles Pears

          Pears & Co. Chartered Accountants
          Suite 3, 24 Ross Street
          North Parramatta
          Australia


FOREST PARK: To Declare Dividend on June 18
-------------------------------------------
Forest Park Riding School Pty. Limited will declare dividend
on June 18, 2008.

Only creditors who were able to file their proofs of debt by
June 18, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Anthony Grieves
          WalterTurnbull Building
          44 Sydney Avenue
          Barton ACT 2600
          Australia
          Telephone: (02) 6247 6200
          Facsimile: (02) 6257 6655


GWATKINS MOTOR: General Meeting Slated for June 20
--------------------------------------------------
Gwatkins Motor Body Works Pty Ltd will hold a general meeting
for its members and creditors at 9:00 a.m. on June 20, 2008, at
4th Floor, 21 Bolton Street in Newcastle.

During the meeting, the company's liquidator, H. W. Thompson,
will provide the attendees with property disposal and winding-up
reports.


HARVESTING SPECIALISTS: Members and Creditors to Meet on June 17
----------------------------------------------------------------
Harvesting Specialists Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on June 17, 2008.  During
the meeting, the company's liquidator, Michael G. Jones at Jones
Partners, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Michael G. Jones
          Jones Partners
          Insolvency and Business Recovery Chartered
          Accountants
          Level 13, 189 Kent Street
          Sydney NSW
          Australia
          Telephone: (02) 9251 5222


HAJAZI & ASSOCIATES: Commences Liquidation Proceedings
------------------------------------------------------
Hajazi & Associates Pty Ltd.'s members agreed on April 16, 2008,
to voluntarily liquidate the company's business.  David Anthony
Hurst  was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          D. A. Hurst
          Armstrong Wily
          Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney NSW 2000
          Australia


INTEGRITY ENTERPRISES : To Declare Dividend on June 18
------------------------------------------------------
Integrity Enterprises International Pty. Limited will declare
dividend on June 18, 2008.

Only creditors who were able to file their proofs of debt by
June 17, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Brennan
          SBR Insolvency & Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia


J.M.J.K CONSULTANTS:Liquidator Presents Wind-Up Report
------------------------------------------------------
G. J. Parker, J.M.J.K Consultants Pty. Ltd.'s estate
liquidators, met with the company's members on June 2, 2008, and
provided them with property disposal and winding-up reports.

The liquidators can be reached at:

          G. J. Parker
          Parker Insolvency
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia


KLEINS: Australian Operations to Close, No Buyer Found
------------------------------------------------------
Kleins will be launching a closing-down sale this weekend at its
jewelery and accessories retail stores in Australia after it
failed to find a buyer for the business, Philip Hopkins of
Business Day reports.

According to the report, all Kleins' 35 company-owned stores and
135 franchised stores in Australia will close, and up to 100
employees will be made redundant.

Administrator James Stewart, of Ferrier Hodgson, told the news
agency that despite an extensive marketing campaign, no party
wanted to buy the Kleins network as a whole.

Thirty-six expressions of interest and eight indicative offers
were received.  "The logical buyers did their due diligence and
could not be confident with the transaction," Mr. Stewart was
cited by Business Day as saying.

Mr. Stewart added that employees are expected to receive almost
all their entitlements through the Federal Government's GEERS
scheme while unsecured creditors were not expected to receive
any return.

                     About Kleins

Jewelery retailer Kleins has 200 outlets across Australia, New
Zealand and South Africa including approximately 150 franchised
stores and 50 company managed stores. It sells a wide range of
jewelery and fashion accessories through small retail outlets
based mostly in regional shopping malls.

On May 5, 2008, Kleins was placed into Voluntary Administration
after the company collapsed owing more than AU$20 million.  
Ferrier Hodgson partners James Stewart and George Georges have
been appointed as Administrators of The Jewellery Chain Pty Ltd,
J.D.A. Imports Pty Ltd and Kleins Franchising Pty Ltd.


SHARPER IMAGE: Allowed to Employ KPMG as Tax Consultant
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized The Sharper Image Corp. to employ KPMG LLP as its tax
consultants nunc pro tunc to the Debtor's bankruptcy filing.

The Court rules that the Debtor will have no obligation to
indemnify KPMG, or provide contribution or reimbursement to
KPMG, for any claim or expense that is either:

   -- judicially determined to have arisen from KPMG's bad
      faith, self-dealing, breach of fiduciary duty, gross
      negligence or willful misconduct; or

   -- judicially determined, based on a claim asserted by the
      Debtor against KPMG, to have arisen from a breach of
      KPMG's contractual obligations to the Debtor.

If, before the earlier of (i) the entry of an order confirming a
Chapter 11 Plan, and (ii) the entry of an order closing the
Debtor's Chapter 11 case, KPMG believes that it is entitled to
the payment of any amounts by the Debtor on account of the
Debtor's indemnification, contribution and reimbursement
obligations, then KPMG must file an application in the Court,
and the Debtor may not pay any amount to KPMG before the entry
of a Court order approving the payment.

                      About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000.  The Debtors'
exclusive period to file a plan expires on June 18, 2008.  
(Sharper Image Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


YURUGA HOLDINGS: To Declare Dividend on June 16
-----------------------------------------------
Yuruga Holdings Pty. Limited will declare dividend on June 16,
2008.

Only creditors who were able to file their proofs of debt by
June 13, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Chartered Accountants
          Level 5, 49 Market Street
          Sydney NSW 2000
          Australia



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

MERCHANTS BANK: To Borrow CNY30 Billion to Support Capital Base
---------------------------------------------------------------
China Merchants Bank plans to issue CNY30 billion (US$4.34
billion) of subordinated bonds to support its capital base after
acquiring a controlling stake in Hong Kong-based Wing Lung Bank
Limited, George Chen of Reuters reports.

China Merchants, Bloomberg relates, said it might sell the bonds
on the mainland or overseas, adding that any overseas portion
wouldn't exceed CNY10 billion.

China Merchants has yet to set the interest rate for the five-
year notes, and seeks shareholders' approval on June 27.

China Merchants, Bloomberg says, had agreed to buy 53.1% of Wing
Lung for HK$19.3 billion (US$2.5 billion) in cash and is
required to make a general offer for the rest of the lender,
valuing it at US$4.66 billion.  

"The bank doesn't have a choice and debt is more viable," to
finance the deal.  Subsequent high interest expenses will offset
revenue contribution from Wing Lung in the short term,"
Bloomberg cited Yu Kei Lee, a Hong Kong-based analyst at Core
Pacific-Yamaichi International Ltd, as saying.

Reuters reports that some analysts have raised concerns about
Merchants Bank's financing ability to buy control of Wing Lung
Bank in Hong Kong where competition is fierce while others said
the deal price of HK$156.5 per Wing Lung shares was too
expensive.

However, Reuters says Merchants Bank's president, Ma Weihua,
insisted that he believed the deal can fit the bank's strategy
to expand outside the mainland market where its credit card
business already dominates.

According to Reuters, Ma also noted that the bank would seek to
make a full acquisition of Wing Lung bank in the future but he
did not give a timeframe.

                   About China Merchants

China Merchants Bank -- http://www.cmbchina.com/-- is the  
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

As reported by the Troubled Company Reporter - Asia Pacific on
June 5, 2008, Moody's Investors Service has affirmed China
Merchants Bank's Baa3/P-3 long-term/short-term foreign currency
deposit ratings and D+ bank financial strength rating. The
affirmation follows CMB's planned purchase of Wing Lung Bank
("WLB", C+/A2).  The ratings' outlook remains stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'. At the same time, the
bank's Support rating was affirmed at '3'.


SICHUAN CHANG: Paying CNY0.08 (Before Tax) Dividends Today
----------------------------------------------------------
Sichuan Chang Hong Electric Co. Limited said it will pay a
dividend of CNY0.08 (before tax) today, June 13, 2008, to
shareholders of record on June 10, 2008, for every one share
they hold, Reuters reports.

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

                          *     *     *

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


XINING STEEL: To Issue CNY1BB Short-Term Financing Notes
--------------------------------------------------------
Xining Special Steel Co., Limited  will apply to the People's
Bank of China for issuing up to CNY1 billion short-term
financing notes to supplement working capital, Reuters reports.

According to the report, the short-term financing notes of
CNY1 billion will be issued in two phases.

The lead underwriter is Hua Xia Bank Co. Limited.

Based in Xining, Qinghai Province, Xining Special Steel Co.,
Ltd. is principally engaged in the smelting and processing of
special steel products and offers alloy structural steel, alloy
tool steel, carbon structural steel, bearing steel, spring
steel, carbon tool steel, stainless steel, high-temperature
steel and other steel products.

As of May 2, 2008, the company still holds a “BB” issuer credit
rating placed by Xinhua Far East China Ratings on August 25,
2006.



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

AKAMAI FINANCIAL: Members' Meeting Fixed for June 17
----------------------------------------------------
The members of Akamai Financial Markets (Hong Kong) Limited will
have their final meeting on June 17, 2008, at Duke of Windsor
Social Service Building, 1st Floor, Room 103, 15 Hennessey Road,
Wanchai, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

Liquidator information was not disclosed.


BURWILL CHATERING: Members' Meeting Fixed for July 11
-----------------------------------------------------
The members of Burwill Chatering Limited will have their final
meeting on July 11, 2008, at Hang Seng Wanchai Building, 6th
Floor, Rooms 603-4, 200 Hennessy Road, Wanchai, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

           Chui Wai Hon
           Lau Wai Ming
           Hang Seng Wanchai Building
           6th Floor, Rooms 603-4
           200 Hennessy Road, Wanchai
           Hong Kong


CHATEAU TRADING: Members' Meeting Fixed for July 11
---------------------------------------------------
The members of Chateau Trading Company Limited will have their
final meeting on July 11, 2008, at Hang Seng Wanchai Building,
6th Floor, Rooms 603-4, 200 Hennessy Road, Wanchai, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

           Chui Wai Hon
           Lau Wai Ming
           Hang Seng Wanchai Building
           6th Floor, Rooms 603-4
           200 Hennessy Road, Wanchai
           Hong Kong


CWT TEXTILE: Members & Creditors to Meet on June 24
----------------------------------------------------
CWT Textile Supplies Company Limited will hold a joint meeting
for its creditors and contributors at 3:00 p.m. and 3:30 p.m,
respectively on June 24, 2008.  During the meeting, the
company's liquidator, David Richard Hague will provide the
attendees with property disposal and winding-up reports.

The company's liquidators can be reached at:

            Alan C. W. Tang
            Alison Wong Lee Fung Ying
            Sunning Plaza, 6th Floor
            10 Hysan Avenue, Causeway Bay
            Hong Kong


DOW'S INFRASTRUCTURE: Members' Meeting Fixed for July 7
-------------------------------------------------------
The members of Dow's Infrastructure (Hong Kong) Limited will
have their final meeting on July 7, 2008, at Hopewell Centre,
44th Floor, Unit 4407, 183 Queen's Road East, Wanchai, in Hong
Kong to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

           Chan Chi Kin
           Ng Wai Cheong
           Leung Wah
           Hopewell Centre, 44th Floor
           Unit 4407, 183 Queen's Road East
           Wanchai, Hong Kong


FULL SPIRIT: Members' Meeting Fixed for July 7
----------------------------------------------
The members of Full Spirit Limited will have their final meeting
on July 7, 2008, at Level 28, Three Pacific Place, 1 Queen's
Road East, in Hong Kong to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The liquidators can be reached at:

           Nathalia Seng Sza Ka Mee
           Cynthia Wong Tak Yee
           Level 28, Three Pacific Place
           1 Queen's Road East, Hong Kong
           

PEREGRINE CAPITAL: Members & Creditors to Meet on June 27
---------------------------------------------------------
Peregrine Capital Limited will hold a joint meeting for its
creditors and contributors at 9:30 a.m. and 10:00 a.m,
respectively on June 27, 2008.  During the meeting, the
company's liquidator, David Richard Hague will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

            David Richard Hague
            Prince's Building, 20th Floor
            10 Charter Road, Central
            Hong Kong


SAI YING: Members' Meeting Fixed for July 11
--------------------------------------------
The members of Sai Ying Enterprises Limited will have their
final meeting on July 11, 2008, at Hang Seng Wanchai Building,
6th Floor, Rooms 603-4, 200 Hennessy Road, Wanchai, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

           Chui Wai Hon
           Lau Wai Ming
           Hang Seng Wanchai Building
           6th Floor, Rooms 603-4
           200 Hennessy Road, Wanchai
           Hong Kong


SEAPOWER BULLION: Members & Creditors to Meet on July 8
-------------------------------------------------------
Seapower Bullion Company Limited will hold a joint meeting for
its creditors and contributors at 10:30 a.m. and 10:45 a.m,
respectively on July 8, 2008.  During the meeting, the company's
liquidator, Stephen Briscoe will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

            Stephen Briscoe
            Admiralty Centre, Tower 1, Level 14
            18 Hartcourt Road, Hong Kong


SEAPOWER INVESTMENT: Members & Creditors to Meet on July 8
----------------------------------------------------------
Seapower Investment Limited will hold a joint meeting for its
creditors and contributors at 11:30 a.m. and 11:45 a.m,
respectively on July 8, 2008.  During the meeting, the company's
liquidator, Stephen Briscoe will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

            Stephen Briscoe
            Admiralty Centre, Tower 1, Level 14
            18 Hartcourt Road, Hong Kong



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

GENERAL MOTORS: Streamlines Jobs to Support 4 Retail Channels
-------------------------------------------------------------
General Motors has announced personnel moves in support of its
four retail channels: Chevrolet; Premium (Cadillac, Hummer,
Saab); Buick-Pontiac-GMC; and Saturn.  The moves streamline the
organization by combining or eliminating job functions.  This
will help the brands better deliver world-class products to
customers, and build value for GM and its dealers.

These appointments are effective July 1st; however these
individuals will begin to transition into their new roles
immediately.

Reporting to Ed Peper, North America vice president, Chevrolet
Channel will be:

    * Kim Kosak, general director, advertising and
      promotions.  This is essentially a continuation
      of Kim's current responsibilities.

    * Rick Scheidt, executive director, product
      marketing.  Rick was previously executive
      director, Chevrolet product development.

    * Kurt McNeil, general sales manager.  Kurt was
      previously regional general manager - South
      Central Region

Reporting to Mark McNabb, North American vice president, Premium
Channel will be:

    * Steve Hill, general sales manager.  Steve was
      previously regional general manager - North
      Central Region.

    * Steve Shannon, Jim Taylor, and Martin Walsh
      will continue to report to McNabb as general
      managers of Saab, Cadillac and Hummer respectively.

Reporting to Susan Docherty, North America vice president, BPG
Channel will be:

    * Cheryl Catton, general director, advertising
      and promotions.  Cheryl was previously general
      director, Chevrolet car marketing.

    * Russ Clark, executive director, product marketing.
      Russ was previously executive director, BPG product
      development.

    * Brian Sweeney, general sales manager.  Brian was
      previously general director, BPG retail development.

Reporting to Jill Lajdziak, Saturn General Manager will be:

    * Sterling Wesley, general sales manager.  Sterling was
      previously executive director, Motors Holding Division.

    * Dan Keller, director of advertising and promotions.
      Dan was previously director of marketing, Saturn.

    * Stuart Pierce, director of product marketing.  Stuart
      was previously director of brand and product
      development, Saturn.

"This is a natural follow-up to our recent announcement to more
strongly align marketing and field operations into four retail
channels," said Mark LaNeve, GM North American vice president.  
"These new assignments will help each channel meet targeted
customer needs, align closely with our dealer partners, and make
each of our brands stronger with more focused models."

                    About General Motors Corp.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs  
about 266,000 people around the world.  GM manufactures its cars
and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer,
Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

GM operates in India through General Motors India which was
incorporated in 1994 as a 50:50 joint venture company with the
CK Birla Group of Companies.  GM India
became a fully owned subsidiary of GM in 1999 when GMOC bought
the remaining shares.  The company was restructured in 1999 and
was converted from a Public Limited company to a Private Limited
company.  GM India is now a wholly owned subsidiary of General
Motors Corporation.  It offers products under the Chevrolet
brand in the country.

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

                          *     *     *

As reported in the Troubled Company Reporter on May 26, 2008,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 17, 2008, as a result of the strike at
American Axle & Manufacturing Holdings Inc.  The outlook on GM
is negative.

At the same time, S&P raised its issue-level rating on GM's
senior unsecured notes to 'B' from 'B-', and assigned recovery
ratings of '4', indicating the expectation for average (30% to
50%) recovery in the event of a payment default.  The rating
actions reflect the extension of S&P's recovery ratings to all
speculative-grade unsecured debt issues.

As reported in the Troubled Company Reporter on Apr. 29, 2008,
Moody's Investors Service changed the rating outlook for General
Motors Corporation to negative from stable, but affirmed the
company's B3 corporate family rating and its SGL-1 speculative
grade liquidity rating.


GUJARAT TELEPHONE: High Court Gives Winding-Up Directions
---------------------------------------------------------
The High Court of Gujarat, pursuant to its order dated March 12,
2008, has given directions for the winding-up of Gujarat
Telephone Cables Ltd.

The Court also appointed an official liquidator of the company.

The company has ceased filing its financial reports with the
Bombay Stock Exchange.

Thaindian News relates that GTCL was suspended from the BSE on
account of non-compliance with listing agreement clauses.  

Its last financial report with BSE was for the quarter ended
March 31, 2003.  In that period, the company incurred a net loss
of RS.51.48 million on net sales of Rs.139.23 million compared
with a net profit of Rs.12.07 million on net sales of Rs.439.79
million in the quarter ended March 31, 2002.

GTCL ran into financial troubles due to delays in orders from
the Department of Telecommunications, Thaindian News said citing
sources.

Gujarat Telephone Cables Ltd. was incorporated as a private
limited company in 1983 and was converted into a public limited
firm in 1986.  The company manufactured all types of armoured
and unarmoured jelly-filled cables, dry core cables, category-5
cables, quad cables, aerial cables and coaxial cables.


ICICI BANK: Reconciles US and Indian GAAP Accounts for FY 2008
--------------------------------------------------------------
The Audit Committee of ICICI Bank Limited at its meeting on
June 12, 2008, approved the reconciliation of profit after tax
and networth under Indian GAAP to net income and stockholders’
equity under US GAAP for inclusion in the annual report and Form
20-F.  The consolidated profit after tax under Indian GAAP was
Rs. 3,398 crore (US$ 847 million) for the year ended March 31,
2008 (FY2008).

As per the reconciliation statement between Indian GAAP and US
GAAP, the net income (profit after tax) under US GAAP was Rs.
3,311 crore (US$ 825 million) in FY2008. ICICI Bank’s
stockholders’ equity at March 31, 2008 as per US GAAP was Rs.
46,475 crore (US$ 11.6 billion) compared to the Indian GAAP
consolidated net worth of Rs. 44,722 crore (US$ 11.1 billion).

Pursuant to its issuance and listing of securities in the United
States under registration statements filed with the SEC, ICICI
Bank files annual reports in Form 20-F with the SEC as required
by US securities laws and regulations.  These regulations
require that this annual report include financial statements
prepared according to a comprehensive body of accounting
principles with reconciliation to generally accepted accounting
principles in the United States (US GAAP).

When ICICI Bank first listed its securities in the United States
in 2000, generally accepted accounting principles in India
(Indian GAAP) were not considered a comprehensive body of
accounting principles under US laws and regulations.
Accordingly, ICICI Bank had included US GAAP financial
statements in its annual reports in Form 20-F till fiscal year
ended March 31, 2005.  However, pursuant to a significant
expansion of Indian accounting standards, Indian GAAP
constitutes a comprehensive body of accounting standards.

Accordingly, from fiscal year ended March 31, 2006 onwards ICICI
Bank includes in its annual report in Form 20-F, consolidated
financial statements according to Indian GAAP, with a
reconciliation of profit after tax and networth to net income
and stockholders' equity under US GAAP and a description of
significant differences between Indian GAAP and US GAAP.

It may be noted that there are significant differences in the
basis of accounting between US GAAP and Indian GAAP primarily
relating to determination of allowance for loan losses,
amortization of fees and origination costs, accounting for
securities and derivatives, accounting for securitizations,
accounting for business combinations, compensation cost and
consolidation.

                     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”.


IFCI LTD: Board Approves Aligning LIC Stake to 8.39%
----------------------------------------------------
IFCI Ltd disclosed in a regulatory filing that its Board of
Directors has approved the initiation of the legal process for
aligning the stake of Insurance Corporation of India (LIC) to
8.39 percent as requested by LIC.

The Telegraph says that state-owned LIC had earlier approached
the IFCI management to reduce its holding from 11.39 percent to
8.39 percent, the level prior to the conversion of its debt into
equity earlier this year.

“IFCI wants to know the exact provisions of the Companies Act,
under which the process can be initiated since the LIC never
wanted to raise its stake in the non-banking finance company,”
the Telegraph cited unnamed officials as saying.

IFCI Limited -- http://www.ifciltd.com/-- is an Indian company  
engaged in development financing.  The investment portfolio of
the company comprises assistance in the form of equity shares,
preference shares and convertible/non-convertible debentures to
industrial and other concerns, as a part of its role in
developmental and promotional activities.  It also includes
support received from Government of India in the form of
government securities, security receipts received from asset
reconstruction companies/securitization companies and deployment
of funds in units of mutual funds.  The company has two
subsidiaries, namely, IFCI Venture Capital Funds Limited (IVCF),
which is primarily engaged in the management of venture capital
funds and IFCI Financial Services Limited (IFIN), which is
carrying on the business of stock broking and selling of mutual
fund/insurance products.

                          *     *     *

As of June 13, 2008, IFCI Limited continues to carry CARE's “D”
rating on its Long & Medium Term Debt aggregating Rs.20.21
crore.  The amount represents the outstanding non restructured
amount under the Bonds series which have been rated by CARE.  
Instruments carrying this rating are judged to be of the lowest
category. They are either in default or likely to be in default
soon.  IFCI informed CARE that they have offered prepayment to
the investors who have non restructured bonds.  The rating was
placed by CARE on April 9, 2008.


* INDIA: Apr. 2008 Industrial Production Index Up 7.0% to 268.3
---------------------------------------------------------------
The Quick Estimates of Index of Industrial Production (IIP) with
base 1993-94 for the month of April 2008 have been released by
India's Central Statistical Organisation of the Ministry of
Statistics and Programme Implementation.  The General Index
stands at 268.3, which is 7.0% higher as compared to the level
in the month of April 2007.  The revised annual growth for the
period April-March 2007-08 stands at 8.3% over the corresponding
period of the previous year.

The Indices of Industrial Production for the Mining,
Manufacturing and Electricity sectors for the month of April
2008 stand at 175.0, 287.0, and 218.2 respectively, with the
corresponding growth rates of 8.6%, 7.5% and 1.4% as compared to
April 2007.  The revised annual growth in the three sectors
during April-March, 2007-08 over the corresponding period of
2006-07 has been 5.1%, 8.7% and 6.4% respectively, which moved
the overall growth in the General Index to 8.3%.

In terms of industries, as many as 14 out of the 17 industry
groups (as per 2-digit NIC-1987) have shown positive growth
during the month of April 2008 as compared to the corresponding
month of the previous year.  The industry group ‘Beverages,
Tobacco and Related Products’ have shown the highest growth of
30.7%, followed by 15.4% in ‘Basic Chemicals & Chemical Products
(except products of Petroleum & Coal)’ and 11.4% in ‘Transport
Equipment and Parts’.  On the other hand, the industry group
‘Jute and Other Vegetables Fibre Textile (except Cotton)’ have
shown a negative growth of 9.9% followed by 6.3% in ‘Food
Products’ and 2.0% in ‘Textile Products (including Wearing
Apparel)’.

As per Use-based classification, the Sectoral growth rates in
April 2008 over April 2007 are 4.6% in Basic goods, 14.2% in
Capital goods and 4.2% in Intermediate goods.  The Consumer
durables and Consumer non-durables have recorded growth of 5.5%
and 9.8% respectively, with the overall growth in Consumer goods
being 8.9%.

Alongwith the Quick Estimates of IIP for April 2008, the indices
for March 2008 have undergone the first revision and those for
January 2008 have undergone the second (final) revision in the
light of the updated data received from the source
agencies.  (It may be noted that revised indices (first
revision) in respect of February 2008 have already been released
in May 2008 and these indices shall undergo final (second)
revision in July 2008).

Statements giving Quick Estimates of the Index of Industrial
Production at Sectoral, 2-digit level of National Industrial
Classification (NIC)-1987 and by Use-based classification for
the month of April 2008, along with the growth rates over the
corresponding month of previous year, including the cumulative
indices and growth rates, are enclosed.



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

BANK NIAGA: Merger Deal Cues Moody's to Hold All Ratings
--------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of PT
Bank Niaga Tbk.  The rating actions follow the announcement of
the detailed proposed merger plan between Bank Niaga and PT Bank
Lippo (Lippo) Tbk.  Both banks have exactly the same bank
financial strength (BFSR) and credit ratings.  The outlook for
all ratings is stable.

"The affirmation reflect Moody's view that the banks' financial
risk profile, particularly capital positions, will be unaffected
by the transaction," says Beatrice Woo, Moody's VP/Senior Credit
Officer.

The merger proposal was initially announced on December 27,
2007, to comply with the 2010 deadline for the Single Presence
requirement stipulated under Indonesian regulations.  Upon legal
completion of the merger, which is scheduled for October 1,
2008, the ratings of Lippo will be withdrawn.

Meanwhile, Moody's expects that post-merger Niaga's financial
creditworthiness will remain unchanged in the medium term and
thus, the outlook for its BFSR is stable.

"The impact of the transaction will likely only result in
positive synergies in the long-term: the post-merger bank will
be the fifth largest in Indonesia in terms of assets, and will
enjoy stronger economies of scale," says Woo, adding "Moreover,
both franchises appear complementary: Niaga has built a large
mortgage business, while Lippo is the second largest payment
bank. In the short-term, however, management will focus on the
integration process.

As for credit ratings, Moody's expects that post-merger Niaga
would benefit from the high support level from its major
shareholder, CIMB Group.  In addition, Moody's continues to
assess the support by the Indonesian government to post-merger
Niaga in a systemic crisis as very high.  This view takes into
account the bank's ranking change to the fifth largest in a
concentrated system from sixth position.

As of April 2008, CIMB Group owned 63.4% of Niaga.  Meanwhile,
Khazanah effectively owned 93.6% of Lippo and also indirectly
held 12.52% of Niaga through its ownership of BCHB, the parent
of CIMB Group.

As part of the proposed transaction, CIMB Group will purchase a
51% stake in Lippo from Khazanah for IDR5,929 billion in BCHB
shares. This will increase Khazanah's stake in BCHB to 27.1%
from 22.7%.

All Lippo shares will subsequently be exchanged into Niaga
shares at a ratio of 2.822 Niaga share per Lippo share.  In
addition, Lippo's assets and liabilities will be transferred to
Niaga.  The shareholders of Niaga and Lippo have the option to
sell their shares at IDR1,052 and IDR2,969 per share,
respectively.

Upon completion of the merger, Khazanah will hold 18.7% of the
enlarged bank and CIMB Group 58.7%.

The merged bank will become the fifth largest bank in Indonesian
and will be renamed PT Bank CIMB Niaga Tbk.  The expected legal
completion date is October 1, 2008 although full business
integration and rebranding are anticipated to be completed by
end-2009.

These ratings for Niaga were affirmed:

-- Issuer/foreign currency subordinated debt of Ba2;

-- global local currency deposit of Baa3;

-- foreign currency long-term/short-term deposit of B1/Not
    Prime; and

-- BFSR of D. The outlook for all ratings is stable.

                         About Bank Niaga

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


BANK LIPPO: Moody's Affirms All Bank Ratings on Merger Deal
-----------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of PT
Bank Lippo (Lippo) Tbk.  The rating action follows the
announcement of the detailed proposed merger plan between Bank
Lippo and PT Bank Niaga Tbk.  Both banks have exactly the same
bank financial strength (BFSR) and credit ratings.  The outlook
for all ratings is stable.

"The affirmation reflect Moody's view that the banks' financial
risk profile, particularly capital positions, will be unaffected
by the transaction," says Beatrice Woo, Moody's VP/Senior Credit
Officer.

The merger proposal was initially announced on December 27,
2007, to comply with the 2010 deadline for the Single Presence
requirement stipulated under Indonesian regulations.  Upon legal
completion of the merger, which is scheduled for October 1,
2008, the ratings of Lippo will be withdrawn.

Meanwhile, Moody's expects that post-merger Niaga's financial
creditworthiness will remain unchanged in the medium term and
thus, the outlook for its BFSR is stable.

"The impact of the transaction will likely only result in
positive synergies in the long-term: the post-merger bank will
be the fifth largest in Indonesia in terms of assets, and will
enjoy stronger economies of scale," says Woo, adding "Moreover,
both franchises appear complementary: Niaga has built a large
mortgage business, while Lippo is the second largest payment
bank. In the short-term, however, management will focus on the
integration process.

As for credit ratings, Moody's expects that post-merger Niaga
would benefit from the high support level from its major
shareholder, CIMB Group.  In addition, Moody's continues to
assess the support by the Indonesian government to post-merger
Niaga in a systemic crisis as very high.  This view takes into
account the bank's ranking change to the fifth largest in a
concentrated system from sixth position.

As of April 2008, CIMB Group owned 63.4% of Niaga.  Meanwhile,
Khazanah effectively owned 93.6% of Lippo and also indirectly
held 12.52% of Niaga through its ownership of BCHB, the parent
of CIMB Group.

As part of the proposed transaction, CIMB Group will purchase a
51% stake in Lippo from Khazanah for IDR5,929 billion in BCHB
shares. This will increase Khazanah's stake in BCHB to 27.1%
from 22.7%.

All Lippo shares will subsequently be exchanged into Niaga
shares at a ratio of 2.822 Niaga share per Lippo share.  In
addition, Lippo's assets and liabilities will be transferred to
Niaga.  The shareholders of Niaga and Lippo have the option to
sell their shares at IDR1,052 and IDR2,969 per share,
respectively.

Upon completion of the merger, Khazanah will hold 18.7% of the
enlarged bank and CIMB Group 58.7%.

The merged bank will become the fifth largest bank in Indonesian
and will be renamed PT Bank CIMB Niaga Tbk.  The expected legal
completion date is October 1, 2008 although full business
integration and rebranding are anticipated to be completed by
end-2009.

These ratings for Lippo were affirmed and will be withdrawn on
October 1, 2008:

  -- Issuer/foreign currency subordinated debt of Ba2;

  -- foreign currency long-term/short-term deposit of B1/Not
     Prime; and

  -- BFSR of D. The outlook for all ratings is stable.

                        About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:     
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.


PERTAMINA: Bags Natuna D-Alpha Gas Field Project; Seeks Partners
----------------------------------------------------------------
PT Pertamina will seek partners to develop the Natuna D-Alpha
gas field after being appointed operator by the government,
Reuters reports citing Ari Soemarno as saying.

Mr. Soemarno told the new agency that several companies had
already shown interest in participating, including Exxon Mobil.

"We want partners that have experience in offshore development,
has also technology and financing," Mr. Soemarno says as quoted
by Reuters.

According to the report, the government said that talks with
Exxon Mobil -- which controlled the block since the 1990s --
have stopped thus the contract giving the 76% share to Exxon has
expired due to Exxon's failure to make significant progress to
develop the block and the disagreements on how to split the gas
output and the length of the contract.

Exxon contends that the contract is valid until 2009, the report
says.

Reuters says Petronas, Royal Dutch Shell Plc and French oil and
gas firm Total SA have also expressed interest in Natuna.  

                        About PT Pertamina

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

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

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



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

AMPEX CORP: Court Approves 3rd Amended Disclosure Statement
-----------------------------------------------------------
The Hon. Arthur J. Gonzalez of the  U.S. Bankruptcy Court for
the Southern District of New York approved a third amended
disclosure statement explaining a third amended joint Chapter 11
plan of reorganization Ampex Corporation and its debtor-
affiliates, filed on June 8, 2008.

Judge Gonzalez held that the third amended disclosure statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  He will convene a hearing on July 31,
2008, at 10:00 a.m., to consider confirmation of the amended
plan.  

Judge Gonzalez also approved procedures proposed by the Debtors
for solicitation and tabulation of plan votes.  Deadline for
voting on the plan is July 14, 2008.

The Official Committee of Unsecured Creditors had filed
objection to the Debtors' earlier versions of the disclosure
statement and plan.  The Committee argued that the plan leaves
unsecured creditors with minor equity share in the reorganized
Debtors.

As of March 30, 2008, the Debtors issued at least $59.6 million
of outstanding notes, wherein $6.9 million represents amounts
due under a certain agreement dated Feb. 28, 2002, as amended,
entered between the Debtors and U.S. Bank, National Association.  
Under the agreement, the Debtors issued 12% senior secured notes
due 2008, which are secured by liens on the Debtors' future
royalty receipts.

The remaining $52.7 million of outstanding indebtedness
represents Hillside Capital Incorporated Notes that were issued
in connection with its satisfaction of required contribution
obligation under the pension plans -- Ampex Corporation
Retirement Plan and Quantegy Media Retirement Plan.

The pension plans will not be terminated under the Debtors'
Plan.  The Debtor will continue to fund the pension plans in
accordance with the minimum financing standards under the
Internal Revenue Code and the Employee Retirement Income
Security Act of 1974.  The Debtors anticipate making pension
plan contributions of at least $52.9 million by 2013.

As of Dec. 31, 2007, both pension plans were underfunded by
$57.7 million in the aggregate.

                      Overview of the Plan

The Plan provides for substantive consolidation of the Debtors'
estates for making distributions to the holders of allowed
claims and allowed interests.

The Plan further provides for the restructuring of the Debtors'
liabilities to maximize recovery to all stakeholders and to
improve financial viability of the reorganized Debtors.  All of
the Debtors' existing common stock will have no value and will
be canceled.  Upon emergence, at least 80% of the reorganized
Debtors' new common stock will be owned by Hillside.  The new
common stock will not be registered and will not be traded on
any public exchange.

Under the Plan, the disbursing agent is expected to transfer all
rights to the appropriate holders free and clear of all liens
and interests.

The Third Amended Plan classified claims against and interest in
the Debtors eight classes.  The classification and treatment of
claims and interests are:

               Treatment of Claims and Interests

              Type of                      Estimated   Estimated
Class         Claims           Treatment   Amount      recovery
-----         -------          ---------   ---------   ---------
unclassified  Administrative               $100,000    100%
               Expense Claims

unclassified  Fee Claims                   $2,900,000  100%

unclassified  Priority Tax                 $200,000    100%
               Claims

1             Priority Non-    unimpaired  $0          100%
               Tax Claims

2             Senior Secured   impaired    $6,900,000  
               Note Claims

3             Other Secured    unimpaired  $0          100%
               Claims

4             Hillside         impaired    $11,000,000 100%
               Secured
               Claims

5             General          impaired    $51,600,000 10%
               Unsecured
               Claims

6             Existing Common  impaired    $0          0%
               Stock

7             Existing         impaired    $0          0%
               Securities       
               Laws Claims

8             Other Existing   impaired    $0          0%
               Interests

If holder of Class 5 general unsecured creditors agrees to a
different treatment, holder will receive its pro rata share of
the unsecured claim distribution.  Distributions of new common
stock will be made after the Plan's effective date.  Hillside
unsecured deficiency claims, if any, will be deemed an allowed
unsecured claim in the amount of at least $41.7 million.

Holders of claims in classes 2, 4 and 5 are entitled to vote to
accept or reject the Plan.

A full-text copy of the Third Amended Disclosure Statement is
available for free at:

              http://ResearchArchives.com/t/s?2d9b

A full-text copy of the Amended Joint Chapter 11 Plan of
Reorganization is available for free at:

              http://ResearchArchives.com/t/s?2d9c

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual        
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
$9,770,089 and total debts of $82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.


FORD MOTOR: Trancinda Raising Interest to 5.5%
----------------------------------------------
Tracinda Corporation disclosed the preliminary results of its
cash tender offer for up to 20,000,000 shares of Ford Motor
Company common stock, which expired at 5:00 p.m., New York City
time, on Monday, June 9, 2008.  Based on the preliminary count,
subject to final verification, approximately 1,016,959,620 of
2,240,000,000 shares of Ford's common stock were tendered,
including approximately 240,549,802 shares tendered by notices
of guaranteed delivery.

Tracinda will purchase 20,000,000 shares of Ford's common stock
in the tender offer at a purchase price of $8.50 per share, for
a total purchase price of $170,000,000, raising Tracinda's
interest in Ford to 5.5% from 4.7%.  Because the number of
shares tendered exceeded the number of shares that Tracinda
offered to purchase, the resulting estimated proration factor is
approximately 1.97% of the shares tendered.

According to Matthew Dolan of The Wall Street Journal, holders
were expected to dump their shares since Trancinda's offer was a
34% premium to Ford's June 9 trading price on the New York Stock
Exchange of $6.36.

The number of shares tendered and not withdrawn and the
proration factor are preliminary and are subject to
verification.  The actual number of shares validly tendered and
not withdrawn and the final proration factor will be announced
promptly following completion of the verification process.  
Promptly after such announcement, the depositary will issue
payment for the shares validly tendered and accepted under the
tender offer and will return all other shares tendered.

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

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

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

                          *     *     *

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

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

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.


FURUKAWA ELECTRIC: To Merge With Furukawa Circuit
-------------------------------------------------
The Furukawa Electric Co. Limited plans to merge with
Saitama-based subsidiary Furuka Circuit Foil Co. Limited
effective October 1, 2008, Reuters reports.

According to the report, Furuka Circuit, which will dissolve as
a result of the merger, is engaged in the manufacture of
electrolytic copper foil and resin coated copper foil.

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and   
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 20, 2008, that Standard & Poor's Ratings Services raised to
'BB+' from 'BB' its long-term corporate credit rating on
Furukawa Electric Co. Ltd., and raised to 'BBB-' from 'BB+' its
long-term senior unsecured debt rating on the company.  The
upgrades are based on expectations that Furukawa will be able to
maintain earnings at an improved level, backed by its resilience
to any deterioration in the external business environment.  The
company has enhanced this resilience over the past few years
through cost reduction, streamlining and business
diversification, and diminished concerns over downside risks.  
The outlook on the long-term corporate credit rating is stable.



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

RANHILL BERHAD: Fitch Holds 'B' Rating on US$220 Million Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based Ranhill Berhad's Long-
term foreign currency Issuer Default rating at 'B' and the
senior unsecured rating on Ranhill's US$220 million notes at
'B-'.  The Outlook is Stable.

The rating action follows Ranhill's announcement that the
company has made an unconditional joint offer with LOSB Cayman
Limited to acquire the remaining shares of the company's 70%
listed subsidiary, Ranhill Utilities Berhad for approximately
MYR305 million (US$93 million).  The offer is to be fully
financed by LOSBC, which is a subsidiary of Lambang Optima Sdn
Bhd, a company owned by Ranhill's CEO and main shareholder, Tan
Sri Hamdan Mohamad.  As such, the offer does not result in
incremental indebtedness at Ranhill, and its involvement in the
above is merely to facilitate the take-over.

RUB's main asset is its wholly-owned subsidiary SAJ Holdings
Berhad which holds a concession to provide 'source-to-tap' water
supply services in the sate of Johor in Malaysia until 2030.  
Although SAJH generates strong operating cash flows, Ranhill is
not able to freely access these cash flows as a result of
covenants attached to project loans at SAJH level, which
restrict payouts.  Ranhill and LOSBC intend to de-list RUB
should they increase the combined shareholding above 90%.

The intended de-listing of RUB is part of Ranhill's broader
strategy of restructuring the water investments in order to have
better access to RUB's cash flows.  This can improve Ranhill's
financial profile excluding its water and power divisions, which
is currently weak due to its high reliance on volatile project
based cash flows from its engineering and constructions business
for servicing of its debt obligations.

Ranhill is a Malaysian investment holding company with interests
in engineering and construction, water utilities, power, oil and
gas exploration and infrastructure.  Ranhill Group had
consolidated revenues of MYR1,470 million (US$454 million) and
net profit of MYR190 million (US$59 million) in the financial
year ended 30 June 2007.  The E&C division accounted for 50% of
consolidated revenues and only 2% of operating profits in FY07.  
Hamdan Mohamad has a 65% beneficial interest in Ranhill.


* RAM: Latest Fuel-Price Hikes to Double 2008 Inflation Rate
------------------------------------------------------------
Rating Agency Malaysia Berhad said the Malaysian Government made
a bold move to overhaul the country’s subsidy system involving
fuel and electricity prices.  Following the sharp spikes in
global energy prices, the Government’s subsidy burden has become
untenable and inefficient, with knock-on distortionary effects
on other items.  The authorities estimate the expected rise in
fuel subsidy alone to reach MYR37.8 billion, or approximately 6%
of Malaysia’s GDP; food subsidies, meanwhile, sum up to RM4.8
billion or 0.7% of our GDP.

RAM Ratings expects the latest round of fuel-price increases to
double Malaysia’s inflation rate for 2008, from our earlier
forecast of 3.0%-3.5% to now 5.0%-6.0%, with an upside bias
depending on the subsequent developments in world crude-oil
price as well as the need for a further reduction in the fuel
subsidy.  Given the steep price hikes, the anticipated reduction
in discretionary consumer spending will exert a dampening effect
on private consumption as well as overall economic growth.  We
have therefore revised our GDP growth forecast for 2008, from
5.9% to 5.0%.

While the longer-term risks of fiscal imbalance and resource mis
allocation have receded considerably with the subsidy reduction
and consequent escalation in fuel costs and electricity tariffs,
RAM Ratings is cognizant of the knock-on effects vis-à-vis
mounting inflation, rising production and business costs, and
more subdued discretionary consumer spending.  At the same time,
the implications on the credit profiles of companies will vary
by industry, according to the intensity of their energy
requirements, their ability to pass on the higher costs, and
overall demand prospects.

                      Financial Institutions

The inflationary impact of fuel costs and electricity tariffs
will introduce a change in the cost structure of the economy;
this would likely amplify pressure on the Central Bank to raise
interest rates to mitigate negative real interest rates on
deposits, consequently pushing up borrowing rates as well.   
Concurrently, the broad-spectrum cost increase would likely
affect the profitability of corporates and small and medium
enterprises (SMEs) erode individuals’ disposable incomes and
shrink demand for residential properties.  The combined impact
could weaken the banking sector’s asset quality in six to 18
months, given the time lag associated with such structural
changes.  Furthermore, the weaker macroeconomic environment vis-
à-vis lower corporate and consumer spending may curtail loan
growth.

In RAM's Banking Bulletin of February 2008, RAM had expected an
up-tick in non-performing loans (NPLs) for the manufacturing and
SME segments.  RAM had believed, however, that the more stable
asset quality of retail loans would shore up the industry’s
overall asset quality, keeping the gross NPL ratio at around the
current 6% level in 2008.  In a worst-case scenario, RAM had
estimated that the gross NPL ratio may exceed the 9% threshold
this year.  Moreover, RAM's views had taken into account the
strength of the Malaysian banking sector, reinforced by a sound
level of capitalization, as represented by the industry’s 13.24%
risk-weighted capital-adequacy ratio as at December 31, 2007.

All said, RAM Ratings still believes that the Malaysian banking
system will be able to withstand the current pressures; RAM will
be closely monitoring the industry’s fundamentals over the next
few quarters.  RAM Ratings will also take into consideration the
Central Bank’s monetary policy and the Government’s other
accommodative measures for the financial sector, if necessary,
during these challenging times.  Accordingly, RAM have revised
the outlook on the banking system, from stable to developing.

                      Manufacturing Industries

The rubber-glove industry will be affected by higher gas prices
since energy accounts for about 10% of its production costs.
Nevertheless, those with biomass boilers should escape the burnt
of these effects.  Although RAM Ratings expects rubber-glove
manufacturers’ profit margins to thin in the immediate term,
this sector should be able to pass on its cost increases with
some time lag, given the current strong demand for rubber
gloves, particularly from the medical industry.

Within the steel industry, higher gas prices would be a bane to
upstream players as natural gas is the major fuel for the
production of hot banquet iron and direct-reduced iron.  On the
other hand, downstream players involved in secondary steel
processing face minimal impact as energy only constitutes a
small fraction of their cost structure.  Moreover, RAM Ratings
expects the profit margins of steel players to remain resilient
as the current uptrend in prices is expected to outweigh their
heftier costs.

Elsewhere, timber companies are anticipated to experience
minimal impact as they are already paying market prices for
industrial diesel.  Fuel constitutes around 15% of an integrated
timber company's operating costs.  Meanwhile, plywood/sawn-wood
mills in Sabah and Sarawak are not affected by the hikes in
electricity tariffs due to the exemptions for these 2 states.

The furniture sector, however, will be affected as furniture
companies' kiln-drying processes consume much electricity and
gas. These companies are unlikely to be able to fully pass on
their heavier costs to customers due to stiff competition from
China and Vietnam.

In the meantime, ceramic-tile producers’ kiln-drying machines
are largely fired by natural gas.  Given the 200% spike in the
price of natural gas, such companies will have to raise their
selling prices.  Nonetheless, they will still have to absorb a
major portion of the cost increase due to keen competition in
the domestic market.

For glass manufacturers, natural gas and other fuels
collectively take up approximately 20% of their total costs.  
The profitability of glass manufacturers is thus envisaged to be
squeezed, as they will have to absorb part of the cost increase
amid resistance from their customers.  RAM notes that some
producers had already faced opposition from their customers
(particularly from the automotive sector) when trying to pass on
the heftier costs of raw-materials, i.e. soda ash, in 2007.
Meanwhile, RAM also expect demand for glass to be affected in
the short term as car buyers demonstrate a knee-jerk reaction to
the steep fuel-price hikes, thereby affecting sales of vehicles
with engine capacities above 2,000 cc.

                          Transportation

The cost of diesel for the freight-forwarding and container-
haulage sectors will rise from RM1.20 to RM1.43 per litre.
Nonetheless, this 19% increase is still much lower than the 63%
amplification in the pump price, which has escalated from
MYR1.58 to MYR2.58 per litre.  The container-haulage segment
currently applies a fuel adjustment factor (FAF) equivalent to
12.5% of the 40-foot container rate.  While some trucking
associations have announced rate increases to counter the higher
diesel prices, no announcement has been made by the Association
of Malaysian Hauliers.  Nevertheless, RAM Ratings notes that
logistics companies had already encountered difficulties when
trying to pass on cost increases after the previous rounds of
diesel-price hikes; RAM expect a similar situation now, given
the intense competition within this fragmented sector.  On the
other hand, air- and sea-freight companies are not affected as
they are already paying market prices for jet fuel and bunker,
respectively.

                       Oil and Gas Support

Providers of oil and gas support services are not affected by
such price hikes as energy only constitutes a small proportion
of their cost structures.  In particular, providers of marine
support services are not exposed to fluctuations in bunker
prices as such costs are fully passed through via time-charter
contracts.

                           Power Industry

Following the announced imposition of the windfall tax, RAM
Ratings will evaluate the impact on our portfolio of independent
power producers (IPPs) and project-financed debts.  Of
particular concern are the ratings for debts dependent on equity
returns or distributions from the respective IPP project
companies, and junior debts raised by the IPPs.

Appropriate rating action will be taken once there is greater
clarity on the financial positions of the IPPs and their
shareholders, after the incorporation of this unexpected
windfall tax.

In the case of Tenaga Nasional Berhad, however, higher tariffs
will help offset the heavier generating costs associated with
more lofty gas and coal prices.  This respite will in turn help
the national electricity giant to maintain its strong debt-
servicing ability.

                          Retail Sector

While the increase in fuel prices does not come as a surprise,
the scale of the latest adjustments is unprecedented, with the
“double whammy” of a hike in electricity tariffs.  The domino
effects on various cost items (e.g. heftier transportation
charges and overheads) may compel businesses to further raise
the selling prices of their products (to protect profits), in
turn forcing consumers to become increasingly more discerning in
their purchases.  Even before the latest round of fuel-price
hikes, the prices of some commodity-based essential goods -
including staples such as rice and bread - had already risen as
producers responded to the rising costs of raw materials.
Under the circumstances, RAM anticipates some softening in the
performances of consumer-related companies in both the
discretionary and non-discretionary segments over the near to
medium term, as consumers react and adapt to the new
environment.  Nonetheless, businesses vis-à-viss non-
discretionary consumer goods/services (e.g. food and healthcare)
are expected to fare relatively better.  RAM Ratings opines that
it would be premature to take rating actions on
retailers/producers/providers of consumer-goods/services at this
juncture.  RAM will continue monitoring the situation and
implement the necessary rating actions (if any) upon better
visibility of the success (or lack thereof) of adjustments by
these companies and their consumers.


                           Plantations

RAM Ratings opines that the medium-term outlook for the
plantation sector is still favorable, underscored by strong
global demand, supply concerns vis-à-vis competing vegetable
oils amid climatic and policy changes in key producing countries
such as China and Argentina, and regulatory support for biofuel
policies in the Western economies (albeit tempered by the
ongoing food-fuel debate).  The recently announced imposition of
a windfall tax (i.e. 15% in Peninsular Malaysia and 7.5% in East
Malaysia) on the quantum of crude palm oil (“CPO”) prices above
the RM2,000/MT  threshold is not expected to significantly
affect plantation players within RAM Ratings’ universe.  This is
because the tax will be partly offset by the abolishment of the
cess on the cooking-oil price-stabilisation scheme (effective 1
July 2008) and robust CPO prices of above RM3,000/MT.  On the
whole, RAM Ratings opines that plantation companies with a
higher proportion of estates in Peninsular Malaysia will be
slightly worse off than their counterparts in East Malaysia
under this new tax regime.

                Construction, Building Materials
                    and Property Development

In the immediate term, construction and property players will
feel the heat from heftier costs arising from the higher price
of dieseland more expensive building materials, although with
improved supply following the recent nationwide liberalization
of certain grades of steel products and cement prices.
Meanwhile, the Government is currently conducting a mid-term
review of the Ninth Malaysia Plan (9MP), which may see the
curtailment of projects to part-finance the food/fuel subsidy
scheme.  Nonetheless, RAM Ratings opines that already awarded
key 9MP contracts (such as the northern electrified double-
tracking project) will go ahead, providing some level of support
for sectoral growth and demand for building materials.

Overall, construction growth is expected to continue, albeit at
a slower pace.  Any slowdown will have a knock-on effect on the
building-materials sector, particularly cement (as most local
production is for the domestic market).  Meanwhile, the property
sector, especially the low-to-medium segment, will continue
facing tougher hurdles as consumer sentiment is expected to be
further depressed by the sharp spikes in fuel prices, not to
mention the imminent upward revisions in electricity tariffs.
Sales of higher-end properties, on the other hand, are expected
to remain resilient due to the generally stronger financial
profiles of their targeted buyers.



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

ABLE ENGINEERING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Hamilton held a hearing on June 3, 2008,
to consider an application putting Able Engineering 2005
Limited into liquidation.

The application was filed by the Commissioner of Inland Revenue
on April 16, 2008.

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.


ALOHA MOTEL: Court Sets June 16 Liquidation Hearing
---------------------------------------------------
The High Court at Christchurch set a hearing for Monday, June
16, 2008 at 10:00 a.m. to consider an application putting Aloha
Motel Christchurch 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 April 24, 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.


ALPHA PROCESSING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Christchurch held a hearing on June 9, 2008,
to consider an application putting Alpha Processing Limited into
liquidation.

The application was filed on April 22, 2008, by Chubb New
Zealand Limited.

The plaintiff can be reached at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. BATES is the plaintiff’s solicitor.


C G CONSTRUCTION: Liquidation Hearing Scheduled on July 11
----------------------------------------------------------
The High Court at Auckland will convene a hearing on July 11,
2008, at 10:45 a.m. to consider an application putting C G
Construction 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 April 3, 2008, by Transpacific
Industries Group (NZ) Limited.

The plaintiff can be reached at:

          AEL Legal
          Ground Floor
          31-33 Great South Road
          Newmarket, Auckland

T. M. BATES is the plaintiff’s solicitor.


GLOBAL CONSTRUCTION: Commences Liquidation Proceedings
------------------------------------------------------
The High Court at Wellington held a hearing on June 9, 2008,
to consider an application putting Global Construction Worldwide
Limited into liquidation.

The application was filed on April 21, 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.


HILLARY & MARSHALL: Liquidation Hearing Set on June 30
------------------------------------------------------
The High Court at Christchurch will hold a hearing on June 30,
2008, at 10:00 a.m. to consider an application putting Hillary &
Marshall 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 date.

The application was filed on May 7, 2008, by Real Estate
Institute of New Zealand Incorporated, whose address for service
is at the offices of Glaister Ennor, Solicitors, 1st Floor,
Norfolk House, 18 High Street (PO Box 63 or DX CX 10236), in
Auckland.

TIMOTHY REA is the plaintiff’s solicitor.


NOMYK PLASTERING: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Invercargill held a hearing on June 4, 2008,
to consider an application putting Nomyk Plastering Limited
into liquidation.

The application was filed on April 28, 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.


RICHARDSON PLASTERING: Liquidators Appointed
--------------------------------------------
Pursuant to a special resolution of Richardson Plastering
Limited's shareholders on May 12, 2008, Iain Bruce Shephard and
Christine Margaret Dunphy were appointed as liquidators of the
company.

The liquidators can be reached at:

          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748

          Postal Address for Service:
          Shephard Dunphy Limited
          PO Box 11793, Wellington


STANDARD SIXTY: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Greymouth held a hearing on June 10, 2008,
to consider an application putting Standard Sixty Two Limited
into liquidation.

The application was filed by the Commissioner of Inland Revenue
on March 18, 2008.

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.


TECHNOLOGY DEVELOPMENTS: Placed Under Liquidation
-------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993
Jeffrey Philip Meltzer and Arron Leslie Heath, chartered
accountants, were appointed liquidators of Technology
Developments Limited.

The liquidators fixed June 6, 2008, as the last day for
creditors of the company to make their claims.

The liquidators can be reached at:

          Meltzer Mason Heath, Chartered Accountants
          Attn: Arron Heath
          PO Box 6302, Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152



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

FEDDERS CORP: Files Disclosure Statement and Chapter 11 Plan
------------------------------------------------------------
Fedders Corp. and its debtor-affiliates delivered to the United
States Bankruptcy Court for the District of Delaware a Joint
Chapter 11 Plan of Liquidation and Disclosure Statement
explaining that Plan.

The Court will convene a hearing on July 8, 2008, at 11:00 a.m.,
to consider the adequacy of the Debtors' disclosure statement.  
The hearing will take place in Courtroom #1 at 824 Market
Street,  6th floor in Wilmington, Delaware.  Objections, if any
are due July 1, 2008.

The Debtors tell the Court that they have received approximately
1121 proofs of claim, totaling $3,474,296,225, from their
creditors before March 4, 2008.  The Debtors are evaluating the
validity of the claims at present.

The Debtors is presently asking the Court to extend the
exclusive periods to file a Chapter 11 plan until June 14, 2008.

                      Overview of the Plan

The Plan contemplates for the liquidation of all of the
Debtors' asset -- including net of certain fees and expenses --
and distribution of the proceeds to holders of allowed claims.

The Debtors remind the Court that they have divested several
assets of their affiliates, including:

   a) Eubank Coil Company sold to National Oil Company, United
      Refrigeration Inc. and Tersco Property Management Limited
      for $2,340,000;

   b) Fedders Islandaire Inc. sold to Robert E. Hansen, Jr., for
      $7,900,000;

   c) Fedders Addison Company Inc. sold to RG Adding LLC for
      $14,400,000;

   d) Fedders North America Inc. and Emerson Quiet Kool
      Corporation sold to Elco Holdings Ltd. For $13,250,000;
      and

   e) Indoor Air Quality business and stock of Trion GmbH sold
      to Tomkins Industries Inc. for $25,000,000.

On Oct. 5, 2007, the Debtors obtained up to $33 million in
debtor-possession financing from Goldman Sachs Credit Partners
under a revolving credit facility.  The facility will mature on
July 31, 2008.  The proceeds of the loan will be used to (i)
refinance in full all indebtedness under the revolving facility;
(ii) fund postpetition operating expenses incurred in the
ordinary course of business; (iii) pay fees and expenses
associated with the facility; and (iv) provide working capital.

The Joint Plan classified claims against and interests in the
Debtors in five classes.  The classification of treatment of
claims and interests are:

                Treatment of Claims and Interests

                  Type of                           Estimated
   Class          Claim               Treatment     Recovery
   -----          -------             ---------     ---------
   unclassified   administrative      unimpaired    100%
                   expense claims

   unclassified   priority tax        unimpaired    100%
                   claims

   1A-Q           priority non-       unimpaired    100%
                   tax claims

   2A-Q           term lenders        impaired      55.9%
                   claims

   3A-Q           other secured       impaired      100%
                   claims

   4A-Q           general unsecured   impaired      TBD
                   claims

   5A-Q           equity securities   impaired      cancelled

Each of recovery amounts for classes 2A-Q, 3A-Q and 4A-Q are
estimates.  The actual recovery amounts will be used on a number
of consideration stated in the Plan, which cannot be determined
at present.  Recovery depends primarily on recoveries under a
lawsuit and avoidance actions.  These classes are entitled to
vote to accept or reject the Plan.

Holders of Class 2A-Q Term Lender Claims will be secured by a
duly perfected first priority lien on all of the property and
assets of the Debtors' estate, other than the unencumbered
assets allocation amount and the general unsecured claim
liquidating trust assets.  On the Plan's effective date:

   -- all of the Term Lenders liquidating trust asset will be
      transfered to the Term Lenders liquidating trust;

   -- beneficial interest in the Term Lenders liquidating trust
      will be distributed to the Term Lenders; and

   -- Term Lenders will be released from any and all claims,
      liabilities and causes of actions of the Debtors.

Holders of Class 3A-Q Other Secured Claims will receive, among
other things, the amount of the proceeds from the sale of any
collateral securing their claim.  A portion of the allowed
secured claim will treated as an unsecured deficiency claim in
class 4 if the amount of the claim exceeds the value of the
collateral securing the claim.

Holders of Class 4A-Q General Unsecured Claims are entitled to
receive their pro rata share of the beneficial interests in the
GUC liquidating trust.

Holders of Class 5A-Q Equity Securities will not receive or
retain any property from the Debtors.

A full-text copy of the Disclosure Statement is available for
free at http://ResearchArchives.com/t/s?2db2

A full-text copy of the Joint Chapter 11 Plan of Liquidation is
available for free at http://ResearchArchives.com/t/s?2db3

                    About Fedders Corporation

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company and several affiliates filed for Chapter 11
protection on Aug. 22, 2007, (Bankr. D. Del. Lead Case No. 07-
11182).  The law firm of Cole, Schotz, Meisel, Forman & Leonard
P.A.; and Norman L. Pernick, Esq., Irving E. Walker, Esq., and
Adam H. Isenberg, Esq., at Saul Ewing LLP, represent the Debtors
in their restructuring efforts.  The Debtors have selected Logan
& Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of $186,300,000 and total
debts of $322,000,000.



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

ADAM HAWA: Wind-Up Petition Hearing Set for June 27
---------------------------------------------------
A petition to have Adam Hawa Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on June 27,
2008, at 10:00 a.m.

Hong Leong Finance Limited filed the petition against the
company on June 4, 2008.

Hong Leong's solicitor is:

         Michael BB Ong & Co
         No. 10 Anson Road
         #19-08A International Plaza
         Singapore 079903



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

CELSIA TECH: March 31 Balance Sheet Upside-Down by US$1,866,264
---------------------------------------------------------------
Celsia Technologies Inc.'s consolidated balance sheet at
March 31, 2008, showed $5,447,289 in total assets and $7,313,553
in total liabilities, resulting in a $1,866,264 total
stockholders' deficit.

The company reported a net loss of $1,679,111 on revenue of
$305,688 for the first quarter ended March 31, 2008, compared
with a net loss of $1,116,723 on revenue of $99,323 in the same
period last year.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2db7

                       Going Concern Doubt

PKF CPAs, P.C., in New York, expressed substantial doubt about
Celsia Technologies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended Dec. 31, 2007, and 2006.  The
auditing firm reported that at Dec. 31, 2007, the company and
its subsidiaries have commenced limited revenue producing
operations and have an accumulated deficit of $40,292,494.

                    About Celsia Technologies

Headquartered in Miami, Florida, Celsia Technologies Inc. (OTC
BB: CSAT) -- http://www.celsiatechnologies.com/-- is a full  
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company develops and commercializes
next-generation cooling solutions built on patented micro
thermofluidic technology.  Celsia Technologies' intellectual
property portfolio includes patents registered in Korea, the
U.S., Japan and Taiwan, with patents pending in the EU, Russia,
India and China.


CMC MAGNETICS: Moody's Changes Outlook to Negative
--------------------------------------------------
Moody's Investors Service has changed the outlook from stable to
negative for both CMC Magnetics Corporation's (CMC) B1 corporate
family rating and its Ba2.tw national scale issuer rating.  This  
rating action reflects the current difficult operating
environment in the optical media storage industry but also new
business opportunities.

Moody's has subsequently withdrawn CMC's corporate family and
national scale issuer ratings for business reasons.  Please
refer to Moody's Withdrawal Policy at http://www.moodys.comfor  
details.

"CMC's negative outlook before the ratings were withdrawn is a
result of a faster than expected drop in the price of optical
media storage products causing a projected weaker cash flow
generation and credit profile for the company in 2008," explains
Moody's Vice President/Senior Analyst Ken Chan.

"This challenging operating environment is partly due to
competition from Indian and Chinese companies, and partly due to
uncertainty over the negotiations of royalty fees with Philips,"
says Chan, also Moody's lead analyst for CMC.

Although CMC has maturing debt over the next 12-18 months
compared to its current balance sheet liquidity buffer,
including the maturing of US$100 million private convertible
bonds (PCB) in 3Q09, the company is putting in place adequate
financing plans -- including syndication loans, convertible
bonds, assets reutilization and improving cash conversion cycle
-- to enhance balance sheet liquidity.

Besides, demand for Blu-Ray discs is on the rise, and while
overall revenue contribution from this product will be
immaterial for CMC in 2008, it commands a higher margin than
other optical storage media products.

CMC's thin-film solar cell business will be operational by July
2008 and will contribute cash flow and alleviate overall margin
pressure, although it will entail some execution risk.
Meanwhile, the company's first-mover advantage in the fast-
growing thin-film solar cell business has allowed it to more
easily secure market share and establish a market presence.

                    About CMC Magnetics

CMC Magnetics Corporation, headquartered in Taiwan, is one of
the world's largest optical storage media manufacturers. The
company is listed on the Taiwan Stock Exchange.


FAR EASTERN: Mandarin Airlines Takes Over Taipei-Taitung Route
--------------------------------------------------------------
Taipei-based Mandarin Airlines will take over Far Eastern Air
Transport Corporation's commercial flights between Taipei and
Taitung, from July 15, China Post reports, citing Mandarin
Airlines Chairman Chen Sheng-shan.

The Post recounts that on June 2, the debt-ridden Far Eastern
Air was striped of its right to operate domestic flight services
after it failed to address its financial problems.  Since then,
UNI Airways was the only airline plying the Taipei-Taitung route
since Far Eastern ceased operations, the report says.

Headquartered in Taiwan, Far Eastern Air Transport Corporation
is an airline company that provides both domestic and
international passenger flight services.  The Company also
provides both domestic and international chartered flight
services, freight and postal delivery services and aircraft
maintenance services.  During the year ended Dec. 31, 2006,
domestic passenger flight service, international passenger
flight service and chartered flight service accounted for
approximately 53%, 18% and 18% of its total revenue,
respectively.

As reported on Feb. 19, 2008, Far Eastern sought bankruptcy
protection from the Taipei District Court to stop creditors from
seizing the company's assets.  The bankruptcy court's protection
would allow the airline to continue operating and serve its
customers while it seeks for ways to find funding to pay debts.
Radio Taiwan International said that its liabilities amounted to
NT$9.99 billion (US$315 million) at Sept. 30, 2007.  Other
reports said the airline's bank debts have now reached more than
US$5 billion.


FAR EASTERN: China Airlines to Fly Taiwan to Palau Routes
---------------------------------------------------------
China Airlines has been designated to replace Far Eastern Air
Transport Corporation as the national carrier for Taiwan to
Palau, The China Post reports.

The report relates, citing Palau President Tommy Remengesau Jr.
and Taiwan Ambassador to Palau Matthew Lee, China Airlines has
been given the go signal to fly three charter flights a week
using Boeing 737-800, beginning June 1.

Far Eastern discontinued service earlier this month when it ran
into financial difficulties, the report says.

The China Air charters, The Post says, have been scheduled up to
August 27, after which scheduled flight service would begin.

              About Far Eastern Air Transport

Headquartered in Taiwan, Far Eastern Air Transport Corporation
is an airline company that provides both domestic and
international passenger flight services.  The Company also
provides both domestic and international chartered flight
services, freight and postal delivery services and aircraft
maintenance services.  During the year ended Dec. 31, 2006,
domestic passenger flight service, international passenger
flight service and chartered flight service accounted for
approximately 53%, 18% and 18% of its total revenue,
respectively.

As reported on Feb. 19, 2008, Far Eastern sought bankruptcy
protection from the Taipei District Court to stop creditors from
seizing the company's assets.  The bankruptcy court's protection
would allow the airline to continue operating and serve its
customers while it seeks for ways to find funding to pay debts.
Radio Taiwan International said that its liabilities amounted to
NT$9.99 billion (US$315 million) at Sept. 30, 2007.  Other
reports said the airline's bank debts have now reached more than
US$5 billion.



===============
T H A I L A N D
===============

TMB BANK: Fitch Holds 'BB+' Foreign Currency Subordinated Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Thailand-based TMB Bank Public
Company Limited's Long-term foreign currency Issuer Default
Rating at 'BBB-'/Stable Outlook, Short-term foreign currency at
'F3', National Long-term at 'A+(tha)'/Stable Outlook, National
Short-term at 'F1(tha)', Individual at 'C/D', Support at '3' and
Support Rating Floor at 'BB', its foreign currency subordinated
debt at 'BB+', foreign currency hybrid Tier 1 securities at
'BB-' and subordinated debt at 'A(tha)'.

For Q108, TMB reported a net profit of THB1.6 billion, up from
THB220 million, in Q107, mainly due to much lower charges
following two years of large loan losses and other charges.  
Integration with ING Bank NV (ING, 'AA'/'F1+') and the weak
economic environment will constrain loan grow and performance,
but it is likely the bank will return to profit in 2008.  This
should permit the renewal of coupon payments on its Hybrid Tier
1 in June 2008, following non-payment in December and June 2007.

While NPLs remain high at THB74.2bn or 15.1% at end of Q108, the
loan loss reserve of THB48.9 billion, or 65.8% coverage at end
of Q108, is a significant improvement from the previous year.  
The higher reserve coverage should support the acceleration of
NPL sales and resolutions of NPLs in the next two years.  Total
capital ratio and Tier 1 has been significantly strengthened
with the THB37.7 billion capital raising in December 2007 and
now stands at 15% and 11.2% of risk-weighted assets,
respectively.  Hybrid Tier 1 accounts for 15% of Tier 1 capital.

TMB is currently the sixth-largest commercial bank in Thailand
with assets of THB621.9 billion (US$18.4 billion).  ING is now
the largest shareholder at 30%, followed by the Ministry of
Finance at 26% and Singapore's DBS Bank at 7%.  ING is the
second-largest retail bank in The Netherlands with total assets
of US$1.5 trillion with regional retail operations in India and
China.



=============
V I E T N A M
=============

TECHOMBANK: Moody's Changes Outlook on D- Bank Financial Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating (BFSR) of Technological and Commercial
Bank ("Techcombank") to stable from positive.

Techcombank's stable outlook now matches the stable BFSR
outlooks on two other Moody's-rated Vietnamese banks - Bank for
Investment and Development of Vietnam and Asia Commercial Bank.

At the same time, Moody's has affirmed all Techcombank's other
ratings with their existing outlooks.

"The change in the outlook on the BFSR reflects the rises in
Vietnam's inflation and interest rates, and which are expected
to undermine Techcombank's profitability and asset quality,"
says Karolyn Seet, a Moody's Assistant Vice President.

"The change further factors in the challenges which the bank
faces in sustaining its recurring profitability as the effects
of the current volatile environment include narrowing margins,
increased problem loans and lower lending activity for the
system as a whole," adds Seet.

Moody's notes that even though rising inflation has yet to
impact real economic growth in Vietnam, the risk is that it
could eventually dampen activity if it is prolonged.  Therefore,
any consequent weakening in Techcombank's financial fundamentals
and expectations that they would remain under pressure would
then undermine the bank's shock absorption capacity.

At the same time, the bank's borrowers are exposed to the
current inflationary pressures and their problem loans could
rise.  It is now unlikely that Techcombank's earnings momentum
(pre-provision profit-to-risk-weighted assets of 5%) and low
non-performing loan ratio (less than 1% as of March 2008) will
improve, and warrant an upgrade to a D BFSR in the next 12-18
months.

"Despite the tough market conditions, Techcombank's core
customer-flow franchises -- supported by its well-conceived
strategy for lending to the retail as well as small- and medium-
sized enterprise markets -- continue to produce solid revenues,"
says Seet.

Concerning the D- BFSR, the rating is still supported by the
bank's ample liquidity (loan-to-deposit of 85%) and healthy
capital adequacy (tier 1 ratio of 14%)," says Seet.
"Furthermore, the risk profile of Techcombank -- underpinned by
good underwriting practices and relatively high granularity --
remains sound."

Finally, the bank's BFSR also reflects its beneficial
relationship with HSBC, which has a 15% stake," says Seet.  "We
consider this association as a positive impact on the bank's
lending culture, decision-making processes and business
philosophy, resulting in a more conservative and market-oriented
institution with credit underwriting regulations commensurate
with those of international standards.

In addition, HSBC has contributed positively to Techcombank's
corporate governance practices by helping establish a management
team of foreign and local professionals.

On the other hand, the D- BFSR is constrained by

(i) the volatility of the operating environment,
(ii) the very fast pace of loan growth (134% in 2007), which is
     associated with higher risks, and mounting competitive
     pressures, which may lead to a loosening in credit
     underwriting regulations, especially in the rapidly growing
     retail sector, and
(iii) tightening liquidity.

For future positive rating actions to occur, Moody's will look
for a track record of stability in the bank's asset quality and
capital indicators as well as improvements in its other
financial metrics, especially profitability and shock absorption
capacity.  Moody's expects Techcombank to preserve its quality
growth and prudent approach to liquidity and capital management.

Conversely, the rating agency would view any or all of the
following factors as possible reason for a rating downgrade:

* worsening operating environment in Vietnam -- due to the
   inability to contain inflation, a significant devaluation
   of the currency, slow-down in exports, and oil price hikes;
* material deterioration of Techcombank's asset quality;
* substantial fall in the bank's margins and profitability;
   and/or
* significant decline in capital adequacy or  liquidity.

Moody's notes the bank's Ba1/Not Prime long- and short-term
local currency deposit ratings incorporate a 2-notch uplift from
its baseline credit assessment of Ba3 (which represents its
standalone credit quality, and which is mapped from the D-
BFSR), based on Moody's assessment of a very high probability of
systemic support.

The following rating outlook was changed to stable from
positive:

-- Bank financial strength rating of D-

The following ratings were affirmed:

-- Local currency deposit ratings of Ba1 (stable outlook)/Not
   Prime

-- Foreign currency deposit ratings of B1 (negative outlook)/Not
   Prime

-- Local currency issuer ratings of Ba1 (stable outlook)/Not
   Prime

-- Foreign currency issuer ratings of Ba2 (stable outlook)/Not
   Prime

                     About Techcombank

Techcombank is headquartered in Hanoi, Vietnam, and as of 31
March 2008 reported total un-audited (under local accounting
rules) assets of VND 46.3 trillion (approximately US$2.8
billion). It is the third-largest joint-stock bank and the
seventh-largest bank in Vietnam in asset terms.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total      
                                           Total   Shareholders      
                                          Assets      Equity      
  Company                       Ticker    (US$MM)    (US$MM)      
  -------                       ------     ------   ------------      

AUSTRALIA      

Advance Healthcare Group Ltd      AHG      15.65       -6.78    
Allstate Exploration NL           ALX      18.20      -42.78
Antares Energy Ltd                AZZ      16.20       -4.36
Austar United Communications      
  Limited                         AUN     525.67     -234.87
Austindo Resources
  Corporation N.L.                ARX      62.77      -15.88
Biron Apparel Ltd                 BIC      19.71       -2.22
Croesus Mining N.L.               CRS      16.00      -13.81
Evans & Tate Ltd                  ETW     103.76      -50.22
Intellect Holdings Limited        IHG      15.25      -10.88      
KH Foods Ltd                      KHF      38.40       -6.79
Lafayette Mining Limited          LAF     105.24     -190.86
Metal Storm Limited               MST      16.47       -2.90
Renison Consolidated Mines NL     RSN      38.83       -3.94    
Tooth & Co. Ltd.                  TTH     120.47      -87.64    


CHINA

Amoi Electronics               600057     414.93      -30.40
Anhui Koyo (Group) Co., Ltd.   000979      64.28      -30.78
Cangzhou Chemical Industrial      
  Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      49.68     -115.81
China Kejian Company Limited   000035      65.12     -167.31
China Liaoning Int. Co-op
  Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
  Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
  Investment Co.               000736      24.75      -13.38
Dandong Chemical Fibre
  Co., Ltd                     000498      115.94  -91.60
Fujian Changyuan Investment
  Co., Ltd.                    000592      24.20      -19.62
Fujian Sannong Group Co.,Ltd.  000732      64.42      -90.24
Fujian Start Computer      
  Group Co.Ltd                 600734     105.66      -14.34
Guangdong Meiya Group
  Co., Ltd.                    000529      66.44      -62.41
Guangxia (Yinchuan) Industry
  Co., Ltd.                    000557      53.46      -61.33
Guangming Group                000587      62.37      -12.08
Hebei Baoshuo Co.,Ltd          600155     313.38     -212.29
Hisense Electric Co., Ltd         921     604.98      -86.30
HuaTongTianXiang Group
  Co., Ltd.                    600225      73.84      -41.14
Huda Technology & Education      
  Development Co. Ltd.         600892      18.46       -1.90
Hunan Ava                      000918     176.94      -11.26
Hunan Genuine New Material
  Group Co.,Ltd                000156      84.00      -81.35
Jiangsu Chinese Online
  Logistics Co. Ltd.           000805      12.72      -20.57
Jiaozuo xin'an Science &
  Technology Co                000719      50.82      -25.45
Lan Bao Technology Information
  Co.,Ltd.                     000631      29.44      -22.70
Mianyang Gao Xin Industrial      
  Dev (Group)                  600139      30.66      -12.44
Qinghai Salt Lake Industry
  Group Co Ltd.                000578     105.64       -4.91
Qinghai Sunshiny Mining
  Co., Ltd.                    600381      47.31      -49.66
Shanghai Worldbest             600094     327.98     -175.17
Shenzhen China Bicycle
  Co., (Hlds) Ltd.             000017      29.38     -244.53
Shenzhen Dawncom Business
  Tech & Service               000863      36.85     -142.58
Shenzhen Kondarl (Group)
  Co., Ltd.                    000048     155.01      -24.45
Shenz Seg Dash                 000007     101.02       -1.14
Shenzhen Shenxin Taifeng
  Group Co.,Ltd.               000034      44.99     -113.37
SiChuan Direction
  Photoelectricity Co          000757     128.55     -102.62
Stellar Megaunion Corporation  000892      64.93     -162.46
Success Information Industry
  Group Co.                    000517      30.12      -14.83
Suntek Technology Co., Ltd     600728      44.69      -22.95
Suntime International      
  Economic Trading             600084     372.80      -50.59    
Taiyuan Tianlong Group Co.      
  Ltd                          600234      12.69      -51.58
Tianjin Marine Shipping      
  Co. Ltd                      600751     75.44       -26.60
Tibet Summit Industry      
  Co., Ltd                     600338      73.50      -16.42
Topsun Science-A               600771     232.68     -131.98
Winowner Group Co. Ltd.        600681      21.5 0      -81.28
Xiamen Overseas                600870     433.19      -13.78
Yueyang Hengli Air-Cooling
  Equipment Inc.               000622      40.27      -14.34
Zhang Jia Jie Tourism
  Development Co.Ltd           000430      51.01       -8.25


HONG KONG      

Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
  (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)      
  Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
  Holding Ltd                    8130      11.62       -2.32
Chia Tai Enterprises              
  International Ltd.              121     316.11      -40.95
China HealthCare Holdings Ltd     673      25.44       -3.37
Dongxin Electrical Carbon      
  Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
  Limited                         231      44.64       -9.70
Ever Fortune Intl.      
  Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
  Group Limited                  1188      52.49       -9.92
Guangzhou Oriental    
  Baolong Automotive Co        600988      15.78      -11.11    
Guangdong Hualong Groups      
  Co., Ltd                     600242      15.23      -46.94    
Hainan Dadonghai Tourism
  Centre Co., Ltd              000613      18.56      -10.10
Junefield Department Store
  Group Ltd.                      758      12.93       -5.39
Maxx Bioscience Therapeutics      512      25.48       -5.36
New City China Development Ltd    456     110.83   -6.78
Paladin Ltd.                      495     167.43       -6.23      
Plus Holdings Ltd.               1013      10.40      -10.21
Sanjiu Yigong Biopharmaceutical      
  & Chem                       000403     227.42        1.36
  Pharmaceutical Co.Ltd        600656      66.75      -13.42      
SunCorp Technologies Limited     1063      31.94      -35.07
Tianyi Science & Technology      
  Co., Ltd                     600703      45.82      -41.20
Wah Sang Gas                     8035      53.52      -87.70
Welling Holding Limited           382     303.95      -44.65
Yun Sky Chemical (Int)
  Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
  Co., Ltd.                    000688      25.83     -175.37


INDIA      

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71      
Ashima Ltd.                      ASHM      96.57      -42.59
Balaji Distiller                  BLD      45.66  -74.20
CFL Capital Financial      
  Services Ltd                  CEATF      24.03      -43.80
Core Healthcare Ltd.             CPAR     185.37     -241.91
Digjam Ltd                       DGJM      98.77      -14.62
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66    
Himachal Futuris                 HMFC     603.36      -13.34
HMT Limited                       HMT     316.41     -175.33
IFB Inds Ltd.                    IFBI      40.50      -70.82
India Steel Works Limited         ISI      56.76       -1.47
JCT Electronics Ltd.             JCTE     117.60      -50.17      
Jenson & Nic Ltd                   JN      14.81      -81.79    
JK Synthetics Ltd                 JKS      17.99       -2.61      
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25    
Lloyds Steel Ind                 LYDS     404.38      -86.45      
LML Ltd.                          LML      86.8 0      -27.97
Mafatlal Ind.                     MFI      95.67      -85.81
Mysore Cements                    MYC      82.02      -14.57
Panchmahal Steel Ltd.             PMS      51.02       -0.33      
Panyam Cements                    PYC      17.18      -18.32    
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10    
Rollatainers Ltd                  RLT      22.97      -22.24
RPG Cables Ltdd                  NRPG      51.43      -20.19
Sandur Manganese & Iron
  Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85    
Tata Teleservices (Maharashtra)      
  Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN       12.06      -54.51          


INDONESIA      

Argo Pantes Tbk                  ARGO     217.96      -15.70
Daya Sakti Unggul Corporindo Tbk DSUC      30.76       -6.51
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Fatrapolindo Nusa Industri Tbk   FPNI      25.81   -0.72
Jakarta Kyoei Steel Works Tbk    JKSW      30.89      -41.37
Karwell Indonesia Tbk             KRW      32.21       -2.26
Panca Wiratama Sakti Tbk         PWSI      34.99      -28.33
Primarindo Asia Infrastructure
  Tbk                            BIMA      11.56      -22.57
Steady Safe Tbk                  SAFE      22.30       -8.31
Teijin Indonesia Fiber
  Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86      
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN      

Banners Co., Ltd                 3011      46.33      -14.11    
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Trustex Holdings, Inc.           9374     102.84       -7.81    


KOREA      

Choya Corporation                3592      75.46       -2.24
Cosmos PLC Co., Ltd            053170      19.31       -4.95    
DaiShin Information &      
  Communication Co.             20180     740.50     -158.45
DAHUI Co., Ltd                 055250     186.00       -1.50
E-Rae Electronics Industry       
  Co., Ltd                      45310      45.47      -10.37    
EG Semicon Co. Ltd.             38720     166.70      -12.34      
Hyundai IT Corp.               048410     113.46       -43.6
Mediacorp Inc                  053890      53.31      -32.22
Nano Mining Co.,Ltd            036270      26.64      -29.46
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      86.75       -4.67
Seji Co., Ltd.                 053330      37.25       -0.31
Starmax Co., Ltd                17050      73.13       -5.54
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77    
Unick Corporation               11320      36.54       -4.45    


MALAYSIA      

CNLT Far East Berhad             CNLT      45.12       -3.71
Foremost Holdings Berhad         FMST      11.04       -0.11
Harvest Court Industries  Bhd     HAR      10.81       -5.62    
Lityan Holdings Berhad            LIT      23.34      -26.55    
Mangium Industries Bhd           MANG      14.36      -18.73    
PanGlobal Berhad                  PGL     178.78     -171.24    
Putera Capital Berhad            PCAP      10.56       -4.70    
Sunway Infrastructure Berhad      SIB     399.84      -10.08    
Techventure Bhd                  TECH      37.38      -11.21
Wembley Industries      
  Holdings Bhd                    WMY     125.80     -283.68
Wonderful Wire & Cable Berhad      WW      22.72       -1.94


PHILIPPINES      

APC Group Inc.                    APC      71.75     -218.13      
Atlas Consolidated Mining and      
  Development Corp.                AT     212.93      -69.74
Benguet Corp.                      BC      55.45      -44.94    
Central Azucarera de Tarlac       CAT      35.74       -1.80
Cyber Bay Corporation            CYBR      12.49  -64.98   
East Asia Power Resources
  Corporation                     PWR      94.52      -82.10
Fil Estate Corp.                   FC      43.03      -10.93
Filsyn Corporation                FYN      24.84      -11.37
Gotesco Land, Inc.                 GO      18.68      -10.86    
Prime Orion Philippines Inc.     POPI      99.69      -82.12
Unioil Resources & Holdings
  Co, Inc.                        UNI      11.37      -11.44
United Paragon                    UPM      22.80      -29.23      
Universal Rightfield Property      UP      45.12      -13.48      
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE      

ADV Systems Auto                  ASA      21.96       -7.54
Chuan Soon Huat Industrial
  Group Ltd                       CSH      42.09   -3.64
Falmac Limited                    FAL      10.57       -4.70
Gul Technologies                  GUL     172.80       -3.04
Informatics Holdings Ltd         INFO      20.42      -11.65    
Lindeteves-Jacoberg Limited        LJ     198.91      -66.97
L&M Group Inv                     LNM      56.91      -10.59    
Pacific Century Regional          PAC      80.01      -10.54


TAIWAN    

CIS Technology Inc.              2326      33.74      -18.91    
Protop Technology Co., Ltd.      2410      55.69      -13.46    
Yeu Tyan Machine                 8702      39.57     -271.07    


THAILAND      

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry    
  Public Co. Ltd                  BSI     378.66     -120.56    
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic      
  Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
ITV Public Company Limited        ITV      44.70      -73.07
Kuang Pei San Food Products      
  Public Co.                   POMPUI      18.78      -14.07
New Plus Knitting Public
  Company Limited                 NPK      10.08       -2.03
Quality Construction
  Products PCL                   QCON      76.13     -293.83
Safari World Public Company    
  Limited                      SAFARI     128.58      -13.64    
Sahamitr Pressure Container      
  Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.18       -6.79
Sri Thai Food & Beverage Public      
  Company Ltd                     SRI      18.29      -43.37      
Thai-Denmark PCL                DMARK      19.57       -3.02
Universal Starch Public
  Company Limited                 USC     103.61      -48.62

                         *********

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.





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